The Ignorance Maxim Is the Presumption That​

question 43

Multiple Choice

The ignorance maxim is the presumption that​

• A) ​defendants knew the law they were breaking.
• B) ​defendants did not know the law they were breaking.
• C) ​defendants do not care if they break the law.
• D) ​defendants think the law does not apply to them.

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Definitions:

Posting

Posting refers to the process of transferring entries from a company's journal into their respective accounts in the general ledger.

Financial Statements

Summarized records of a company's financial activities and position, typically comprising the balance sheet, income statement, and cash flow statement.

Shareholders' Equity

The residual interest in the assets of a corporation after deducting its liabilities, representing the net assets held by shareholders.