Describe the Elements Necessary for Fraudulent Misrepresentation

question 81

Essay

Describe the elements necessary for fraudulent misrepresentation.

---

Definitions:

Insurance Expense

The cost associated with premiums paid by a company to insure its property, assets, or operations against loss or damage.

Ledger Accounts

Records within accounting systems that collect data and transactions related to a specific asset, liability, equity, revenue, or expense.

Calendar Year-End

The end of the annual accounting period that coincides with the end of the calendar year, typically December 31.

Post-Closing Trial Balance

A financial statement listing all the accounts and their balances after closing entries are made, ensuring the accounts are ready for the next accounting period.