A "Passing-Off Action" Prevents a Person from Misleading the Public

question 86

True/False

A "passing-off action" prevents a person from misleading the public into thinking it is dealing with some other business and applies whether or not a registered trademark is involved.

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Definitions:

Petty Cash Fund

is a small amount of cash kept on hand by a business for making immediate and minor payments, reducing the need for check transactions.

Journalize

The process of recording business transactions in a journal, the first step in the accounting cycle.

Replenishment

The process of refilling inventory levels to ensure sufficient stock is available for future sales or production demands.

Bank Reconciliation

The process of comparing and contrasting the bank statement with a company's financial records to identify any discrepancies.