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

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

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ACFE Certified Fraud Examiner - Financial Transactions and Fraud Schemes Exam Sample Questions (Q221-Q226):

NEW QUESTION # 221
After a government health care program pays for Marco's appendectomy, he files a claim for reimbursement under his private insurance policy for the same procedure. Which type of patient-perpetrated health care fraud scheme is Marco MOST LIKELY committing?

A. Ineligible claimants scheme
B. Multiple claims scheme
C. Misrepresentations scheme
D. Fictitious claims scheme

Answer: C

Explanation:
Explanation/Reference: https://www.acfe.com/fraud-101.aspx

NEW QUESTION # 222
Baker, an employee of ABC Corporation, was the only employee who had control of the purchasing function for his department. Baker authorized the purchase of supplies that ABC did not need and used these supplies to make improvements to his house. This is an example of what kind of fraud?

A. Pass-through scheme
B. Theft of inventory
C. Pay and return scheme
D. Personal purchases with company funds

Answer: D

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This is personal purchases with company funds, where an employee uses company resources to acquire goods or services for personal benefit. Baker used ABC's funds to buy supplies for home improvements.
* Analysis of Incorrect Options:
* A. Pay and return scheme - Involves overpaying a vendor and pocketing the refund.
* C. Pass-through scheme - Involves using a controlled company to bill the employer at inflated prices.
* D. Theft of inventory - Involves stealing company stock, not purchasing items for personal use.
* Key Concept: Fraudulent disbursement - billing fraud through unauthorized personal purchases.
Reference: ACFE Manual, Fraudulent Disbursements - Personal Purchases Schemes.

NEW QUESTION # 223
Which of the following statements is MOST ACCURATE regarding financial reporting practices and accounting frameworks, such as U.S. generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS)?

A. All publicly traded companies are required to adopt either U.S. GAAP or IFRS as their accounting framework.
B. The financial reporting practices that a publicly traded company must follow are determined by the company's jurisdiction.
C. Organizations that conduct business internationally must adopt IFRS as their accounting framework for financial reporting.
D. U.S. GAAP is a principle-based accounting framework, and IFRS is a rules-based accounting framework.

Answer: B

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The accounting framework a company must follow depends on the jurisdiction in which it is publicly traded. For example, U.S.-listed companies must follow GAAP, while companies in the EU must use IFRS. Some countries allow or require IFRS, others mandate local GAAP.
* Analysis of Incorrect Options:
* B - Incorrect; some jurisdictions have their own national GAAP not tied to U.S. GAAP or IFRS.
* C - Incorrect; international operations do not mandate IFRS-jurisdictional rules apply.
* D - Incorrect; U.S. GAAP is rules-based, IFRS is principles-based (the reverse of what's stated).
* Key Concept: Financial reporting standards are jurisdiction-driven.
Reference: ACFE Manual, Accounting Concepts - GAAP vs. IFRS.

NEW QUESTION # 224
By what accountant means that the financial figures presented by the company are at least as much as reflected in the statements, if not more.

A. Fraudulent statement
B. Misappropriations
C. Matching
D. Conservatism

Answer: D

Explanation:
Detailed Explanation:
* Rationale for Correct Answer:The conservatism principle in accounting means that financial statements should not overstate assets or income and should anticipate possible losses. Thus, the amounts shown should be at least as much as reflected, if not more. This ensures users are not misled by overly optimistic figures.
* Analysis of Incorrect Options:
* A. Fraudulent statement - Involves intentional misrepresentation, not a principle of accounting.
* B. Misappropriations - Theft of assets, unrelated to valuation principles.
* D. Matching - Refers to aligning expenses with related revenues, not conservatism.
* Key Concept:Conservatism principle - caution in financial reporting.
Reference:ACFE Fraud Examiners Manual (2020 International Edition), Accounting Concepts - Conservatism in GAAP.

NEW QUESTION # 225
Which of the following is a red flag that might indicate that someone is attempting to commit insurance fraud?

A. A burglary loss claim includes small electronic items and jewelry.
B. A claim is made soon after an insurance policy commences.
C. The insured made one other insurance claim within the past five years.
D. A theft claim includes items that were purchased recently and the receipts.

Answer: B

NEW QUESTION # 226
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