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| Section | Weight | Objectives |
|---|---|---|
| Corruption Schemes | 5–10% | - Conflicts of interest - Illegal gratuities and extortion - Bribery and kickbacks |
| Industry-Specific Financial Crimes | 15–25% | - Financial institution fraud - Insurance fraud - Real estate and securities fraud - Healthcare fraud - Cyber-enabled and cryptocurrency fraud |
| Asset Misappropriation – Cash Receipts | 5–10% | - Cash skimming schemes - Cash larceny schemes - Prevention and detection methods |
| Asset Misappropriation – Cash Disbursements | 10–15% | - Payroll schemes - Expense reimbursement schemes - Check and payment tampering - Billing schemes |
| Accounting Concepts | 5–10% | - Internal control fundamentals - Basic accounting principles - Recording and summarizing transactions - Financial statements structure |
| Financial Statement Fraud | 10–15% | - Revenue and asset overstatements - Expense and liability understatements - Timing and disclosure manipulations - Detection and red flags |
| Theft of Data and Intellectual Property | 5–10% | - Corporate espionage - Safeguarding proprietary information - Data and IP theft methods |
| Identity Theft | 1–5% | - Prevention and detection - Types and techniques |
| Asset Misappropriation – Non-Cash Assets | 5–10% | - Concealment techniques - Inventory and equipment theft - Misuse of assets |
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NEW QUESTION # 58
Which of the following statements is TRUE regarding income statements?
Answer: A
Explanation:
The correct answer is A. The income statement reports revenues and expenses for a period, and most companies present net sales or net service revenues as the first line item. Net sales means gross sales reduced by sales returns, allowances, refunds, or discounts. Option B is incorrect because gross profit is generally net sales minus cost of goods sold, not revenues minus operating expenses. Operating expenses are deducted after gross profit to help determine operating income. Option C incorrectly defines net profit; net profit reflects revenues minus all relevant expenses, not merely sales minus cost of goods sold. Option D is also incorrect because gross revenue is before deductions, while net sales are after deductions. The ACFE accounting materials explain these income statement relationships.
NEW QUESTION # 59
Which of the following statements regarding new account fraud is MOST ACCURATE?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: New account fraud occurs when fraudsters open accounts with false or stolen identities to exploit financial institutions before controls detect suspicious activity. Mobile deposits are particularly vulnerable because criminals can use counterfeit or altered images to deposit fraudulent checks quickly. This aligns with the Fraud Examiners Manual (2020) discussion of high-risk delivery channels for new account fraud.
* Analysis of Incorrect Options:
* A. Established accounts - Incorrect; fraud risk is higher in new accounts due to limited history and weaker controls.
* C. Six months definition - Not an ACFE standard; there is no fixed six-month definition.
* D. ATMs rarely targeted - Incorrect; ATMs are frequently exploited in new account fraud schemes.
* Key Concept: New account fraud in identity theft and corruption-related schemes.
Reference: ACFE Fraud Examiners Manual (2020) , Identity Theft and New Account Fraud .
NEW QUESTION # 60
Skylar messages Timothy on a social media platform even though they have never met and expresses romantic interest. When Timothy responds, Skylar asks him to move the conversation to an outside messaging platform, and they develop a romantic relationship over several months through their communications. During this time, Skylar never requests that Timothy send her money or items of value, but she does convince him to make several large purchases of cryptocurrencies through a new cryptocurrency exchange. When Timothy tries to sell the cryptocurrency at a profit and withdraw his funds, Skylar stops responding to his messages, and he discovers the cryptocurrency exchange did not actually exist. Timothy is a victim of:
Answer: B
Explanation:
Timothy is a victim of a pig butchering scheme. This scam combines long-term relationship manipulation with fraudulent investment activity, commonly involving cryptocurrency. The fraudster builds trust over weeks or months, moves the victim to a private messaging channel, and encourages investments through a fake platform. The victim often sees apparent gains, but the trading platform is controlled by the fraudster or does not exist. Once the victim attempts to withdraw funds, the fraudster disappears or demands more money.
This is not a Ponzi scheme because the facts do not involve paying old investors with new investor funds. It is not a pump-and-dump because no market manipulation of a traded security is described. It is broader than a simple advance-fee scheme.
NEW QUESTION # 61
To detect fraud committed by a health care provider, a fraud examiner should look for which of the following red flags?
Answer: C
Explanation:
The correct answer is A because an unusually high number of reimbursement claims can indicate provider fraud, overutilization, fictitious services, inflated billings, or other abusive billing activity. Health care fraud detection often relies on identifying abnormal patterns compared with similar providers, patient populations, or expected service levels. A consistently low percentage of coding outliers is not, by itself, suspicious.
Producing adequate supporting documentation is generally a positive sign, although the documents should still be tested for authenticity. Creating medical records during or soon after the patient visit is proper practice because records should be timely and accurate. The ACFE health care fraud material identifies provider fraud and red flags of provider fraud as important detection areas, especially where billing volume or claim patterns appear abnormal.
NEW QUESTION # 62
Assets that are long-lived and that differ from property, plant, and equipment that has been purchased outright or acquired under a capital lease are:
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Intangible assets are long-lived assets that lack physical substance and differ from property, plant, and equipment. Examples include goodwill, patents, trademarks, and copyrights. They provide long-term benefits but cannot be physically touched.
* Analysis of Incorrect Options:
* A. Tangible Assets - These have physical form (e.g., equipment, land).
* C. Forced Assets - Not an accounting category.
* D. None of the above - Incorrect since intangible assets match the definition.
* Key Concept: Classification of Assets - tangible vs. intangible.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Types of Assets .
NEW QUESTION # 63
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