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| Section | Objectives |
|---|---|
| Financial Crimes | - Banking and Payment Fraud
|
| Fraud Schemes | - Asset Misappropriation Schemes
|
| Fraud Investigation and Analysis | - Evidence collection and documentation
|
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NEW QUESTION # 289
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 # 290
Once the expense account is closed, it becomes a historical item and probably will never be reviewed again.
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This is True . After the closing process, expense accounts are reset to zero for the new accounting period. They remain only as part of historical financial statements and supporting records. Because of this, expense accounts can be a target for fraud concealment (fraudulent disbursements), since closed accounts are rarely scrutinized again.
* Analysis of Incorrect Options:
* B. False - Incorrect, as the closing process does make expense accounts historical.
* Key Concept: Expense accounts in fraud concealment - vulnerabilities due to being closed at period end.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraudulent Disbursements - Expense Account Manipulation .
NEW QUESTION # 291
Hondo is investigating allegations of fraud in a government agency's procurement process. While reviewing procurement documentation, Hondo observes that the agency employee responsible for drafting the solicitation created unnecessarily broad specifications for the type of work the agency needed. The organization that ultimately won the contract submitted a bid that fit within the broad specifications but not the agency's more relevant specific needs. This is MOST LIKELY an example of which procurement fraud scheme?
Answer: C
Explanation:
The correct answer is D. Bid tailoring occurs when procurement specifications are drafted to favor a particular contractor or to allow an otherwise unsuitable contractor to qualify. The ACFE material identifies overly broad specifications as one form of bid tailoring because they can be designed to include a favored vendor even though the vendor does not meet the organization's actual operational needs. Bid splitting involves dividing purchases to avoid competitive thresholds. Bid suppression involves preventing or discouraging competitors from submitting bids. Bid manipulation is broader, but the facts specifically focus on drafting specifications in a way that favors the winning contractor. Therefore, bid tailoring is the most precise classification for Hondo's finding.
NEW QUESTION # 292
Financial statement fraud is committed by:
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: While asset misappropriation schemes are usually committed by lower- level employees, financial statement fraud is most often committed by senior management . This is because executives have the authority to override controls, direct accounting policies, and influence financial reporting for personal gain (bonuses, stock prices, or to conceal poor performance).
* Analysis of Incorrect Options:
* A. Organized criminals - May commit fraud, but financial statement fraud specifically requires authority over reporting.
* B. Mid and lower-level employees - Lack sufficient authority to materially alter financial statements.
* D. All of the above - Incorrect, as financial statement fraud is overwhelmingly associated with senior management.
* Key Concept: Management override - financial statement fraud perpetrated by those with the authority to manipulate reports.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Financial Statement Fraud - Role of Senior Management in Fraudulent Reporting .
NEW QUESTION # 293
Shirley, a 68-year-old widow, connects with a stranger named Simon on a social networking site. Simon befriends her and says he looks forward to meeting her on the trip they have been planning. However, Simon tells Shirley that he recently lost his job and does not have the resources to pay for the trip. Shirley sends him
$10,000 as a loan and never hears from Simon again. Shirley has MOST LIKELY been victimized by which of the following schemes?
Answer: C
Explanation:
Shirley has most likely been victimized by a romance scheme. In romance, sweetheart, or friendship scams, the fraudster builds an emotional relationship with the victim, often through social networking or online communication, and then requests money under a sympathetic pretext. Simon befriends Shirley, creates expectations of a future meeting, claims financial hardship, receives $10,000, and then disappears. That pattern is typical of a romance scam. A grandparent scheme usually involves impersonating a grandchild or relative in distress. A bait-and-switch scheme involves advertising one product or service and substituting another. A vacation scheme would focus on fraudulent travel offers, not a fabricated romantic relationship used to obtain money. The ACFE material identifies romance and friendship sc hemes as consumer fraud schemes.
NEW QUESTION # 294
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