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| Section | Weight | Objectives |
|---|---|---|
| Asset Misappropriation – Cash Disbursements | 10–15% | - Expense reimbursement schemes - Payroll schemes - Billing schemes - Check and payment tampering |
| Asset Misappropriation – Non-Cash Assets | 5–10% | - Misuse of assets - Concealment techniques - Inventory and equipment theft |
| Identity Theft | 1–5% | - Types and techniques - Prevention and detection |
| Financial Statement Fraud | 10–15% | - Timing and disclosure manipulations - Detection and red flags - Revenue and asset overstatements - Expense and liability understatements |
| Accounting Concepts | 5–10% | - Recording and summarizing transactions - Financial statements structure - Internal control fundamentals - Basic accounting principles |
| Industry-Specific Financial Crimes | 15–25% | - Cyber-enabled and cryptocurrency fraud - Healthcare fraud - Real estate and securities fraud - Financial institution fraud - Insurance fraud |
| Theft of Data and Intellectual Property | 5–10% | - Corporate espionage - Safeguarding proprietary information - Data and IP theft methods |
| Asset Misappropriation – Cash Receipts | 5–10% | - Prevention and detection methods - Cash larceny schemes - Cash skimming schemes |
| Corruption Schemes | 5–10% | - Conflicts of interest - Illegal gratuities and extortion - Bribery and kickbacks |
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NEW QUESTION # 203
Inventory shrinkage is the unaccounted-for reduction in the company's inventory that does not result from theft.
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This statement is False . Shrinkage is a general term for unaccounted- for inventory losses, and it can indeed result from theft, errors, damage, or waste . To say shrinkage does not result from theft is misleading because theft is one of its primary causes.
* Analysis of Incorrect Options:
* A. True - Incorrect, as theft is often a major contributor to shrinkage.
* B. False - Correct, since shrinkage can include theft.
* Key Concept: Shrinkage includes theft as a cause of unexplained inventory loss.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Inventory and Other Assets - Definition and Causes of Shrinkage .
NEW QUESTION # 204
__________ are the amounts which are owed to other entities:
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Liabilities are defined as obligations to transfer assets or provide services to other entities in the future as a result of past transactions. They represent what the organization owes, distinguishing them from assets.
* Analysis of Incorrect Options:
* A. Supplies - Assets consumed within a year, not obligations.
* B. Expenses - Costs incurred, but not necessarily amounts owed.
* C. Assets - Resources owned, not obligations.
* Key Concept: Definition of Liabilities in accounting.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Assets and Liabilities .
NEW QUESTION # 205
According to accounting principles, ________ and ________ should be recorded or matched in the same accounting period; failing to do so violates the matching principle of GAAP.
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The matching principle under GAAP requires that revenues and the corresponding expenses incurred to generate those revenues be recorded in the same period. Failing to do so misstates income and violates accrual accounting.
* Analysis of Incorrect Options:
* B. Revenue and Income statement - The income statement is a report, not an item to be matched.
* C. Income statement and Long-term contracts - Long-term contracts follow special rules (percentage of completion, completed contract), not the general matching principle.
* D. Capitalized expenses and Liabilities - Not part of the matching principle.
* Key Concept: Matching Principle - recording related revenues and expenses in the same period.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Accrual Accounting and Matching Principle .
NEW QUESTION # 206
________ decrease assets and expenses and/or increase liabilities and/or equity.
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Credits decrease assets and expenses while increasing liabilities and equity. They are recorded on the right-hand side of ledger accounts, forming the counterbalance to debits.
* Analysis of Incorrect Options:
* A. Journal Entries - Too general; not a directional effect.
* B. Debit - Opposite effect of credits.
* D. None of all - Incorrect because "credit" is the precise answer.
* Key Concept: Credit rules in double-entry accounting.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Debits and Credits .
NEW QUESTION # 207
Maria is Annie's beneficiary under a life insurance policy. The two need a large sum of money, so Maria submits a claim with a phony death certificate indicating that Annie is no longer living, even though Annie is alive and has fled to a different town. Maria and Annie's actions are an example of which of the following fraud schemes?
Answer: B
Explanation:
Maria and Annie's actions are a fraudulent death claim scheme. In life insurance fraud, a fraudulent death claim occurs when a person falsely represents that the insured has died to obtain policy proceeds. The scheme can involve a fabricated death, a phony death certificate, staged disappearance, or collusion between the insured and beneficiary. Here, Annie is alive, and Maria submits a false claim supported by a phony death certificate. A tombstone policy claim generally involves policies or claims connected to deceased persons or fraudulent use of death information, but the facts here involve a living insured falsely reported as dead.
Premium theft concerns misappropriation of premiums, and beneficiary extortion is not the scheme described.
NEW QUESTION # 208
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