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| Section | Objectives |
|---|---|
| Financial Crimes | - Money Laundering
|
| Fraud Investigation and Analysis | - Data analysis in fraud detection
|
| Fraud Schemes | - Asset Misappropriation Schemes
|
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NEW QUESTION # 213
By removing a tangible asset from the business (a debit), the books will be ___________ by the exact amount of the tangible asset misappropriated.
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: When a tangible asset is stolen (removed from the books), a debit entry would be missing its corresponding credit, leaving the books out-of-balance . Fraudsters often conceal this imbalance by falsifying entries (e.g., creating fictitious expenses or adjusting asset accounts).
* Analysis of Incorrect Options:
* A. Journal Entries - Too general; not the condition of the books.
* C. False debits - A concealment method, but not the direct result.
* D. None of all - Incorrect because "out-of-balance" is accurate.
* Key Concept: Concealment of asset theft and impact on accounting records.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Asset Misappropriation - Concealment of Theft .
NEW QUESTION # 214
Which of the following scenarios BEST describes an electronic funds transfer (EFT) fraud scheme?
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: EFT fraud involves the unauthorized transfer of money from victims' accounts using stolen access credentials. A hacker using stolen log-in details to redirect funds is the textbook example.
* Analysis of Incorrect Options:
* A - Describes identity theft/credit card fraud, not EFT fraud.
* C - Describes skimming of card data, not EFT.
* D - Describes payroll fraud , not EFT.
* Key Concept: EFT fraud = unauthorized access to electronic banking/payment systems.
Reference: ACFE Manual, Financial Transactions - Electronic Payment Fraud .
NEW QUESTION # 215
The scheme in which the same vendor is receiving favorable treatment can be found in purchases by vendor searches.
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This statement is True . Fraud examiners often analyze purchases by vendor to detect schemes where a single vendor receives disproportionately favorable treatment. This may indicate kickbacks, conflicts of interest, or vendor collusion schemes.
* Analysis of Incorrect Options:
* B. False - Incorrect, as vendor analysis is a valid tool to identify such schemes.
* Key Concept: Purchases by vendor analysis as a fraud detection method.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraudulent Disbursements - Vendor Analysis Techniques .
NEW QUESTION # 216
A contractor visits Lindsay's home and informs her that she has a damaged roof. The contractor offers roofing services and quotes Lindsay a price. Which of the following is the BEST action Lindsay can take to prevent being victimized by a potential consumer fraud scheme?
Answer: D
Explanation:
The best answer is B. A consumer approached by a contractor should independently verify the contractor's license or registration with the proper licensing agency before agreeing to work. Home repair and contractor scams often involve unsolicited offers, false claims of urgent repairs, inflated prices, poor workmanship, or unlicensed contractors. Oral agreements are risky because they provide little evidence of the work, price, warranties, or rights of cancellation. References can be useful, but a phone number supplied by the contractor might be fake or controlled by an accomplice. Asking about experience is also insufficient because the contractor can misrepresent it. Independent verification with the licensing authority is stronger because it confirms whether the contractor meets professional and regulatory requirements.
NEW QUESTION # 217
Any expenses that are incurred but not paid by the end of the year are counted in our records of profit and loss, and are called:
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Accruals represent expenses that have been incurred but not yet paid.
Under the accrual basis of accounting, these must be recognized in the same period as the related revenues or obligations. Common examples include accrued wages and accrued interest.
* Analysis of Incorrect Options:
* B. Depreciations - Allocation of asset cost, not unpaid expenses.
* C. Expenses - A broader term, but not specific to unpaid obligations.
* D. Financial record - Too vague.
* Key Concept: Accruals under the accrual basis of accounting.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Accrual Accounting .
NEW QUESTION # 218
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