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| Section | Objectives |
|---|---|
| Fraud Schemes | - Asset Misappropriation Schemes
|
| Financial Crimes | - Money Laundering
|
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NEW QUESTION # 288
Which of the following is not a skimming scheme?
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Common skimming schemes include unrecorded sales , theft of incoming checks , and understating sales/receivables . "Fraud & Cost" is not a recognized skimming scheme and appears to be a distractor.
* Analysis of Incorrect Options:
* A. Unrecorded sales - A classic skimming method.
* C. Theft of checks through the mail - Another recognized skimming approach (incoming receivables).
* D. Understated sales and receivables - A concealment method within skimming schemes.
* B. Fraud & Cost - Not a scheme classification.
* Key Concept: Skimming schemes vs. unrelated distractors.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Cash Receipts - Skimming Types
.
NEW QUESTION # 289
Which of the following is a recommended method for safeguarding an organization's proprietary information?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: One of the most effective ways to protect proprietary information is educating employees about nondisclosure agreements (NDAs) at onboarding and again during exit.
This ensures awareness of confidentiality obligations.
* Analysis of Incorrect Options:
* A. Changing locks/codes every 3-5 years - Reasonable security but insufficient for safeguarding proprietary information.
* B. Classifying data by years of service - Not a sound security practice; access should be based on role and need-to-know.
* D. Requiring notes/drafts - Increases risk of information leaks, not protection.
* Key Concept: Proprietary information protection .
Reference: ACFE Fraud Examiners Manual (2020) , Corruption: Safeguarding Proprietary Information .
NEW QUESTION # 290
Which of the following is one of the sections on the statement of cash flows?
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The statement of cash flows has three standard sections:
* Cash flows from operating activities
* Cash flows from investing activities
* Cash flows from financing activities Thus, option B is correct.
* Analysis of Incorrect Options:
* A - No section called "purchasing activities"; such outflows fall under investing or operating.
* C - No section called "earnings activities"; related cash flows are operating.
* D - "Strategic activities" is not a formal category in GAAP or IFRS.
* Key Concept: Structure of the statement of cash flows.
Reference: ACFE Manual, Accounting Concepts - Financial Statements Overview .
NEW QUESTION # 291
Inventory shrinkage is the unaccounted-for reduction in the company's inventory that does not result from theft.
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This statement is False . Shrinkage is a general term for unaccounted- for inventory losses, and it can indeed result from theft, errors, damage, or waste . To say shrinkage does not result from theft is misleading because theft is one of its primary causes.
* Analysis of Incorrect Options:
* A. True - Incorrect, as theft is often a major contributor to shrinkage.
* B. False - Correct, since shrinkage can include theft.
* Key Concept: Shrinkage includes theft as a cause of unexplained inventory loss.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Inventory and Other Assets - Definition and Causes of Shrinkage .
NEW QUESTION # 292
In Cressey's fraud triangle, its three legs are Opportunity, Pressure, and:
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Donald Cressey's fraud triangle identifies three conditions that lead to occupational fraud: (1) Pressure (financial or other), (2) Opportunity (ability to commit without detection), and (3) Rationalization (justification by the perpetrator to make the act acceptable in their own mind). Thus, the third leg is Rationalization .
* Analysis of Incorrect Options:
* A. Violation - Not part of the fraud triangle.
* B. Isolation - Not a recognized component of the model.
* D. None of the above - Incorrect because rationalization is explicitly the correct answer.
* Key Concept: Fraud Triangle - Opportunity, Pressure, Rationalization .
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraud Theory section - Cressey' s Fraud Triangle .
NEW QUESTION # 293
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