Which of the following defines Lapping?
a. embezzling one customer's payment and then crediting that customer's account when a subsequent customer pays.
b. stealing cash from an organization before it is recorded on the organization's books and records.
c. helping a vendor illegally obtain a contract that should have involved competitive bidding.
d. demanding a payment from a vendor in order to make a decision in that vendor's favor.
a
FEEDBACK: a. Correct.
b. Incorrect. This is skimming.
c. Incorrect. This is bid-rigging.
d. Incorrect. This is economic extortion.
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A) off-invoice allowances. B) slotting allowances. C) rebates. D) stocking allowances.
A firm's ending equity equals the firms beginning equity less any change in long-term debt
Indicate whether the statement is true or false