Lapping is also known as___________?
Correct answer: A. Teeming and lading
- A. Teeming and lading
- B. Looping
- C. Embezzlement
- D. Hacking
Explanation
Lapping is the concealment of a cash theft by using a later customer's receipt to cover an earlier shortfall. This fraud is also called teeming and lading.
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About Auditing
Auditing examines accounting records and financial statements to determine whether they present a reliable and fairly stated position. The subject covers audit objectives, internal controls, audit evidence, materiality, vouching, verification, working papers, auditor independence, audit reports, and the distinction between an audit and accounting or investigation.
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