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Unformatted text preview: We explain the operation of a petty cash fund in the appendix at the end of this chapter. A recent study by the Association of Certified Fraud Examiners found that two-thirds of all employee thefts involved a fraudulent disbursement by an employee. The most common form (28.3% of cases) was fraudulent billing schemes. In these, the employee causes the company to issue a payment to the employee by submitting a bill for nonexistent goods or services, purchases of personal goods by the employee, or inflated invoices. The following graph shows various types of fraudulent disbursements and the median loss from each. Source: Nation on Occupational Fraud and Abuse, Association of Certified Fraud Examiners, www.acfe.com/documents/200 6_rttn.pdf,...
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This note was uploaded on 11/06/2011 for the course ACCOUNTING ac 201 taught by Professor - during the Spring '11 term at Montgomery.
- Spring '11