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| Section | Objectives |
|---|---|
| Financial Crimes | - Financial Statement Fraud
|
| Fraud Schemes | - Fraudulent Disbursements
|
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NEW QUESTION # 147
Which of the following is a method that might be used to fraudulently overstate the inventory balance?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Failing to write off obsolete inventory inflates reported inventory, overstating assets and potentially net income. Fraudsters may leave unusable goods on the books to make financial statements appear stronger.
* Analysis of Incorrect Options:
* A - An allowance for sales returns relates to revenue recognition, not inventory overstatement.
* B - Relates to accounts receivable, not inventory.
* C - Applying lower of cost or NRV reduces inventory to fair value, not overstates it.
* Key Concept: Overstating assets through improper inventory valuation.
Reference: ACFE Manual, Financial Statement Fraud - Inventory Manipulation .
NEW QUESTION # 148
Any expenses that are incurred but not paid by the end of the year are counted in our records of profit and loss, and are called:
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Accruals represent expenses that have been incurred but not yet paid.
Under the accrual basis of accounting, these must be recognized in the same period as the related revenues or obligations. Common examples include accrued wages and accrued interest.
* Analysis of Incorrect Options:
* B. Depreciations - Allocation of asset cost, not unpaid expenses.
* C. Expenses - A broader term, but not specific to unpaid obligations.
* D. Financial record - Too vague.
* Key Concept: Accruals under the accrual basis of accounting.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Accrual Accounting .
NEW QUESTION # 149
Another way to eliminate competition in the solicitation phase of the selection process is to:
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Fraudsters may solicit bids from fictitious suppliers (phony vendors) to create the illusion of competition. This ensures that the favored vendor wins while maintaining the appearance of a legitimate competitive bidding process.
* Analysis of Incorrect Options:
* B. Solicit transactions from fictitious vendors - Incorrect phrasing; bids, not transactions, are solicited.
* C. Solicit bid-splitting... - Bid-splitting is a different fraud scheme, not part of solicitation.
* D. None of the above - Incorrect, since A is accurate.
* Key Concept: Phony bid solicitation as a corruption tactic in procurement.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Solicitation Phase Schemes .
NEW QUESTION # 150
_________ revenues involve the recording of sales of goods or services that did not occur.
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Fictitious or fabricated revenues are one of the most common forms of financial statement fraud. They involve recording revenues for transactions that never occurred, thereby inflating income and misleading stakeholders.
* Analysis of Incorrect Options:
* B. Financial revenues - Not a fraud scheme.
* C. Red flag revenues - "Red flags" are indicators of fraud, not a type of revenue.
* D. Concealed revenues - Refers to hiding income, not creating fictitious sales.
* Key Concept: Fictitious revenues as a core financial statement fraud scheme.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Financial Statement Fraud - Fictitious Revenue Schemes .
NEW QUESTION # 151
A person is said to be in ________ act, when the business which he transacts, or the money or property which he handles, is not for his own benefit, but for another person:
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The correct answer is A. Fiduciary Capacity . According to the Fraud Examiners Manual (2020 International Edition) , a fiduciary relationship exists when a person is entrusted with the property or affairs of another and is obligated to act in the best interest of that person, rather than for their own benefit. Fiduciary capacity is a key legal concept in fraud examinations, particularly in cases involving breaches of trust, embezzlement, or misappropriation.
* Analysis of Incorrect Options (Distractors):
* B. Embezzlement - Embezzlement is the wrongful appropriation of assets by a person entrusted with them. While it often arises from a fiduciary relationship, it describes the act of theft , not the capacity in which the person acts.
* C. Conversion - Conversion refers to the unauthorized use or control over another's property, a civil wrong, but it does not describe the relationship of acting on another's behalf.
* D. None of the above - Incorrect, since "fiduciary capacity" directly fits the definition in the question.
* Key Concept: Understanding fiduciary duty and fiduciary capacity , which form the legal foundation for identifying when a person has a duty to act on behalf of another, often forming the basis for fraud-related legal claims.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Law section - Breach of Fiduciary Duty and related principles of fiduciary responsibility.
NEW QUESTION # 152
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