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| Section | Objectives |
|---|---|
| Fraud Schemes | - Financial Statement Fraud
|
| Financial Crimes | - Money Laundering
|
| Fraud Investigation and Analysis | - Evidence collection and documentation
|
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NEW QUESTION # 349
Which of the following search is used for unusually high incidence of returns and allowances scheme?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Fraudulent schemes involving returns and allowances can be detected by analyzing accounts for unusually high transactions in these categories. This is a common red flag for concealment of theft or manipulation of sales.
* Analysis of Incorrect Options:
* A. Allowances by vendors - Too narrow, not a standard analytic test.
* B. Disposals of allowances than reorders - Not a recognized search method.
* D. None of the above - Incorrect, since option C is valid.
* Key Concept: Returns and allowances analysis for fraud detection.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraudulent Disbursements - Analytical Procedures .
NEW QUESTION # 350
The amount of cash on hand in a register may be compared to the amount showing in the register tape in order to detect _______.
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Comparing register tape totals to the actual cash on hand is a classic reconciliation test used to detect employee theft . Discrepancies suggest cash has been skimmed or stolen after recording.
* Analysis of Incorrect Options:
* B. Recorded sales - Register tapes already show recorded sales; comparison is for theft detection.
* C. Internal audits - A process, not the purpose of the comparison.
* D. Occupational frauds - Too broad a term.
* Key Concept: Cash Reconciliation as a control to detect employee theft.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Cash Receipts - Detection Methods for Skimming and Larceny .
NEW QUESTION # 351
Which of the following statements regarding new account fraud is MOST ACCURATE?
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: New account fraud occurs when fraudsters open accounts with false or stolen identities to exploit financial institutions before controls detect suspicious activity. Mobile deposits are particularly vulnerable because criminals can use counterfeit or altered images to deposit fraudulent checks quickly. This aligns with the Fraud Examiners Manual (2020) discussion of high-risk delivery channels for new account fraud.
* Analysis of Incorrect Options:
* A. Established accounts - Incorrect; fraud risk is higher in new accounts due to limited history and weaker controls.
* C. Six months definition - Not an ACFE standard; there is no fixed six-month definition.
* D. ATMs rarely targeted - Incorrect; ATMs are frequently exploited in new account fraud schemes.
* Key Concept: New account fraud in identity theft and corruption-related schemes.
Reference: ACFE Fraud Examiners Manual (2020) , Identity Theft and New Account Fraud .
NEW QUESTION # 352
Which of the following is a condition that facilitates insider cyberfraud?
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Insider cyberfraud thrives in environments where monitoring is weak
. If access logs are not reviewed , malicious activity can go undetected, enabling fraud.
* Analysis of Incorrect Options:
* B. Programs run during business day - Normal IT operations, not a fraud risk.
* C. Restricted access - This is a preventive control, not a facilitator.
* D. Separation of duties - Strong control, prevents insider fraud.
* Key Concept: Conditions facilitating insider cyberfraud .
Reference: ACFE Fraud Examiners Manual (2020) , Computer and Internet Fraud: Insider Threats .
NEW QUESTION # 353
The excess credits (or debits) on the income statement are used to decrease (or increase) the equity account.
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This is True . The net result of revenues and expenses (credits and debits) on the income statement flows into retained earnings, which is part of equity on the balance sheet. Therefore, excess credits (profits) increase equity, while excess debits (losses) decrease equity.
* Analysis of Incorrect Options:
* B. False - Incorrect, as the closing process of the accounting cycle directly affects equity.
* Key Concept: Closing process and impact of net income on equity.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Income Statement Flow to Equity .
NEW QUESTION # 354
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