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| Section | Objectives |
|---|---|
| Topic 1: Fraud Schemes | - Asset Misappropriation Schemes
|
| Topic 2: Financial Crimes | - Financial Statement Fraud
|
>> CFE-Fraud-Schemes-and-Financial-Crimes Real Exam <<
ACFE Certified professionals are often more sought after than their non-certified counterparts and are more likely to earn higher salaries and promotions. Moreover, cracking the Certified Fraud Examiner -Fraud Schemes and Financial Crimes (CFE-Fraud-Schemes-and-Financial-Crimes) exam helps to ensure that you stay up to date with the latest trends and developments in the industry, making you more valuable assets to your organization.
NEW QUESTION # 260
Which of the following is true for red flags associated with fictitious revenues?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: One of the key red flags of fictitious revenues is sales to related parties, shell companies, or entities with unknown substance and ownership . Such transactions are often used to inflate revenue artificially.
* Analysis of Incorrect Options:
* A. Slow growth/unusual profitability - Incorrect, fictitious revenue often results in rapid or unrealistic growth.
* B. Growth in days' purchases in receivables - Misstated phrase; correct indicator would be growth in days' sales in receivables .
* D. Surge in purchases - Relates more to inventory fraud than fictitious revenues.
* Key Concept: Red flags of fictitious revenue - questionable counterparties and unrealistic sales growth.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Financial Statement Fraud - Red Flags of Fictitious Revenues .
NEW QUESTION # 261
When expenses used to produce income-all of them-should be matched in a consistent manner against that income, this is referred to:
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Accrual basis accounting requires revenues and related expenses to be recorded in the same accounting period. This is known as the matching principle , ensuring accurate measurement of income.
* Analysis of Incorrect Options:
* A. Equity - Not relevant to matching expenses.
* C. Expense - A category of cost, not a principle.
* D. Financial record - Too general.
* Key Concept: Accrual Accounting & Matching Principle .
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Accrual Accounting and Matching Principle .
NEW QUESTION # 262
Jonathan, a Certified Fraud Examiner (CFE), is tasked with identifying potential indicators of intrusion into his employer's computer network. Which of the following might indicate that the organization's network has been compromised or accessed without authorization?
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Being prompted to install unfamiliar software is a red flag for malware or unauthorized access, often indicating that attackers are attempting to establish persistence in the system. This is a classic indicator of a compromised network.
* Analysis of Incorrect Options:
* A - Standard security measure, not a red flag.
* C - Data from supplier countries is normal if consistent with business operations.
* D - Access denial to files outside a user's role is a normal access control, not an intrusion sign.
* Key Concept: Cyberfraud detection - identifying intrusion indicators.
Reference: ACFE Manual, Fraud Prevention and Deterrence - Cybersecurity Threats .
NEW QUESTION # 263
The more power a person has over the bidding process, the more likely the person can influence the selection of a supplier.
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This is True . When an employee has significant authority or discretion in the procurement process (e.g., drafting specifications, approving vendors, or evaluating bids), they are more capable of steering contracts toward favored suppliers. This increases the risk of corruption schemes like kickbacks or bid-rigging .
* Analysis of Incorrect Options:
* B. False - Incorrect; influence grows with authority over procurement.
* Key Concept: Procurement authority is a key risk factor for corruption.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Procurement Schemes .
NEW QUESTION # 264
When a victim company purchases unnecessary goods or services from a supplier at the direction of the corrupt employee, this results in:
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: A need recognition scheme occurs when an employee uses their influence to convince their employer to purchase unnecessary goods or services. This benefits the supplier (often paying kickbacks) but harms the employer.
* Analysis of Incorrect Options:
* A. Presolicitation scheme - General stage of procurement, not specific.
* C. False sole-source scheme - Involves eliminating competition by claiming only one vendor can supply the good/service.
* D. Submission scheme - Related to bid-rigging, not need recognition.
* Key Concept: Need recognition schemes - corruption through unnecessary purchases.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Need Recognition Schemes .
NEW QUESTION # 265
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