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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Asset Misappropriation – Cash Receipts | 5–10% | - Cash larceny schemes - Prevention and detection methods - Cash skimming schemes |
| Topic 2: Theft of Data and Intellectual Property | 5–10% | - Safeguarding proprietary information - Corporate espionage - Data and IP theft methods |
| Topic 3: Asset Misappropriation – Cash Disbursements | 10–15% | - Billing schemes - Payroll schemes - Expense reimbursement schemes - Check and payment tampering |
| Topic 4: Asset Misappropriation – Non-Cash Assets | 5–10% | - Concealment techniques - Misuse of assets - Inventory and equipment theft |
| Topic 5: Industry-Specific Financial Crimes | 15–25% | - Financial institution fraud - Insurance fraud - Healthcare fraud - Real estate and securities fraud - Cyber-enabled and cryptocurrency fraud |
| Topic 6: Identity Theft | 1–5% | - Types and techniques - Prevention and detection |
| Topic 7: Financial Statement Fraud | 10–15% | - Expense and liability understatements - Detection and red flags - Revenue and asset overstatements - Timing and disclosure manipulations |
| Topic 8: Accounting Concepts | 5–10% | - Internal control fundamentals - Basic accounting principles - Recording and summarizing transactions - Financial statements structure |
| Topic 9: Corruption Schemes | 5–10% | - Illegal gratuities and extortion - Bribery and kickbacks - Conflicts of interest |
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NEW QUESTION # 97
Which of the following terms BEST describes a property and casualty insurance scheme that involves filing an insurance claim for destroyed items, such as a boat or expensive equipment, that never actually existed?
Answer: B
Explanation:
The correct answer is B. A paper property scheme involves an insurance claim for property that exists only
"on paper," meaning the claimed property never actually existed or was never owned by the claimant. The question describes a claim for destroyed items, such as a boat or expensive equipment, that did not exist. This differs from a staged theft, where an actual event is falsely created or arranged to appear like a theft. It also differs from an inflated theft or inflated inventory scheme, where property might exist but the claimant exaggerates the quantity, quality, or value of the loss. The ACFE insurance fraud material identifies property schemes, including phony or inflated thefts and paper boats, as property and casualty insurance fraud methods.
NEW QUESTION # 98
Kara owns a business selling rare goods. Some of the goods Kara sells are of high value, but she reports significantly lower values to the taxing authority for those transactions. Which of the following options BEST describes Kara's scheme?
Answer: A
Explanation:
Kara's conduct is best classified as a consumption tax scheme because she is underreporting the taxable value of sales transactions. Consumption taxes include sales tax, value-added tax, and excise taxes collected from the sale of goods or services. The ACFE material explains that fraudsters evade consumption taxes by omitting transactions or deflating transaction values in tax records. Here, Kara does not merely hide wealth or claim false deductions; she misstates the value of goods sold so the tax authority calculates less tax than is owed. Wealth tax evasion concerns assets or net worth, while tax credit and deduction schemes involve improper reductions of tax liability through credits or expenses.
NEW QUESTION # 99
The difference between assets and liabilities is called:
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: By definition, Equity (or net assets) represents the residual interest in the assets of an entity after deducting liabilities. This aligns with the basic accounting equation: Assets
= Liabilities + Equity . Thus, the difference between assets and liabilities is Equity .
* Analysis of Incorrect Options:
* B. Expense - A cost incurred in earning revenue, not residual interest.
* C. Revenue - Inflows from operations, not assets minus liabilities.
* D. Income statement - A financial report, not a balance sheet component.
* Key Concept: Equity as residual interest in the accounting equation.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Assets, Liabilities, and Equity .
NEW QUESTION # 100
Revenue is recognized when it is:
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Under GAAP, revenue is recognized when it is realized or realizable and earned . This requires that the earnings process be substantially complete, and payment be reasonably assured.
* Analysis of Incorrect Options:
* B. Fictitious and Earned - Fictitious revenues are fraud, not recognized revenue.
* C. Realized and Evidenced - Evidence supports recognition, but "earned" is the proper standard.
* D. All of the above - Incorrect, since only option A is correct.
* Key Concept: Revenue recognition principle - realized/realizable and earned.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Financial Statement Fraud - Revenue Recognition Standards .
NEW QUESTION # 101
Which of the following actions would balance the accounting equation to conceal the misappropriation of cash?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: When cash is stolen, the accounting equation (Assets = Liabilities + Equity) must still balance. Fraudsters may increase a liability (e.g., record fictitious payables) to cover the missing cash. This is a common concealment method.
* Analysis of Incorrect Options:
* A. Increasing another asset - Would require inflating assets, but this usually affects financial statement fraud, not cash theft concealment.
* B. Increasing owners' equity - Not logical without legitimate earnings or capital contributions.
* D. Creating fictitious revenue - Used in financial statement fraud, not in balancing theft concealment.
* Key Concept: Concealment methods for asset misappropriation - offsetting missing cash with fictitious liabilities .
Reference: ACFE Fraud Examiners Manual (2020) , Financial Statement Fraud: Concealment Methods .
NEW QUESTION # 102
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