Puffing Is Also Considered

question 40

Multiple Choice

Puffing is also considered:

• A) a mistake.
• B) dealer's talk.
• C) misrepresentation.
• D) fraud.

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Definitions:

Adjusted Trial Balance

A list of all accounts and their adjusted balances after journal errors have been corrected and adjustment entries made, used to prepare financial statements.

Period

A length of time in financial reporting, often referring to a fiscal quarter or year.

Post-Closing Trial Balance

A list of all company accounts that remain after closing entries have been made, used to verify the equality of debits and credits.