Simulation ACFE CFE-Fraud-Schemes-and-Financial-Crimes Questions & CFE-Fraud-Schemes-and-Financial-Crimes Reliable Study Questions

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

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

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                                  ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q157-Q162):

                                  NEW QUESTION # 157
                                  Which of the following statements is MOST ACCURATE regarding financial reporting practices and accounting frameworks, such as U.S. generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS)?

                                  Answer: C

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: The accounting framework a company must follow depends on the jurisdiction in which it is publicly traded . For example, U.S.-listed companies must follow GAAP, while companies in the EU must use IFRS. Some countries allow or require IFRS, others mandate local GAAP.
                                  * Analysis of Incorrect Options:
                                  * B - Incorrect; some jurisdictions have their own national GAAP not tied to U.S. GAAP or IFRS.
                                  * C - Incorrect; international operations do not mandate IFRS-jurisdictional rules apply.
                                  * D - Incorrect; U.S. GAAP is rules-based, IFRS is principles-based (the reverse of what's stated).
                                  * Key Concept: Financial reporting standards are jurisdiction-driven.
                                  Reference: ACFE Manual, Accounting Concepts - GAAP vs. IFRS .


                                  NEW QUESTION # 158
                                  Which of the following fraud schemes is MOST LIKELY to target members of a religious community?

                                  Answer: B

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: Affinity fraud occurs when fraudsters exploit trust within identifiable groups-such as religious, ethnic, or professional communities-making members more susceptible to deception.
                                  * Analysis of Incorrect Options:
                                  * B - Social control fraud relates to control fraud by institutions, not religious targeting.
                                  * C - Bait and switch is a deceptive sales tactic, not specific to religious groups.
                                  * D - Advance-fee scams may target anyone, not specifically religious communities.
                                  * Key Concept: Affinity fraud as a corruption/exploitation scheme.
                                  Reference: ACFE Manual, Corruption - Affinity Fraud .


                                  NEW QUESTION # 159
                                  Antonia, a Certified Fraud Examiner (CFE), discovers that a loan applicant misrepresented their creditworthiness and income to qualify for a mortgage on a new house. Which type of loan fraud BEST describes the scheme that Antonia uncovered?

                                  Answer: D

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: Misrepresenting income, employment, or creditworthiness on a mortgage application is a classic example of residential loan fraud . This type of fraud occurs when borrowers provide false information to qualify for loans they would not otherwise receive.
                                  * Analysis of Incorrect Options:
                                  * B. Credit data blocking - Refers to suppressing negative credit information with fraudulent disputes.
                                  * C. Double-pledging collateral - Involves using the same collateral for multiple loans.
                                  * D. Linked financing - Occurs when loans are structured with related transactions to disguise financial exposure.
                                  * Key Concept: Loan and mortgage fraud - misrepresentation of borrower information.
                                  Reference: ACFE Manual, Financial Transactions - Loan Fraud .


                                  NEW QUESTION # 160
                                  "Anticipate possible losses and omit potential profits", this results in:

                                  Answer: B

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: This description reflects asymmetrical accounting , which is based on the conservatism principle. Possible losses are recorded, but potential gains are omitted until realized. This creates an asymmetry in recognizing losses versus gains.
                                  * Analysis of Incorrect Options:
                                  * B. Symmetrical accounting - Would recognize gains and losses equally, contrary to conservatism.
                                  * C. Playing accounting - Fraud scheme, not a principle.
                                  * D. Bearing accounting - Not a recognized concept.
                                  * Key Concept: Asymmetry in accounting - conservative recognition of losses versus gains.
                                  Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Conservatism and Asymmetric Accounting .


                                  NEW QUESTION # 161
                                  Which of the following are not basic types of non-sharable problems?

                                  Answer: D

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: Cressey's research on fraud offenders found that most had non- sharable financial problems, which fell into categories such as: (1) violation of ascribed obligations, (2) business reversals, (3) physical isolation, (4) status gaining, and (5) employer-employee relations.
                                  "Larceny by fraud" is not a category of non-sharable problem but rather a type of theft scheme. Hence, D is correct.
                                  * Analysis of Incorrect Options:
                                  * A. Violation of ascribed obligations - Correctly one type of non-sharable problem.
                                  * B. Business reversals - Correctly one type of non-sharable problem.
                                  * C. Physical isolation - Correctly one type of non-sharable problem.
                                  * D. Larceny by fraud - Not a "problem" type; it is a fraud scheme.
                                  * Key Concept: Cressey's non-sharable problems - psychological and situational pressures that contribute to occupational fraud.
                                  Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraud Theory - Cressey's Hypothesis and Non-sharable Problems .


                                  NEW QUESTION # 162
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