Accounting, Binder Ready Version: Tools for Business Decision Making - Standalone book
Accounting, Binder Ready Version: Tools for Business Decision Making - Standalone book
6th Edition
ISBN: 9781119191674
Author: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Publisher: WILEY
Question
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Chapter 7, Problem 1Q
To determine

Define fraud with an example.

Expert Solution & Answer
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Explanation of Solution

Fraud: Fraud is a deliberate and deceptive action of an employee to obtain unlawful gain from the employer.

Definition: Fraud can be defined as a deliberate and deceptive action of an employee to obtain unlawful gain from the employer.

Example: A bank employee could transfer the money from any customer deposit account to his personal accounts through computer. This kind of internal embezzlement committed by bank employee, against his employer is referred to as employee fraud.

Conclusion

Thus, fraud is defined as an unlawful action intended by employee to obtain personal benefit by deceiving the employer.

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Chapter 7 Solutions

Accounting, Binder Ready Version: Tools for Business Decision Making - Standalone book

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