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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Financial Statement Fraud | 10–15% | - Timing and disclosure manipulations - Expense and liability understatements - Revenue and asset overstatements - Detection and red flags |
| Topic 2: Theft of Data and Intellectual Property | 5–10% | - Corporate espionage - Data and IP theft methods - Safeguarding proprietary information |
| Topic 3: Asset Misappropriation – Non-Cash Assets | 5–10% | - Concealment techniques - Misuse of assets - Inventory and equipment theft |
| Topic 4: Industry-Specific Financial Crimes | 15–25% | - Real estate and securities fraud - Healthcare fraud - Insurance fraud - Cyber-enabled and cryptocurrency fraud - Financial institution fraud |
| Topic 5: Asset Misappropriation – Cash Disbursements | 10–15% | - Payroll schemes - Check and payment tampering - Billing schemes - Expense reimbursement schemes |
| Topic 6: Identity Theft | 1–5% | - Types and techniques - Prevention and detection |
| Topic 7: Corruption Schemes | 5–10% | - Bribery and kickbacks - Illegal gratuities and extortion - Conflicts of interest |
| Topic 8: Asset Misappropriation – Cash Receipts | 5–10% | - Cash skimming schemes - Prevention and detection methods - Cash larceny schemes |
| Topic 9: Accounting Concepts | 5–10% | - Recording and summarizing transactions - Internal control fundamentals - Basic accounting principles - Financial statements structure |
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NEW QUESTION # 81
A running count that records how much inventory should be on hand is referred to:
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Perpetual inventory systems maintain a continuous, running balance of inventory on hand. They are updated with each purchase and sale, providing a theoretical count at all times. Discrepancies between perpetual and physical counts may indicate theft, errors, or fraud.
* Analysis of Incorrect Options:
* A. Altered inventory - Fraudulent manipulation, not a system.
* C. Shrinking inventory - Refers to shrinkage, not the system.
* D. Fictitious inventory - Fraudulent reporting, not a legitimate system.
* Key Concept: Perpetual inventory systems as internal controls.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Inventory and Other Assets - Inventory Systems .
NEW QUESTION # 82
Which of the following is the criterion for bid solicitation?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Fraudulent bid solicitation practices include issuing requests for proposals or bid documents that contain false statements or misleading conditions to favor a particular vendor.
* Analysis of Incorrect Options:
* B. Employment discussions - A conflict of interest, not bid solicitation fraud.
* C. Withdraw low bids - A submission phase scheme.
* D. Falsify bid log - A separate manipulation method, not solicitation criterion.
* Key Concept: Fraudulent bid solicitation - using false or misleading statements to limit competition.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Bid Solicitation Manipulation .
NEW QUESTION # 83
According to Marshall, ______ are probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events.
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The accounting definition of assets , as cited by Marshall and in GAAP frameworks, is "probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events." This definition underlies balance sheet recognition of assets.
* Analysis of Incorrect Options:
* B. Liabilities - Represent probable future sacrifices, not benefits.
* C. Credentials - Irrelevant to financial reporting.
* D. None of the above - Incorrect since "assets" directly matches.
* Key Concept: Definition of Assets under financial accounting frameworks.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts section - Definitions of Assets and Liabilities .
NEW QUESTION # 84
Which of the following scenarios describes a card skimming or shimming scheme?
Answer: A
Explanation:
Option A describes a card skimming or shimming scheme. Skimming involves using a hidden device to capture payment card information, often from a magnetic stripe, while shimming commonly involves a device inserted into a card reader to capture chip-card data. A small camera can also be used to record PIN entry.
Automated teller machines and point-of-sale terminals are common targets because customers insert or swipe cards and enter authentication data. Option B involves theft or sale of card information but not skimming or shimming through a reader. Option C describes physical card theft or retention. Option D does not clearly show capture of card credentials. The ACFE material discusses ATM fraud, including skimming and shimming, as financial institution fraud risks.
NEW QUESTION # 85
Which of the following statements about competitive intelligence is CORRECT?
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Competitive intelligence refers to the legal and ethical gathering of publicly available information about competitors. It is a legitimate business practice and differs from corporate espionage , which involves illegal or covert methods.
* Analysis of Incorrect Options:
* B. Government-sanctioned espionage - This describes intelligence operations, not business practice.
* C. Identical to espionage - False; competitive intelligence is legal, espionage is illegal.
* D. Illegal covert methods - That is espionage, not competitive intelligence.
* Key Concept: Competitive intelligence vs. corporate espionage .
Reference: ACFE Fraud Examiners Manual (2020) , Corruption: Corporate Espionage and Competitive Intelligence .
NEW QUESTION # 86
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