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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Industry-Specific Financial Crimes | 15–25% | - Insurance fraud - Healthcare fraud - Cyber-enabled and cryptocurrency fraud - Real estate and securities fraud - Financial institution fraud |
| Topic 2: Asset Misappropriation – Non-Cash Assets | 5–10% | - Misuse of assets - Inventory and equipment theft - Concealment techniques |
| Topic 3: Asset Misappropriation – Cash Disbursements | 10–15% | - Expense reimbursement schemes - Payroll schemes - Check and payment tampering - Billing schemes |
| Topic 4: Asset Misappropriation – Cash Receipts | 5–10% | - Cash larceny schemes - Cash skimming schemes - Prevention and detection methods |
| Topic 5: Identity Theft | 1–5% | - Prevention and detection - Types and techniques |
| Topic 6: Accounting Concepts | 5–10% | - Financial statements structure - Basic accounting principles - Internal control fundamentals - Recording and summarizing transactions |
| Topic 7: Theft of Data and Intellectual Property | 5–10% | - Data and IP theft methods - Corporate espionage - Safeguarding proprietary information |
| Topic 8: Corruption Schemes | 5–10% | - Bribery and kickbacks - Illegal gratuities and extortion - Conflicts of interest |
| Topic 9: Financial Statement Fraud | 10–15% | - Revenue and asset overstatements - Expense and liability understatements - Detection and red flags - Timing and disclosure manipulations |
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NEW QUESTION # 245
According to accounting principles, ________ and ________ should be recorded or matched in the same accounting period; failing to do so violates the matching principle of GAAP.
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The matching principle under GAAP requires that revenues and the corresponding expenses incurred to generate those revenues be recorded in the same period. Failing to do so misstates income and violates accrual accounting.
* Analysis of Incorrect Options:
* B. Revenue and Income statement - The income statement is a report, not an item to be matched.
* C. Income statement and Long-term contracts - Long-term contracts follow special rules (percentage of completion, completed contract), not the general matching principle.
* D. Capitalized expenses and Liabilities - Not part of the matching principle.
* Key Concept: Matching Principle - recording related revenues and expenses in the same period.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Accrual Accounting and Matching Principle .
NEW QUESTION # 246
A ___________ occurs when an employee, manager, or executive has an undisclosed economic or personal interest in a transaction that adversely affects the organization.
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: A conflict of interest occurs when an employee secretly has a personal or financial stake in a transaction, and that interest compromises their duty of loyalty to the employer. This is one of the four categories of corruption under the ACFE Fraud Tree.
* Analysis of Incorrect Options:
* B. Illegal sale - Not a fraud classification.
* C. Unauthorized purchase - Could describe asset misuse, not corruption.
* D. Financial disclosure - Relates to reporting, not the fraud itself.
* Key Concept: Conflict of interest schemes as a category of corruption.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Conflicts of Interest
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NEW QUESTION # 247
Which of the following factors is NOT included in most financial statement schemes?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Common financial statement fraud schemes include: (A) recording fictitious revenues, (C) concealing liabilities/expenses, and (D) improper asset valuations. Persuasive evidence is not a fraud scheme; it is an auditing concept used to support accounting entries.
* Analysis of Incorrect Options:
* A, C, D - All are well-documented methods of financial statement fraud.
* B. Persuasive Evidence - Correct, since it is not part of fraud schemes.
* Key Concept: Major categories of financial statement fraud schemes.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Financial Statement Fraud - Fraudulent Reporting Categories .
NEW QUESTION # 248
Georgina works for TAK Intelligence, a competitive intelligence firm. She is tasked with gathering intelligence about ERO Corp., a competitor of one of TAK's clients. To gather the intelligence, Georgina poses as a customer and contacts ERO. She then elicits sensitive information from an ERO employee.
Georgina's approach is an example of:
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Human intelligence (HUMINT) involves gathering information directly from people, often through deception, elicitation, or impersonation. Georgina's posing as a customer to obtain confidential details fits this method.
* Analysis of Incorrect Options:
* B. Baiting - A social engineering tactic using false promises (e.g., malware disguised as freebies).
* C. Scavenging - Collecting discarded information (e.g., dumpster diving).
* D. Open-source intelligence - Gathering data from public records, news, or websites, not through elicitation.
* Key Concept: Methods of competitive intelligence and social engineering.
Reference: ACFE Manual, Fraud Prevention and Deterrence - Intelligence Gathering Methods .
NEW QUESTION # 249
A running count that records how much inventory should be on hand is referred to:
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Perpetual inventory systems maintain a continuous, running balance of inventory on hand. They are updated with each purchase and sale, providing a theoretical count at all times. Discrepancies between perpetual and physical counts may indicate theft, errors, or fraud.
* Analysis of Incorrect Options:
* A. Altered inventory - Fraudulent manipulation, not a system.
* C. Shrinking inventory - Refers to shrinkage, not the system.
* D. Fictitious inventory - Fraudulent reporting, not a legitimate system.
* Key Concept: Perpetual inventory systems as internal controls.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Inventory and Other Assets - Inventory Systems .
NEW QUESTION # 250
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