1. A local bank reported that it lost $150,000 as the result of employee fraud. Ray Fairburn is not clear on what is meant by "employee fraud." Explain the meaning of fraud to Ray and give an example of fraud that might occur at a bank.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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1. A local bank reported that it lost $150,000 as the result
of employee fraud. Ray Fairburn is not clear on what
is meant by "employee fraud." Explain the meaning of
fraud to Ray and give an example of fraud that might
occur at a bank.
Transcribed Image Text:1. A local bank reported that it lost $150,000 as the result of employee fraud. Ray Fairburn is not clear on what is meant by "employee fraud." Explain the meaning of fraud to Ray and give an example of fraud that might occur at a bank.
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