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| Section | Objectives |
|---|---|
| Financial Crimes | - Financial Statement Fraud
|
| Fraud Schemes | - Asset Misappropriation Schemes
|
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NEW QUESTION # 242
How many accounts are affected in fraudulent accounting entries and therefore the same number of categories on the financial statement?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: By double-entry accounting rules, every accounting entry affects at least two accounts (debit and credit). Fraudulent entries must also follow this rule, meaning manipulation will show up in at least two categories on the financial statements.
* Analysis of Incorrect Options:
* A. One - Impossible in double-entry accounting.
* C. More than two - Possible, but not always; the minimum is two.
* D. None of above - Incorrect since "at least two" is correct.
* Key Concept: Double-entry accounting ensures at least two accounts are affected in every transaction, including fraudulent ones.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Double- entry Accounting and Fraudulent Entries .
NEW QUESTION # 243
Which of the following is a method that a fraudster might use to conceal inventory shrinkage?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Fraudsters conceal inventory shrinkage through multiple methods, including unrecorded sales, false write-offs, or manipulating perpetual records. The ACFE manual notes that concealment is a common theme in inventory fraud. Hence, all of the above are valid.
* Analysis of Incorrect Options:
* A, B, C - Each is correct individually, but the most comprehensive answer is D.
* Key Concept: Concealment methods for inventory theft.
Reference: ACFE Manual, Asset Misappropriation - Inventory and Other Assets .
NEW QUESTION # 244
Which of the following scenarios would be considered a conflict of interest?
Answer: A
Explanation:
The correct answer is B. A conflict of interest occurs when an employee has an undisclosed personal, financial, or family interest that could influence decisions made on behalf of the employer. Cindy purchases supplies from a company owned by her aunt and does not disclose the relationship. This creates at least a potential conflict because Cindy's family connection could cause her to favor the vendor over her employer's best interests. Options A and D involve relationships or financial interests, but they have been disclosed to the employer, allowing the organization to evaluate and approve or manage the conflict. Option C might create employment or scheduling concerns, but it does not establish a conflict in a purchasing or transactional decision. Disclosure is central to proper conflict management.
NEW QUESTION # 245
Which of the following is a red flag that might indicate the existence of a need recognition scheme?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: In a need recognition scheme , an employee creates or exaggerates a need for goods or services to benefit a favored supplier. One red flag is that materials are ordered prematurely or not at the optimal reorder point , suggesting that purchases are being manipulated to benefit a corrupt vendor rather than based on actual business needs.
* Analysis of Incorrect Options:
* A - A large list of suppliers suggests competition, not fraud.
* C - A need met by various suppliers does not indicate fraud.
* D - Low requirements for stock may reflect lean inventory management, not fraud.
* Key Concept: Corruption - need recognition schemes and red flags.
Reference: ACFE Manual, Corruption - Need Recognition Schemes .
NEW QUESTION # 246
Bob, a purchasing agent for Gallenkamp, directed a portion of Gallenkamp's business to Oak Company. In exchange for receiving additional business, Oak Company's sales manager agreed to pay Bob a percentage of the extra profits. Which of the following BEST describes the type of corruption scheme in which Bob engaged?
Answer: B
Explanation:
The ACFE Fraud Examiners Manual includes Kickback Schemes in the corruption section and specifically identifies Diverting Business to Vendors as a type of kickback scheme.
This question states that Bob, a purchasing agent , directed business to Oak Company, and in return Oak's sales manager agreed to pay Bob a percentage of the extra profits . That is a classic kickback arrangement
: the employee steers company business to a favored vendor in exchange for a personal financial benefit. The Manual's examples of corruption also discuss a vendor bribing or paying a purchasing agent to receive more business.
Why the other options are incorrect
A). Economic extortion scheme
The Manual defines economic extortion as obtaining money, property, or services through coercion or threatened adverse action. That is not what happened here; Bob was paid for steering business, not coercing payment through threats.
C). Illegal gratuity scheme
The Manual explains that illegal gratuities are items of value given to reward a decision, often after the recipient has already made the decision, and this concept is primarily discussed in the public-sector context.
Here, the payment is part of an agreement to direct business and share in profits, which is more accurately a kickback .
D). Diversion scheme
The relevant Manual terminology is Diverting Business to Vendors , but that appears as a subtype under Kickback Schemes . Therefore, the best answer among the options is the broader and correct classification:
kickback scheme .
References
* ACFE Fraud Examiners Manual, 2020 International Edition
* Corruption - Kickback Schemes
* Corruption - Diverting Business to Vendors
* Example involving a purchasing agent receiving improper payments to steer business to a vendor
* Economic Extortion definition
* Illegal Gratuities definition
NEW QUESTION # 247
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