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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- Financial Statement Fraud
      • 1. Asset overstatement and liability concealment
        • 2. Revenue recognition manipulation
          - Asset Misappropriation Schemes
          • 1. Skimming and cash larceny
            • 2. Billing and expense reimbursement fraud
              Topic 3: Financial Crimes- Money Laundering
              • 1. Placement, layering, integration stages
                - Banking and Payment Fraud
                • 1. Wire fraud and electronic transfers
                  • 2. Check and credit card fraud

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                    ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q334-Q339):

                    NEW QUESTION # 334
                    Revenue is recognized when it is:

                    Answer: B

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Under GAAP, revenue is recognized when it is realized or realizable and earned . This requires that the earnings process be substantially complete, and payment be reasonably assured.
                    * Analysis of Incorrect Options:
                    * B. Fictitious and Earned - Fictitious revenues are fraud, not recognized revenue.
                    * C. Realized and Evidenced - Evidence supports recognition, but "earned" is the proper standard.
                    * D. All of the above - Incorrect, since only option A is correct.
                    * Key Concept: Revenue recognition principle - realized/realizable and earned.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Financial Statement Fraud - Revenue Recognition Standards .


                    NEW QUESTION # 335
                    Oona goes to an expensive restaurant for lunch while on a business trip and pays for the meal with a company credit card. She later submits an expense reimbursement claim for several expenses she paid for using a personal credit card while on the trip and includes the receipt from the lunch. Oona's scheme can BEST be characterized as:

                    Answer: D

                    Explanation:
                    The correct answer is A. Oona's conduct is a multiple expense reimbursement scheme because she is attempting to obtain reimbursement for an expense that the company has already paid through the company credit card. In expense reimbursement fraud, multiple reimbursement schemes occur when an employee submits the same expense more than once, or submits an expense paid through one channel as though it was paid personally. This differs from a mischaracterized expense, where a personal cost is falsely described as business-related. It also differs from an overstated expense, where the amount is inflated, and from a fictitious expense, where no expense occurred. The key issue is duplicate recovery of the same lunch expense.


                    NEW QUESTION # 336
                    Which of the following statements regarding financial statement disclosures is TRUE?

                    Answer: A

                    Explanation:
                    The correct answer is A. Financial statement disclosures are required when information is necessary for users to understand the entity's financial position and risks. Potential losses from ongoing litigation generally must be disclosed when the likelihood of loss is reasonably possible, even if the amount is not yet certain. Option B is incorrect because significant subsequent events after the reporting period might require disclosure. Option C is incorrect because changes in accounting principles must generally be disclosed to preserve comparability and transparency. Option D is too narrow because related-party transactions require disclosure when material or relevant, not only when they financially harm stakeholders. The ACFE financial statement fraud materials identify improper disclosures, concealed liabilities, subsequent events, and related-party transactions as important fraud risk areas.


                    NEW QUESTION # 337
                    Which of the following is TRUE regarding accrual-basis accounting?

                    Answer: D

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Under accrual-basis accounting , revenues are generally recognized when earned (often upon delivery of goods or services), not necessarily when cash is received.
                    Similarly, expenses are recorded when incurred, not when paid. This provides a more accurate picture of performance and financial position.
                    * Analysis of Incorrect Options:
                    * A - This describes cash-basis accounting , not accrual-basis.
                    * B - Accrual accounting is more complex, not simpler.
                    * C - Focuses on earned revenues and incurred expenses, not immediate cash flow.
                    * Key Concept: Accrual accounting matches revenues with expenses in the period they occur.
                    Reference: ACFE Manual, Accounting Concepts - Accrual vs. Cash-Basis Accounting .


                    NEW QUESTION # 338
                    Which of the following is a method that a fraudster might use to conceal inventory shrinkage?

                    Answer: C

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Fraudsters conceal inventory shrinkage through multiple methods, including unrecorded sales, false write-offs, or manipulating perpetual records. The ACFE manual notes that concealment is a common theme in inventory fraud. Hence, all of the above are valid.
                    * Analysis of Incorrect Options:
                    * A, B, C - Each is correct individually, but the most comprehensive answer is D.
                    * Key Concept: Concealment methods for inventory theft.
                    Reference: ACFE Manual, Asset Misappropriation - Inventory and Other Assets .


                    NEW QUESTION # 339
                    ......

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