Valid ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam Test, Exam CFE-Financial-Transactions-and-Fraud-Schemes Book

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

Section	Objectives
Topic 1: Financial Transaction Analysis	- General ledger and journal entries - Internal controls in financial processes - Banking and cash flow transactions
Topic 2: Asset Misappropriation and Corruption Schemes	- Billing and expense reimbursement fraud - Cash skimming and cash larceny schemes - Corruption schemes including bribery and conflicts of interest
Topic 3: Fraud Schemes in Financial Reporting	- Earnings manipulation techniques - Misrepresentation of assets and liabilities - Financial statement fraud schemes
Topic 4: Financial Statements and Accounting Fundamentals	- Financial statement structure and interpretation - Revenue, expenses, assets, and liabilities recognition - Basic accounting principles and concepts

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ACFE Certified Fraud Examiner - Financial Transactions and Fraud Schemes Exam Sample Questions (Q138-Q143):

NEW QUESTION # 138
Which of the following scenarios describes a card skimming or shimming scheme?

A. While processing a payment concealed from the customer's view, a retail employee uses a small device to scan and record the customer's payment card information.
B. None of the above.
C. An imitation website is created to deceive users into providing their payment card information.
D. After processing a customer's payment, a server returns with the receipt but keeps the payment card hoping that the customer does not notice.

Answer: A

NEW QUESTION # 139
Which of the following is the MOST ACCURATE statement about the phases of procurements involving open and free competition?

A. In the solicitation phase, prospective contractors prepare and submit their bids.
B. In the post-award and administration phase, the procuring entity identifies its needs and develops the criteria used to award the contract.
C. In the bid evaluation and award phase, the procuring entity fulfills its duties through the performance of its contractual obligations.
D. In the presolicitation phase, the procuring entity issues the solicitation document.

Answer: D

NEW QUESTION # 140
Which of the following is NOT a measure that is commonly taken by fraudsters during account takeover schemes?

A. Obtaining email addresses and other account log-in information by sending phishing emails
B. Placing orders for products or transferring funds from the overtaken accounts
C. Using log-in credentials that have been stolen from one account to attempt to gain access to other payment accounts
D. Ensuring that the contact information for the overtaken account remains the same to avoid alerting the true account holder

Answer: D

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Fraudsters typically change the contact information (e.g., phone number, email) to prevent the true account holder from receiving alerts about suspicious activity.
Leaving the contact information unchanged would risk detection. Thus, option B is NOT a common fraudster tactic.
* Analysis of Incorrect Options:
* A - True; fraudsters steal funds or make purchases.
* C - True; known as "credential stuffing" or account chaining.
* D - True; phishing is a primary way to obtain credentials.
* Key Concept: Cyber-enabled fraud - account takeover schemes.
Reference: ACFE Manual, Fraud Prevention and Deterrence - Account Takeover Fraud.

NEW QUESTION # 141
Several people who work in real estate collude to obtain a loan for the construction of a residential building on a property that does not exist. The co-conspirators divide the proceeds among themselves and leave the lender with no collateral to seize when loan payments are not made. Which of the following BEST describes this scheme?

A. Phantom lien
B. Daisy chain
C. Property flopping
D. Air loan

Answer: D

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: An air loan is a mortgage fraud scheme where the borrower and sometimes insiders create completely fictitious properties or borrowers. Here, the nonexistent property and loan proceeds being pocketed fits this definition.
* Analysis of Incorrect Options:
* A. Property flopping - Involves short sales and undervaluing distressed property.
* C. Phantom lien - False liens filed to collect fraudulent claims on real estate.
* D. Daisy chain - Involves multiple property transactions between conspirators to inflate value.
* Key Concept: Loan fraud schemes - fictitious property loans (air loans).
Reference: ACFE Manual, Financial Transactions - Mortgage and Loan Fraud.

NEW QUESTION # 142
According to accounting principles, ________ and ________ should be recorded or matched in the same accounting period; failing to do so violates the matching principle of GAAP.

A. Revenue and corresponding expenses
B. Revenue and Income statement
C. Capitalized expenses and Liabilities
D. Income statement and Long-term contracts

Answer: A

Explanation:
Detailed Explanation:
* Rationale for Correct Answer:The matching principle under GAAP requires that revenues and the corresponding expenses incurred to generate those revenues be recorded in the same period. Failing to do so misstates income and violates accrual accounting.
* Analysis of Incorrect Options:
* B. Revenue and Income statement - The income statement is a report, not an item to be matched.
* C. Income statement and Long-term contracts - Long-term contracts follow special rules (percentage of completion, completed contract), not the general matching principle.
* D. Capitalized expenses and Liabilities - Not part of the matching principle.
* Key Concept:Matching Principle - recording related revenues and expenses in the same period.
Reference:ACFE Fraud Examiners Manual (2020 International Edition), Accounting Concepts - Accrual Accounting and Matching Principle.

NEW QUESTION # 143
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