Asset Misappropriation Is Defined As

question 5

Multiple Choice

Asset misappropriation is defined as:

• A) a scheme that involves offering, giving, receiving, or soliciting anything of value to influence an official act.
• B) demanding payment from a vendor in order to make or influence a decision in a vendor's favor.
• C) deceiving individuals in putting their money into a fake investment.
• D) a scheme that involves an employee prepares a fraudulent check for his or her own benefit.

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Definitions:

Workweek

A fixed, recurring period used to measure a worker's or business's hours worked, often consisting of five to seven consecutive days.

Accounting Period

A specific time frame in which financial transactions are recorded and financial statements are prepared, typically a year or a quarter.

Prepayment

Payments made in advance for goods or services, recorded as an asset until the corresponding goods or services are received.

Adjusting Entry

An accounting record made to update the book value of an asset or to correct or allocate income and expenses to the appropriate period.