See Also: Restructuring Expense ProForma Financial Statements Nonrecurring Items In accounting, report abnormal or infrequent gains or losses in the company’s annual report as nonrecurring items. They are rare events or activities that are not part of the company’s normal business operations. They may also be called extraordinary items. You must disclose the details of
See Also: Skimming (fraud) The Fraud Triangle Accounting Fraud Prevention using QuickBooks Audit Scope Forensic Audit Larceny Definition The Larceny definition is the act of stealing cash from a company after it has been recorded on the company books or accounting records. Larceny is often easier to detect because it is on the books, but
Throughout my career, I’ve witnessed theft of office supplies, the use of company property for personal gain, dishonesty on time sheets, and other infractions that cost the company thousands of dollars per year. But, I worked under the naive assumption that the more significant embezzlement of company assets was scarce and overblown by the media.
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