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

SectionObjectives
Topic 1: Fraud Investigation and Analysis- Evidence collection and documentation
  • 1. Chain of custody principles
    - Data analysis in fraud detection
    • 1. Trend and anomaly identification
      Topic 2: Fraud Schemes- Asset Misappropriation Schemes
      • 1. Billing and expense reimbursement fraud
        • 2. Skimming and cash larceny
          - Financial Statement Fraud
          • 1. Revenue recognition manipulation
            • 2. Asset overstatement and liability concealment
              Topic 3: Financial Crimes- Banking and Payment Fraud
              • 1. Wire fraud and electronic transfers
                • 2. Check and credit card fraud
                  - Money Laundering
                  • 1. Placement, layering, integration stages

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                    ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q251-Q256):

                    NEW QUESTION # 251
                    A fictitious revenue scheme often results in which of the following situations?

                    Answer: C

                    Explanation:
                    The correct answer is A. Fictitious revenue schemes involve recording sales that did not actually occur.
                    Because no real customer owes money for the fake sale, the related accounts receivable often remain unpaid and become long overdue. A rising amount of old or uncollectible receivables can therefore be a red flag that revenue was fabricated to inflate income. Option B is less direct because companies might fail to write off bad receivables for several reasons, including improper allowance estimates. Option C is inconsistent with many fictitious revenue schemes because fake credit sales commonly increase receivables. Option D, receivables paid only a few days late, does not strongly indicate fictitious sales. The ACFE materials identify fictitious revenues and accounts receivable anomalies as common financial statement fraud indicators.


                    NEW QUESTION # 252
                    "Anticipate possible losses and omit potential profits", this results in:

                    Answer: B

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: This description reflects asymmetrical accounting , which is based on the conservatism principle. Possible losses are recorded, but potential gains are omitted until realized. This creates an asymmetry in recognizing losses versus gains.
                    * Analysis of Incorrect Options:
                    * B. Symmetrical accounting - Would recognize gains and losses equally, contrary to conservatism.
                    * C. Playing accounting - Fraud scheme, not a principle.
                    * D. Bearing accounting - Not a recognized concept.
                    * Key Concept: Asymmetry in accounting - conservative recognition of losses versus gains.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Conservatism and Asymmetric Accounting .


                    NEW QUESTION # 253
                    Which of the following statements about counterfeit payment card schemes is TRUE?

                    Answer: D

                    Explanation:
                    The correct answer is A. Holograms are specifically designed as anti-counterfeiting features and are among the most difficult physical card features for fraudsters to reproduce accurately. Counterfeit payment card schemes usually involve stolen account information being encoded or printed onto altered, blank, or counterfeit cards. Option B is incorrect because these schemes generally involve fraudsters, organized groups, or dishonest merchants, not collusion between card issuers and merchants. Option C is too absolute because modern technology allows counterfeit cards to be produced without traditional professional printing facilities.
                    Option D is inaccurate because counterfeit cards usually rely on stolen or compromised active account data, not merely expired card numbers. The ACFE payment fraud materials emphasize card security features, counterfeit card production, and card-scrutiny controls.


                    NEW QUESTION # 254
                    Which of the following statements is MOST ACCURATE regarding financial reporting practices and accounting frameworks, such as U.S. generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS)?

                    Answer: D

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: The accounting framework a company must follow depends on the jurisdiction in which it is publicly traded . For example, U.S.-listed companies must follow GAAP, while companies in the EU must use IFRS. Some countries allow or require IFRS, others mandate local GAAP.
                    * Analysis of Incorrect Options:
                    * B - Incorrect; some jurisdictions have their own national GAAP not tied to U.S. GAAP or IFRS.
                    * C - Incorrect; international operations do not mandate IFRS-jurisdictional rules apply.
                    * D - Incorrect; U.S. GAAP is rules-based, IFRS is principles-based (the reverse of what's stated).
                    * Key Concept: Financial reporting standards are jurisdiction-driven.
                    Reference: ACFE Manual, Accounting Concepts - GAAP vs. IFRS .


                    NEW QUESTION # 255
                    Shirley, a 68-year-old widow, connects with a stranger named Simon on a social networking site. Simon befriends her and says he looks forward to meeting her on the trip they have been planning. However, Simon tells Shirley that he recently lost his job and does not have the resources to pay for the trip. Shirley sends him
                    $10,000 as a loan and never hears from Simon again. Shirley has MOST LIKELY been victimized by which of the following schemes?

                    Answer: A

                    Explanation:
                    Shirley has most likely been victimized by a romance scheme. In romance, sweetheart, or friendship scams, the fraudster builds an emotional relationship with the victim, often through social networking or online communication, and then requests money under a sympathetic pretext. Simon befriends Shirley, creates expectations of a future meeting, claims financial hardship, receives $10,000, and then disappears. That pattern is typical of a romance scam. A grandparent scheme usually involves impersonating a grandchild or relative in distress. A bait-and-switch scheme involves advertising one product or service and substituting another. A vacation scheme would focus on fraudulent travel offers, not a fabricated romantic relationship used to obtain money. The ACFE material identifies romance and friendship sc hemes as consumer fraud schemes.


                    NEW QUESTION # 256
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