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| Section | Objectives |
|---|---|
| Fraud Schemes | - Asset Misappropriation Schemes
|
| Financial Crimes | - Money Laundering
|
| Fraud Investigation and Analysis | - Data analysis in fraud detection
|
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NEW QUESTION # 289
Which of the following statements regarding financial statement disclosures is TRUE?
Answer: A
Explanation:
The correct answer is A. Financial statement disclosures are required when information is necessary for users to understand the entity's financial position and risks. Potential losses from ongoing litigation generally must be disclosed when the likelihood of loss is reasonably possible, even if the amount is not yet certain. Option B is incorrect because significant subsequent events after the reporting period might require disclosure. Option C is incorrect because changes in accounting principles must generally be disclosed to preserve comparability and transparency. Option D is too narrow because related-party transactions require disclosure when material or relevant, not only when they financially harm stakeholders. The ACFE financial statement fraud materials identify improper disclosures, concealed liabilities, subsequent events, and related-party transactions as important fraud risk areas.
NEW QUESTION # 290
Once the expense account is closed, it becomes a historical item and probably will never be reviewed again.
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This is True . After the closing process, expense accounts are reset to zero for the new accounting period. They remain only as part of historical financial statements and supporting records. Because of this, expense accounts can be a target for fraud concealment (fraudulent disbursements), since closed accounts are rarely scrutinized again.
* Analysis of Incorrect Options:
* B. False - Incorrect, as the closing process does make expense accounts historical.
* Key Concept: Expense accounts in fraud concealment - vulnerabilities due to being closed at period end.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraudulent Disbursements - Expense Account Manipulation .
NEW QUESTION # 291
If the assets are intentionally purchased by the company but simply misappropriated by the fraudster, this is referred to as:
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: In a fraudulent purchase scheme , the company legitimately purchases assets, but the fraudster diverts or misappropriates them after acquisition. The purchase itself is real, but the use of the assets is fraudulent.
* Analysis of Incorrect Options:
* A. Inventory larceny scheme - Direct theft without purchase.
* B. Asset receiving scheme - Not a recognized fraud scheme.
* D. Falsify shipping - Involves falsifying shipment records, not post-purchase misappropriation.
* Key Concept: Fraudulent purchases - assets are bought legitimately but stolen afterward.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Inventory and Other Assets - Purchasing and Receiving Schemes .
NEW QUESTION # 292
Which of the following statements is TRUE regarding the prevention of inventory theft?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Prenumbering and controlling shipping documents is a strong preventive measure against inventory theft because it ensures all inventory leaving the warehouse is properly authorized and tracked.
* Analysis of Incorrect Options:
* A. Same person for requisition and receiving - Violates segregation of duties.
* B. Purchasing supervisor counting inventory - Creates conflict; inventory should be counted by independent staff.
* D. Same person for shipping and scrap - Increases fraud risk.
* Key Concept: Inventory theft prevention - control over documentation.
Reference: ACFE Fraud Examiners Manual (2020) , Inventory and Other Assets: Inventory Theft Controls .
NEW QUESTION # 293
Inventory shrinkage is the unaccounted-for reduction in the company's inventory that does not result from theft.
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This statement is False . Shrinkage is a general term for unaccounted- for inventory losses, and it can indeed result from theft, errors, damage, or waste . To say shrinkage does not result from theft is misleading because theft is one of its primary causes.
* Analysis of Incorrect Options:
* A. True - Incorrect, as theft is often a major contributor to shrinkage.
* B. False - Correct, since shrinkage can include theft.
* Key Concept: Shrinkage includes theft as a cause of unexplained inventory loss.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Inventory and Other Assets - Definition and Causes of Shrinkage .
NEW QUESTION # 294
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