Accounting: Tools for Business Decision Making, 5th Edition

Published by Wiley
ISBN 10: 1118128168
ISBN 13: 978-1-11812-816-9

Chapter 7 - Fraud, Internal Control, and Cash - Questions: 1

Answer

A fraud is a dishonest act done by an employee that results in personal benefit to the employee and damage the interest of employer in money worth.

Work Step by Step

For better understanding of Doug steeber, Examples of fraud in a bank can be explained as: · A computer operator embezzled $2 million from bank by electronic transaction. · A Foreign exchange employee took personal benefits by selling foreign currency in foreign exchange market on his own behalf.
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