When a Person Intentionally Misleads Another,cheating That Person Out of Money,this

question 130

True/False

When a person intentionally misleads another,cheating that person out of money,this is known as fraud or deceit; thus,it may be a tort or criminal conduct.

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Definitions:

Direct Write-off

A method of accounting for bad debts where specific uncollectible accounts receivable are written off against income at the time they become uncollectible.

Bad Debt Expense

The operating expense incurred because of the failure to collect receivables.

Uncollectible

Refers to amounts due to a company that it considers unlikely to be collected from debtors.

Trade Receivables

Sums due to a business from its clients that stem from selling products or services on account.