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Accounting Information Systems

11th Edition
Ulric J. Gelinas + 3 others
ISBN: 9781337552127

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BuyFindarrow_forward

Accounting Information Systems

11th Edition
Ulric J. Gelinas + 3 others
ISBN: 9781337552127
Textbook Problem

What is lapping? What controls can prevent or detect lapping?

Summary Introduction

To explain: Lapping and the controls to prevent lapping.

Introduction:

B/AR/CR process:

It is an accounting process with an interacting structure of different process supporting the decision-making activities of the financial managers.

Explanation

Lapping and the controls to prevent lapping:

It is a fraudulent accounting practice which allows the hiding of a receivables payment by altering the accounts receivables data. It takes a subsequent receivables payment and uses it to cover the theft. The next receivables is applied to the previous unpaid receivables and this process is carried on in the future...

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