CFE-Financial-Transactions-and-Fraud-Schemes PDF Questions | CFE-Financial-Transactions-and-Fraud-Schemes Valid Cram Materials

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

SectionWeightObjectives
Financial Statement Fraud10–15%- Financial statement analysis techniques
- Revenue recognition schemes
- Improper disclosures
- Asset and liability misrepresentation
Corruption Schemes5–10%- Conflicts of interest
- Prevention and detection strategies
- Bribery and kickbacks
- Illegal gratuities and extortion
Internal Control and Fraud Prevention10–15%- Design of anti-fraud controls
- Control testing and evaluation
- Fraud risk assessment
Other Fraud Schemes10–15%- Theft of data and intellectual property
- Procurement and contract fraud
- Identity theft and financial crimes
- Healthcare fraud
- Insurance fraud
Asset Misappropriation – Cash Receipts5–10%- Cash larceny
- Cash skimming schemes
- Prevention and detection methods
Asset Misappropriation – Inventory and Other Assets5–10%- Concealment of asset shrinkage
- Prevention and detection controls
- Inventory theft and misuse
Asset Misappropriation – Fraudulent Disbursements15–20%- Register disbursement fraud
- Payroll fraud schemes
- Billing schemes
- Expense reimbursement fraud
- Electronic payment tampering
Basic Accounting and Auditing Concepts15–20%- Internal control frameworks and objectives
- Fundamental accounting principles
- Auditing standards and procedures
- Financial statement components and relationships

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ACFE Certified Fraud Examiner - Financial Transactions and Fraud Schemes Exam Sample Questions (Q219-Q224):

NEW QUESTION # 219
Jones is an accounts payable clerk at Smith Company. He intentionally sent the wrong vendor a check for some supplies. He then called the vendor, explained his "mistake", and requested that the vendor mail back the check. Jones then intercepted the returned check and deposited it in his own account. What type of scheme did he commit?

Answer: A

Explanation:
Explanation/Reference: https://www.gma-cpa.com/blog/billing-schemes-3-ways-fraudsters-can-cash-in-on-your-nonprofit#:~:text=Also%20known%20as%20a%20%E2%80%9Cpay,doesn't%20know%20it's%20occurring


NEW QUESTION # 220
___________ and __________ are used to increase (or decrease) the equity account.

Answer: B

Explanation:
Detailed Explanation:
* Rationale for Correct Answer:Journal entries record business activity, and credits increase equity (while debits reduce equity). Thus, journal entries and credits are the mechanisms that directly affect the equity account.
* Analysis of Incorrect Options:
* A. Journal Entries & Debit - Debits decrease equity, not increase.
* B. Journal Entries & Transactions - Transactions are general; credits specify the effect.
* D. None of all - Incorrect since option C is correct.
* Key Concept:Equity changes recorded through journal entries and credits.
Reference:ACFE Fraud Examiners Manual (2020 International Edition), Accounting Concepts - Equity Account Entries.


NEW QUESTION # 221
Which of the following is NOT one of the information security goals that should be achieved to secure an e- commerce system for users and account holders?

Answer: D


NEW QUESTION # 222
The heart of book keeping system is the ___________.

Answer: C


NEW QUESTION # 223
Accounting records are designed to be kept on subjective rather than objective evidence.

Answer: B

Explanation:
Detailed Explanation:
* Rationale for Correct Answer:This is False. Accounting is based on the objectivity principle, requiring that records and financial information be supported by objective, verifiable evidence (e.g., invoices, contracts, receipts). Subjective evidence would undermine reliability.
* Analysis of Incorrect Options:
* A. True - Incorrect, as subjectivity is discouraged in accounting.
* B. False - Correct, since accounting relies on objective documentation.
* Key Concept:Objectivity principle in accounting.
Reference:ACFE Fraud Examiners Manual (2020 International Edition), Accounting Concepts - Objectivity Principle.


NEW QUESTION # 224
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