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| Section | Objectives |
|---|---|
| Topic 1: Financial Statements and Accounting Fundamentals | - Revenue, expenses, assets, and liabilities recognition - Basic accounting principles and concepts - Financial statement structure and interpretation |
| Topic 2: Asset Misappropriation and Corruption Schemes | - Cash skimming and cash larceny schemes - Corruption schemes including bribery and conflicts of interest - Billing and expense reimbursement fraud |
| Topic 3: Financial Transaction Analysis | - General ledger and journal entries - Internal controls in financial processes - Banking and cash flow transactions |
| Topic 4: Fraud Schemes in Financial Reporting | - Earnings manipulation techniques - Misrepresentation of assets and liabilities - Financial statement fraud schemes |
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NEW QUESTION # 95
To help prevent fraudulent billing schemes, it is recommended that companies combine the purchasing and payment functions.
Answer: B
Explanation:
Explanation/Reference: https://www.acfe.com/uploadedFiles/ACFE_Website/Content/review/cpf/07-Performance-Schemes.pdf
NEW QUESTION # 96
A travel agency offered to provide free travel and entertainment to Rosa, the purchasing agent of Frame Scene, a retail company. In return, Rosa agreed to book all of Frame Scene's corporate trips through the travel agency.
Which of the following best describes the type of corruption scheme in which Rosa engaged?
Answer: B
Explanation:
Explanation/Reference: https://www.acfe.com/risk-assessment-m13.aspx
NEW QUESTION # 97
One of the simplest ways to justify unacceptable conduct and avoid guilt feelings is to invent a good reason for ________.
Answer:
Explanation:
One's actions (i.e., Rationalization)
* Rationale for Correct Answer:Rationalization is the cognitive process by which fraud perpetrators justify their unethical conduct so they can commit fraud without feeling like criminals. A common way is to "invent a good reason" for their actions (e.g., "I deserve it," "I'll pay it back," "Everyone else is doing it"). Thus, the correct completion is "one's actions" or more precisely, Rationalization.
* Analysis of Incorrect Options:Since this is a fill-in-the-blank, the distractors are implied. The only correct concept here is rationalization of one's actions.
* Key Concept:Rationalization - one leg of the fraud triangle.
Reference:ACFE Fraud Examiners Manual (2020 International Edition), Fraud Theory - Rationalization in Cressey's Fraud Triangle.
NEW QUESTION # 98
Depreciation is especially applicable when companies try to overvalue their assets and net worth; the lower their depreciation expense, the higher the company's profits.
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer:This is True. Fraudulent financial reporting often involves manipulating depreciation. By lowering or delaying depreciation expense, companies can inflate profits and overstate asset values. This is a common method of financial statement fraud related to earnings management.
* Analysis of Incorrect Options:
* B. False - Incorrect, as understatement of depreciation clearly inflates reported profits.
* Key Concept:Depreciation Manipulation in Financial Statement Fraud.
Reference:ACFE Fraud Examiners Manual (2020 International Edition), Financial Statement Fraud - Overstating Assets and Income.
NEW QUESTION # 99
The seller's price to the buyer is not fixed or determinable when:
Answer: A
NEW QUESTION # 100
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