Which of the Following Is Not True About Employee Theft

question 37

Multiple Choice

Which of the following is not true about employee theft?

• A) Almost half of all inventory losses are due to employee theft in the U.S.
• B) It is a significant economic, social, and ethical problem in the workplace.
• C) Almost half of all employees have stolen from an employer at least once in his or her career.
• D) Employees damage coworkers and their employers by stealing from the company.

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Definitions:

Permanent Account Balances

Permanent account balances are those balances in accounts that are carried over into the next accounting period, including assets, liabilities, and equity accounts.

Post-closing Trial Balance

A listing of all permanent accounts and their balances after closing entries have been made, serving as a check to ensure that debits equal credits.

Accounting Period

A specific time frame for which financial information is reported, usually a fiscal year or quarter.

Accounting Cycle

The complete set of accounting procedures from recording transactions to preparing financial statements within a specific period.