30) Which scheme is considered to be skimming? A.Unrecorded sales. B.Understated sales. C.Theft of incoming unrecorded cash. D. Swapping checks for cash.

Answered: 0) Which scheme is considered to be…

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter10: Auditing Cash, Marketable Securities, And Complex Financial Instruments

Section: Chapter Questions

Problem 14CYBK

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30) Which scheme is considered to be skimming?

	A.	Unrecorded sales.
	B.	Understated sales.
	C.	Theft of incoming unrecorded cash.
	D.	Swapping checks for cash.

Expert Solution

Step 1

Skimming entails engaging in illegal activities in order to generate additional cash, as well as stealing the same. It means that skimming is an illegal practice or a practice that is not permitted by law in general, and that the money is taken out for personal or other purposes.

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