Misrepresentation: ______

question 26

Multiple Choice

Misrepresentation: ______.

• A) is the same as fraud.
• B) is a false statement of fact made with the intent to deceive.
• C) is a false statement of fact made without any intent to deceive.
• D) can be used as a limitation to excuse an accountant from liability.

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Definitions:

Credit Accounts

Accounts within financial accounting that are increased with a credit entry, carrying a balance that could be beneficial (revenue, gains) or detrimental (liabilities, expenses).

Journal Entry

A record in accounting that logs the debit and credit parts of a transaction in the financial records of a company.

Journal

A record where all financial transactions are initially recorded, using debits and credits, before being posted to individual accounts.

Increase Side

Refers to the side (debit or credit) of an account that is used to increase its balance, varying by account type.