LAPPING SCHEME
A fraudulent accounting practice of altering the accounts receivable section of the balance sheet by overlapping the succeeding receivables. The method begins when someone took the first receivable collected and used it to cover the theft. Then the receivable from the second transaction was accounted to the first one, the third collectible to the second, so on and so forth.
Initially, this may be a good way to account the theft in a company. But eventually, the firm must account it as a loss and subtract it from the net income.
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Skimming
Skimming is an act used by identity thieves to capture the personal information of an individual through electronic means. A little electronic devi ...
Federal Poverty Level - FPL
The minimum amount of gross income that a family needs for food, clothing, transportation, shelter and other necessities. In the United States, thi ...
Hiring Freeze
A situation where the employer temporarily freezes the hiring of new employees. Hiring freeze is put into place as a cost-saving effort as a result ...
Lump-Sum Payment
Repayment of the total or partial value of an asset by one-time payment. Usually, this is taken instead of recurring payments that would be receive ...
Announcement Date
The date in which a company will make an announcement on the details pertaining an issue of equity or debt. The announcement da ...
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