Misappropriation of assets can involve various schemes: expense reimbursement fraud, lapping, and payroll fraud. Explain each and give an example
Expense reimbursement fraud involve fictitious charges to such accounts as miscellaneous expense to offset theft of an asset. Because the expense account is closed to revenue at the end of the period, the period in which it could be detected is short.
Lapping is a technique whereby an early theft is covered up by a later one, i.e., with the moves "lapping" over each other. The simplest example involves taking a customer's payment. A later payment is then credited to the first customer's account, not the second. And on it goes. This requires some control over billing to avoid tipping off the last customer.
Payroll fraud is the distribution of fraudulent paychecks to existent and/or nonexistent employees.
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The Service Gaps Model is designed to highlight those areas where
A. service providers know more than their customers. B. service providers provide the best possible service. C. customers believe they are getting less or poorer service than they should. D. delivered service exceeds expected service. E. manufacturers are cutting corners on product quality.
States have the power to impose:
a. whatever taxes they need for "legitimate public purposes" b. taxes that do not impede interstate commerce c. only taxes that impact interstate commerce d. taxes against foreign corporations e. taxes against all producers of "harmful goods"
A mutual fund that does not charge a commission to own its shares is called a
A) free issue fund. B) market fund. C) no-load fund. D) no-charge fund. E) free-load fund.
A hair stylist who gives good haircuts in the morning but tends to give haircuts of lesser quality in the afternoon is suffering from the challenges associated with intangibility.
Answer the following statement true (T) or false (F)