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| Section | Objectives |
|---|---|
| Topic 1: Financial Crimes | - Banking and Payment Fraud
|
| Topic 2: Fraud Schemes | - Asset Misappropriation Schemes
|
| Topic 3: Fraud Investigation and Analysis | - Evidence collection and documentation
|
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NEW QUESTION # 183
When expenses used to produce income-all of them-should be matched in a consistent manner against that income, this is referred to:
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Accrual basis accounting requires revenues and related expenses to be recorded in the same accounting period. This is known as the matching principle , ensuring accurate measurement of income.
* Analysis of Incorrect Options:
* A. Equity - Not relevant to matching expenses.
* C. Expense - A category of cost, not a principle.
* D. Financial record - Too general.
* Key Concept: Accrual Accounting & Matching Principle .
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Accrual Accounting and Matching Principle .
NEW QUESTION # 184
Which of the following is not a skimming scheme?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Common skimming schemes include unrecorded sales , theft of incoming checks , and understating sales/receivables . "Fraud & Cost" is not a recognized skimming scheme and appears to be a distractor.
* Analysis of Incorrect Options:
* A. Unrecorded sales - A classic skimming method.
* C. Theft of checks through the mail - Another recognized skimming approach (incoming receivables).
* D. Understated sales and receivables - A concealment method within skimming schemes.
* B. Fraud & Cost - Not a scheme classification.
* Key Concept: Skimming schemes vs. unrelated distractors.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Cash Receipts - Skimming Types
.
NEW QUESTION # 185
Which of the following statements about change order abuse is MOST ACCURATE?
Answer: C
Explanation:
The correct answer is C. Change order abuse occurs after a contract has been awarded, when a contractor improperly increases the price, expands the work, or modifies contract terms through change orders. A corrupt contractor might submit a low bid to win the award and later recover profits through unnecessary or inflated change orders. This defeats the benefit of competitive bidding because the procuring entity no longer receives the price or terms that justified the original award. Option A is incorrect because the scheme usually increases, not decreases, the amount paid. Option B is too narrow because change order abuse can occur in competitive contracts. Option D is incorrect because the scheme often involves collusion between contractor and procurement personnel, not necessarily several contractors.
NEW QUESTION # 186
Horizontal analysis can BEST be described as:
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Horizontal analysis evaluates financial statement items over multiple periods, highlighting percentage changes from one period to another . This helps detect unusual trends or anomalies.
* Analysis of Incorrect Options:
* A - Describes vertical analysis (common-size statements).
* B - Describes ratio analysis .
* D - Describes benchmarking/comparative analysis across companies.
* Key Concept: Analytical procedures - horizontal vs. vertical and ratio analysis.
Reference: ACFE Manual, Accounting Concepts - Analytical Review Techniques .
NEW QUESTION # 187
When an employee processes a fictitious refund of goods, the amount of cash in the register does not balance with the register log.
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: In a false refund scheme , the fraudster enters a fictitious refund into the register system, making it appear that merchandise was returned. The register log reflects the fraudulent refund, so the cash on hand does balance with the adjusted log. Thus, the mismatch described in the question does not occur.
* Analysis of Incorrect Option:
* A. True - Incorrect because the log and cash are manipulated to match, concealing the theft.
* Key Concept: Cash register fraud (false refunds vs. false voids).
Reference: ACFE Manual, Cash Receipts - Refund and Void Schemes .
NEW QUESTION # 188
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