CFE-Fraud-Schemes-and-Financial-Crimes Latest Test Practice, CFE-Fraud-Schemes-and-Financial-Crimes Reliable Test Topics

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

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

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                                  ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q113-Q118):

                                  NEW QUESTION # 113
                                  Otto, a bank manager, purchases a new boat that he cannot afford. Knowing that one of the bank customers is an older client who does not regularly check their account, Otto takes money from the customer's account to make his boat payments. To conceal the missing amount, Otto adjusts the bank's general ledger. Which of the following BEST describes Otto's scheme?

                                  Answer: C

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: Otto's act combines misappropriation of customer funds with concealment via false accounting entries . Per the Fraud Examiners Manual , concealment through altering records is a hallmark of accounting fraud schemes tied to asset misappropriation.
                                  * Analysis of Incorrect Options:
                                  * A - Unauthorized disbursement typically refers to fraudulent payments like check tampering, not customer withdrawals.
                                  * B - Dormant account fraud targets unused/inactive accounts; the victim here is an active but inattentive customer.
                                  * D - Unauthorized withdrawal is part of the theft, but the defining element is the falsified ledger concealment, making C more precise.
                                  * Key Concept: Asset misappropriation with concealment through false accounting.
                                  Reference: ACFE Manual, Asset Misappropriation - Concealment Methods .


                                  NEW QUESTION # 114
                                  Which of the following scenarios describes a card skimming or shimming scheme?

                                  Answer: C

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: Card skimming/shimming occurs when a fraudster captures payment card data with a hidden device. In this case, the employee secretly scans the customer's card with a small device - a textbook example of skimming.
                                  * Analysis of Incorrect Options:
                                  * A. Server keeps the card - This is theft of the card, not skimming.
                                  * B. Imitation website - This is phishing , not skimming.
                                  * D. None of the above - Incorrect since option C is correct.
                                  * Key Concept: Payment card fraud - skimming/shimming devices.
                                  Reference: ACFE Fraud Examiners Manual (2020) , Asset Misappropriation: Credit Card and Check Fraud .


                                  NEW QUESTION # 115
                                  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?

                                  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 # 116
                                  Which of the following actions would constitute intellectual property theft?

                                  Answer: A

                                  Explanation:
                                  Option A constitutes intellectual property theft because the corporate agent improperly accesses a competitor' s computer network and obtains confidential files about future pricing strategy. Proprietary business information, trade secrets, pricing plans, research, customer lists, and strategic documents can constitute valuable intangible assets. The ACFE material distinguishes lawful competitive intelligence from corporate espionage and theft of proprietary information. Option C describes open-source research, which is generally lawful if the information is publicly available. Option B is a false billing or fraudulent disbursement-type scheme, not intellectual property theft. Option D involves recruiting an employee and does not show improper acquisition or misuse of confidential information. The defining feature in option A is unauthorized access to confidential competitor information for business advantage.


                                  NEW QUESTION # 117
                                  An organization that plans to continue as a going concern files for bankruptcy. In accordance with the World Bank Principles for Effective Insolvency and Creditor/Debtor Regimes, which of the following approaches is MOST APPROPRIATE regarding governance and management of the bankruptcy proceedings?

                                  Answer: D

                                  Explanation:
                                  The correct answer is B. When a debtor organization intends to continue as a going concern, effective insolvency practice may permit existing management to remain involved, subject to oversight by an independent insolvency representative. This approach balances operational continuity with creditor protection, transparency, and accountability. Exclusive control by secured creditors is inappropriate because insolvency proceedings must consider the legal framework and the rights of all affected parties. Creditors may have participation rights, but they do not automatically manage the organization. Mandatory shared governance between management and creditors is also not the best statement of the World Bank Principles.
                                  Professionally, the independent representative's role is to supervise, preserve value, investigate improper transactions, and protect the integrity of the process.


                                  NEW QUESTION # 118
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