The Basic Obligation That One Person Owes Another Not to Cause

question 133

Multiple Choice

The basic obligation that one person owes another not to cause harm or an unreasonable risk of harm is called _____.

• A)cause of duty
• B)cause in fact
• C)actual cause
• D)duty of care

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Definitions:

Fair Value Adjustment-Trading

The process of adjusting the valuation of trading securities to reflect their current market value.

Adjusting Journal Entry

A journal entry made in the accounting records at the end of an accounting period to allocate income and expenditure to the correct period.

Stock Investments

Stock investments refer to the purchasing of shares in companies as a means of owning a portion of the company and potentially earning dividends or capital gains.

Journal Entries

The recordings of financial transactions in an accounting system which form the basis of building financial statements.