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ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam Syllabus Topics:

SectionObjectives
Topic 1: Fraud Schemes in Financial Reporting- Financial statement fraud schemes
- Earnings manipulation techniques
- Misrepresentation of assets and liabilities
Topic 2: Asset Misappropriation and Corruption Schemes- Cash skimming and cash larceny schemes
- Billing and expense reimbursement fraud
- Corruption schemes including bribery and conflicts of interest
Topic 3: Financial Statements and Accounting Fundamentals- Financial statement structure and interpretation
- Basic accounting principles and concepts
- Revenue, expenses, assets, and liabilities recognition
Topic 4: Financial Transaction Analysis- General ledger and journal entries
- Banking and cash flow transactions
- Internal controls in financial processes

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ACFE Certified Fraud Examiner - Financial Transactions and Fraud Schemes Exam Sample Questions (Q92-Q97):

NEW QUESTION # 92
Several people who work in real estate collude to obtain a loan for the construction of a residential building on a property that does not exist. The co-conspirators divide the proceeds among themselves and leave the lender with no collateral to seize when loan payments are not made. Which of the following BEST describes this scheme?

Answer: A

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: An air loan is a mortgage fraud scheme where the borrower and sometimes insiders create completely fictitious properties or borrowers. Here, the nonexistent property and loan proceeds being pocketed fits this definition.
* Analysis of Incorrect Options:
* A. Property flopping - Involves short sales and undervaluing distressed property.
* C. Phantom lien - False liens filed to collect fraudulent claims on real estate.
* D. Daisy chain - Involves multiple property transactions between conspirators to inflate value.
* Key Concept: Loan fraud schemes - fictitious property loans (air loans).
Reference: ACFE Manual, Financial Transactions - Mortgage and Loan Fraud.


NEW QUESTION # 93
If the assets are intentionally purchased by the company but simply misappropriated by the fraudster, this is referring to as:

Answer: D


NEW QUESTION # 94
Which of the following are used in a short-term skimming scheme?

Answer: B

Explanation:
Detailed Explanation:
* Rationale for Correct Answer:Short-term skimming schemes include tactics like unrecorded sales, understated sales, and theft of incoming checks. These involve diverting funds before recording and typically last for a shorter duration because of higher detection risk.
* Analysis of Incorrect Options:
* B. Dual endorsements - Relates more to check fraud, not skimming.
* C. False company accounts - Typically used in long-term fraud concealment.
* D. Check-for-currency substitutions - More relevant to larceny and kiting schemes.
* Key Concept:Short-term skimming schemes involve quick thefts before recording transactions.
Reference:ACFE Fraud Examiners Manual (2020 International Edition), Cash Receipts - Short-term Skimming.


NEW QUESTION # 95
Every bribe is a two-sided transaction, in which where a vendor bribes a purchaser, there is someone on the vendor's side of the transaction who is not making an illicit payment.

Answer: B


NEW QUESTION # 96
Which of the following methods would NOT be helpful in detecting a skimming scheme?

Answer: B

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Skimming involves theft of cash before it is recorded in the books.
Examining journal entries for false credits to inventory would detect inventory fraud, not skimming.
Therefore, B is not useful for detecting skimming.
* Analysis of Incorrect Options:
* A - Confirming customer balances can reveal payments that were never posted because they were skimmed.
* C - Physical counts may expose discrepancies caused by skimming disguised as inventory shortages.
* D - Comparing register totals to actual cash can reveal missing amounts due to skimming.
* Key Concept: Skimming detection focuses on reconciling recorded vs. unrecorded cash.
Reference: ACFE Manual, Cash Receipts - Skimming Schemes.


NEW QUESTION # 97
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