Explanation:
An accounts receivable journal keeps track of all sales made on credit or cash. It records the date, customer name, invoice number, amount of the deal, and any payments made on the account. This information is then used to generate customer statements and track the overall accounts receivable balance.
Explanation:
The forms that allow noncash assets to be moved from one location in a company to another can be used to facilitate the misappropriation of those assets and are called "Asset requisition fraud."
Explanation:
A significant sales volume to entries whose substance and ownership are unknown is a red flag associated with fictitious revenues. Other red flags related to fictitious revenues may include unusual payment or return patterns, missing or altered documents, and transactions with related parties.
Explanation:
The "Concealed Check Scheme" is a type of check tampering fraud where an employee hides or conceals a check, usually by intercepting it before it reaches its intended recipient, and then cash or deposits it for personal gain.
Explanation:
Fraudsters attempt to influence the selection of a contractor by restricting the pool of competitors from whom bids are sought during the solicitation phase of the competitive bidding process.
Explanation:
A fraudulent billing scheme refers to fraud in which an employee causes their company to pay false invoices or bills for goods or services that were never received or performed. The employee typically creates or approves fraudulent invoices from a shell company or a non-existent vendor and then authorizes payment to that vendor, allowing the employee to collect the payment for themselves.
