Identify the correct answer with respect to fraud.

Question

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Answer 1

Question

Chapter 5, Problem 1CQ

To determine

Identify the correct answer with respect to fraud.

Expert Solution & Answer

Explanation of Solution

Identify the correct answer with respect to fraud.

Justification for correct answer:

a.

Lapping is a fraudulent practice that is done by altering the accounts receivables of a company to conceal a stolen receivables payment. This practice is usually successful in small companies where one single individual may handle cash receipts and customer billing. Therefore, it is a correct answer.

Justification for incorrect answer:

b.

Kiting or check kiting is a type of check fraud. This fraud is committed by taking advantage of a float to make use of a non-existing fund in another bank account. Therefore, checks are misused as a form of unauthorized credit rather than a negotiable instrument. Therefore, it is an incorrect answer.

c.

A Ponzi scheme is a fraudulent investing scheme where the money collected from new investors are used to pay off the earlier exiting investors. Therefore, it is an incorrect answer.

d.

Salami attack refers to the theft of small negligible amounts of money over a period of time. Therefore, it is an incorrect answer.

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Students have asked these similar questions

please provide answer general accounting question

During May, the production department of a process manufacturing system completed a number of units of a product and transferred them to finished goods. Of these transferred units, 52,000 were in process in the production department at the beginning of May, and 210,000 were started and completed in May. May's beginning inventory units were 40% complete with respect to materials and 60% complete with respect to labor. Compute the number of units transferred to finished goods. I need solution

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Answer 2

Question

Chapter 5, Problem 1CQ

To determine

Identify the correct answer with respect to fraud.

Expert Solution & Answer

Explanation of Solution

Identify the correct answer with respect to fraud.

Justification for correct answer:

a.

Lapping is a fraudulent practice that is done by altering the accounts receivables of a company to conceal a stolen receivables payment. This practice is usually successful in small companies where one single individual may handle cash receipts and customer billing. Therefore, it is a correct answer.

Justification for incorrect answer:

b.

Kiting or check kiting is a type of check fraud. This fraud is committed by taking advantage of a float to make use of a non-existing fund in another bank account. Therefore, checks are misused as a form of unauthorized credit rather than a negotiable instrument. Therefore, it is an incorrect answer.

c.

A Ponzi scheme is a fraudulent investing scheme where the money collected from new investors are used to pay off the earlier exiting investors. Therefore, it is an incorrect answer.

d.

Salami attack refers to the theft of small negligible amounts of money over a period of time. Therefore, it is an incorrect answer.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 5, Problem 1CQ

To determine

Identify the correct answer with respect to fraud.

Expert Solution & Answer

Explanation of Solution

Identify the correct answer with respect to fraud.

Justification for correct answer:

a.

Lapping is a fraudulent practice that is done by altering the accounts receivables of a company to conceal a stolen receivables payment. This practice is usually successful in small companies where one single individual may handle cash receipts and customer billing. Therefore, it is a correct answer.

Justification for incorrect answer:

b.

Kiting or check kiting is a type of check fraud. This fraud is committed by taking advantage of a float to make use of a non-existing fund in another bank account. Therefore, checks are misused as a form of unauthorized credit rather than a negotiable instrument. Therefore, it is an incorrect answer.

c.

A Ponzi scheme is a fraudulent investing scheme where the money collected from new investors are used to pay off the earlier exiting investors. Therefore, it is an incorrect answer.

d.

Salami attack refers to the theft of small negligible amounts of money over a period of time. Therefore, it is an incorrect answer.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 5, Problem 1CQ

To determine

Identify the correct answer with respect to fraud.

Expert Solution & Answer

Explanation of Solution

Identify the correct answer with respect to fraud.

Justification for correct answer:

a.

Lapping is a fraudulent practice that is done by altering the accounts receivables of a company to conceal a stolen receivables payment. This practice is usually successful in small companies where one single individual may handle cash receipts and customer billing. Therefore, it is a correct answer.

Justification for incorrect answer:

b.

Kiting or check kiting is a type of check fraud. This fraud is committed by taking advantage of a float to make use of a non-existing fund in another bank account. Therefore, checks are misused as a form of unauthorized credit rather than a negotiable instrument. Therefore, it is an incorrect answer.

c.

A Ponzi scheme is a fraudulent investing scheme where the money collected from new investors are used to pay off the earlier exiting investors. Therefore, it is an incorrect answer.

d.

Salami attack refers to the theft of small negligible amounts of money over a period of time. Therefore, it is an incorrect answer.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 5, Problem 1CQ

To determine

Identify the correct answer with respect to fraud.

Expert Solution & Answer

Explanation of Solution

Identify the correct answer with respect to fraud.

Justification for correct answer:

a.

Lapping is a fraudulent practice that is done by altering the accounts receivables of a company to conceal a stolen receivables payment. This practice is usually successful in small companies where one single individual may handle cash receipts and customer billing. Therefore, it is a correct answer.

Justification for incorrect answer:

b.

Kiting or check kiting is a type of check fraud. This fraud is committed by taking advantage of a float to make use of a non-existing fund in another bank account. Therefore, checks are misused as a form of unauthorized credit rather than a negotiable instrument. Therefore, it is an incorrect answer.

c.

A Ponzi scheme is a fraudulent investing scheme where the money collected from new investors are used to pay off the earlier exiting investors. Therefore, it is an incorrect answer.

d.

Salami attack refers to the theft of small negligible amounts of money over a period of time. Therefore, it is an incorrect answer.

Answer 6

Chapter 5, Problem 1CQ

To determine

Identify the correct answer with respect to fraud.

Expert Solution & Answer

Explanation of Solution

Identify the correct answer with respect to fraud.

Justification for correct answer:

a.

Lapping is a fraudulent practice that is done by altering the accounts receivables of a company to conceal a stolen receivables payment. This practice is usually successful in small companies where one single individual may handle cash receipts and customer billing. Therefore, it is a correct answer.

Justification for incorrect answer:

b.

Kiting or check kiting is a type of check fraud. This fraud is committed by taking advantage of a float to make use of a non-existing fund in another bank account. Therefore, checks are misused as a form of unauthorized credit rather than a negotiable instrument. Therefore, it is an incorrect answer.

c.

A Ponzi scheme is a fraudulent investing scheme where the money collected from new investors are used to pay off the earlier exiting investors. Therefore, it is an incorrect answer.

d.

Salami attack refers to the theft of small negligible amounts of money over a period of time. Therefore, it is an incorrect answer.

Answer 7

Chapter 5, Problem 1CQ

To determine

Identify the correct answer with respect to fraud.

Answer 8

Expert Solution & Answer

Explanation of Solution

Identify the correct answer with respect to fraud.

Justification for correct answer:

a.

Lapping is a fraudulent practice that is done by altering the accounts receivables of a company to conceal a stolen receivables payment. This practice is usually successful in small companies where one single individual may handle cash receipts and customer billing. Therefore, it is a correct answer.

Justification for incorrect answer:

b.

Kiting or check kiting is a type of check fraud. This fraud is committed by taking advantage of a float to make use of a non-existing fund in another bank account. Therefore, checks are misused as a form of unauthorized credit rather than a negotiable instrument. Therefore, it is an incorrect answer.

c.

A Ponzi scheme is a fraudulent investing scheme where the money collected from new investors are used to pay off the earlier exiting investors. Therefore, it is an incorrect answer.

d.

Salami attack refers to the theft of small negligible amounts of money over a period of time. Therefore, it is an incorrect answer.