Non-Posting Accounts

question 7

Multiple Choice

Non-posting accounts:

• A)Track information required for the accounting system
• B)Do not appear on the Balance Sheet
• C)Do not appear on the Income Statement
• D)All of the choices are correct

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Definitions:

Fraud

Consciously tricking someone in order to gain illicitly or to rob a victim of their rightful due.

Fiduciary Duty

A legal obligation of one party to act in the best interest of another when entrusted with care of money, property, or confidential information.

Duress

Compulsion, force, or pressure exerted upon a person to coerce them into performing an act against their will or judgment.

Public Policy

Principals and standards considered to be in the interests of the public and used as a guide for lawmaking.