From the Practical Viewpoint of the Average Citizen,what Is the Difference

question 60

Multiple Choice

From the practical viewpoint of the average citizen,what is the difference between 'regulations' and 'by-laws'?

• A) Regulations are more serious than by-laws.
• B) By-laws are more serious than regulations.
• C) There is no difference - they should be respected equally.
• D) Regulations are encountered more in day-to-day life.

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Definitions:

Accounting Period

A specific time span for which financial statements are prepared, commonly a quarter or a year.

Dividends Account

An account used in bookkeeping to track dividends declared by a company to be paid out to its shareholders.

Retained Earnings

The portion of net profits not distributed as dividends to shareholders but retained by the company for reinvestment or to pay off debt.

Sole Shareholder

An individual or entity that is the only owner of all the shares of a company, thus having complete control over its operations.