Which of the Following Best Describes Lapping

question 157

Multiple Choice

Which of the following best describes lapping?

• A)applying cash receipts to a different customer's account in an attempt to conceal previous thefts of funds
• B)inflating bank balances by transferring money among different bank accounts
• C)expensing an asset that has been stolen
• D)creating a false transaction

Comprehend the principles of branding and communication in marketing.

Understand the significance and application of the marketing mix in nonprofit organizations.

Grasp the importance of demographic and psychographic measures in building marketing strategies.

Recognize the role of strategic communication and integrated marketing communication (IMC) in aligning marketing messages.

---

Definitions:

Depreciation Expense-Equipment

The allocation of the cost of equipment over its useful life, reflecting wear and tear and loss of value over time.

Equipment

Tangible property used in the operation of a business that is not intended for sale in the usual course of business.

Post-Closing Trial Balance

A list of all accounts and their balances after the closing entries have been made, used to verify the equality of debits and credits and prepare for the next accounting period.

Supplies Expense

An expense account that records the cost of consumable items used during an accounting period, such as office supplies.