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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Financial Statement Fraud | 10–15% | - Revenue and asset overstatements - Timing and disclosure manipulations - Detection and red flags - Expense and liability understatements |
| Topic 2: Accounting Concepts | 5–10% | - Financial statements structure - Internal control fundamentals - Recording and summarizing transactions - Basic accounting principles |
| Topic 3: Asset Misappropriation – Cash Receipts | 5–10% | - Prevention and detection methods - Cash skimming schemes - Cash larceny schemes |
| Topic 4: Identity Theft | 1–5% | - Types and techniques - Prevention and detection |
| Topic 5: Asset Misappropriation – Non-Cash Assets | 5–10% | - Concealment techniques - Misuse of assets - Inventory and equipment theft |
| Topic 6: Industry-Specific Financial Crimes | 15–25% | - Cyber-enabled and cryptocurrency fraud - Healthcare fraud - Insurance fraud - Financial institution fraud - Real estate and securities fraud |
| Topic 7: Theft of Data and Intellectual Property | 5–10% | - Corporate espionage - Data and IP theft methods - Safeguarding proprietary information |
| Topic 8: Corruption Schemes | 5–10% | - Conflicts of interest - Illegal gratuities and extortion - Bribery and kickbacks |
| Topic 9: Asset Misappropriation – Cash Disbursements | 10–15% | - Billing schemes - Payroll schemes - Expense reimbursement schemes - Check and payment tampering |
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NEW QUESTION # 64
David, an accounts receivable clerk at a fitness center, steals a customer's monthly membership payment.
When he receives another customer's payment a few days later, David applies the payment to the first customer's account. He then applies payment from a third customer to the second customer's account. David is MOST LIKELY committing a:
Answer: A
Explanation:
The correct answer is A. David is committing a lapping scheme. Lapping occurs when an employee steals one customer's payment and conceals the theft by applying a later payment from another customer to the first customer's account. The employee must then continue shifting later payments to earlier accounts to keep the shortage hidden. This creates a rolling concealment pattern that can continue until discovered through customer complaints, account confirmations, delayed postings, or independent reconciliation. Padding, substitution, and duplication are not the standard ACFE classifications for this receivables concealment method. Because David is using later customer payments to cover earlier stolen receipts, his conduct fits the classic definition of lapping under cash receipts fraud schemes.
NEW QUESTION # 65
Skimming is:
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Skimming is defined as the theft of cash before it is recorded in the books . Because the stolen funds are never entered into the accounting system, this is often referred to as an "off-book" fraud. It is distinct from cash larceny , which occurs after cash has been recorded.
* Analysis of Incorrect Options:
* B. The addition of cash - Incorrect; skimming involves removal, not addition.
* C. Removal after entry - This describes cash larceny, not skimming.
* D. None of above - Incorrect since option A is correct.
* Key Concept: Skimming schemes - off-book cash theft.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Cash Receipts - Skimming Schemes .
NEW QUESTION # 66
Which of the following fraud schemes is MOST LIKELY to target members of a religious community?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Affinity fraud occurs when fraudsters exploit trust within identifiable groups-such as religious, ethnic, or professional communities-making members more susceptible to deception.
* Analysis of Incorrect Options:
* B - Social control fraud relates to control fraud by institutions, not religious targeting.
* C - Bait and switch is a deceptive sales tactic, not specific to religious groups.
* D - Advance-fee scams may target anyone, not specifically religious communities.
* Key Concept: Affinity fraud as a corruption/exploitation scheme.
Reference: ACFE Manual, Corruption - Affinity Fraud .
NEW QUESTION # 67
_________ assumes the business will go on indefinitely in the future.
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The going concern assumption means that a business will continue operating indefinitely and will not liquidate in the near future. This underpins the use of historical cost accounting and normal accrual-based reporting.
* Analysis of Incorrect Options:
* A. Materiality - Relates to significance of information, not continuity.
* C. Cost - Refers to historical cost valuation.
* D. Fair value - Refers to current market value, not continuity.
* Key Concept: Going Concern Assumption in accounting.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Basic Assumptions .
NEW QUESTION # 68
Which of the following options is the BEST example of a technical security control that organizations can use to block unauthorized or unverified transmissions?
Answer: A
Explanation:
The correct answer is A. Firewalls are technical security controls designed to monitor, filter, and control network traffic based on established security rules. They help block unauthorized, suspicious, or unverified transmissions between trusted internal systems and external networks. Application security is also technical in nature, but it focuses on protecting software applications rather than broadly controlling network transmissions. Cipher locks are physical access controls used to restrict entry to facilities or secured areas.
Data classification is an administrative control that categorizes information according to sensitivity and handling requirements. The ACFE computer and internet fraud materials recognize firewalls, routers, logging, monitoring, and technical safeguards as key components of a secure computing environment.
NEW QUESTION # 69
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