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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Financial Statement Fraud | 10–15% | - Expense and liability understatements - Detection and red flags - Timing and disclosure manipulations - Revenue and asset overstatements |
| Topic 2: Identity Theft | 1–5% | - Types and techniques - Prevention and detection |
| Topic 3: Accounting Concepts | 5–10% | - Recording and summarizing transactions - Financial statements structure - Internal control fundamentals - Basic accounting principles |
| Topic 4: Industry-Specific Financial Crimes | 15–25% | - Real estate and securities fraud - Healthcare fraud - Cyber-enabled and cryptocurrency fraud - Financial institution fraud - Insurance fraud |
| Topic 5: Asset Misappropriation – Non-Cash Assets | 5–10% | - Misuse of assets - Inventory and equipment theft - Concealment techniques |
| Topic 6: Asset Misappropriation – Cash Receipts | 5–10% | - Prevention and detection methods - Cash larceny schemes - Cash skimming schemes |
| Topic 7: Asset Misappropriation – Cash Disbursements | 10–15% | - Payroll schemes - Check and payment tampering - Expense reimbursement schemes - Billing schemes |
| Topic 8: Theft of Data and Intellectual Property | 5–10% | - Safeguarding proprietary information - Data and IP theft methods - Corporate espionage |
| Topic 9: Corruption Schemes | 5–10% | - Illegal gratuities and extortion - Bribery and kickbacks - Conflicts of interest |
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NEW QUESTION # 128
Jorge, a Certified Fraud Examiner (CFE), is investigating a tip involving an accountant at a bank who allegedly adjusted the bank's general ledger to conceal the theft of funds from a customer's account. If Jorge finds evidence that proves the allegation, which of the following BEST describes the accountant's scheme?
Answer: C
Explanation:
Comprehensive and Detailed Explanation
Why the correct answer is: False accounting entry
According to the ACFE Fraud Examiners Manual - Financial Transactions and Fraud Schemes , under Financial Institution Fraud # Types of Embezzlement Schemes , the Manual provides explicit descriptions of relevant banking fraud schemes, including false accounting entries .
The Manual lists False Accounting Entries as a form of embezzlement in which an employee manipulates general ledger accounts or other accounting records to conceal a theft or unauthorized activity :
"False Accounting Entries" are specifically categorized as a type of embezzlement scheme used by dishonest bank employees to hide misappropriated funds.
In this question, the accountant:
* Adjusted the bank's general ledger
* With the intent to conceal the theft of customer funds
This aligns exactly with the ACFE definition of false accounting entries , which involve altering legitimate financial records to hide fraudulent actions.
Therefore, the best ACFE-defined description of the scheme is:
# False accounting entry (Option B)
Why the other options are incorrect
A). Unauthorized withdrawal
The Manual separately defines Unauthorized Withdrawals as a type of embezzlement in which a bank employee directly removes funds from accounts without permission:
"Unauthorized Withdrawals" are listed as a distinct embezzlement scheme involving unapproved removal of customer funds.
However, in this scenario, the defining act is manipulating ledger records , not simply withdrawing funds.
The nature of the concealment technique makes false accounting entry the correct classification.
C). Moving money from inactive accounts
The Manual defines:
"Moving Money from Customers' Dormant or Inactive Accounts" as a scheme in which employees transfer funds from inactive accounts to themselves.
In this question, the stolen funds come from an active customer account , so this option does not apply.
D). Unauthorized disbursement of funds
The Manual includes:
"Unauthorized Disbursement of Funds to Outsiders" as another type of financial institution fraud.
This refers to payments made to external parties without authorization-not to ledger manipulation to hide theft.
Again, the defining characteristic in the scenario is the use of false ledger entries , which makes Option B the most accurate according to ACFE terminology.
NEW QUESTION # 129
When an individual commits a forged filing scheme, they often perform which of the following actions?
Answer: C
Explanation:
The correct answer is A. A forged filing scheme occurs when bankruptcy documents are filed using forged information, often through stolen identities or assumed identities. In such cases, a fraudster files for bankruptcy in another person's name, which can damage the victim's credit record and create serious legal and financial problems. The ACFE bankruptcy fraud materials specifically describe bankruptcy petitions filed with forged documents and stolen identities. Option B is more consistent with false billing or inventory- related fraud. Option C is closer to a planned bustout, where a debtor obtains goods on credit and then disposes of them before bankruptcy. Option D is related to money laundering or insurance fraud, not forged bankruptcy filing.
NEW QUESTION # 130
Which of the following is the amount of money that would be realized upon the sale of the asset at some point in the future, less the costs associated with owning, operating, and selling it?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Net realizable value (NRV) is the estimated selling price of an asset in the ordinary course of business, minus any costs of completion, disposal, or transportation. This is often applied in valuing accounts receivable and inventory.
* Analysis of Incorrect Options:
* B. Going concern - Assumption of business continuity, not asset valuation.
* C. Cost - Historical cost, not future realizable value.
* D. Fair value - Current market-based measure, not net proceeds after costs.
* Key Concept: Net realizable value - valuation method for receivables and inventory.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Asset Valuation Methods .
NEW QUESTION # 131
________ decrease assets and expenses and/or increase liabilities and/or equity.
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Credits decrease assets and expenses while increasing liabilities and equity. They are recorded on the right-hand side of ledger accounts, forming the counterbalance to debits.
* Analysis of Incorrect Options:
* A. Journal Entries - Too general; not a directional effect.
* B. Debit - Opposite effect of credits.
* D. None of all - Incorrect because "credit" is the precise answer.
* Key Concept: Credit rules in double-entry accounting.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Debits and Credits .
NEW QUESTION # 132
__________ inventory and other assets is a relatively common way for fraudsters to remove assets from the books before or after they are stolen.
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Fraudsters often use write-offs to remove stolen inventory or assets from the books. By recording items as obsolete, damaged, or uncollectible, they eliminate them from records, concealing theft.
* Analysis of Incorrect Options:
* A. Altered - Too broad, not a standard concealment term.
* B. Perpetual - A system, not a concealment method.
* C. False shipping slip - Used to divert assets, not write them off.
* Key Concept: Write-offs as a method of concealing noncash asset theft.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Inventory and Other Assets - Concealment Techniques (Write-offs) .
NEW QUESTION # 133
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