List the Steps of the Accounting Cycle That Take Place

question 149

Essay

List the steps of the accounting cycle that take place during the period.

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Definitions:

Punitive Damages

Payment allocated to a harmed individual which surpasses the amount needed to offset damages, serving the purpose of reprimanding the responsible party.

Offender Punishment

The penalties or sanctions imposed on individuals who are convicted of violating laws.

Proximate Cause

The extent to which, as a matter of policy, a defendant may be held liable for the consequences of his or her actions. In the majority of states, proximate cause requires the plaintiff and the plaintiff’s damages to have been foreseeable at the time of the accident. In the minority of states, proximate cause exists if the defendant’s actions led to the plaintiff’s harm.

Policy Liability

Refers to the obligations a company or individual has under the terms of an insurance policy.