Exam CFE-Fraud-Schemes-and-Financial-Crimes Guide | CFE-Fraud-Schemes-and-Financial-Crimes Learning Mode

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

SectionObjectives
Financial Crimes- Money Laundering
  • 1. Placement, layering, integration stages
    - Banking and Payment Fraud
    • 1. Check and credit card fraud
      • 2. Wire fraud and electronic transfers
        Fraud Investigation and Analysis- Data analysis in fraud detection
        • 1. Trend and anomaly identification
          - Evidence collection and documentation
          • 1. Chain of custody principles
            Fraud Schemes- Asset Misappropriation Schemes
            • 1. Billing and expense reimbursement fraud
              • 2. Skimming and cash larceny
                - Financial Statement Fraud
                • 1. Asset overstatement and liability concealment
                  • 2. Revenue recognition manipulation

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                    ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q103-Q108):

                    NEW QUESTION # 103
                    The behavior profile of employees who are involved in bribery schemes may include:

                    Answer: A

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Employees involved in bribery or corruption schemes often exhibit lifestyle red flags such as gambling habits, drug/alcohol addiction, or extravagant spending . These behaviors create financial pressures that may motivate or result from corrupt activity.
                    * Analysis of Incorrect Options:
                    * A, B, C individually - Each is a red flag, but the most accurate answer is all of the above .
                    * Key Concept: Behavioral red flags in corruption cases.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Red Flags of Bribery .


                    NEW QUESTION # 104
                    Which of the following would be MOST INDICATIVE of loan fraud in a draw request submitted by a construction developer?

                    Answer: D

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: A draw request is used by construction developers to obtain loan funds for work completed. If lien releases are missing, it suggests subcontractors may not have been paid, and the developer might be misrepresenting completed work-an indicator of loan fraud.
                    * Analysis of Incorrect Options:
                    * A - Omission of personal account statements isn't unusual for a draw request.
                    * B - Change orders are common in construction projects.
                    * D - Multiple inspection reports support validity, not fraud.
                    * Key Concept: Loan fraud detection through supporting documentation review.
                    Reference: ACFE Manual, Financial Transactions - Loan Fraud .


                    NEW QUESTION # 105
                    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: D

                    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 # 106
                    How many accounts are affected in fraudulent accounting entries and therefore the same number of categories on the financial statement?

                    Answer: D

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: By double-entry accounting rules, every accounting entry affects at least two accounts (debit and credit). Fraudulent entries must also follow this rule, meaning manipulation will show up in at least two categories on the financial statements.
                    * Analysis of Incorrect Options:
                    * A. One - Impossible in double-entry accounting.
                    * C. More than two - Possible, but not always; the minimum is two.
                    * D. None of above - Incorrect since "at least two" is correct.
                    * Key Concept: Double-entry accounting ensures at least two accounts are affected in every transaction, including fraudulent ones.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Double- entry Accounting and Fraudulent Entries .


                    NEW QUESTION # 107
                    The excess credits (or debits) on the income statement are used to decrease (or increase) the equity account.

                    Answer: A

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: This is True . The net result of revenues and expenses (credits and debits) on the income statement flows into retained earnings, which is part of equity on the balance sheet. Therefore, excess credits (profits) increase equity, while excess debits (losses) decrease equity.
                    * Analysis of Incorrect Options:
                    * B. False - Incorrect, as the closing process of the accounting cycle directly affects equity.
                    * Key Concept: Closing process and impact of net income on equity.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Income Statement Flow to Equity .


                    NEW QUESTION # 108
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