Select the statement that is TRUE. 

Larceny is the theft of assets before being recorded, and skimming is theft of assets after they are recorded in the books.

 Skimming can only occur with cash as other forms of payment are easily tracked. 

Skimming is the theft of assets before being recorded, and larceny is theft of assets after they are recorded in the books.

 Larceny can only occur with physical assets other than cash and may or may not be concealed.