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| Section | Objectives |
|---|---|
| Fraud Schemes | - Fraudulent Disbursements
|
| Financial Crimes | - Financial Statement Fraud
|
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NEW QUESTION # 79
"Anticipate possible losses and omit potential profits", this results in:
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This description reflects asymmetrical accounting , which is based on the conservatism principle. Possible losses are recorded, but potential gains are omitted until realized. This creates an asymmetry in recognizing losses versus gains.
* Analysis of Incorrect Options:
* B. Symmetrical accounting - Would recognize gains and losses equally, contrary to conservatism.
* C. Playing accounting - Fraud scheme, not a principle.
* D. Bearing accounting - Not a recognized concept.
* Key Concept: Asymmetry in accounting - conservative recognition of losses versus gains.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Conservatism and Asymmetric Accounting .
NEW QUESTION # 80
Several people who work in real estate collude to obtain a loan for the construction of a residential building on a property that does not exist. The co-conspirators divide the proceeds among themselves and leave the lender with no collateral to seize when loan payments are not made. Which of the following BEST describes this scheme?
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: An air loan is a mortgage fraud scheme where the borrower and sometimes insiders create completely fictitious properties or borrowers. Here, the nonexistent property and loan proceeds being pocketed fits this definition.
* Analysis of Incorrect Options:
* A. Property flopping - Involves short sales and undervaluing distressed property.
* C. Phantom lien - False liens filed to collect fraudulent claims on real estate.
* D. Daisy chain - Involves multiple property transactions between conspirators to inflate value.
* Key Concept: Loan fraud schemes - fictitious property loans (air loans).
Reference: ACFE Manual, Financial Transactions - Mortgage and Loan Fraud .
NEW QUESTION # 81
Which of the following scenarios is an example of a cash larceny scheme?
Answer: D
Explanation:
The correct answer is D because cash larceny involves stealing cash after it has already been recorded in the organization's accounting records. Julia processes transactions as usual, meaning the sales and cash should already be reflected in the register records, and then she removes $100. Option A is closer to skimming because the payment is stolen before being reported. Option B is also skimming because Petra records only part of the sale and steals the unrecorded portion. Option C involves deleting the register log, which suggests an attempt to prevent the transactions from remaining recorded. The ACFE materials distinguish cash larceny from skimming based on whether the stolen funds were recorded before theft.
NEW QUESTION # 82
XYZ Company files for bankruptcy. The court requires XYZ Company to sell its properties and inventory and use the proceeds to pay creditors, thereby discharging all of the company's dischargeable debts. This type of bankruptcy filing is known as:
Answer: C
Explanation:
The correct answer is D. Liquidation bankruptcy involves identifying the debtor's assets, selling nonexempt assets, and using the proceeds to pay creditors. After the liquidation process, the debtor may receive a discharge of eligible debts, depending on the applicable jurisdiction and the nature of the obligations. The facts state that XYZ Company must sell its properties and inventory and apply the proceeds to creditors, which is the defining feature of liquidation. Reorganization bankruptcy allows a debtor to continue operating while restructuring debts under an approved plan. Receivership is a court-supervised arrangement involving a receiver, but it is not the filing type described. "Debt forgiveness bankruptcy" is not the proper ACFE classification.
NEW QUESTION # 83
In the fraud scale, pressure, opportunity, and integrity variables all result in a list of ___ possible red flags or indicators of occupational fraud and abuse.
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: W. Steve Albrecht's Fraud Scale introduced the relationship between pressure, opportunity, and integrity. He and his colleagues identified 81 red flags or behavioral indicators of occupational fraud and abuse based on these three dimensions. Therefore, the correct answer is A. 81 .
* Analysis of Incorrect Options:
* B. 82 / C. 83 / D. 84 - Distractors; none match the number identified in the fraud scale research.
* Key Concept: Fraud Scale - Red Flags of occupational fraud.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraud Theory - Albrecht's Fraud Scale .
NEW QUESTION # 84
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