Embezzlement Occurs When Someone Who Is Trusted with Property Fraudulently

question 34

Multiple Choice

Embezzlement occurs when someone who is trusted with property fraudulently converts it. What do we know about embezzlement?

• A)Embezzlement goes back to ancient Greece.
• B)The number of people arrested for embezzlement has decreased in the past decade.
• C)Moving property without an owner's consent is legally defined as embezzlement.
• D)Third World countries are immune to embezzlement due to their poverty and lack of economy.

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Definitions:

Goods In Process Inventory

The value of materials, labor, and overhead costs for products that are partially completed in the manufacturing process.

Perpetual Inventory System

An accounting method that records inventory transactions in real-time, thus providing a continual account of inventory balances.

Net Price Method

The net price method calculates the final price after all discounts, rebates, and allowances have been subtracted from the list price.