Examlex
Which of the following statements is true?
Liability
A legal obligation to settle a debt or responsibility, which can arise from contracts, torts, or statutes requiring individuals or entities to compensate for losses or damages caused.
False Entries
Incorrect or misleading information entered into a record or document, particularly with the intent to deceive.
Defalcation
Misappropriation of funds or embezzlement, typically by a person trusted with the management of those funds.
Ponzi Scheme
A deceptive investment scheme that offers high returns with minimal risk to investors, but instead of earning from genuine business operations, it pays profits to earlier investors using the funds from new participants.
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