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:

Fair Value

The estimated market value of an asset or liability, reflecting the amount at which it could be exchanged between willing parties.

Historical Cost

The original monetary value of an asset or investment at the time of its purchase or acquisition.

Representationally Faithful

A qualitative characteristic of financial information that ensures the reported data accurately reflects the economic transactions and events.

Going Concern Assumption

The Going Concern Assumption is an accounting principle that assumes a company will continue to operate and not go bankrupt or be liquidated in the foreseeable future.