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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Accounting Concepts | 5–10% | - Basic accounting principles - Financial statements structure - Internal control fundamentals - Recording and summarizing transactions |
| Topic 2: Asset Misappropriation – Cash Receipts | 5–10% | - Cash larceny schemes - Prevention and detection methods - Cash skimming schemes |
| Topic 3: Asset Misappropriation – Non-Cash Assets | 5–10% | - Inventory and equipment theft - Concealment techniques - Misuse of assets |
| Topic 4: Identity Theft | 1–5% | - Types and techniques - Prevention and detection |
| Topic 5: Financial Statement Fraud | 10–15% | - Timing and disclosure manipulations - Expense and liability understatements - Detection and red flags - Revenue and asset overstatements |
| Topic 6: Asset Misappropriation – Cash Disbursements | 10–15% | - Billing schemes - Expense reimbursement schemes - Check and payment tampering - Payroll schemes |
| Topic 7: Theft of Data and Intellectual Property | 5–10% | - Data and IP theft methods - Safeguarding proprietary information - Corporate espionage |
| Topic 8: Industry-Specific Financial Crimes | 15–25% | - Financial institution fraud - Insurance fraud - Real estate and securities fraud - Cyber-enabled and cryptocurrency fraud - Healthcare fraud |
| Topic 9: Corruption Schemes | 5–10% | - Illegal gratuities and extortion - Bribery and kickbacks - Conflicts of interest |
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NEW QUESTION # 196
Which of the following scenarios describes a card skimming or shimming scheme?
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Card skimming/shimming occurs when a fraudster captures payment card data with a hidden device. In this case, the employee secretly scans the customer's card with a small device - a textbook example of skimming.
* Analysis of Incorrect Options:
* A. Server keeps the card - This is theft of the card, not skimming.
* B. Imitation website - This is phishing , not skimming.
* D. None of the above - Incorrect since option C is correct.
* Key Concept: Payment card fraud - skimming/shimming devices.
Reference: ACFE Fraud Examiners Manual (2020) , Asset Misappropriation: Credit Card and Check Fraud .
NEW QUESTION # 197
The principle behind full disclosure is:
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The full disclosure principle requires that all material facts and deviations from GAAP be disclosed to readers of financial statements so that they are not misled.
Transparency is essential for informed decision-making by investors, creditors, and regulators.
* Analysis of Incorrect Options:
* B. SAS - Refers to auditing standards, not accounting standards.
* C. Writer - Incorrect; disclosures are intended for readers/users.
* D. None of above - Incorrect since option A is correct.
* Key Concept: Full disclosure principle - providing users with all material information.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - GAAP:
Full Disclosure .
NEW QUESTION # 198
Perceived certainty of detection is directly related to employee theft for respondents in all industry sectors, that is, the stronger the perception that theft would be detected, the more the likelihood that the employee would engage in deviant behavior.
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This statement is False . Research in occupational fraud consistently shows that when employees believe there is a strong likelihood of being caught, they are less likely to engage in theft or deviant behavior. Deterrence theory emphasizes that perceived certainty of detection is one of the most effective controls against occupational fraud.
* Key Concept: Deterrence through perceived detection .
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraud Theory - Perceived Detection and Deterrence .
NEW QUESTION # 199
Which of the following is a common red flag of a bid tailoring scheme?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Bid tailoring occurs when procurement officials structure contract requirements to unfairly favor a particular vendor. A hallmark red flag is unusually narrow specifications , which restrict competition.
* Analysis of Incorrect Options:
* A. Clear submission information - Standard and appropriate, not a red flag.
* C. Rebid contracts - Could indicate limited interest, but not tailoring.
* D. Numerous bidders - Indicates competition, opposite of bid tailoring.
* Key Concept: Procurement fraud - bid tailoring .
Reference: ACFE Fraud Examiners Manual (2020) , Corruption: Procurement Schemes .
NEW QUESTION # 200
Which of the following is an example of a cash larceny scheme ?
Answer: C
Explanation:
The ACFE Manual treats Cash Larceny under Asset Misappropriation: Cash Receipts , and specifically identifies "Theft of Cash from the Register" as a cash larceny scheme.
Cash larceny differs from skimming because in a larceny scheme, the cash has already been recorded on the books before it is stolen. By contrast, skimming occurs before the cash is recorded. The Manual separately covers Skimming and includes schemes such as understated sales , showing that skimming involves stealing cash receipts without fully recording the transaction.
Why C is correct
In Option C, Scott performs a No-Sale transaction, opens the drawer, and removes cash directly from the register. This is the clearest example of theft of cash from the register , which the Manual classifies as cash larceny .
Why the other options are incorrect
A). Laura pretends to record a sale, steals the cash, and gives the customer the merchandise without recording the sale.
This is skimming , not cash larceny, because the sale is never recorded. The Manual treats unrecorded sales thefts under Skimming .
B). Olive records a $400 sale on a $500 purchase and steals the extra $100.
This is also skimming , specifically an understated sales type of scheme, because the full amount of the sale is not recorded. The difference is diverted before complete recording.
D). Michael records a fictitious return and takes $50 from the register.
This is not cash larceny. It is a register disbursement scheme , specifically a fictitious refund , which the Manual covers under Fraudulent Disbursements .
Conclusion
Because Option C involves taking cash directly from the register after access is obtained through a No-Sale transaction, it is the best example of cash larceny under the ACFE Manual.
References
* ACFE Fraud Examiners Manual, 2020 International Edition
* Asset Misappropriation: Cash Receipts - Cash Larceny / Theft of Cash from the Register
* Asset Misappropriation: Cash Receipts - Skimming / Understated Sales
* Fraudulent Disbursements - Register Disbursement Schemes / Fictitious Refunds
NEW QUESTION # 201
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