Lapping Is Best Described as the Process of

question 13

Multiple Choice

Lapping is best described as the process of

• A)applying cash receipts to a different customer's account in an attempt to conceal previous thefts of cash receipts.
• B)inflating bank balances by transferring money among different bank accounts.
• C)stealing small amounts of cash,many times over a period of time.
• D)increasing expenses to conceal that an asset was stolen.

---

Definitions:

Entrepreneurship

The activity of setting up a business, taking on financial risks in the hope of profit.

Implicit Costs

The opportunity costs of resources already owned by the firm and used in business, for which no cash payment is made.

Price-Discriminating

A pricing strategy where a seller charges different prices for the same product or service to different customers, based on factors like buyer's age, location, or purchase history.

Elastic Demand

A situation in which the demand for a product is highly responsive to changes in its price.