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During the first few months of the year John Smith the cashier in a small company was engaged in lapping operations However he was able to restore the amount of cash borrowed by March 31 and

During the first few months of the year, John Smith, the cashier in a small company, was engaged in lapping operations. However, he was able to restore the amount of cash “borrowed” by March 31, and he refrained from any fraudulent acts after that date. Will the year-end audit probably lead to the discovery of his lapping activities? Explain.

May 21 2020 View more View Less

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