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| Section | Objectives |
|---|---|
| Topic 1: Fraud Investigation and Analysis | - Data analysis in fraud detection
|
| Topic 2: Financial Crimes | - Money Laundering
|
| Topic 3: Fraud Schemes | - Financial Statement Fraud
|
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NEW QUESTION # 125
A __________ is a day-by-day, or chronological, record of transactions.
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The journal is specifically the chronological record of transactions.
Each entry captures date, accounts affected, amounts, and explanation, making it the foundational record before posting to the ledger.
* Analysis of Incorrect Options:
* A. Asset - Not a record, but a resource.
* C. Checkbook - Only records cash movements, not all transactions.
* D. Ledger - Summarizes accounts, but not in chronological order.
* Key Concept: Chronological recording of transactions via the journal.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Journal vs. Ledger .
NEW QUESTION # 126
Which of the following scenarios is an example of a trade-based money laundering scheme?
Answer: A
Explanation:
The correct answer is C. Trade-based money laundering uses international trade transactions to disguise or move illicit value. A common method is misinvoicing, where colluding importers and exporters overstate or understate the price, quantity, or quality of goods. When goods are invoiced above market value, value can be transferred from the importer to the exporter under the appearance of a legitimate commercial payment.
Option A involves laundering through virtual or digital assets, not trade-based laundering. Option B describes use of a front business, particularly a cash-intensive business, to mix illegal proceeds with legitimate revenue.
Option D describes structuring or smurfing through small transfers. The international invoice manipulation in option C is the strongest example of trade-based money laundering.
NEW QUESTION # 127
Which of the following methods is NOT used to detect conflicts of interest?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Conflict of interest is often uncovered through proactive investigative methods such as tips, vendor ownership review, and employee interviews. Underbilling schemes, however, relate to Financial Statement Fraud and Revenue Recognition Manipulation , not conflict of interest detection.
* Analysis of Incorrect Options:
* A. Tips & Complaints - Common detection method; many corruption schemes are revealed this way.
* B. Review of vendor ownership files - Critical to identify hidden ownership ties.
* D. Interviews with purchasing personnel - Helps detect suspicious relationships or favoritism.
* Key Concept: Detection of Conflict of Interest schemes .
Reference: ACFE Fraud Examiners Manual (2020) , Corruption: Detection of Conflicts of Interest .
NEW QUESTION # 128
Which of the following reasons is an acceptable justification for departing from generally accepted accounting principles (GAAP)?
Answer: B
Explanation:
The correct answer is C. Under accounting concepts, the cost-benefit constraint recognizes that the expected benefits of financial reporting information should justify the expected costs of providing it. A departure from GAAP may be acceptable only in limited circumstances where compliance is impracticable or the cost of compliance exceeds the benefit, provided the departure is properly evaluated and disclosed under the applicable framework. Option A is insufficient because expense alone does not justify noncompliance unless the cost-benefit threshold is met. Option B is clearly improper because improving reported profitability is a fraudulent motive, not a valid accounting reason. Option D is also not a valid justification because growth or international expansion does not permit disregarding required accounting standards.
NEW QUESTION # 129
Margarette sends a text message to Arlo that appears to come from Arlo's doctor's office asking him to make a payment on an overdue bill. When Arlo clicks on the payment link, it takes him to a payment portal that Margarette controls, and she is able to steal his credit card information. Margarette has perpetrated which of the following schemes?
Answer: A
Explanation:
The correct answer is D. Smishing is phishing conducted through SMS or text messages. Margarette sends a fraudulent text that appears to come from Arlo's doctor's office and includes a payment link to a fake portal she controls. The purpose is to trick Arlo into entering payment card information, which she then steals.
Quishing uses QR codes to direct victims to fraudulent sites. Pharming redirects users from legitimate websites to fraudulent ones, often through technical manipulation of domain name resolution or device settings. Vishing uses voice calls or voicemail to obtain sensitive information. Because the fraudulent communication is a text message and the goal is to steal payment information, the scheme is smishing.
NEW QUESTION # 130
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