Accounting Information Systems;  Quickbooks 2015: A Complete Course (without Software); Access Card For Intuit Quickbooks 2015 (13th Edition)
Accounting Information Systems; Quickbooks 2015: A Complete Course (without Software); Access Card For Intuit Quickbooks 2015 (13th Edition)
13th Edition
ISBN: 9780134404080
Author: Marshall B. Romney, Paul J. Steinbart
Publisher: PEARSON
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Chapter 5, Problem 1CQ
To determine

Identify the correct answer with respect to fraud.

Expert Solution & Answer
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Explanation of Solution

Identify the correct answer with respect to fraud.

Justification for correct answer:

a.

Lapping is a fraudulent practice that is done by altering the accounts receivables of a company to conceal a stolen receivables payment. This practice is usually successful in small companies where one single individual may handle cash receipts and customer billing. Therefore, it is a correct answer.

Justification for incorrect answer:

b.

Kiting or check kiting is a type of check fraud. This fraud is committed by taking advantage of a float to make use of a non-existing fund in another bank account. Therefore, checks are misused as a form of unauthorized credit rather than a negotiable instrument. Therefore, it is an incorrect answer.

c.

A Ponzi scheme is a fraudulent investing scheme where the money collected from new investors are used to pay off the earlier exiting investors. Therefore, it is an incorrect answer.

d.

Salami attack refers to the theft of small negligible amounts of money over a period of time. Therefore, it is an incorrect answer.

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