A local bank reported that it lost $150,000 as the result of an employee fraud. Randal Smith

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

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Accounting Principles

ISBN: 978-0470533475

9th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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Question Posted: Sep 20, 2011 08:28 AM

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A local bank reported that it lost $150,000 as the result of an employee fraud. Randal Smith

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Fraud is dishonest act by an employee that results i...View the full answer

Accounting Principles

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