Valid ACFE CFE-Fraud-Schemes-and-Financial-Crimes Exam Answers | CFE-Fraud-Schemes-and-Financial-Crimes Valid Dumps

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

Section	Objectives
Topic 1: Financial Crimes	- Corruption Schemes 1. Bribery 2. Conflicts of interest 3. Kickbacks - Financial Statement Fraud 1. Expense understatement 2. Asset overstatement 3. Revenue manipulation - Money Laundering 1. Layering stage 2. Integration stage 3. Placement stage
Topic 2: Fraud Schemes	- Asset Misappropriation Schemes 1. Expense reimbursement fraud 2. Inventory and asset theft 3. Payroll fraud 4. Cash theft and skimming - Fraudulent Disbursements 1. Billing shell companies 2. Billing schemes 3. Check tampering

Section

Objectives

Topic 1: Financial Crimes

- Corruption Schemes

1. Bribery
2. Conflicts of interest
3. Kickbacks

- Financial Statement Fraud

1. Expense understatement
2. Asset overstatement
3. Revenue manipulation

- Money Laundering

1. Layering stage
2. Integration stage
3. Placement stage

Topic 2: Fraud Schemes

- Asset Misappropriation Schemes

1. Expense reimbursement fraud
2. Inventory and asset theft
3. Payroll fraud
4. Cash theft and skimming

- Fraudulent Disbursements

1. Billing shell companies
2. Billing schemes
3. Check tampering

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ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q256-Q261):

NEW QUESTION # 256
Which of the following statements is TRUE regarding income statements?

A. Gross revenue is the total amount of sales after all deductions are applied.
B. Gross profit is equal to revenues minus operating expenses.
C. Net profit is the difference between total sales and the cost of goods sold.
D. Most companies present net sales as the first line item.

Answer: D

Explanation:
The correct answer is A. The income statement reports revenues and expenses for a period, and most companies present net sales or net service revenues as the first line item. Net sales means gross sales reduced by sales returns, allowances, refunds, or discounts. Option B is incorrect because gross profit is generally net sales minus cost of goods sold, not revenues minus operating expenses. Operating expenses are deducted after gross profit to help determine operating income. Option C incorrectly defines net profit; net profit reflects revenues minus all relevant expenses, not merely sales minus cost of goods sold. Option D is also incorrect because gross revenue is before deductions, while net sales are after deductions. The ACFE accounting materials explain these income statement relationships.

NEW QUESTION # 257
Which of the following is a method of identity theft prevention that is recommended for businesses?

A. Use government identification numbers as employee identification numbers
B. Use encryption only when sending personal information externally through a hardwired internet connection
C. Audit practices involving the handling of information only when regulators require it
D. Collect government identification numbers from customers only when legally required to gather that information

Answer: D

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Best practice is to minimize collection of sensitive data such as government identification numbers, only obtaining them when legally required. This reduces the risk of identity theft exposure in case of a breach.
* Analysis of Incorrect Options:
* A. Use government IDs as employee IDs - Increases risk of exposure, not prevention.
* B. Audit information practices only when required - Insufficient; audits should be regular and proactive.
* C. Use encryption only for external transfers - Encryption should always be applied, not selectively.
* Key Concept: Identity theft prevention for businesses .
Reference: ACFE Fraud Examiners Manual (2020) , Corruption: Identity Theft Prevention Practices .

NEW QUESTION # 258
Which of the following statements describes a best practice for preventing procurement fraud?

A. Companies should assign the responsibility of approving invoice payments to the person who maintains the vendor master file so discrepancies can be better identified.
B. Companies should conduct background checks on vendors after they have been added to the company's vendor master file.
C. Companies should limit comprehensive audits of procurement activities to once a year to create a consistent data point for comparison from one year to the next.
D. Companies should implement vendor-monitoring procedures that address the red flags of the vendor schemes that pose the greatest risk.

Answer: D

Explanation:
The correct answer is D. Procurement fraud prevention requires ongoing vendor monitoring based on the organization's highest-risk vendor schemes. Monitoring should focus on practical red flags, such as unusual pricing, duplicate vendors, related-party indicators, excessive change orders, suspicious payment patterns, or vendors lacking proper support. Option A violates segregation of duties because the person maintaining the vendor master file should not also approve invoice payments. Option B is weak because vendor background checks should occur before vendors are added to the master file, not after. Option C is incorrect because procurement monitoring should be ongoing and risk-based, not restricted to annual reviews. The ACFE material emphasizes vendor management, vendor master file controls, and monitoring based on relevant red flags.

NEW QUESTION # 259
Which of the following is NOT the aspect of inventory purchase?

A. Inventory purchases purposely increase in year 1 only to be liquidated in year 2.
B. Increased sales in year 2 are unexpected and purchase of inventory does not keep pace with the sales.
C. Inventory for year 2 will be much greater than year 1.
D. Might be some fraud scheme in inventory.

Answer: C

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Option B is NOT a typical fraud-related aspect of inventory purchases.
An increase in year 2 inventory being greater than year 1 is not, by itself, an indicator of fraud - it could reflect growth. However:
* A describes "inventory build-up and liquidation" schemes,
* C highlights mismatches between sales and purchases,
* D acknowledges possible fraud schemes.
* Analysis of Incorrect Options:
* A - Recognized fraud indicator.
* C - Suggests fictitious sales or revenue manipulation.
* D - Correctly signals potential fraud.
* Key Concept: Red flags in inventory purchases and mismatched patterns.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Inventory and Other Assets - Inventory Purchase Schemes .

NEW QUESTION # 260
_____________ involves purposeful misreporting of financial information about the organization that is intended to mislead those who read it.

A. Corruption
B. Asset misappropriations
C. None of the above
D. Fraudulent statement

Answer: D

NEW QUESTION # 261
......

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