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.

Question

Quizplus · Accepted Answer

Lapping is a process of applying cash receipts to a different customer's account to cover up previous thefts of cash receipts. It is a fraudulent activity often carried out by employees who have access to the company's accounting system.

Lapping Is Best Described as the Process of