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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: Corruption Schemes | 5–10% | - Conflicts of interest - Bribery and kickbacks - Illegal gratuities and extortion |
| Topic 3: Asset Misappropriation – Cash Disbursements | 10–15% | - Expense reimbursement schemes - Payroll schemes - Billing schemes - Check and payment tampering |
| Topic 4: Financial Statement Fraud | 10–15% | - Expense and liability understatements - Timing and disclosure manipulations - Revenue and asset overstatements - Detection and red flags |
| Topic 5: Asset Misappropriation – Non-Cash Assets | 5–10% | - Concealment techniques - Inventory and equipment theft - Misuse of assets |
| Topic 6: Identity Theft | 1–5% | - Prevention and detection - Types and techniques |
| Topic 7: Theft of Data and Intellectual Property | 5–10% | - Data and IP theft methods - Corporate espionage - Safeguarding proprietary information |
| Topic 8: Industry-Specific Financial Crimes | 15–25% | - Cyber-enabled and cryptocurrency fraud - Financial institution fraud - Real estate and securities fraud - Insurance fraud - Healthcare fraud |
| Topic 9: Accounting Concepts | 5–10% | - Internal control fundamentals - Financial statements structure - Recording and summarizing transactions - Basic accounting principles |
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NEW QUESTION # 292
Revenue is recognized when it is:
Answer: D
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 # 293
On the balance sheet, assets must equal the sum of which two components?
Answer: C
Explanation:
The correct answer is D. The balance sheet is based on the fundamental accounting equation: Assets = Liabilities + Owners' Equity. Assets represent resources owned or controlled by the entity. Liabilities represent obligations owed to creditors, while owners' equity represents the owners' residual interest after liabilities are deducted from assets. Because every accounting transaction affects at least two accounts, the equation must remain in balance. Revenues, expenses, cost of goods sold, and gross profit are primarily income statement elements, not the two main components that balance against assets on the statement of financial position. Understanding this equation is essential for fraud examiners because improper entries, concealed liabilities, overstated assets, and equity manipulation can distort financial statements.
NEW QUESTION # 294
An analytical review reveals that XYZ Company's cost of goods sold has increased by 75% in the last year.
However, its sales revenues only increased by 25% during the same period. This situation MOST LIKELY indicates which of the following?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: A disproportionate increase in COGS without a corresponding increase in sales is a red flag for inventory theft or misappropriation . Theft reduces ending inventory, which artificially inflates COGS, while sales remain unchanged or grow modestly.
* Analysis of Incorrect Options:
* A - Warranty liabilities affect expenses, not COGS.
* B - Fewer sales would reduce both revenue and COGS proportionally, not cause a large disparity.
* C - Sales returns reduce revenue, not inflate COGS.
* Key Concept: Using analytical review to detect inventory theft via COGS anomalies.
Reference: ACFE Manual, Financial Statement Fraud - Red Flags and Analytical Procedures .
NEW QUESTION # 295
CTR Window Repair receives a shipment of glass from a vendor and issues payment for the materials. CTR uses the glass to repair broken windows for several customers, but the company begins receiving complaints about the quality of the glass. Based on this information, which of the following detection measures would have been MOST EFFECTIVE in helping CTR determine whether the vendor committed a procurement fraud scheme before receiving the complaints?
Answer: B
Explanation:
The correct answer is A. The facts indicate a possible nonconforming goods scheme, in which a vendor provides goods that fail to meet contract specifications while charging as though compliant goods were supplied. The most effective detection measure before customer complaints would have been an inspection of the glass upon receipt, including its packaging, appearance, description, and conformity with the contract.
This control helps identify substitutions, inferior materials, counterfeit goods, or products of lower quality than promised. Option B is indirect and less reliable than inspecting the goods. Option C relates to change order abuse rather than quality substitution. Option D focuses on the vendor's internal cost data and would not directly confirm whether the delivered glass met CTR's contract specifications.
NEW QUESTION # 296
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 # 297
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