Which of the Following Statements Is Correct Regarding the Differences

question 21

Multiple Choice

Which of the following statements is correct regarding the differences between contract,tort,and criminal law?

• A)Tort and criminal law both impose a punishment for the defendant including prison and/or a fine.
• B)Criminal law imposes duties of conduct on all persons.
• C)Contract law awards money damages for the plaintiff;tort and criminal law do not.
• D)Criminal law is prosecuted by the government.

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Definitions:

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account columns to check the accuracy of the accounts.

Ledger

A comprehensive collection of all accounts and transactions of a company or individual, recorded in a systematic manner.

Account Balance

The amount of money in a financial repository at any given moment, which can fluctuate with deposits, withdrawals, and interest payments.

Chart of Accounts

An organized list of all the different financial accounts used by an entity to categorize transactions.