CFE-Fraud-Schemes-and-Financial-Crimes Exam Sample | Latest CFE-Fraud-Schemes-and-Financial-Crimes Test Report

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

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

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                                  ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q29-Q34):

                                  NEW QUESTION # 29
                                  Shirley, a 68-year-old widow, connects with a stranger named Simon on a social networking site. Simon befriends her and says he looks forward to meeting her on the trip they have been planning. However, Simon tells Shirley that he recently lost his job and does not have the resources to pay for the trip. Shirley sends him
                                  $10,000 as a loan and never hears from Simon again. Shirley has MOST LIKELY been victimized by which of the following schemes?

                                  Answer: C

                                  Explanation:
                                  Shirley has most likely been victimized by a romance scheme. In romance, sweetheart, or friendship scams, the fraudster builds an emotional relationship with the victim, often through social networking or online communication, and then requests money under a sympathetic pretext. Simon befriends Shirley, creates expectations of a future meeting, claims financial hardship, receives $10,000, and then disappears. That pattern is typical of a romance scam. A grandparent scheme usually involves impersonating a grandchild or relative in distress. A bait-and-switch scheme involves advertising one product or service and substituting another. A vacation scheme would focus on fraudulent travel offers, not a fabricated romantic relationship used to obtain money. The ACFE material identifies romance and friendship sc hemes as consumer fraud schemes.


                                  NEW QUESTION # 30
                                  Any expenses that are incurred but not paid by the end of the year are counted in our records of profit and loss, and are called:

                                  Answer: D

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: Accruals represent expenses that have been incurred but not yet paid.
                                  Under the accrual basis of accounting, these must be recognized in the same period as the related revenues or obligations. Common examples include accrued wages and accrued interest.
                                  * Analysis of Incorrect Options:
                                  * B. Depreciations - Allocation of asset cost, not unpaid expenses.
                                  * C. Expenses - A broader term, but not specific to unpaid obligations.
                                  * D. Financial record - Too vague.
                                  * Key Concept: Accruals under the accrual basis of accounting.
                                  Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Accrual Accounting .


                                  NEW QUESTION # 31
                                  Which of the following statements regarding financial statement disclosures is TRUE?

                                  Answer: A

                                  Explanation:
                                  The correct answer is A. Financial statement disclosures are required when information is necessary for users to understand the entity's financial position and risks. Potential losses from ongoing litigation generally must be disclosed when the likelihood of loss is reasonably possible, even if the amount is not yet certain. Option B is incorrect because significant subsequent events after the reporting period might require disclosure. Option C is incorrect because changes in accounting principles must generally be disclosed to preserve comparability and transparency. Option D is too narrow because related-party transactions require disclosure when material or relevant, not only when they financially harm stakeholders. The ACFE financial statement fraud materials identify improper disclosures, concealed liabilities, subsequent events, and related-party transactions as important fraud risk areas.


                                  NEW QUESTION # 32
                                  Which of the following factors is NOT included in most financial statement schemes?

                                  Answer: D

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: Common financial statement fraud schemes include: (A) recording fictitious revenues, (C) concealing liabilities/expenses, and (D) improper asset valuations. Persuasive evidence is not a fraud scheme; it is an auditing concept used to support accounting entries.
                                  * Analysis of Incorrect Options:
                                  * A, C, D - All are well-documented methods of financial statement fraud.
                                  * B. Persuasive Evidence - Correct, since it is not part of fraud schemes.
                                  * Key Concept: Major categories of financial statement fraud schemes.
                                  Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Financial Statement Fraud - Fraudulent Reporting Categories .


                                  NEW QUESTION # 33
                                  It is recommended for businesses to take which of the following measures to prevent identity theft?

                                  Answer: C

                                  Explanation:
                                  The correct answer is A because businesses should protect employees' and customers' personal information, particularly when it is transmitted over wireless networks. Encryption reduces the risk that identity thieves can intercept and misuse sensitive information. Option B is poor practice because using government identification numbers as employee identification numbers increases exposure if internal records are accessed. Option C is too broad and not risk-based; access to customer information should be limited to employees with a legitimate business need, not simply management status. Option D is incorrect because regular audits and reviews of information-handling practices help identify weaknesses and improve identity theft prevention. The ACFE material emphasizes methods of preventing identity theft for businesses, including safeguards for personal identifying information.


                                  NEW QUESTION # 34
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