CFE-Fraud-Schemes-and-Financial-Crimes Test Braindumps, Certification CFE-Fraud-Schemes-and-Financial-Crimes Test Answers

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

Section	Weight	Objectives
Topic 1: Financial Statement Fraud	10–15%	- Expense and liability understatements - Revenue and asset overstatements - Detection and red flags - Timing and disclosure manipulations
Topic 2: Corruption Schemes	5–10%	- Illegal gratuities and extortion - Conflicts of interest - Bribery and kickbacks
Topic 3: Identity Theft	1–5%	- Prevention and detection - Types and techniques
Topic 4: Industry-Specific Financial Crimes	15–25%	- Healthcare fraud - Financial institution fraud - Real estate and securities fraud - Cyber-enabled and cryptocurrency fraud - Insurance fraud
Topic 5: Asset Misappropriation – Cash Disbursements	10–15%	- Billing schemes - Payroll schemes - Expense reimbursement schemes - Check and payment tampering
Topic 6: Accounting Concepts	5–10%	- Internal control fundamentals - Basic accounting principles - Recording and summarizing transactions - Financial statements structure
Topic 7: Asset Misappropriation – Non-Cash Assets	5–10%	- Misuse of assets - Inventory and equipment theft - Concealment techniques
Topic 8: Asset Misappropriation – Cash Receipts	5–10%	- Cash larceny schemes - Prevention and detection methods - Cash skimming schemes
Topic 9: Theft of Data and Intellectual Property	5–10%	- Corporate espionage - Safeguarding proprietary information - Data and IP theft methods

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ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q351-Q356):

NEW QUESTION # 351
Which of the following is NOT a justifiable reason to depart from generally accepted accounting principles (GAAP)?

A. It is likely that assets would be understated and liabilities would be overstated.
B. The expected costs associated with following GAAP would exceed the expected benefits of compliance.
C. The application of GAAP could produce misleading financial statements.
D. A transaction is considered immaterial and therefore irrelevant to the accurate interpretation of financial statements.

Answer: A

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Departures from GAAP may be justified if compliance produces misleading results, if the transaction is immaterial, or if the costs exceed benefits. However, simply departing from GAAP because assets would be understated and liabilities overstated is not an acceptable reason ; GAAP requires faithful representation even if results are unfavorable.
* Analysis of Incorrect Options:
* A - Cost-benefit considerations are valid grounds in practice.
* C - Materiality is a recognized exception to strict GAAP application.
* D - Preventing misleading statements is a valid justification.
* Key Concept: GAAP exceptions are limited to cost-benefit, immateriality, and preventing misleading reporting .
Reference: ACFE Manual, Accounting Concepts - GAAP Principles .

NEW QUESTION # 352
Which of the following fraud schemes is MOST LIKELY to target members of a religious community?

A. Affinity fraud
B. Advance-fee scheme
C. Social control fraud
D. Bait and switch scheme

Answer: A

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Affinity fraud occurs when fraudsters exploit trust within identifiable groups-such as religious, ethnic, or professional communities-making members more susceptible to deception.
* Analysis of Incorrect Options:
* B - Social control fraud relates to control fraud by institutions, not religious targeting.
* C - Bait and switch is a deceptive sales tactic, not specific to religious groups.
* D - Advance-fee scams may target anyone, not specifically religious communities.
* Key Concept: Affinity fraud as a corruption/exploitation scheme.
Reference: ACFE Manual, Corruption - Affinity Fraud .

NEW QUESTION # 353
In Cressey's fraud triangle, its three legs are Opportunity, Pressure, and:

A. Rationalization
B. None of the above
C. Violation
D. Isolation

Answer: A

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Donald Cressey's fraud triangle identifies three conditions that lead to occupational fraud: (1) Pressure (financial or other), (2) Opportunity (ability to commit without detection), and (3) Rationalization (justification by the perpetrator to make the act acceptable in their own mind). Thus, the third leg is Rationalization .
* Analysis of Incorrect Options:
* A. Violation - Not part of the fraud triangle.
* B. Isolation - Not a recognized component of the model.
* D. None of the above - Incorrect because rationalization is explicitly the correct answer.
* Key Concept: Fraud Triangle - Opportunity, Pressure, Rationalization .
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraud Theory section - Cressey' s Fraud Triangle .

NEW QUESTION # 354
Which of the following scenarios is an example of an economic extortion scheme?

A. A purchasing employee and vendor agree to bill the company for services that were not provided.
B. A vendor rewards a purchasing employee with a free trip after the employee directs business to the vendor.
C. A government official demands money in exchange for awarding a contract to a vendor.
D. An employee receives a payment for directing excess business to a vendor.

Answer: C

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Economic extortion occurs when someone demands payment or benefit under threat of harm (explicit or implicit). A government official demanding money in exchange for awarding a contract is classic extortion.
* Analysis of Incorrect Options:
* A - This is a billing scheme (fraudulent disbursement), not extortion.
* C - This is a kickback scheme (corruption).
* D - This is an illegal gratuity scheme (reward after action).
* Key Concept: Types of corruption-extortion vs. bribery vs. gratuities.
Reference: ACFE Manual, Corruption - Economic Extortion .

NEW QUESTION # 355
Which of the following signs is MOST LIKELY to indicate that a third-party vendor or contractor is engaging in a corruption scheme?

A. The third party provides contact information that contains a single address and a telephone number.
B. The third party is consistently awarded contracts based on a reputation for providing higher quality services than its competitors.
C. The third party charges lower-than-average prices for the goods and services it offers to customers.
D. The third party requests that payment be sent to a different country from where it conducts business.

Answer: D

Explanation:
The correct answer is B. A request to send payment to a country different from where the third party conducts business is a significant red flag in corruption and bribery schemes. Such payment instructions can indicate attempts to conceal beneficial ownership, route funds through offshore accounts, disguise improper commissions, or make corrupt payments difficult to trace. Option A is not necessarily suspicious because many legitimate vendors use one business address and phone number. Option C can reflect legitimate competitive strength if the vendor truly provides superior services. Option D is also not inherently suspicious because lower prices may result from efficiency or market strategy. Fraud examiners should treat unusual third-party payment destinations as high-risk indicators requiring enhanced due diligence and documentation review.

NEW QUESTION # 356
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