The British Accounting System

question 10

Multiple Choice

The British accounting system

• A) is based on a macro-economic justification
• B) takes a flexible approach
• C) has similar tax and book accounts
• D) lets security market needs dictate accounting policy

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Definitions:

Damages

Compensation claimed by a person who has suffered loss or harm due to the wrongful act of another.

Dry-Cleaning Chemicals

These are the chemicals used in the process of dry cleaning, which is a method of cleaning clothes and textiles using a solvent other than water.

Nominal Damages

A symbolic small amount of money awarded in court to recognize that a legal wrong has occurred, without the plaintiff having suffered significant loss.

Plaintiff

The party who initiates a lawsuit or legal action, seeking relief or damages from the defendant.