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Lapping" is

ACash

BGoods

CBoth Cash and Goods

DStock

Answer:

A. Cash

Read Explanation:

Lapping is a type of cash misappropriation where receipts from one customer are used to cover the theft of receipts from another customer.


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Who are all exempted from payment of Audit fees as per Kerala Cooperative Societies Act , 1969 ?

  1. Any society for first two years of audit irrespective of date of commencement of business
  2. All social welfare and farming societies who don't accept deposits and grant loans/advances
  3. All Cooperative Societies of which all or majority of members are belonging to SC/ST except Apex Cooperative Society
  4. Any Weavers Society until it has completed sixth Cooperative Year after its commencement of business
  5. Vanitha Cooperative Societies
    Which of the following is an Audit under practical point of view?
    An Auditor should submit his report within _____ days after completion of Audit