Dumps CFE-Fraud-Schemes-and-Financial-Crimes Cost | CFE-Fraud-Schemes-and-Financial-Crimes Actual Exams

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

SectionObjectives
Fraud Schemes- Financial Statement Fraud
  • 1. Revenue recognition manipulation
    • 2. Asset overstatement and liability concealment
      - Asset Misappropriation Schemes
      • 1. Skimming and cash larceny
        • 2. Billing and expense reimbursement fraud
          Financial Crimes- Money Laundering
          • 1. Placement, layering, integration stages
            - Banking and Payment Fraud
            • 1. Check and credit card fraud
              • 2. Wire fraud and electronic transfers
                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 (Q128-Q133):

                    NEW QUESTION # 128
                    Which of the following is a common red flag of a bid tailoring scheme?

                    Answer: C

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Bid tailoring occurs when procurement officials structure contract requirements to unfairly favor a particular vendor. A hallmark red flag is unusually narrow specifications , which restrict competition.
                    * Analysis of Incorrect Options:
                    * A. Clear submission information - Standard and appropriate, not a red flag.
                    * C. Rebid contracts - Could indicate limited interest, but not tailoring.
                    * D. Numerous bidders - Indicates competition, opposite of bid tailoring.
                    * Key Concept: Procurement fraud - bid tailoring .
                    Reference: ACFE Fraud Examiners Manual (2020) , Corruption: Procurement Schemes .


                    NEW QUESTION # 129
                    The price of an asset on which the asset is selling at on the open market in a transaction between a willing buyer and a willing seller is called:

                    Answer: D

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Fair value is defined as the price an asset would fetch in an orderly transaction between willing market participants. It reflects current market conditions, not historical cost.
                    * Analysis of Incorrect Options:
                    * A. Absolute value - Mathematical concept, not accounting.
                    * C. Cost value - Historical cost, not current market.
                    * D. Material value - Not a recognized accounting term.
                    * Key Concept: Fair Value Measurement under GAAP/IFRS.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Fair Value .


                    NEW QUESTION # 130
                    __________ may be defined as the offering, giving, receiving, or soliciting anything of value to influence an official act.

                    Answer: B

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Bribery is specifically defined as offering, giving, receiving, or soliciting anything of value to influence an official act or business decision. It is one of the four primary corruption categories.
                    * Analysis of Incorrect Options:
                    * A. Corruption - Broader category; bribery is one part of it.
                    * B. Diverting business to vendors - A conflict of interest scheme, not bribery.
                    * D. Lacking approval authority - Refers to control weaknesses, not corruption.
                    * Key Concept: Bribery definition and its role in corruption.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Bribery .


                    NEW QUESTION # 131
                    What type of fraud scheme would MOST LIKELY be revealed by comparing a company's personnel records with its payroll records to identify duplicate addresses and government identification numbers?

                    Answer: C

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: A ghost employee scheme occurs when fictitious or former employees remain on payroll. Detecting duplicate addresses, Social Security/Government ID numbers, or other anomalies between HR and payroll records is a classic detection method for ghost employees.
                    * Analysis of Incorrect Options:
                    * A. Fraudulent commissions scheme - Relates to sales manipulation, not duplicate personnel records.
                    * B. Falsified hours and salary scheme - Involves timekeeping, not fictitious employees.
                    * C. Expense reimbursement scheme - Concerns fraudulent expense claims, unrelated to payroll records.
                    * Key Concept: Payroll fraud - Ghost Employee scheme .
                    Reference: ACFE Fraud Examiners Manual (2020) , Asset Misappropriation: Payroll Schemes .


                    NEW QUESTION # 132
                    On the balance sheet, assets must equal the sum of which two components?

                    Answer: D

                    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 # 133
                    ......

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