Skimming Involves

question 23

Multiple Choice

Skimming involves

• A)stealing cash from an organization before it is recorded
• B)stealing cash from an organization after it has been recorded
• C)manufacturing false purchase orders, receiving reports, and invoices
• D)paying a vendor twice for the same products and cashing the reimbursement check issued by the vendor

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Definitions:

Fiat Money

Currency that a government has declared to be legal tender, despite it having no intrinsic value or being backed by a physical commodity.

Liability

A legal financial obligation or debt that an entity owes to another entity, required to be settled through the transfer of assets, provision of services, or other financial settlement.

Federal Reserve Note

The official paper currency of the United States, issued by the Federal Reserve, and the most common form of U.S. banknotes in circulation.

Token Money

Money whose face value exceeds its cost of production, typically involving coins and paper money not backed by a commodity.