Which of the following is true regarding fraud claims?
a. they can be completely avoided by not saying anything
b. they differ from breach of contract claims primarily in the degree of harm suffered by the plaintiff
c. the false statement was made intentionally or with reckless disregard for the truth
d. if injury occurs, it doesn't matter whether the false statement was made intentionally or unintentionally
C
You might also like to view...
Which of the following is a rare situation that may arise in a privately owned company that wants to decrease the amount of income taxes paid to the government?
a. Understating purchases b. Overstating net income c. Understating inventory d. Understating cost of good sold
Which of the following are elements of context?
a. the number of leaders in an organization b. cultural or geographic circumstances c. the number of managers in an organization d. the degree to which managers and leaders communicate with each other
Which pair of accounts has the same set of rules for debit and credit entries?
A) Common stock and Accounts payable B) Salaries expense and Retained earnings C) Cash and Notes payable D) Sales revenue and Accounts receivable
On September 30, Waldon Co. has $540,250 of accounts receivable. Waldon uses the allowance method of accounting for bad debts and has an existing credit balance in the allowance for doubtful accounts of $13,750. 1. Prepare journal entries to record the following selected October transactions. The company uses the perpetual inventory system. a. Sold $305,000 of merchandise (that cost $178,500) to customers on credit.b. Received $395,100 cash in payment of accounts receivable.c. Wrote off $15,700 of uncollectible accounts receivable.d. In adjusting the accounts on October 31, its fiscal year-end, the company estimated that 4.0% of accounts receivable will be uncollectible.2. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its October 31 balance sheet.
What will be an ideal response?