A local hank reported that it lost $150,000 as the result of employee fraud. Ray Fairburn is not clear on what is meant by “employee fraud.” Explain the meaning of fraud to Ray and give an example of fraud that might occur at a bank.

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Answer 1

Textbook Question

Chapter 7, Problem 1Q

A local hank reported that it lost $150,000 as the result of employee fraud. Ray Fairburn is not clear on what is meant by “employee fraud.” Explain the meaning of fraud to Ray and give an example of fraud that might occur at a bank.

Expert Solution & Answer

To determine

Fraud: Fraud is a deliberate and deceptive action of an employee to obtain unlawful gain from the employer.

To define: Fraud with an example

Explanation of Solution

Definition: Fraud can be defined as a deliberate and deceptive action of an employee to obtain unlawful gain from the employer.

Example: A bank employee could transfer the money from any customer deposit account to his personal accounts through computer. This kind of internal embezzlement committed by bank employee, against his employer is referred to as employee fraud.

Conclusion

Thus, fraud is defined as an unlawful action intended by employee to obtain personal benefit by deceiving the employer.

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Students have asked these similar questions

1. A local bank reported that it lost $150,000 as the result of employee fraud. Ray Fairburn is not clear on what is meant by "employee fraud." Explain the meaning of fraud to Ray and give an example of fraud that might occur at a bank.

Assume that brooke miles accounts payable clerk for west coast design inc.stole $48,350 by paying fictitious companies and cashed the checks at a local banks. Describe a control procedure that would have prevented or detected the fraud?

Consider the scenario in which Brooke Miles, an accounts payable clerk for West Coast Design Inc., misappropriated $48,350 by paying false bills for commodities that were never delivered to the company. It was the clerk's responsibility to open accounts in the names of the phony corporations and pay the cheques at a nearby bank. Describe a fraud-prevention or detection method that may have been used to avoid or identify the scam.

Answer 2

Textbook Question

Chapter 7, Problem 1Q

A local hank reported that it lost $150,000 as the result of employee fraud. Ray Fairburn is not clear on what is meant by “employee fraud.” Explain the meaning of fraud to Ray and give an example of fraud that might occur at a bank.

Expert Solution & Answer

To determine

Fraud: Fraud is a deliberate and deceptive action of an employee to obtain unlawful gain from the employer.

To define: Fraud with an example

Explanation of Solution

Definition: Fraud can be defined as a deliberate and deceptive action of an employee to obtain unlawful gain from the employer.

Example: A bank employee could transfer the money from any customer deposit account to his personal accounts through computer. This kind of internal embezzlement committed by bank employee, against his employer is referred to as employee fraud.

Conclusion

Thus, fraud is defined as an unlawful action intended by employee to obtain personal benefit by deceiving the employer.

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Answer 3

Textbook Question

Chapter 7, Problem 1Q

A local hank reported that it lost $150,000 as the result of employee fraud. Ray Fairburn is not clear on what is meant by “employee fraud.” Explain the meaning of fraud to Ray and give an example of fraud that might occur at a bank.

Expert Solution & Answer

To determine

Fraud: Fraud is a deliberate and deceptive action of an employee to obtain unlawful gain from the employer.

To define: Fraud with an example

Explanation of Solution

Definition: Fraud can be defined as a deliberate and deceptive action of an employee to obtain unlawful gain from the employer.

Example: A bank employee could transfer the money from any customer deposit account to his personal accounts through computer. This kind of internal embezzlement committed by bank employee, against his employer is referred to as employee fraud.

Conclusion

Thus, fraud is defined as an unlawful action intended by employee to obtain personal benefit by deceiving the employer.

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Answer 4

Textbook Question

Chapter 7, Problem 1Q

A local hank reported that it lost $150,000 as the result of employee fraud. Ray Fairburn is not clear on what is meant by “employee fraud.” Explain the meaning of fraud to Ray and give an example of fraud that might occur at a bank.

Expert Solution & Answer

To determine

Fraud: Fraud is a deliberate and deceptive action of an employee to obtain unlawful gain from the employer.

To define: Fraud with an example

Explanation of Solution

Definition: Fraud can be defined as a deliberate and deceptive action of an employee to obtain unlawful gain from the employer.

Example: A bank employee could transfer the money from any customer deposit account to his personal accounts through computer. This kind of internal embezzlement committed by bank employee, against his employer is referred to as employee fraud.

Conclusion

Thus, fraud is defined as an unlawful action intended by employee to obtain personal benefit by deceiving the employer.

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Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

To determine

Fraud: Fraud is a deliberate and deceptive action of an employee to obtain unlawful gain from the employer.

To define: Fraud with an example

Explanation of Solution

Definition: Fraud can be defined as a deliberate and deceptive action of an employee to obtain unlawful gain from the employer.

Example: A bank employee could transfer the money from any customer deposit account to his personal accounts through computer. This kind of internal embezzlement committed by bank employee, against his employer is referred to as employee fraud.

Conclusion

Thus, fraud is defined as an unlawful action intended by employee to obtain personal benefit by deceiving the employer.

Answer 8

Expert Solution & Answer

To determine

Fraud: Fraud is a deliberate and deceptive action of an employee to obtain unlawful gain from the employer.

To define: Fraud with an example

Explanation of Solution

Definition: Fraud can be defined as a deliberate and deceptive action of an employee to obtain unlawful gain from the employer.

Example: A bank employee could transfer the money from any customer deposit account to his personal accounts through computer. This kind of internal embezzlement committed by bank employee, against his employer is referred to as employee fraud.

Conclusion

Thus, fraud is defined as an unlawful action intended by employee to obtain personal benefit by deceiving the employer.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

To determine

Fraud: Fraud is a deliberate and deceptive action of an employee to obtain unlawful gain from the employer.

To define: Fraud with an example

Answer 12

Explanation of Solution

Definition: Fraud can be defined as a deliberate and deceptive action of an employee to obtain unlawful gain from the employer.

Example: A bank employee could transfer the money from any customer deposit account to his personal accounts through computer. This kind of internal embezzlement committed by bank employee, against his employer is referred to as employee fraud.

Answer 13

Conclusion

Thus, fraud is defined as an unlawful action intended by employee to obtain personal benefit by deceiving the employer.

Answer 14

Ch. 7 - A local hank reported that it lost 150,000 as the...Ch. 7 - Prob. 2Q Ch. 7 - Prob. 3Q Ch. 7 - Prob. 4Q Ch. 7 - Prob. 5Q Ch. 7 - Prob. 6Q Ch. 7 - Prob. 7Q Ch. 7 - Prob. 8Q Ch. 7 - Prob. 9Q Ch. 7 - Prob. 10Q

A local hank reported that it lost $150,000 as the result of employee fraud. Ray Fairburn is not clear on what is meant by “employee fraud.” Explain the meaning of fraud to Ray and give an example of fraud that might occur at a bank.

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