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The essential elements of a ________ are an actual or constructive taking away of the goods or property of another without the consent and against the will of the owner and with a felonious intent.
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A
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Explanation
Detailed Explanation: Rationale for Correct Answer:The correct answer is A. Larceny. As defined in the Fraud Examiners Manual (2020 International Edition), larceny is the unlawful taking of another’s property with intent to permanently deprive the owner of its use or possession. Essential elements include: (1) the wrongful taking or carrying away of property, (2) without the consent of the owner, and (3) with felonious intent (i.e., intent to steal). This aligns directly with the definition provided in the question. Analysis of Incorrect Options (Distractors): B. Abuse – Abuse typically refers to the improper use of authority or resources (e.g., excessive expense claims, misuse of assets), but it is not a legal term describing theft by taking. C. Fiduciary – Fiduciary describes a relationship of trust or duty to act for another’s benefit, not the act of theft. D. None of the above – Incorrect because “larceny” precisely matches the elements described. Key Concept:The definition and elements of larceny, which is a foundational legal concept for distinguishing among asset misappropriation schemes such as larceny vs. skimming. [Reference:ACFE Fraud Examiners Manual (2020 International Edition), Financial Transactions — Cash Receipts: Cash Larceny section, which explains the essential elements and characteristics of larceny schemes., , , , , , , ]
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Which of the following is a red flag of a Ponzi scheme?
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B
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Explanation
Detailed Explanation: Rationale for Correct Answer: A major red flag of a Ponzi scheme is when the promoter has custody and control over investor funds with little to no independent oversight. This centralization allows them to use new investor money to pay old investors while concealing losses. Analysis of Incorrect Options: A – Ponzi operators usually pressure investors to reinvest, not take payouts, to keep funds circulating. C – Schemes often involve overly complex or secretive strategies, not simple ones. D – Realistic fluctuations based on markets suggest legitimate investing, not a Ponzi scheme (which typically reports steady, unrealistic returns). Key Concept: Ponzi schemes rely on lack of oversight, unrealistic returns, and control of funds by promoters. [Reference: ACFE Manual, Fraud Prevention and Deterrence – Ponzi Schemes., , ]
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Which of the following is the amount of money that would be realized upon the sale of the asset at some point in the future, less the costs associated with owning, operating, and selling it?
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A
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Explanation
Detailed Explanation: Rationale for Correct Answer:Net realizable value (NRV) is the estimated selling price of an asset in the ordinary course of business, minus any costs of completion, disposal, or transportation. This is often applied in valuing accounts receivable and inventory. Analysis of Incorrect Options: B. Going concern – Assumption of business continuity, not asset valuation. C. Cost – Historical cost, not future realizable value. D. Fair value – Current market-based measure, not net proceeds after costs. Key Concept:Net realizable value — valuation method for receivables and inventory. [Reference:ACFE Fraud Examiners Manual (2020 International Edition), Accounting Concepts — Asset Valuation Methods., , ]
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Find answers to the most common questions about the ACFE CFE-Financial-Transactions-and-Fraud-Schemes exam, including what it is, how to prepare, and how it can boost your career.
The ACFE CFE-Financial-Transactions-and-Fraud-Schemes certification is a globally-acknowledged credential that is awarded to candidates who pass this certification exam by obtaining the required passing score. This credential attests and validates the candidates' knowledge and hands-on skills in domains covered in the ACFE CFE-Financial-Transactions-and-Fraud-Schemes certification syllabus. The ACFE CFE-Financial-Transactions-and-Fraud-Schemes certified professionals with their verified proficiency and expertise are trusted and welcomed by hiring managers all over the world to perform leading roles in organizations. The success in ACFE CFE-Financial-Transactions-and-Fraud-Schemes certification exam can be ensured only with a combination of clear knowledge on all exam domains and securing the required practical training. Like any other credential, ACFE CFE-Financial-Transactions-and-Fraud-Schemes certification may require periodic renewal to stay current with new innovations in the concerned domains.