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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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On July 1, 2018, Fred City ordered $1,500 of office supplies.They were to be paid for out of the general fund. Entry under:
mel-nik [20]

Answer:

A) Dr. Encumbrances – Office supplies              No entry

Cr. Encumbrances outstanding

Explanation:

The journal entry is given below;

For Governmental fund financial statements

Encumbrances-Office Supplies $1,500  

      To Encumbrances Outstanding $1,500

(Being Office Supplies ordered  is recorded)

For Government-wide financial statements

No journal entry is required as under the accrual accounting, no entry should be recorded until the transaction does not arise

Therefore the option a is correct

6 0
3 years ago
Jones Co. started the year with no inventory. During the year, it purchased two identical inventory items at different times. Th
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Answer:

FIFO LIFO Weighted average

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Explanation:

Attached is the tabulated solutions

6 0
3 years ago
Substance use/abuse becomes a form of self-soothing when you feel stress or anxious
docker41 [41]
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5 0
3 years ago
How is the American Disability Act important in the health field
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4 0
3 years ago
The following transactions were made by Ruby Inc. last year:
Juliette [100K]

Answer:

OPtion (C) is correct.

Explanation:

Given that,

Issuance of common stock = $100,000

Dividends paid to the company's stockholders = $2,000

Depreciation expense = $6,000

Repayment of principal on bonds = $40,000

Proceeds from the sale of the company's used equipment = $39,000

Purchase of land = $230,000

Cash flow from financing activities:

= Issuance of common stock - Dividends paid to the common stockholders - Repayment of principal on the company's own bonds

=  $100,000 - $2,000 - $40,000

= $58,000

Therefore, the net cash inflow from financing activities is $58,000.

8 0
3 years ago
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