lapping

lapping
The shifting of accounting entries for *cash receipts between *accounts receivable balances to hide stolen cash. Lapping is possible in cases where a *bookkeeper (i) handles cash receipts from customers and (ii) records cash receipts in accounts receivable balances. An appropriate *segregation of duties between these two functions can assist in preventing lapping. Eventually, lapping catches up with itself: unless stolen cash is replaced (or unless an alternative, fraudulent accounting entry is made), accounts receivable will ultimately be *overstated by the amount of cash stolen.

Auditor's dictionary. 2014.

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  • Lapping — is a machining operation, in which two surfaces are rubbed together with an abrasive between them, by hand movement or by way of a machine.This can take two forms. The first type of lapping (traditionally called grinding), typically involves… …   Wikipedia

  • Lapping — Lap ping, n. A kind of machine blanket or wrapping material used by calico printers. Ure. [1913 Webster] {Lapping engine}, {Lapping machine} (Textile Manuf.), A machine for forming fiber info a lap. See its {Lap}, 9. [1913 Webster] …   The Collaborative International Dictionary of English

  • lapping — [LÉPING] s. n. maşină pentru fasonat suprafaţa unor piese lucrate. (< engl. lapping) Trimis de raduborza, 07.05.2008. Sursa: MDN …   Dicționar Român

  • lapping — ● lapping nom masculin (anglais to lap, laper) Finition par rodage d une surface métallique au moyen d une poudre abrasive …   Encyclopédie Universelle

  • lapping — lap·ping / la piŋ/ n [gerund of lap to overlap]: the practice of misappropriating entrusted funds and then covering up the act by using other entrusted funds or funds subsequently received in a continuous process of concealment Merriam Webster’s… …   Law dictionary

  • Lapping — This interesting surname is derived from the old French lappin meaning rabbit , used either to describe a hunter of rabbits, or a nickname for a timorous person. The surname dates back to the early 14th Century (see below). Further recordings… …   Surnames reference

  • Lapping — Lap Lap, v. t. [imp. & p. p. {Lapped}; p. pr. & vb. n. {Lapping}.] 1. To rest or recline in a lap, or as in a lap. [1913 Webster] To lap his head on lady s breast. Praed. [1913 Webster] 2. To cut or polish with a lap, as glass, gems, cutlery, etc …   The Collaborative International Dictionary of English

  • lapping — adj. Lapping is used with these nouns: ↑wave …   Collocations dictionary

  • Lapping (disambiguation) — Lapping is a machining operation, in which two surfaces are rubbed together with an abrasive between them, by hand movement or by way of a machine.Lapping may also refer to:*Lapping (motorsport), the act of passing someone who is one circuit of… …   Wikipedia

  • Lapping engine — Lapping Lap ping, n. A kind of machine blanket or wrapping material used by calico printers. Ure. [1913 Webster] {Lapping engine}, {Lapping machine} (Textile Manuf.), A machine for forming fiber info a lap. See its {Lap}, 9. [1913 Webster] …   The Collaborative International Dictionary of English

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