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| Section | Objectives |
|---|---|
| Fraud Schemes | - Asset Misappropriation Schemes
|
| Fraud Investigation and Analysis | - Evidence collection and documentation
|
| Financial Crimes | - Banking and Payment Fraud
|
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NEW QUESTION # 186
Which of the following ratios can be used to determine the efficiency with which a company uses its assets?
Answer: D
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 # 187
By removing a tangible asset from the business (a debit), the books will be ___________ by the exact amount of the tangible asset misappropriated.
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: When a tangible asset is stolen (removed from the books), a debit entry would be missing its corresponding credit, leaving the books out-of-balance . Fraudsters often conceal this imbalance by falsifying entries (e.g., creating fictitious expenses or adjusting asset accounts).
* Analysis of Incorrect Options:
* A. Journal Entries - Too general; not the condition of the books.
* C. False debits - A concealment method, but not the direct result.
* D. None of all - Incorrect because "out-of-balance" is accurate.
* Key Concept: Concealment of asset theft and impact on accounting records.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Asset Misappropriation - Concealment of Theft .
NEW QUESTION # 188
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: D
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 # 189
To reduce his tax bill, John adds fake deductions to his personal tax return. John is MOST LIKELY engaging in:
Answer: C
Explanation:
John is engaging in tax evasion because he intentionally adds false deductions to reduce the amount of tax he owes. The ACFE material distinguishes tax evasion from tax avoidance. Tax avoidance involves legal planning, such as legitimate deductions, credits, or shelters. Tax evasion involves fraudulent actions taken to avoid reporting or paying taxes. Fake deductions are not legitimate tax planning because they misrepresent facts on the return. This conduct can also be described as falsifying tax deductions, a specific type of tax evasion scheme. Tax sheltering is not the best answer because the facts do not describe a lawful or abusive shelter arrangement. Tax misappropriation is not the correct classification. Because John knowingly uses false deductions, option B is correct.
NEW QUESTION # 190
Which of the following statements regarding new account fraud is MOST ACCURATE?
Answer: D
Explanation:
The ACFE Manual includes a section titled New Account Fraud Schemes under Financial Institution Fraud . The table of contents for this section specifically lists:
* False Identification
* Business Accounts Using Stolen Checks
* Personal Accounts Using Fraudulent Checks
* Mobile Deposit Fraud
* Automated Teller Machine Deposits
* Prevention
The best answer is Option C because mobile deposits present elevated risk in new account fraud environments precisely because they can occur without in-person verification. The Manual's inclusion of mobile deposit fraud as a specific new account fraud scheme supports the conclusion that remote, non-face- to-face deposit channels are vulnerable.
Why the other options are incorrect
A). Fraud is more likely to occur in established accounts than in accounts that are newly opened.
This is not supported by the Manual's treatment of new account fraud as a distinct fraud risk category. The very existence of a separate section on new account fraud indicates that newly opened accounts pose a meaningful risk.
B). Automated teller machines (ATMs) are rarely targets of new account fraud because most ATMs have cameras installed.
This is inaccurate. The Manual expressly lists Automated Teller Machine Deposits within New Account Fraud Schemes , showing that ATMs are in fact a recognized target of this type of fraud.
D). New account fraud can be defined as any fraud that occurs on an account within the first year that it is open.
This is too broad and not the Manual's definition. The Manual classifies new account fraud by the nature of the scheme , such as false identification, fraudulent checks, mobile deposit fraud, and ATM deposit fraud, not by an arbitrary one-year timeframe.
References
* ACFE Fraud Examiners Manual, 2020 International Edition
* Financial Institution Fraud - New Account Fraud Schemes
NEW QUESTION # 191
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