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| Section | Objectives |
|---|---|
| Fraud Schemes | - Asset Misappropriation Schemes
|
| Financial Crimes | - Financial Statement Fraud
|
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NEW QUESTION # 40
The excess credits (or debits) on the income statement are used to decrease (or increase) the equity account.
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This is True . The net result of revenues and expenses (credits and debits) on the income statement flows into retained earnings, which is part of equity on the balance sheet. Therefore, excess credits (profits) increase equity, while excess debits (losses) decrease equity.
* Analysis of Incorrect Options:
* B. False - Incorrect, as the closing process of the accounting cycle directly affects equity.
* Key Concept: Closing process and impact of net income on equity.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Income Statement Flow to Equity .
NEW QUESTION # 41
According to Marshall, ______ are probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events.
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The accounting definition of assets , as cited by Marshall and in GAAP frameworks, is "probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events." This definition underlies balance sheet recognition of assets.
* Analysis of Incorrect Options:
* B. Liabilities - Represent probable future sacrifices, not benefits.
* C. Credentials - Irrelevant to financial reporting.
* D. None of the above - Incorrect since "assets" directly matches.
* Key Concept: Definition of Assets under financial accounting frameworks.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts section - Definitions of Assets and Liabilities .
NEW QUESTION # 42
Bob, a purchasing agent for Gallenkamp, directed a portion of Gallenkamp's business to Oak Company. In exchange for receiving additional business, Oak Company's sales manager agreed to pay Bob a percentage of the extra profits. Which of the following BEST describes the type of corruption scheme in which Bob engaged?
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: A kickback scheme occurs when vendors make payments to employees of a purchasing organization in exchange for steering business their way. Here, Bob steered contracts to Oak Company and received a percentage of profits, a textbook kickback arrangement.
* Analysis of Incorrect Options:
* B. Illegal gratuity scheme - Involves rewards after a decision, without a prior agreement. Here, the agreement was prearranged.
* C. Diversion scheme - Refers to diversion of assets, not procurement favoritism.
* D. Economic extortion scheme - Involves coercion of the vendor; this was voluntary bribery.
* Key Concept: Bribery and kickbacks as forms of corruption.
Reference: ACFE Manual, Corruption - Kickback Schemes .
NEW QUESTION # 43
Which of the following is a common red flag of a bid tailoring scheme?
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Bid tailoring occurs when procurement officials structure contract requirements to unfairly favor a particular vendor. A hallmark red flag is unusually narrow specifications , which restrict competition.
* Analysis of Incorrect Options:
* A. Clear submission information - Standard and appropriate, not a red flag.
* C. Rebid contracts - Could indicate limited interest, but not tailoring.
* D. Numerous bidders - Indicates competition, opposite of bid tailoring.
* Key Concept: Procurement fraud - bid tailoring .
Reference: ACFE Fraud Examiners Manual (2020) , Corruption: Procurement Schemes .
NEW QUESTION # 44
Which of the following is NOT one of the information security goals that should be achieved to secure an e- commerce system for users and account holders?
Answer: A
Explanation:
The ACFE Fraud Examiners Manual (2020 International Edition) , under the section on Information Security in Electronic Commerce Systems , describes the three primary security goals that must be achieved to protect users and account holders:
* Confidentiality
* Integrity
* Availability
These three goals form the cornerstone of information system protection and are often referred to as the CIA triad .
1. Confidentiality
Confidentiality ensures that sensitive information is accessible only to authorized individuals. The Manual highlights that e-commerce systems must protect customers' personal and financial data from unauthorized access.
2. Integrity
Integrity requires that the information in the system is accurate and has not been improperly altered. This prevents fraudulent manipulation of records, transactions, and account balances.
3. Availability
Availability ensures that systems and data are accessible to authorized users when needed. This includes preventing disruptions caused by system failures, denial-of-service attacks, or internal sabotage.
These three goals are explicitly documented in the ACFE Manual as essential security requirements for safeguarding electronic financial systems.
Why Option C is the Correct Answer
"Penetrability of data" is NOT an information security goal.
In fact, it is the opposite of what an information security framework seeks to achieve. No section of the ACFE Manual identifies "penetrability" as a required or legitimate objective. Instead, systems should be resistant to penetration attempts.
Thus, Option C does not belong to the CIA model or any ACFE-described security framework.
ACFE Manual Reference
These concepts are covered in the Financial Transactions and Fraud Schemes section discussing information security objectives for e-commerce environments, which identifies confidentiality, integrity, and availability as the foundational goals of secure systems.
NEW QUESTION # 45
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