Free PDF Quiz ACFE - CFE-Fraud-Schemes-and-Financial-Crimes - Certified Fraud Examiner -Fraud Schemes and Financial Crimes Useful PDF Cram Exam

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

SectionObjectives
Topic 1: Financial Crimes- Financial Statement Fraud
  • 1. Expense understatement
    • 2. Revenue manipulation
      • 3. Asset overstatement
        - Money Laundering
        • 1. Integration stage
          • 2. Layering stage
            • 3. Placement stage
              - Corruption Schemes
              • 1. Conflicts of interest
                • 2. Kickbacks
                  • 3. Bribery
                    Topic 2: Fraud Schemes- Asset Misappropriation Schemes
                    • 1. Inventory and asset theft
                      • 2. Cash theft and skimming
                        • 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 (Q304-Q309):

                                  NEW QUESTION # 304
                                  _____________ involves purposeful misreporting of financial information about the organization that is intended to mislead those who read it.

                                  Answer: B


                                  NEW QUESTION # 305
                                  Which of the following must be present for a fraud to exist?

                                  Answer: A

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: For fraud to exist, several legal elements must be established. These include: (1) a material false statement made by the perpetrator, (2) knowledge of the falsity of that statement (scienter or intent to deceive), and (3) reliance on the false statement by the victim, resulting in harm or damages. The Fraud Examiners Manual (2020 International Edition) explains that all elements must be present for a fraud case to be sustained. Thus, the correct answer is D. All of the above .
                                  * Analysis of Incorrect Options (Distractors):
                                  * A. A material false statement - A false statement alone is insufficient unless there is intent to deceive and victim reliance.
                                  * B. Knowledge that the statement was false when it was uttered - Intent is critical, but without the victim's reliance and damages, fraud is incomplete.
                                  * C. Reliance on the false statement by the victim - Victim reliance is necessary, but without a knowingly false statement and intent, fraud cannot be proven.
                                  * Key Concept: The essential legal elements of fraud.
                                  Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Law section - The Law Related to Fraud , which explains the legal foundation and elements necessary to establish fraud.


                                  NEW QUESTION # 306
                                  Brenda was a cashier at a retail store. When Brenda's friend shopped at the store, she would take her merchandise to Brenda's cash register. Instead of charging her friend, Brenda would record a No-Sale transaction on the register, and her friend would pretend to pay for the merchandise. Brenda's friend would leave the store without paying for the merchandise, and the two would later divide the merchandise between themselves. This scheme can BEST be described as:

                                  Answer: C

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: This is a false sale scheme , in which an employee processes fictitious transactions (such as false refunds, voids, or no-sales) to conceal theft of merchandise. Here, Brenda pretends to conduct a sale but records no payment.
                                  * Analysis of Incorrect Options:
                                  * A. Register disbursement scheme - Involves fraudulent refunds or disbursements of cash, not merchandise theft.
                                  * C. Purchasing and receiving scheme - Refers to inventory fraud during procurement, not point- of-sale theft.
                                  * D. Skimming scheme - Involves theft of cash before it enters accounting records, not merchandise theft.
                                  * Key Concept: Cash receipts and register manipulation schemes.
                                  Reference: ACFE Manual, Cash Receipts - False Sales and Register Schemes .


                                  NEW QUESTION # 307
                                  When an employee processes a fictitious refund of goods for cash, which of the following consequences occurs?

                                  Answer: A

                                  Explanation:
                                  The correct answer is C. In a fictitious refund scheme, an employee records a refund transaction even though no customer actually returned merchandise. The employee then removes cash from the register as if it had been paid to a customer. Because the register records a refund, the register log shows that cash should have decreased. When the employee steals the same amount of cash, the cash on hand can still match the register log, making the theft harder to detect through a simple register reconciliation. Option A is incorrect because fictitious refunds can cause inventory records to show returned goods that do not exist, which tends to overstate rather than understate inventory. Options B and D are incorrect because cash is removed and no real merchandise is returned.


                                  NEW QUESTION # 308
                                  According to accounting principles, ________ and ________ should be recorded or matched in the same accounting period; failing to do so violates the matching principle of GAAP.

                                  Answer: B

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: The matching principle under GAAP requires that revenues and the corresponding expenses incurred to generate those revenues be recorded in the same period. Failing to do so misstates income and violates accrual accounting.
                                  * Analysis of Incorrect Options:
                                  * B. Revenue and Income statement - The income statement is a report, not an item to be matched.
                                  * C. Income statement and Long-term contracts - Long-term contracts follow special rules (percentage of completion, completed contract), not the general matching principle.
                                  * D. Capitalized expenses and Liabilities - Not part of the matching principle.
                                  * Key Concept: Matching Principle - recording related revenues and expenses in the same period.
                                  Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Accrual Accounting and Matching Principle .


                                  NEW QUESTION # 309
                                  ......

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