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The Certified Fraud Examiner - Financial Transactions and Fraud Schemes Exam (CFE-Financial-Transactions-and-Fraud-Schemes) certification exam is a valuable credential that is designed to validate the candidates' skills and knowledge level. The CFE-Financial-Transactions-and-Fraud-Schemes certification exam is one of the high in demand industrial recognized credentials to prove your skills and knowledge level. With the ACFE CFE-Financial-Transactions-and-Fraud-Schemes Certification Exam everyone can upgrade their skills and become competitive and updated in the market.
| Section | Objectives |
|---|---|
| Financial Statements and Accounting Fundamentals | - Basic accounting principles and concepts - Financial statement structure and interpretation - Revenue, expenses, assets, and liabilities recognition |
| Asset Misappropriation and Corruption Schemes | - Corruption schemes including bribery and conflicts of interest - Cash skimming and cash larceny schemes - Billing and expense reimbursement fraud |
| Fraud Schemes in Financial Reporting | - Financial statement fraud schemes - Misrepresentation of assets and liabilities - Earnings manipulation techniques |
| Financial Transaction Analysis | - Banking and cash flow transactions - General ledger and journal entries - Internal controls in financial processes |
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NEW QUESTION # 207
Which of the following is a red flag that might indicate that someone is attempting to commit insurance fraud?
Answer: B
NEW QUESTION # 208
"Anticipate possible losses and omit potential profits", this results in:
Answer: D
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 # 209
Which of the following is a red flag that might indicate the existence of a need recognition scheme?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: In a need recognition scheme, an employee creates or exaggerates a need for goods or services to benefit a favored supplier. One red flag is that materials are ordered prematurely or not at the optimal reorder point, suggesting that purchases are being manipulated to benefit a corrupt vendor rather than based on actual business needs.
* Analysis of Incorrect Options:
* A - A large list of suppliers suggests competition, not fraud.
* C - A need met by various suppliers does not indicate fraud.
* D - Low requirements for stock may reflect lean inventory management, not fraud.
* Key Concept: Corruption - need recognition schemes and red flags.
Reference: ACFE Manual, Corruption - Need Recognition Schemes.
NEW QUESTION # 210
Bob, a purchasing agent for Gallenkamp, directed a portion of Gallenkamp's business to Oak Company. In exchange for receiving additional business, Oak Company's sales manager agreed to pay Bob a percentage of the extra profits. Which of the following BEST describes the type of corruption scheme in which Bob engaged?
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: A kickback scheme occurs when vendors make payments to employees of a purchasing organization in exchange for steering business their way. Here, Bob steered contracts to Oak Company and received a percentage of profits, a textbook kickback arrangement.
* Analysis of Incorrect Options:
* B. Illegal gratuity scheme - Involves rewards after a decision, without a prior agreement. Here, the agreement was prearranged.
* C. Diversion scheme - Refers to diversion of assets, not procurement favoritism.
* D. Economic extortion scheme - Involves coercion of the vendor; this was voluntary bribery.
* Key Concept: Bribery and kickbacks as forms of corruption.
Reference: ACFE Manual, Corruption - Kickback Schemes.
NEW QUESTION # 211
__________ means that traditional bribery statutes proscribe only payments made to influence the decisions of government agents or employees.
Answer:
Explanation:
Commercial bribery
* Rationale for Correct Answer:Traditional bribery laws historically applied only to government officials. When bribery occurs in the private sector (commercial setting), it is known as commercial bribery. Modern laws and internal company codes address this as well.
* Key Concept:Commercial bribery vs. government bribery.
Reference:ACFE Fraud Examiners Manual (2020 International Edition), Corruption - Commercial Bribery.
NEW QUESTION # 212
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