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| Section | Weight | Objectives |
|---|---|---|
| Accounting Concepts | 5–10% | - Internal control fundamentals - Financial statements structure - Basic accounting principles - Recording and summarizing transactions |
| Asset Misappropriation – Non-Cash Assets | 5–10% | - Concealment techniques - Misuse of assets - Inventory and equipment theft |
| Industry-Specific Financial Crimes | 15–25% | - Cyber-enabled and cryptocurrency fraud - Healthcare fraud - Financial institution fraud - Real estate and securities fraud - Insurance fraud |
| Asset Misappropriation – Cash Disbursements | 10–15% | - Check and payment tampering - Billing schemes - Payroll schemes - Expense reimbursement schemes |
| Asset Misappropriation – Cash Receipts | 5–10% | - Cash skimming schemes - Prevention and detection methods - Cash larceny schemes |
| Identity Theft | 1–5% | - Types and techniques - Prevention and detection |
| Theft of Data and Intellectual Property | 5–10% | - Corporate espionage - Safeguarding proprietary information - Data and IP theft methods |
| Corruption Schemes | 5–10% | - Illegal gratuities and extortion - Conflicts of interest - Bribery and kickbacks |
| Financial Statement Fraud | 10–15% | - Detection and red flags - Timing and disclosure manipulations - Revenue and asset overstatements - Expense and liability understatements |
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NEW QUESTION # 149
Revenue is recognized when it is:
Answer: A
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 # 150
When a victim company purchases unnecessary goods or services from a supplier at the direction of the corrupt employee, this results in:
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: A need recognition scheme occurs when an employee uses their influence to convince their employer to purchase unnecessary goods or services. This benefits the supplier (often paying kickbacks) but harms the employer.
* Analysis of Incorrect Options:
* A. Presolicitation scheme - General stage of procurement, not specific.
* C. False sole-source scheme - Involves eliminating competition by claiming only one vendor can supply the good/service.
* D. Submission scheme - Related to bid-rigging, not need recognition.
* Key Concept: Need recognition schemes - corruption through unnecessary purchases.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Need Recognition Schemes .
NEW QUESTION # 151
Which of the following items do NOT appear on the balance sheet?
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Expenses appear on the income statement , not the balance sheet.
The balance sheet includes assets, liabilities, and owners' equity, representing the accounting equation.
* Analysis of Incorrect Options:
* A, B, D - All appear on the balance sheet.
* Key Concept: Distinction between financial statements: balance sheet vs. income statement.
Reference: ACFE Manual, Accounting Concepts - Financial Statement Structure .
NEW QUESTION # 152
What type of fraud scheme would MOST LIKELY be revealed by comparing a company's personnel records with its payroll records to identify duplicate addresses and government identification numbers?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: A ghost employee scheme occurs when fictitious or former employees remain on payroll. Detecting duplicate addresses, Social Security/Government ID numbers, or other anomalies between HR and payroll records is a classic detection method for ghost employees.
* Analysis of Incorrect Options:
* A. Fraudulent commissions scheme - Relates to sales manipulation, not duplicate personnel records.
* B. Falsified hours and salary scheme - Involves timekeeping, not fictitious employees.
* C. Expense reimbursement scheme - Concerns fraudulent expense claims, unrelated to payroll records.
* Key Concept: Payroll fraud - Ghost Employee scheme .
Reference: ACFE Fraud Examiners Manual (2020) , Asset Misappropriation: Payroll Schemes .
NEW QUESTION # 153
Which of the following offender types are people who take the money and run away?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: According to the Fraud Examiners Manual (2020 International Edition) , offenders can be categorized into types. Absconders are individuals who commit fraud and immediately flee with the proceeds ("take the money and run"). They differ from long-term violators who maintain their frauds for extended periods while concealing them. Thus, the correct answer is A.
Absconders .
* Analysis of Incorrect Options:
* B. Long-term violators - These offenders commit frauds over a long period and often maintain their positions of trust while continuing the scheme.
* C. Offender types - Too vague; not a specific classification.
* D. None of the above - Incorrect, since "Absconders" directly matches.
* Key Concept: Offender Typologies - distinguishing between absconders and long-term violators in occupational fraud.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraud Theory - Types of Offenders .
NEW QUESTION # 154
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