Every Month,David,an Assistant at a Shoe Store,steals Money from His

question 63

Multiple Choice

Every month,David,an assistant at a shoe store,steals money from his employer,after it has been received and recorded in the books,by altering the accounting records in the company book.David's act falls under which of the following categories of theft?

• A) Shoplifting
• B) Embezzlement
• C) Skimming
• D) Phony disbursement

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Definitions:

Annual Review

A periodic evaluation process, often yearly, used to assess an individual's or organization's performance, financial state, or the status of a certain project.

Acquisition-Date Fair Value

The estimated market value of an asset or liability at the date a transaction is completed or an acquisition is made.

Stockholders' Equity

The residual interest in the assets of a corporation after deducting liabilities, representing the ownership interest of shareholders.

Unamortized Patent

A patent that has not yet been fully written off through amortization in a company's financial statements, representing an intangible asset still holding value.