How Does the Political System Differentiate from the Regulatory System

question 3

Multiple Choice

How does the political system differentiate from the regulatory system?

• A) The political system describes the agencies that are charged with enforcing the laws written by the regulatory system
• B) The political system writes and defines the laws and the regulatory system develops prevention policies
• C) The regulatory system defines the rights of offenders and victims and the political system offers resources for justice and retribution for victims
• D) The political system defines the laws and the regulatory system describes the agencies who enforce the laws

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Definitions:

IFRS

International Financial Reporting Standards, a set of global accounting standards for financial reporting.

GAAP

A set of widely followed rules and standards in financial reporting, termed Generally Accepted Accounting Principles.

Factoring Transaction

A financial arrangement where a business sells its accounts receivable to a third party at a discount to raise immediate capital.

Sales Returns

Transactions where customers return previously purchased merchandise for a refund or credit.