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| Section | Weight | Objectives |
|---|---|---|
| Asset Misappropriation – Non-Cash Assets | 5–10% | - Misuse of assets - Concealment techniques - Inventory and equipment theft |
| Accounting Concepts | 5–10% | - Internal control fundamentals - Financial statements structure - Basic accounting principles - Recording and summarizing transactions |
| Asset Misappropriation – Cash Disbursements | 10–15% | - Expense reimbursement schemes - Billing schemes - Check and payment tampering - Payroll schemes |
| Corruption Schemes | 5–10% | - Illegal gratuities and extortion - Bribery and kickbacks - Conflicts of interest |
| Financial Statement Fraud | 10–15% | - Revenue and asset overstatements - Detection and red flags - Timing and disclosure manipulations - Expense and liability understatements |
| Asset Misappropriation – Cash Receipts | 5–10% | - Cash larceny schemes - Prevention and detection methods - Cash skimming schemes |
| Industry-Specific Financial Crimes | 15–25% | - Real estate and securities fraud - Cyber-enabled and cryptocurrency fraud - Insurance fraud - Financial institution fraud - Healthcare fraud |
| Identity Theft | 1–5% | - Prevention and detection - Types and techniques |
| Theft of Data and Intellectual Property | 5–10% | - Safeguarding proprietary information - Corporate espionage - Data and IP theft methods |
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NEW QUESTION # 305
Pilar had to purchase computer equipment for ABC Corporation, her employer. Pilar created a shell company, used the shell company to purchase used computer equipment, and then resold that equipment to ABC Corporation at an increased price. This is an example of a:
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This is a Pass-through scheme , a type of Conflict of Interest under the corruption category. In this scheme, the employee sets up a shell company to act as a vendor. The shell purchases goods from legitimate suppliers and resells them to the employer at inflated prices. Pilar' s actions align perfectly with this definition.
* Analysis of Incorrect Options:
* A. Need recognition scheme - Involves manipulating an employer's need to justify a purchase, not reselling via a shell.
* B. Pay and return scheme - A fraudulent disbursement scheme where overpayments are made and refunds diverted. Not applicable here.
* D. Cash larceny scheme - Involves theft of incoming cash, unrelated to vendor fraud.
* Key Concept: Pass-through scheme (Conflict of Interest within Corruption).
Reference: ACFE Fraud Examiners Manual (2020) , Corruption: Conflict of Interest Schemes .
NEW QUESTION # 306
_________ assumes the business will go on indefinitely in the future.
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The going concern assumption means that a business will continue operating indefinitely and will not liquidate in the near future. This underpins the use of historical cost accounting and normal accrual-based reporting.
* Analysis of Incorrect Options:
* A. Materiality - Relates to significance of information, not continuity.
* C. Cost - Refers to historical cost valuation.
* D. Fair value - Refers to current market value, not continuity.
* Key Concept: Going Concern Assumption in accounting.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Basic Assumptions .
NEW QUESTION # 307
XYZ Company files for bankruptcy. The court requires XYZ Company to sell its properties and inventory and use the proceeds to pay creditors, thereby discharging all of the company's dischargeable debts. This type of bankruptcy filing is known as:
Answer: A
Explanation:
The correct answer is D. Liquidation bankruptcy involves identifying the debtor's assets, selling nonexempt assets, and using the proceeds to pay creditors. After the liquidation process, the debtor may receive a discharge of eligible debts, depending on the applicable jurisdiction and the nature of the obligations. The facts state that XYZ Company must sell its properties and inventory and apply the proceeds to creditors, which is the defining feature of liquidation. Reorganization bankruptcy allows a debtor to continue operating while restructuring debts under an approved plan. Receivership is a court-supervised arrangement involving a receiver, but it is not the filing type described. "Debt forgiveness bankruptcy" is not the proper ACFE classification.
NEW QUESTION # 308
Skimming cases can more likely be detected by:
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Skimming is difficult to detect because the stolen cash is never recorded ("off-book"). Therefore, it is often discovered by accident - such as customer complaints, discovery of missing deposits, or unexpected reconciliations - rather than through audits or routine controls.
* Analysis of Incorrect Options:
* A. Internal audits - Effective for many frauds but weak at uncovering skimming because records appear normal.
* C. Internal controls - Preventive controls may deter but cannot detect unrecorded theft.
* D. Occupational frauds - Too broad and not a detection method.
* Key Concept: Detection of Skimming - most often accidental.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Cash Receipts - Skimming Schemes and Detection .
NEW QUESTION # 309
White used a company vehicle for unauthorized, personal purposes while working in a different city. He provided false written and oral information regarding the use of the vehicle. The vehicle was returned without damages. What type of fraud did White commit?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Misuse of noncash assets occurs when employees use company assets for personal purposes without authorization. Even though the vehicle was returned undamaged, unauthorized use and concealment by false statements makes it a fraud scheme under asset misappropriation.
* Analysis of Incorrect Options:
* A - Incorrect; unauthorized use with deception constitutes fraud.
* B - Expense reimbursement involves falsified claims for travel/expenses, not vehicle misuse.
* D - Financial statement fraud involves misstating accounting entries, unrelated here.
* Key Concept: Misuse of company assets (noncash) as part of asset misappropriation.
Reference: ACFE Manual, Asset Misappropriation - Misuse of Noncash Assets .
NEW QUESTION # 310
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