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| Section | Weight | Objectives |
|---|---|---|
| Accounting Concepts | 5–10% | - Recording and summarizing transactions - Financial statements structure - Internal control fundamentals - Basic accounting principles |
| Financial Statement Fraud | 10–15% | - Revenue and asset overstatements - Detection and red flags - Expense and liability understatements - Timing and disclosure manipulations |
| Asset Misappropriation – Non-Cash Assets | 5–10% | - Concealment techniques - Inventory and equipment theft - Misuse of assets |
| Identity Theft | 1–5% | - Prevention and detection - Types and techniques |
| Asset Misappropriation – Cash Receipts | 5–10% | - Cash skimming schemes - Cash larceny schemes - Prevention and detection methods |
| 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 |
| Asset Misappropriation – Cash Disbursements | 10–15% | - Payroll schemes - Billing schemes - Check and payment tampering - Expense reimbursement schemes |
| Industry-Specific Financial Crimes | 15–25% | - Healthcare fraud - Financial institution fraud - Real estate and securities fraud - Insurance fraud - Cyber-enabled and cryptocurrency fraud |
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NEW QUESTION # 72
Which of the following ratios can be used to determine the efficiency with which a company uses its assets?
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The Asset Turnover Ratio measures how efficiently a company uses its assets to generate revenue. It is calculated as Net Sales ÷ Average Total Assets . Higher ratios indicate better efficiency.
* Analysis of Incorrect Options:
* A. Quick ratio - Liquidity ratio, not asset efficiency.
* B. Receivable turnover ratio - Measures efficiency in collecting receivables, not overall asset use.
* C. Debt-to-equity ratio - Capital structure metric, not efficiency.
* Key Concept: Financial ratio analysis - asset utilization efficiency .
Reference: ACFE Fraud Examiners Manual (2020) , Accounting Concepts: Financial Ratios .
NEW QUESTION # 73
Skimming is:
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Skimming is defined as the theft of cash before it is recorded in the books . Because the stolen funds are never entered into the accounting system, this is often referred to as an "off-book" fraud. It is distinct from cash larceny , which occurs after cash has been recorded.
* Analysis of Incorrect Options:
* B. The addition of cash - Incorrect; skimming involves removal, not addition.
* C. Removal after entry - This describes cash larceny, not skimming.
* D. None of above - Incorrect since option A is correct.
* Key Concept: Skimming schemes - off-book cash theft.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Cash Receipts - Skimming Schemes .
NEW QUESTION # 74
Revenue is recognized when it is:
Answer: B
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 # 75
David, an accounts receivable clerk at a fitness center, steals a customer's monthly membership payment.
When he receives another customer's payment a few days later, David applies the payment to the first customer's account. He then applies payment from a third customer to the second customer's account. David is MOST LIKELY committing a:
Answer: D
Explanation:
The correct answer is A. David is committing a lapping scheme. Lapping occurs when an employee steals one customer's payment and conceals the theft by applying a later payment from another customer to the first customer's account. The employee must then continue shifting later payments to earlier accounts to keep the shortage hidden. This creates a rolling concealment pattern that can continue until discovered through customer complaints, account confirmations, delayed postings, or independent reconciliation. Padding, substitution, and duplication are not the standard ACFE classifications for this receivables concealment method. Because David is using later customer payments to cover earlier stolen receipts, his conduct fits the classic definition of lapping under cash receipts fraud schemes.
NEW QUESTION # 76
Requiring senior staff at a publicly traded company to clear company stock purchases or sales with the company's legal department can help to prevent which of the following types of securities fraud schemes?
Answer: A
Explanation:
The correct answer is insider trading. Insider trading occurs when a person who possesses material, nonpublic information buys or sells securities based on that information before it is available to the investing public.
Senior staff of a publicly traded company are more likely to possess confidential information about earnings, mergers, contracts, litigation, or other business developments that could affect the company's stock price.
Requiring legal department preclearance helps prevent trades during blackout periods or when the employee has inside information. Parking involves hiding beneficial ownership of securities, selling away involves unauthorized securities sales outside a firm, and churning involves excessive trading to generate commissions.
The control described is specifically designed to reduce insider trading risk.
NEW QUESTION # 77
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