Which of the Following Statements Best Describes a Difference Between

question 4

Multiple Choice

Which of the following statements best describes a difference between rules and laws?

• A) Rules prescribe a code of civil conduct while laws do not.
• B) Laws are enacted by the government while rules are not.
• C) Rules carry a penalty for violation while laws do not.
• D) Laws are fixed and absolute while rules can be modified at any time.

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Definitions:

Cash Over And Short

An account that records the discrepancies between the actual cash received and the expected amount.

Credit Balance

An accounting term that signifies a positive balance in a liability, revenue, or equity account, which increases on the credit side and decreases on the debit side.

Petty Cash Fund

A nominal sum of cash reserved for quick payments of assorted trivial expenses.

Replenishing

Refers to the process of adding stock or supplies to bring quantities back up to predetermined levels.