A Minor Crime, the Penalty for Which Is a Fine

question 61

Multiple Choice

A minor crime, the penalty for which is a fine or imprisonment for a short time, usually less than a year, in a local jail is called a(n)

• A)writ of habeas corpus.
• B)new judicial federalism.
• C)misdemeanor.
• D)original jurisdiction.
• E)felony.

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Definitions:

Cash Basis

An accounting method where revenues and expenses are recognized only when cash is received or paid, as opposed to the accrual basis.

Revenue Recognition

The accounting principle that governs the conditions under which revenue is recognized in the financial statements, ensuring it is recorded when earned.

Payment

It is the transfer of money or goods from one party to another as a settlement of an obligation.

Adjusted

Modified or changed in order to correct or improve the financials, often used in the context of financial statements to present a particular item in a way that reflects its true economic impact.