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| Section | Objectives |
|---|---|
| Topic 1: Fraud Investigation and Analysis | - Evidence collection and documentation
|
| Topic 2: Fraud Schemes | - Asset Misappropriation Schemes
|
| Topic 3: Financial Crimes | - Banking and Payment Fraud
|
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NEW QUESTION # 51
__________ 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 # 52
Collusion or bid-rigging between bidders is called
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: One form of bid-rigging occurs when colluding vendors agree that one will submit a low bid and later withdraw it , allowing another conspirator to win the contract. This practice is sometimes referred to as " complementary bidding " or the withdrawal of low bids .
* Analysis of Incorrect Options:
* A. Bribery receipt - Refers to corrupt payments, not collusion.
* B. Bid solicitation - The process of inviting bids, not collusion.
* D. Contract acceptance - A legitimate procurement step, not fraud.
* Key Concept: Bid-rigging through collusion - vendors withdrawing low bids to favor co- conspirators.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Bid-Rigging Schemes .
NEW QUESTION # 53
The more power a person has over the bidding process, the more likely the person can influence the selection of a supplier.
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This is True . When an employee has significant authority or discretion in the procurement process (e.g., drafting specifications, approving vendors, or evaluating bids), they are more capable of steering contracts toward favored suppliers. This increases the risk of corruption schemes like kickbacks or bid-rigging .
* Analysis of Incorrect Options:
* B. False - Incorrect; influence grows with authority over procurement.
* Key Concept: Procurement authority is a key risk factor for corruption.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Procurement Schemes .
NEW QUESTION # 54
When an employee processes a fictitious refund of goods for cash, which of the following consequences occurs?
Answer: C
Explanation:
The correct answer is C. In a fictitious refund scheme, an employee records a refund transaction even though no customer actually returned merchandise. The employee then removes cash from the register as if it had been paid to a customer. Because the register records a refund, the register log shows that cash should have decreased. When the employee steals the same amount of cash, the cash on hand can still match the register log, making the theft harder to detect through a simple register reconciliation. Option A is incorrect because fictitious refunds can cause inventory records to show returned goods that do not exist, which tends to overstate rather than understate inventory. Options B and D are incorrect because cash is removed and no real merchandise is returned.
NEW QUESTION # 55
A tangible asset is one which is:
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Tangible assets are those that can be physically perceived (touched, seen, etc.) and appraised (assigned a measurable value). Examples include buildings, land, equipment, and inventory. Both characteristics are correct, making C the best choice.
* Analysis of Incorrect Options:
* A. Capable of being perceived - True, but incomplete.
* B. Capable of being appraised - True, but incomplete.
* D. Neither A nor B - Incorrect since both statements are accurate.
* Key Concept: Tangible Assets - physical and measurable property owned by a business.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Asset Classifications .
NEW QUESTION # 56
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