All the Elements of Misrepresentation and the Fact That the Misrepresentation

question 25

Multiple Choice

All the elements of misrepresentation and the fact that the misrepresentation was knowingly made with an intent to deceive, have to be established to prove _____.

• A) undue influence
• B) duress
• C) fraud
• D) a unilateral mistake

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Definitions:

Prepaid Insurance

Payments made for insurance policies in advance; these are recorded as an asset until the coverage period elapses, at which point they become an expense.

Trial Balance

A worksheet used in accounting that consolidates all ledger balances into columns for debits and credits, with both columns having equal totals.

Liability Account

An accounting record that captures the amounts owed to others, representing claims against a company’s assets.

Owner's Equity

The portion of a company's assets that belongs to the owners after all liabilities have been subtracted.