ACFE CFE-Fraud-Schemes-and-Financial-Crimes Actual Test Answers - Latest CFE-Fraud-Schemes-and-Financial-Crimes Test Pass4sure

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

SectionObjectives
Topic 1: 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
        Topic 2: Fraud Investigation and Analysis- Data analysis in fraud detection
        • 1. Trend and anomaly identification
          - Evidence collection and documentation
          • 1. Chain of custody principles
            Topic 3: 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

                    >> ACFE CFE-Fraud-Schemes-and-Financial-Crimes Actual Test Answers <<

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                    ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q197-Q202):

                    NEW QUESTION # 197
                    _____________ involves purposeful misreporting of financial information about the organization that is intended to mislead those who read it.

                    Answer: C

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Fraudulent financial statements (or "fraudulent statement") refer to the intentional misrepresentation of financial condition, typically through overstating revenues, understating expenses, inflating assets, or concealing liabilities. The intent is to mislead stakeholders such as investors, creditors, or regulators.
                    * Analysis of Incorrect Options:
                    * B. Corruption - Refers to abuses of influence and conflicts of interest, not misreporting financial information.
                    * C. Asset misappropriations - Involve theft of assets, not misrepresentation of reports.
                    * D. None of the above - Incorrect since option A is correct.
                    * Key Concept: Financial Statement Fraud - misrepresentation of organizational performance and position.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Financial Statement Fraud section
                    - Definition and Types .


                    NEW QUESTION # 198
                    Which of the following can constitute a bribe, even if the illicit payment is never actually made?

                    Answer: C

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Under anti-bribery laws and fraud examination principles, the offer of a payment itself may constitute a bribe, regardless of whether money changes hands. Intent to improperly influence is enough to establish bribery.
                    * Analysis of Incorrect Options:
                    * B. Corruption in payment - Too vague, not a legal element.
                    * C. Kickback payment - Requires an actual payment; not just an offer.
                    * D. Overbilling in payment - A disbursement scheme, not a bribe.
                    * Key Concept: Bribery offense can occur upon the offer alone.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Bribery Elements .


                    NEW QUESTION # 199
                    Ron's vehicle is damaged by hail after a thunderstorm. Ron does not have full insurance coverage on his vehicle, so he contacts his agent to increase his coverage. Three weeks after his new coverage is in effect, Ron's city experiences another thunderstorm. Ron then files a claim for the hail damage that occurred during the first storm, but he claims that the damage occurred during the second storm. Ron has committed a fraudulent act known as:

                    Answer: B

                    Explanation:
                    The ACFE Fraud Examiners Manual classifies this type of conduct under Insurance Fraud # Vehicle Insurance Schemes , and it specifically lists Past Posting as a recognized vehicle insurance fraud scheme.
                    In this question, Ron's vehicle was damaged before he obtained the additional coverage, but he later submitted the claim as though the damage happened after the new coverage became effective. That is the essence of past posting : attempting to obtain insurance benefits for a loss that occurred before coverage applied , while misrepresenting the time of the loss. This matches the scenario exactly.
                    Why the other options are incorrect
                    A). Ditching
                    The Manual lists Ditching as a separate vehicle insurance scheme. It does not describe the act of misrepresenting the timing of a preexisting loss after increasing coverage.
                    B). Bait and wait
                    This is not the insurance-fraud classification that fits the facts given. The fraud here depends on claiming an earlier loss as a later covered loss , which is the Manual's past posting category.
                    D). Double dipping
                    Double dipping generally refers to obtaining duplicate recovery for the same loss from multiple sources, which is not what Ron is doing here. The issue is the false date of loss , not duplicate reimbursement.
                    References
                    * ACFE Fraud Examiners Manual, 2020 International Edition
                    * Insurance Fraud - Vehicle Insurance Schemes - Past Posting


                    NEW QUESTION # 200
                    Which of the following recommendations for individuals is likely to be MOST EFFECTIVE in preventing identity theft?

                    Answer: A

                    Explanation:
                    The correct answer is A. Creating answers to security questions using unique, nonpublic details helps prevent identity thieves from bypassing account protections. Many security-question answers, such as a mother's maiden name, school name, pet name, or birthplace, can be discovered through social media, public records, or data breaches. Using answers that cannot be easily verified through public sources makes account recovery processes harder to exploit. Option B is weak because passwords and passphrases should not be reused across accounts at all. Option C is unsafe because email can be intercepted or misdirected, even when contacting reputable organizations. Option D is inadequate because moving files to the recycle bin does not securely erase data from a device before disposal.


                    NEW QUESTION # 201
                    The most basic skimming scheme occurs when:

                    Answer: C

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: The most basic skimming scheme is when an employee completes a legitimate sale, collects payment, but never records the transaction. The stolen cash is never entered in the books, making it an "off-book" fraud.
                    * Analysis of Incorrect Options:
                    * B & D - Describe purchasing scenarios, irrelevant to skimming.
                    * C - Records the sale, meaning the transaction enters the books (not skimming).
                    * Key Concept: Unrecorded Sales as the simplest form of skimming.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Cash Receipts - Basic Skimming Schemes .


                    NEW QUESTION # 202
                    ......

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