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| Section | Objectives |
|---|---|
| Topic 1: Financial Crimes | - Money Laundering
|
| Topic 2: Fraud Investigation and Analysis | - Data analysis in fraud detection
|
| Topic 3: Fraud Schemes | - Asset Misappropriation Schemes
|
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NEW QUESTION # 72
What type of fraud scheme would MOST LIKELY be revealed by identifying employees with the same government identification numbers?
Answer: D
Explanation:
The correct answer is A. A ghost employee scheme involves adding a fictitious or nonworking person to the payroll so the fraudster can collect wages or salary payments. Data analysis can help detect ghost employees by identifying duplicate, invalid, or suspicious employee information. Multiple employees using the same government or tax identification number is a strong red flag because legitimate employees should generally have unique identifying numbers. Payment tampering involves altering payments after they are initiated, while falsified hours and salary schemes usually involve overstated time worked or unauthorized pay-rate changes for real employees. Fraudulent commission schemes involve manipulating sales or commission records. The ACFE materials specifically identify duplicate government identification numbers as a test for ghost employee schemes.
NEW QUESTION # 73
Entering a sales total lower than the amount actually paid by the customer is called:
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: An underring occurs when an employee intentionally enters a lower sales amount into the register than what was collected from the customer. The difference is pocketed by the employee. This is a common register manipulation skimming scheme.
* Analysis of Incorrect Options:
* B. Recording a sale procedure - General process, not fraud.
* C. Internal sales audits - Control activity, not the fraud scheme.
* D. All of the above - Incorrect, since only "underring" is accurate.
* Key Concept: Underring schemes in cash register fraud.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Cash Receipts - Skimming via Underrings .
NEW QUESTION # 74
Persuasive evidence of an arrangement does not exist when:
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: According to SAB 104 , revenue recognition requires persuasive evidence of an arrangement. This does not exist if there is no written contract, purchase order, or verbal agreement supporting the transaction.
* Analysis of Incorrect Options:
* A. Revenue and expenses don't match - Violates matching principle, not persuasive evidence.
* C. Timings not meet properly - Refers to delivery/performance, not evidence of arrangement.
* D. Capitalized expenses and liabilities - Irrelevant to revenue recognition.
* Key Concept: Revenue recognition requirement: Persuasive evidence of an arrangement.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Financial Statement Fraud - Revenue Recognition Standards (SAB 104) .
NEW QUESTION # 75
David, an accounts receivable clerk at a fitness center, steals a customer's monthly membership payment.
When he receives another customer's payment a few days later, David applies the payment to the first customer's account. He then applies payment from a third customer to the second customer's account. David is MOST LIKELY committing a:
Answer: D
Explanation:
The correct answer is A. David is committing a lapping scheme. Lapping occurs when an employee steals one customer's payment and conceals the theft by applying a later payment from another customer to the first customer's account. The employee must then continue shifting later payments to earlier accounts to keep the shortage hidden. This creates a rolling concealment pattern that can continue until discovered through customer complaints, account confirmations, delayed postings, or independent reconciliation. Padding, substitution, and duplication are not the standard ACFE classifications for this receivables concealment method. Because David is using later customer payments to cover earlier stolen receipts, his conduct fits the classic definition of lapping under cash receipts fraud schemes.
NEW QUESTION # 76
George, a 71-year-old man, receives a fraudulent message on his computer stating that his computer has been infected by a virus. When George calls the phone number listed on the message, he speaks with a fraudster who charges him for computer repair services that are unnecessary. George has MOST LIKELY been victimized by which of the following schemes?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This is a tech-support scam , in which fraudsters trick victims into believing their computers are infected and then charge fees for unnecessary or fake repairs. The scam often targets elderly victims.
* Analysis of Incorrect Options:
* A. Pharming - Redirects users to fake websites, not fake support calls.
* B. Bait and switch - Advertising deception, not fraudulent computer support.
* D. Smishing - Fraud via SMS text messages, not on-screen computer popups.
* Key Concept: Consumer fraud schemes - tech-support scams.
Reference: ACFE Fraud Examiners Manual (2020) , Consumer Fraud Schemes .
NEW QUESTION # 77
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