CFE-Fraud-Schemes-and-Financial-Crimes Practice Exam Questions, Verified Answers - Pass Your Exams For Sure!

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

SectionWeightObjectives
Asset Misappropriation – Cash Disbursements10–15%- Billing schemes
- Expense reimbursement schemes
- Payroll schemes
- Check and payment tampering
Theft of Data and Intellectual Property5–10%- Data and IP theft methods
- Corporate espionage
- Safeguarding proprietary information
Identity Theft1–5%- Types and techniques
- Prevention and detection
Asset Misappropriation – Non-Cash Assets5–10%- Inventory and equipment theft
- Concealment techniques
- Misuse of assets
Asset Misappropriation – Cash Receipts5–10%- Cash larceny schemes
- Prevention and detection methods
- Cash skimming schemes
Corruption Schemes5–10%- Conflicts of interest
- Bribery and kickbacks
- Illegal gratuities and extortion
Financial Statement Fraud10–15%- Revenue and asset overstatements
- Expense and liability understatements
- Timing and disclosure manipulations
- Detection and red flags
Accounting Concepts5–10%- Internal control fundamentals
- Recording and summarizing transactions
- Financial statements structure
- Basic accounting principles
Industry-Specific Financial Crimes15–25%- Insurance fraud
- Real estate and securities fraud
- Cyber-enabled and cryptocurrency fraud
- Healthcare fraud
- Financial institution fraud

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ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q62-Q67):

NEW QUESTION # 62
Which of the following statements is TRUE regarding income statements?

Answer: D

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Gross profit = Net sales - Cost of Goods Sold (COGS). This is the correct definition, as per standard accounting principles.
* Analysis of Incorrect Options:
* A. Gross revenue - Defined as total sales before deductions, not after.
* B. Net profit - Net profit is after all expenses (operating, interest, taxes), not before.
* D. Operating expenses - Appear after gross profit, not at the top.
* Key Concept: Income statement structure and key definitions .
Reference: ACFE Fraud Examiners Manual (2020) , Accounting Concepts: Income Statement Analysis .


NEW QUESTION # 63
An analytical review reveals that XYZ Company's cost of goods sold has increased by 75% in the last year.
However, its sales revenues only increased by 25% during the same period. This situation MOST LIKELY indicates which of the following?

Answer: C

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: A disproportionate increase in COGS without a corresponding increase in sales is a red flag for inventory theft or misappropriation . Theft reduces ending inventory, which artificially inflates COGS, while sales remain unchanged or grow modestly.
* Analysis of Incorrect Options:
* A - Warranty liabilities affect expenses, not COGS.
* B - Fewer sales would reduce both revenue and COGS proportionally, not cause a large disparity.
* C - Sales returns reduce revenue, not inflate COGS.
* Key Concept: Using analytical review to detect inventory theft via COGS anomalies.
Reference: ACFE Manual, Financial Statement Fraud - Red Flags and Analytical Procedures .


NEW QUESTION # 64
Which of the following is one of the sections on the statement of cash flows?

Answer: D

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The statement of cash flows has three standard sections:
* Cash flows from operating activities
* Cash flows from investing activities
* Cash flows from financing activities Thus, option B is correct.
* Analysis of Incorrect Options:
* A - No section called "purchasing activities"; such outflows fall under investing or operating.
* C - No section called "earnings activities"; related cash flows are operating.
* D - "Strategic activities" is not a formal category in GAAP or IFRS.
* Key Concept: Structure of the statement of cash flows.
Reference: ACFE Manual, Accounting Concepts - Financial Statements Overview .


NEW QUESTION # 65
In Cressey's fraud triangle, its three legs are Opportunity, Pressure, and:

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 # 66
A __________ is a day-by-day, or chronological, record of transactions.

Answer: A

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The journal is specifically the chronological record of transactions.
Each entry captures date, accounts affected, amounts, and explanation, making it the foundational record before posting to the ledger.
* Analysis of Incorrect Options:
* A. Asset - Not a record, but a resource.
* C. Checkbook - Only records cash movements, not all transactions.
* D. Ledger - Summarizes accounts, but not in chronological order.
* Key Concept: Chronological recording of transactions via the journal.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Journal vs. Ledger .


NEW QUESTION # 67
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