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| Section | Objectives |
|---|---|
| Financial Crimes | - Financial Statement Fraud
|
| Fraud Schemes | - Fraudulent Disbursements
|
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NEW QUESTION # 73
____________ is a process by which a bookkeeper records all transactions and can adjust the books.
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The accounting cycle is the complete process of recording transactions, adjusting the books, preparing trial balances, and producing financial statements. Journal entries are part of the process, but the entire structured sequence is called the accounting cycle.
* Analysis of Incorrect Options:
* A. Journal Entries - Steps within the cycle, not the entire process.
* C. Financial statement - Output of the cycle, not the process itself.
* D. None of all - Incorrect since the accounting cycle is the correct term.
* Key Concept: Accounting Cycle - structured process of recording and adjusting transactions.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - The Accounting Cycle .
NEW QUESTION # 74
Which of the following is an example of a technical security control that organizations can use to secure computer systems and communication networks?
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Technical security controls include software- and hardware-based measures such as application security, firewalls, and encryption . Application security protects against vulnerabilities in the programs employees use.
* Analysis of Incorrect Options:
* B. Human audits - Administrative control, not technical.
* C. Penetration testing - A detective measure/test, not a control itself.
* D. Data security - A broad goal, not a specific technical control.
* Key Concept: Technical security controls for preventing cyberfraud.
Reference: ACFE Fraud Examiners Manual (2020) , Computer and Internet Fraud: Security Controls .
NEW QUESTION # 75
Which of the following is NOT an example of bribery prevention policies?
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Bribery prevention policies often include:
* Reporting gifts (disclosure of items received from vendors),
* Discounts (rules about vendor concessions),
* Business meetings (clear rules on vendor-sponsored events). Resource diversions is not a standard bribery prevention policy but a form of fraud.
* Analysis of Incorrect Options:
* A, B, C - Legitimate examples of prevention policies.
* D. Resource diversions - Not a preventive measure.
* Key Concept: Anti-bribery policies - clear rules on gifts, discounts, and vendor relationships.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Prevention of Bribery Schemes .
NEW QUESTION # 76
Horizontal analysis can BEST be described as:
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Horizontal analysis evaluates financial statement items over multiple periods, highlighting percentage changes from one period to another . This helps detect unusual trends or anomalies.
* Analysis of Incorrect Options:
* A - Describes vertical analysis (common-size statements).
* B - Describes ratio analysis .
* D - Describes benchmarking/comparative analysis across companies.
* Key Concept: Analytical procedures - horizontal vs. vertical and ratio analysis.
Reference: ACFE Manual, Accounting Concepts - Analytical Review Techniques .
NEW QUESTION # 77
Valentin purchases a property and shortly thereafter sells the real estate at an inflated price using the results of a fraudulent appraisal. Which of the following terms BEST describes this scheme?
Answer: B
Explanation:
Valentin's scheme is best described as property flipping. Property flipping becomes fraudulent when real estate is quickly resold at an artificially inflated price supported by false or misleading appraisals, sham transactions, or misrepresentations. The key facts are the quick resale and inflated value created through a fraudulent appraisal. A daisy chain generally involves a sequence of related transactions or parties used to inflate value or conceal the nature of the transaction, but the question asks for the best description of the basic scheme. A fraudulent sale is too general, and an air loan involves a fictitious borrower, fictitious property, or nonexistent transaction. The ACFE material discusses fraudulent appraisals, real estate fraud, and property flipping as financial institution fraud risks.
NEW QUESTION # 78
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