Question

terms
bank reconciliation firewall misappropriation of assets
cash equivalents fraud triangle outstanding check
controller fraudulent financial reporting phishing
deposits in transit imprest system remittance advice
fidelity bond internal control treasurer
print done
statement missing term
k. petty cash can be accounted for using a/an
i. an insurance policy that reimburses a company for any losses due to employee theft is a/an
m. motive, opportunity, and rationalization are elements of the
n. the fraudulent practice of creating bogus websites or sending fake e - mails to get individuals to share personal information such as birthdays, passwords, and credi, card numbers is called
o. when employees steal assets from an organization, it is called

Explanation:

• k: The imprest system is used to account for petty cash. It involves a fixed amount of cash being set aside (the imprest amount) and replenished as it is used.
• l: A fidelity bond is an insurance policy that protects a company against losses due to employee theft.
• m: The fraud triangle consists of motive (reason to commit fraud), opportunity (chance to commit fraud), and rationalization (justification for committing fraud).
• n: Phishing is the fraudulent practice of creating fake websites or sending fake emails to obtain personal information.
• o: Misappropriation of assets occurs when employees steal assets from an organization.

Answer:

• k. Imprest system
• l. Fidelity bond
• m. Fraud triangle
• n. Phishing
• o. Misappropriation of assets