Define Tort. Discuss Briefly Common Law Torts

question 27

Essay

Define tort. Discuss briefly common law torts.

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Definitions:

Trial Balance

A financial statement that checks the balance of all debit and credit entries in a company's accounting ledger to ensure accuracy.

Ledger Accounts

Individual records that provide in detail the transactions associated with a company's assets, liabilities, equity, revenue, and expenses.

Trial Balance

A bookkeeping report that lists the balances of all ledgers in two columns, debits and credits, ensuring that total debits equal total credits.

Debit

An accounting entry that increases asset or expense accounts, or decreases liability, equity, or revenue accounts.