Candidates who become ACFE CFE-Fraud-Schemes-and-Financial-Crimes certified demonstrate their worth in the ACFE field. The Certified Fraud Examiner -Fraud Schemes and Financial Crimes (CFE-Fraud-Schemes-and-Financial-Crimes) certification is proof of their competence and skills. This is a highly sought-after skill in large ACFE companies and makes a career easier for the candidate. To become certified, you must pass the Certified Fraud Examiner -Fraud Schemes and Financial Crimes (CFE-Fraud-Schemes-and-Financial-Crimes) certification exam. For this task, you need high-quality and accurate Certified Fraud Examiner -Fraud Schemes and Financial Crimes (CFE-Fraud-Schemes-and-Financial-Crimes) exam dumps. We have seen that candidates who study with outdated Certified Fraud Examiner -Fraud Schemes and Financial Crimes (CFE-Fraud-Schemes-and-Financial-Crimes) practice material don't get success and lose their resources.
| Section | Objectives |
|---|---|
| Fraud Schemes | - Asset Misappropriation Schemes
|
| Financial Crimes | - Banking and Payment Fraud
|
| Fraud Investigation and Analysis | - Data analysis in fraud detection
|
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NEW QUESTION # 67
A tangible asset is one which is:
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Tangible assets are those that can be physically perceived (touched, seen, etc.) and appraised (assigned a measurable value). Examples include buildings, land, equipment, and inventory. Both characteristics are correct, making C the best choice.
* Analysis of Incorrect Options:
* A. Capable of being perceived - True, but incomplete.
* B. Capable of being appraised - True, but incomplete.
* D. Neither A nor B - Incorrect since both statements are accurate.
* Key Concept: Tangible Assets - physical and measurable property owned by a business.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Asset Classifications .
NEW QUESTION # 68
Which of the following methods would NOT be helpful in detecting a skimming scheme?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Skimming involves theft of cash before it is recorded in the books.
Examining journal entries for false credits to inventory would detect inventory fraud, not skimming.
Therefore, B is not useful for detecting skimming.
* Analysis of Incorrect Options:
* A - Confirming customer balances can reveal payments that were never posted because they were skimmed.
* C - Physical counts may expose discrepancies caused by skimming disguised as inventory shortages.
* D - Comparing register totals to actual cash can reveal missing amounts due to skimming.
* Key Concept: Skimming detection focuses on reconciling recorded vs. unrecorded cash.
Reference: ACFE Manual, Cash Receipts - Skimming Schemes .
NEW QUESTION # 69
Jay works in the warehouse of a retail company. When a shipment of 100 pieces of jewelry arrives, Jay hides
20 pieces in the waste containers behind the store so he can retrieve them at the end of the workday. Jay sends a receiving report to accounts payable indicating that all 100 pieces arrived. However, he alters a copy of the receiving report to exclude the 20 pieces he hid so that the physical inventory matches the inventory records.
What type of scheme did Jay commit?
Answer: B
Explanation:
Jay committed a purchasing and receiving scheme because the theft occurred during the receiving process and was concealed by falsifying receiving documentation. In this type of inventory misappropriation, an employee involved in receiving goods can steal part of an incoming shipment and manipulate records so the shortage is not detected. The ACFE material identifies purchasing and receiving schemes, falsifying incoming shipments, and altered inventory records as inventory theft methods. This is not a false sale because no fictitious customer sale is created. It is not a register disbursement scheme because no refund, void, or cash register transaction is involved. It is also not skimming because no unrecorded cash receipt is stolen.
NEW QUESTION # 70
Employees with the authority to grant discounts in order to skim revenues may use which authority?
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Employees authorized to grant discounts may exploit this by issuing false discounts . They pocket part of the customer's payment while recording a reduced sale amount, making the books appear balanced.
* Analysis of Incorrect Options:
* B. Recording a discount on sale procedure - A legitimate process, not fraud.
* C. Internal discount sales audits - A control, not a scheme.
* D. None of the above - Incorrect since false discounts are a recognized method.
* Key Concept: False discount schemes as a skimming method.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Cash Receipts - Skimming through Discounts and Write-offs .
NEW QUESTION # 71
In what type of fraud scheme does an employee steal cash after it has appeared on the company's books?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Cash larceny is the theft of cash after it has been recorded in the company's books. Skimming, in contrast, is theft of cash before recording .
* Analysis of Incorrect Options:
* B & D - Both describe forms of skimming (unrecorded or understated sales).
* C - Kickback scheme is corruption, not cash theft.
* Key Concept: Distinguishing cash larceny (on-book theft) from skimming (off-book theft).
Reference: ACFE Manual, Cash Receipts - Cash Larceny .
NEW QUESTION # 72
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