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

Section	Objectives
Topic 1: Fraud Schemes	- Asset Misappropriation Schemes 1. Skimming and cash larceny 2. Billing and expense reimbursement fraud - Financial Statement Fraud 1. Revenue recognition manipulation 2. Asset overstatement and liability concealment
Topic 2: Fraud Investigation and Analysis	- Evidence collection and documentation 1. Chain of custody principles - Data analysis in fraud detection 1. Trend and anomaly identification
Topic 3: 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

Section

Objectives

Topic 1: Fraud Schemes

- Asset Misappropriation Schemes

1. Skimming and cash larceny
2. Billing and expense reimbursement fraud

- Financial Statement Fraud

1. Revenue recognition manipulation
2. Asset overstatement and liability concealment

Topic 2: Fraud Investigation and Analysis

- Evidence collection and documentation

1. Chain of custody principles

- Data analysis in fraud detection

1. Trend and anomaly identification

Topic 3: 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

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ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q150-Q155):

NEW QUESTION # 150
Which of the following statements regarding using front businesses as a method of laundering money is MOST ACCURATE?

A. Bars, restaurants, and nightclubs are commonly used as front businesses because these venues tend to charge relatively low prices and customers rarely vary in their purchases.
B. Money launderers are able to benefit from using front businesses to hide their illegal income because they can easily avoid paying taxes on that income.
C. Front businesses can often be detected because these businesses have a large number of customers during peak operating hours and high income.
D. Front businesses are a favored method because it is difficult to match the costs associated with providing customers food, liquor, and entertainment with the revenues produced.

Answer: D

Explanation:
The correct answer is D. Front businesses are attractive for money laundering because they allow illegal proceeds to be mixed with legitimate revenue, especially where cash sales are common and expenses are variable. Bars, restaurants, nightclubs, and similar businesses can make it difficult to reconcile actual customer activity with reported revenue and operating costs. This makes it easier to overstate revenues, inflate expenses, or insert illicit funds into the business records. Option A is inaccurate because money launderers might pay taxes on falsely reported income to make the funds appear legitimate. Option B is incorrect because a front may show high income despite low visible customer activity. Option C is too narrow and inaccurate because these businesses often involve variable purchases and pricing.

NEW QUESTION # 151
____________ is a process by which a bookkeeper records all transactions and can adjust the books.

A. Financial statement
B. Journal Entries
C. Accounting Cycle
D. None of all

Answer: C

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The accounting cycle is the complete process of recording transactions, adjusting the books, preparing trial balances, and producing financial statements. Journal entries are part of the process, but the entire structured sequence is called the accounting cycle.
* Analysis of Incorrect Options:
* A. Journal Entries - Steps within the cycle, not the entire process.
* C. Financial statement - Output of the cycle, not the process itself.
* D. None of all - Incorrect since the accounting cycle is the correct term.
* Key Concept: Accounting Cycle - structured process of recording and adjusting transactions.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - The Accounting Cycle .

NEW QUESTION # 152
Baker, an employee of ABC Corporation, was the only employee who had control of the purchasing function for his department. Baker authorized the purchase of supplies that ABC did not need and used these supplies to make improvements to his house. This is an example of what kind of fraud?

A. Theft of inventory
B. Personal purchases with company funds
C. Pay and return scheme
D. Pass-through scheme

Answer: B

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This is personal purchases with company funds , where an employee uses company resources to acquire goods or services for personal benefit. Baker used ABC's funds to buy supplies for home improvements.
* Analysis of Incorrect Options:
* A. Pay and return scheme - Involves overpaying a vendor and pocketing the refund.
* C. Pass-through scheme - Involves using a controlled company to bill the employer at inflated prices.
* D. Theft of inventory - Involves stealing company stock, not purchasing items for personal use.
* Key Concept: Fraudulent disbursement - billing fraud through unauthorized personal purchases.
Reference: ACFE Manual, Fraudulent Disbursements - Personal Purchases Schemes .

NEW QUESTION # 153
Placing any restriction in the solicitation documents that tend to restrict competition is called prebid solicitation.

A. True
B. False

Answer: B

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This is False . Placing restrictions in solicitation documents that limit competition is a solicitation phase corruption scheme , not "prebid solicitation." The correct terminology is restrictive specifications or fraudulent solicitation practices .
* Analysis of Incorrect Options:
* A. True - Incorrect, as "prebid solicitation" is not the proper term.
* Key Concept: Restrictive solicitation practices limit competition unfairly.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Solicitation Phase Schemes .

NEW QUESTION # 154
Which of the following would be helpful in detecting a cash larceny scheme?

A. Prohibiting employees from performing the duties of an absent employee
B. Having the accounts receivable clerk prepare the bank deposit
C. Requiring cashiers to perform cash counts of their own cash registers at the end of each shift
D. Reconciling cash register totals to the amount of cash in the register drawer

Answer: D

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Cash larceny involves stealing cash after it has been recorded.
Reconciling register totals against actual drawer cash can reveal shortages, making option C the best detection method.
* Analysis of Incorrect Options:
* A - Weakens segregation of duties and increases fraud risk.
* B - Impractical; cross-training is often necessary.
* D - Cashiers counting their own registers weakens independent verification and may conceal theft.
* Key Concept: Detecting cash larceny through reconciliation controls.
Reference: ACFE Manual, Cash Receipts - Cash Larceny Schemes .

NEW QUESTION # 155
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