Examlex
Which of the following would be included in the Cost of Goods Sold account on a merchandising company's income statement?
Fraud
The act of intentionally deceiving or misleading another person or entity for financial or personal gain, resulting in harm or loss.
Liability
A legal responsibility or obligation, either financial or otherwise, that arises from actions or transactions.
Misrepresentation
A false statement or omission of a fact that induces another party to enter into a contract or transaction under false pretenses.
Product Liability Suit
A legal claim brought against a manufacturer or seller for producing or selling a faulty product that caused harm to the consumer.
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