Nero Makes an Honest but Erroneous Statement That Misrepresents a Ma?te?rial

question 28

Multiple Choice

Nero makes an honest but erroneous statement that misrepresents a ma?te?rial fact in a contractual transaction with Odell.Nero is guilty of

• A)a unilateral mistake.
• B)duress.
• C)fraud.
• D)innocent misrepresentation.

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Definitions:

T-account

A graphical representation of a ledger account that is used for educating and understanding accounting.

Transaction Date

The exact date on which a financial transaction occurred or was executed.

General Journal

A primary accounting record used to record financial transactions that cannot be processed in specialized journals, documenting the full detail of each transaction.

Chart of Accounts

The chart of accounts is a systematic listing of all account titles and numbers used in a company's accounting system, facilitating organization and financial reporting.