Experience Has Shown That the Many Large Fraudulent Transactions Can

question 44

Multiple Choice

Experience has shown that the many large fraudulent transactions can be found in:

• A)systematic processing of large volumes of day-to-day ordinary transactions.
• B)payroll fraudsters' mistakes in using unissued Social Security numbers.
• C)petty cash embezzlements.
• D)non-routine, nonsystematic journal entries.

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Definitions:

Mutual Mistake

Mutual mistake is a situation in which all parties to a contract have a shared misunderstanding about a fundamental fact or assumption underlying that contract.

Unilateral Mistake

A legal term referring to a situation where only one party to a contract is mistaken about a material fact relating to the agreement.

Legal Consent

An agreement made by someone with full understanding and willingness, often pertaining to legal contracts or medical procedures.

Mutual Mistake

A misunderstanding or error shared by all parties to a contract about a fundamental fact that is central to the contract, potentially voiding the agreement.