2026 CFE-Fraud-Schemes-and-Financial-Crimes New Cram Materials | Pass-Sure Certified Fraud Examiner -Fraud Schemes and Financial Crimes 100% Free Reliable Practice Questions

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

SectionObjectives
Fraud Schemes- Asset Misappropriation Schemes
  • 1. Skimming and cash larceny
    • 2. Billing and expense reimbursement fraud
      - Financial Statement Fraud
      • 1. Revenue recognition manipulation
        • 2. Asset overstatement and liability concealment
          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
                Fraud Investigation and Analysis- Evidence collection and documentation
                • 1. Chain of custody principles
                  - Data analysis in fraud detection
                  • 1. Trend and anomaly identification

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                    ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q14-Q19):

                    NEW QUESTION # 14
                    David, an accounts receivable clerk at a fitness center, steals a customer's monthly membership payment.
                    When he receives another customer's payment a few days later, David applies the payment to the first customer's account. He then applies payment from a third customer to the second customer's account. David is MOST LIKELY committing a:

                    Answer: D

                    Explanation:
                    The correct answer is A. David is committing a lapping scheme. Lapping occurs when an employee steals one customer's payment and conceals the theft by applying a later payment from another customer to the first customer's account. The employee must then continue shifting later payments to earlier accounts to keep the shortage hidden. This creates a rolling concealment pattern that can continue until discovered through customer complaints, account confirmations, delayed postings, or independent reconciliation. Padding, substitution, and duplication are not the standard ACFE classifications for this receivables concealment method. Because David is using later customer payments to cover earlier stolen receipts, his conduct fits the classic definition of lapping under cash receipts fraud schemes.


                    NEW QUESTION # 15
                    Which of the following statements about counterfeit payment card schemes is TRUE?

                    Answer: D

                    Explanation:
                    The correct answer is A. Holograms are specifically designed as anti-counterfeiting features and are among the most difficult physical card features for fraudsters to reproduce accurately. Counterfeit payment card schemes usually involve stolen account information being encoded or printed onto altered, blank, or counterfeit cards. Option B is incorrect because these schemes generally involve fraudsters, organized groups, or dishonest merchants, not collusion between card issuers and merchants. Option C is too absolute because modern technology allows counterfeit cards to be produced without traditional professional printing facilities.
                    Option D is inaccurate because counterfeit cards usually rely on stolen or compromised active account data, not merely expired card numbers. The ACFE payment fraud materials emphasize card security features, counterfeit card production, and card-scrutiny controls.


                    NEW QUESTION # 16
                    Which of the following terms BEST describes a property and casualty insurance scheme that involves filing an insurance claim for destroyed items, such as a boat or expensive equipment, that never actually existed?

                    Answer: C

                    Explanation:
                    The correct answer is B. A paper property scheme involves an insurance claim for property that exists only
                    "on paper," meaning the claimed property never actually existed or was never owned by the claimant. The question describes a claim for destroyed items, such as a boat or expensive equipment, that did not exist. This differs from a staged theft, where an actual event is falsely created or arranged to appear like a theft. It also differs from an inflated theft or inflated inventory scheme, where property might exist but the claimant exaggerates the quantity, quality, or value of the loss. The ACFE insurance fraud material identifies property schemes, including phony or inflated thefts and paper boats, as property and casualty insurance fraud methods.


                    NEW QUESTION # 17
                    _________ assumes the business will go on indefinitely in the future.

                    Answer: C

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: The going concern assumption means that a business will continue operating indefinitely and will not liquidate in the near future. This underpins the use of historical cost accounting and normal accrual-based reporting.
                    * Analysis of Incorrect Options:
                    * A. Materiality - Relates to significance of information, not continuity.
                    * C. Cost - Refers to historical cost valuation.
                    * D. Fair value - Refers to current market value, not continuity.
                    * Key Concept: Going Concern Assumption in accounting.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Basic Assumptions .


                    NEW QUESTION # 18
                    On the balance sheet, assets must equal the sum of which two components?

                    Answer: B

                    Explanation:
                    The correct answer is D. The balance sheet is based on the fundamental accounting equation: Assets = Liabilities + Owners' Equity. Assets represent resources owned or controlled by the entity. Liabilities represent obligations owed to creditors, while owners' equity represents the owners' residual interest after liabilities are deducted from assets. Because every accounting transaction affects at least two accounts, the equation must remain in balance. Revenues, expenses, cost of goods sold, and gross profit are primarily income statement elements, not the two main components that balance against assets on the statement of financial position. Understanding this equation is essential for fraud examiners because improper entries, concealed liabilities, overstated assets, and equity manipulation can distort financial statements.


                    NEW QUESTION # 19
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