The Most Difficult Type of Cash Theft for the Auditor

question 35

Multiple Choice

The most difficult type of cash theft for the auditor to detect is that which occurs:

• A) out of the balance kept in a cash register.
• B) before the cash is recorded.
• C) in amounts under $100.
• D) after cash is recorded but before it goes to the bank.

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Definitions:

Four Months

A period of time equal to approximately 120 days, often used in the context of timelines for projects, payments, or legal matters.

After-Acquired Property

Property acquired by a debtor after a security agreement is signed, which may still be subject to a creditor's claim.

Security Agreement

A contract that creates a lien on collateral, securing the performance of an obligation, commonly used in secured loan transactions.

Debtor

An individual or entity that owes money or other forms of obligations to another party, known as the creditor.