An Essential Element of Fraud Is

question 26

Multiple Choice

An essential element of fraud is

• A)Intent
• B)Lying about facts
• C)Concealment
• D)Misrepresentation of truth

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Definitions:

Post-closing Trial Balance

A listing of all company account balances after closing entries are made, ensuring the ledger is balanced before starting the new accounting period.

Temporary Accounts

Accounts in financial accounting that are closed at the end of each accounting period, including income, expense, and withdrawal accounts. They are used to track transactions within a specific period and are reset to zero at the start of a new period to begin tracking new transactions.

Total Debits

The sum of all debit entries in a financial account or ledger, representing expenses or assets.

Closing Process

The procedure used in accounting to close out accounts at the end of an accounting period, summarizing revenues and expenses and showing net income or loss.