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Scilla [17]
3 years ago
12

When an employee misappropriates case by diverting a payment from one customer for their own use, and then hides the defalcation

by diverting cash receipts from another customer to offset the receivable from the first customer, the scheme is called _________________.
Business
1 answer:
Sati [7]3 years ago
8 0

Answer:

Lapping scheme

Explanation:

Lapping scheme -

It is a fraud practice , which involves the alteration of the accounts received to hide or cover the stolen payments .

This method involve taking the subsequent receivable payments and using them to cover the theft .

<u>And the next receivable is only applied when the previous is unpaid receivable .</u>

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Consider the following transactions for Huskies Insurance Company:
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Answer:

31-Dec

Dr Depreciation expense $7,000

Cr Accumulated Depreciation - Equipment $7,000

31-Dec

Dr Interest receivable $1,750

Cr Interest revenue $1,750

31-Dec

Dr Deferred Revenue $4,000

Cr Revenue or Service Revenue $4,000

Explanation:

Preparation of the necessary adjusting entry for Huskies Insurance at its year-end of December 31.

31-Dec

Dr Depreciation expense $7,000

Cr Accumulated Depreciation - Equipment $7,000

(Being to adjust 12 month depreciation)

31-Dec

Dr Interest receivable ($50,000 x 7% x 6/12) $1,750

Cr Interest revenue $1,750

(Being to adjust 6 month interest revenue accrued)

31-Dec

Dr Deferred Revenue ($16,000 x 3/12) $4,000

Cr Revenue or Service Revenue $4,000

(Being to record earned revenue for 3 months)

6 0
2 years ago
Matt Company uses a standard cost system. Information for raw materials for Product RBI for the month of October follows: Standa
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Answer:

$100 favorable

Explanation:

The computation of the material purchase price variance is shown below:

= Actual Quantity purchased × (Standard Price - Actual Price)

= 2,000 pounds × ($1.60 - $1.55)

=  2,000 pounds × $0.05

= $100 favorable

Simply we took the difference between the standard and the actual price, and then multiply it by the actual quantity purchased

6 0
3 years ago
The tendency of an organization to identify and capitalize successfully on opportunities to launch new ventures by entering new
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Entrepreneurial oriantation
4 0
3 years ago
N December 2, Coley Corp. acquired 1,700 shares of its $2 par value common stock for $21 each. On December 20, Coley Corp. resol
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Answer:

Credit Treasury Stock $20,000

Explanation:

When the company reissued the shares, the Treasury Stock account is credited by the same price they were acquire. i.e. in this case we acquire the treasury stock at a price of $20.

Cash (1,000 * 12)                                    12,000

Additional Paid in Capital                        8,000

                         Treasury Stock (1,000 * 20)               20,000

6 0
3 years ago
Which of the following statements about entrepreneurs is FALSE? A. Entrepreneurs are people who start a new business. B. Entrepr
9966 [12]

Answer:

C. Entrepreneurs aren’t exposed to any risk when starting a new business.

Explanation:

Entrepreneurs are the person who starts their own business and took a financial risk from the start. Entrepreneurs manage the activities on their own,  develop new ideas. and create the team for the benefit of the organization

Therefore, Entrepreneur exposed to the financial risk while starting their own business

hence, the correct option is C.

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3 years ago
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