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You work for a small company in which an employee, who was single-handedly responsible for handling cash receipts as well as customer billing, has recently confessed to lapping when the amount that was available via cash receipts was no longer sufficient to cover the amount that was being stolen. What is lapping and what can be done to prevent it? How can lapping be identified? How should your company's management

You work for a small company in which an employee, who was single-handedly responsible for handling cash receipts as well as customer billing, has recently confessed to lapping when the amount that was available via cash receipts was no longer sufficient to cover the amount that was being stolen. What is lapping and what can be done to prevent it? How can lapping be identified? How should your company's management

Understanding Business
Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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You work for a small company employee, in which an who was single-handedly responsible for handling cash receipts as well as customer billing, has recently confessed to lapping when the amount that was available via cash receipts was no longer sufficient to cover the amount that was being stolen. What is lapping and what can be done to prevent it? How can lapping be identified? How should your company's management respond to the confession? 7:44 PM ✓ E
Transcribed Image Text:You work for a small company employee, in which an who was single-handedly responsible for handling cash receipts as well as customer billing, has recently confessed to lapping when the amount that was available via cash receipts was no longer sufficient to cover the amount that was being stolen. What is lapping and what can be done to prevent it? How can lapping be identified? How should your company's management respond to the confession? 7:44 PM ✓ E
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