Question

Define embezelment

Answer 1

The dictionary meaning of embezzelment is theft or misappropriation of funds. Embezzelement includes theft, misappropriation and manipulation of cash or assets by a trusted or authorized person or employees in company. They use assets and money for their personal use, most of time it is done by senior or middle level personnel since they have in authority. Embezzelment is a crime and where person also have to go jail for this.

Below are some of the examples of embezzelment:

- Forgery of check

- Using company's Cash for personal use

- Using company's Assets for personal use

- Creation of Dummy or Fake vendor/customer accounts.

- Passing Dummy or Fake Customer Payments.

- Charging excess amount to customers

- Theft of Cash or Assets etc.

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