A Misrepresentation Is

question 55

Multiple Choice

A misrepresentation is

• A)a false assertion of fact made without knowledge of its falsity,and with honest belief in its truth.
• B)a false assertion of fact made with knowledge of its falsity,or without honest belief in its truth.
• C)a false assertion of fact about another person that defames that person.
• D)a statement of fact that was true when it was made,but later became false due to changes in circumstances.
• E)a missed representation.

---

Definitions:

Off-Balance-Sheet Financing

A form of financing in which companies do not record certain assets or liabilities on the balance sheet to improve financial ratios and maintain compliance with debt covenants.

Current Liability

This represents a company's debts or obligations that are expected to be paid off within a year, including accounts payable, short-term loans, and accrued expenses.

Long Term

Refers to assets, liabilities, or investments that are expected to last or be in use for a period longer than one year.

Noncurrent Debt

A liability not requiring payment within the current fiscal year, typically extending beyond one year.