Which of the Following Is NOT an Element of Fraud

question 33

Multiple Choice

Which of the following is NOT an element of fraud?

• A) Material misrepresentation
• B) Competent parties
• C) Knowledge of falsity
• D) Justifiable reliance

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Definitions:

Depreciation Expense

Allocating the cost of a physical asset systematically throughout its period of effectiveness.

Net Capital Spending

Net capital spending is the total expenditure on fixed assets minus any sales of fixed assets, indicating a company's investment in its physical assets.

Comprehensive Income

Represents the total change in equity for a business entity not resulting from transactions with owners, including all revenues, gains, expenses, and losses.