Myra Manning, CFE, was hired to investigate some suspicious activity at Arizona Medical Supply after one of the company's largest customers complained several times that its account statements do not reflect all the payments it has made. While examining the accounts receivable activity, Myra noticed a significant rise in the volume of overdue accounts during the last 6 months. What type of scheme might this situation indicate? Cash larceny Shell company Receivables skimming False refunds

Receivables skimming

Explanation:

Account receivable is an account that shows the monies owed to a business by others.

Receivable skimming is the practice where monies that are receivable to a business is being stolen. Since the payments are expected to be returned to the business this type of fraud is discovered when debtor is contacted for repayment. Methods used to conceal this type of fraud include forced balancing, wrong statement, and debiting wrong account.

In this instance a customer of Arizona Medical supply complained several times that its account statements do not reflect all the payments it has made. While examining the accounts receivable activity, Myra noticed a significant rise in the volume of overdue accounts during the last 6 months.

The customer most likely made payments which were stolen and the statement did not show the repayments.

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