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| Section | Objectives |
|---|---|
| Topic 1: Financial Crimes | - Corruption Schemes
|
| Topic 2: Fraud Schemes | - Fraudulent Disbursements
|
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NEW QUESTION # 125
Which of the following scenarios would be considered a conflict of interest?
Answer: D
Explanation:
The correct answer is B. A conflict of interest occurs when an employee has an undisclosed personal, financial, or family interest that could influence decisions made on behalf of the employer. Cindy purchases supplies from a company owned by her aunt and does not disclose the relationship. This creates at least a potential conflict because Cindy's family connection could cause her to favor the vendor over her employer's best interests. Options A and D involve relationships or financial interests, but they have been disclosed to the employer, allowing the organization to evaluate and approve or manage the conflict. Option C might create employment or scheduling concerns, but it does not establish a conflict in a purchasing or transactional decision. Disclosure is central to proper conflict management.
NEW QUESTION # 126
How many accounts are affected in fraudulent accounting entries and therefore the same number of categories on the financial statement?
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: By double-entry accounting rules, every accounting entry affects at least two accounts (debit and credit). Fraudulent entries must also follow this rule, meaning manipulation will show up in at least two categories on the financial statements.
* Analysis of Incorrect Options:
* A. One - Impossible in double-entry accounting.
* C. More than two - Possible, but not always; the minimum is two.
* D. None of above - Incorrect since "at least two" is correct.
* Key Concept: Double-entry accounting ensures at least two accounts are affected in every transaction, including fraudulent ones.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Double- entry Accounting and Fraudulent Entries .
NEW QUESTION # 127
Which of the following is a method of identity theft prevention that is recommended for individuals?
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Biometric authentication (fingerprints, facial recognition) is one of the strongest defenses against identity theft. It prevents unauthorized logins even if passwords are compromised.
* Analysis of Incorrect Options:
* A - Password reuse should be avoided altogether, not just limited.
* B - Updates should be installed promptly, not annually.
* C - Personal information should rarely, if ever, be transmitted via email, even with reputable companies.
* Key Concept: Identity theft prevention through strong authentication.
Reference: ACFE Manual, Fraud Prevention and Deterrence - Identity Theft Controls .
NEW QUESTION # 128
The price of an asset on which the asset is selling at on the open market in a transaction between a willing buyer and a willing seller is called:
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Fair value is defined as the price an asset would fetch in an orderly transaction between willing market participants. It reflects current market conditions, not historical cost.
* Analysis of Incorrect Options:
* A. Absolute value - Mathematical concept, not accounting.
* C. Cost value - Historical cost, not current market.
* D. Material value - Not a recognized accounting term.
* Key Concept: Fair Value Measurement under GAAP/IFRS.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Fair Value .
NEW QUESTION # 129
According to best practices regarding large cash transactions with customers as provided by the Financial Action Task Force (FATF) Recommendations, which of the following transactions would require a report to be filed with the appropriate designated government agency?
Answer: D
Explanation:
The correct answer is A because the FATF Recommendations provide that financial institutions and designated nonfinancial businesses and professions should report covered cash transactions that exceed the jurisdiction's designated threshold. Dealers in precious metals and stones, such as businesses selling gold jewelry, are commonly treated as higher-risk entities for anti-money laundering purposes. A domestic cash purchase above the threshold would therefore require reporting. Options B and C are below the designated threshold, so they do not meet the reporting requirement based on amount. Option D involves a food purchase, which is not the type of covered high-risk transaction described in the FATF large cash transaction guidance. The key issue is both the covered business type and the threshold amount.
NEW QUESTION # 130
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