Larceny is the scheme in which an employee simply takes inventory from the company premises without attempting to conceal it in the books and records.
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A. B.A
The correct answer to the question is:
B. False
Explanation:
Larceny is a type of theft where an individual unlawfully takes someone else's property without their consent. However, the statement in the question is incorrect. Larceny does not necessarily involve an employee taking inventory from a company premises without attempting to conceal it in the books and records.
In fact, the scheme described in the question is more aligned with another type of fraud known as "skimming." Skimming involves an employee stealing cash or inventory from a company without recording the transaction in the accounting records, thereby concealing the theft.
Larceny, on the other hand, refers to the act of physically taking or removing property or assets belonging to another person or entity. It does not specifically require an employee to be involved, and it can occur in various contexts, such as shoplifting, burglary, or theft by deception.
It is essential to differentiate between different types of fraud schemes, as they may involve distinct methods, motives, and legal implications. In this case, the statement inaccurately associates larceny with a specific scenario that is more closely related to skimming.