In a Case of Fraud,the Government Must Prove Actual Reliance

question 87

True/False

In a case of fraud,the government must prove actual reliance upon the defendant's misrepresentation.

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Definitions:

Post-closing Trial Balance

A financial report created after all adjusting and closing entries are made, showing account balances ready for the next accounting period.

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts, thereby preparing the accounts for the next accounting period.

Correcting Entry

A journal entry made in the accounting records to amend an error or oversight in previously recorded transactions.

Accounts Payable

Financial obligations a company has to its suppliers, recorded as liabilities on the business’s financial statement.