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| Section | Weight | Objectives |
|---|---|---|
| Accounting Concepts | 5–10% | - Financial statements structure - Internal control fundamentals - Recording and summarizing transactions - Basic accounting principles |
| Industry-Specific Financial Crimes | 15–25% | - Cyber-enabled and cryptocurrency fraud - Real estate and securities fraud - Insurance fraud - Financial institution fraud - Healthcare fraud |
| Financial Statement Fraud | 10–15% | - Expense and liability understatements - Detection and red flags - Timing and disclosure manipulations - Revenue and asset overstatements |
| Asset Misappropriation – Cash Disbursements | 10–15% | - Check and payment tampering - Payroll schemes - Billing schemes - Expense reimbursement schemes |
| Asset Misappropriation – Cash Receipts | 5–10% | - Cash skimming schemes - Prevention and detection methods - Cash larceny schemes |
| Asset Misappropriation – Non-Cash Assets | 5–10% | - Concealment techniques - Inventory and equipment theft - Misuse of assets |
| Identity Theft | 1–5% | - Types and techniques - Prevention and detection |
| Theft of Data and Intellectual Property | 5–10% | - Safeguarding proprietary information - Corporate espionage - Data and IP theft methods |
| Corruption Schemes | 5–10% | - Bribery and kickbacks - Illegal gratuities and extortion - Conflicts of interest |
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NEW QUESTION # 342
Which of the following is a method of identity theft prevention that is recommended for individuals?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Biometric authentication (fingerprints, facial recognition) is one of the strongest defenses against identity theft. It prevents unauthorized logins even if passwords are compromised.
* Analysis of Incorrect Options:
* A - Password reuse should be avoided altogether, not just limited.
* B - Updates should be installed promptly, not annually.
* C - Personal information should rarely, if ever, be transmitted via email, even with reputable companies.
* Key Concept: Identity theft prevention through strong authentication.
Reference: ACFE Manual, Fraud Prevention and Deterrence - Identity Theft Controls .
NEW QUESTION # 343
___________ and __________ are used to increase (or decrease) the equity account.
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Journal entries record business activity, and credits increase equity (while debits reduce equity). Thus, journal entries and credits are the mechanisms that directly affect the equity account.
* Analysis of Incorrect Options:
* A. Journal Entries & Debit - Debits decrease equity, not increase.
* B. Journal Entries & Transactions - Transactions are general; credits specify the effect.
* D. None of all - Incorrect since option C is correct.
* Key Concept: Equity changes recorded through journal entries and credits.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Equity Account Entries .
NEW QUESTION # 344
____________ is a process by which a bookkeeper records all transactions and can adjust the books.
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The accounting cycle is the complete process of recording transactions, adjusting the books, preparing trial balances, and producing financial statements. Journal entries are part of the process, but the entire structured sequence is called the accounting cycle.
* Analysis of Incorrect Options:
* A. Journal Entries - Steps within the cycle, not the entire process.
* C. Financial statement - Output of the cycle, not the process itself.
* D. None of all - Incorrect since the accounting cycle is the correct term.
* Key Concept: Accounting Cycle - structured process of recording and adjusting transactions.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - The Accounting Cycle .
NEW QUESTION # 345
_________ assumes the business will go on indefinitely in the future.
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The going concern assumption means that a business will continue operating indefinitely and will not liquidate in the near future. This underpins the use of historical cost accounting and normal accrual-based reporting.
* Analysis of Incorrect Options:
* A. Materiality - Relates to significance of information, not continuity.
* C. Cost - Refers to historical cost valuation.
* D. Fair value - Refers to current market value, not continuity.
* Key Concept: Going Concern Assumption in accounting.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Basic Assumptions .
NEW QUESTION # 346
A company moves its headquarters to another jurisdiction to take advantage of a lower tax rate. The company is MOST LIKELY using which of the following options?
Answer: D
Explanation:
The correct answer is A. A tax haven is a jurisdiction with low or no tax rates that individuals or entities use to reduce tax obligations. Moving a company's headquarters to another jurisdiction specifically to benefit from a lower tax rate fits the concept of using a tax haven. A secrecy jurisdiction emphasizes financial secrecy, bank secrecy, or laws that limit disclosure of ownership or account information; it might overlap with tax haven activity, but the question focuses on lower tax rates. A tax shelter is an investment or arrangement designed to create tax benefits, such as deductions or deferrals. A jurisdictional deduction is not the best ACFE concept here. The ACFE tax fraud materials discuss tax havens, secrecy jurisdictions, and tax shelters in international tax avoidance and evasion.
NEW QUESTION # 347
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