In 2017 Phosphate Aurora Inc

question 2

Multiple Choice

In 2017 Phosphate Aurora Inc.reported an increase in Accounts Receivable of $7,500 and cash collections on account of $430,000.Sales on account for the period were:

• A) $7,500
• B) $437,500
• C) $430,000
• D) $422,500

---

Definitions:

Misrepresented

Incorrectly or falsely presented information, often leading to a misunderstanding or an erroneous basis for a contract or agreement.

Equitable Remedy

A court-ordered action aimed at achieving fairness, such as injunctions or specific performance, rather than monetary compensation.

Rescission

The revocation, cancellation, or repeal of a contract, returning all parties involved to their positions prior to the agreement.

Restitution

The act of compensating for loss, damage, or injury caused; involves returning to the original state or compensating for loss.