List the Four Elements Found in All Fraud Schemes

question 125

Essay

List the four elements found in all fraud schemes.

Recognize the use and purpose of a voucher system in internal controls.

Understand basic bank services and their roles in controlling cash.

Recognize the purpose and process of a voucher system in controlling cash payments.

Identify internal control devices for banking activities.

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Definitions:

Agreed

The state of mutual consent or acknowledgement about terms, conditions, or proceedings by all parties involved.

Acceptor

In financial transactions, particularly in negotiable instruments, the party who agrees to pay a bill of exchange.

Unconditional Promise

A commitment or guarantee without any stipulations or requirements, fully binding upon the issuer.

Fixed Amount

A fixed amount refers to a set, unchanging figure or sum, often used in financial contexts to denote a specified sum of money that does not vary.