Unfortunately, Employee Theft and Fraud Is High, Partly Due to

question 22

Multiple Choice

Unfortunately, employee theft and fraud is high, partly due to

• A) inappropriate behavior
• B) social problems
• C) weak rationalizing
• D) poor morals
• E) opportunity and lax controls

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Definitions:

Credit

The provision of resources (such as money) by one party to another party where the second party does not reimburse the first party immediately, but promises either to repay or return those resources at a later date.

Transposition Error

A common accounting mistake where numbers are mistakenly reordered, leading to inaccurate data entry.

Trial Balance

A worksheet used in accounting that compiles all ledger balances into matching total amounts in debit and credit columns.

Debit Totals

An aggregate amount of all debits recorded in an accounting period, indicating resources used or expenses.