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

Section	Objectives
Fraud Schemes in Financial Reporting	- Earnings manipulation techniques - Financial statement fraud schemes - Misrepresentation of assets and liabilities
Financial Transaction Analysis	- Banking and cash flow transactions - Internal controls in financial processes - General ledger and journal entries
Asset Misappropriation and Corruption Schemes	- Corruption schemes including bribery and conflicts of interest - Billing and expense reimbursement fraud - Cash skimming and cash larceny schemes
Financial Statements and Accounting Fundamentals	- Financial statement structure and interpretation - Revenue, expenses, assets, and liabilities recognition - Basic accounting principles and concepts

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ACFE Certified Fraud Examiner - Financial Transactions and Fraud Schemes Exam Sample Questions (Q185-Q190):

NEW QUESTION # 185
Which of the following is a red flag that might indicate the existence of a need recognition scheme?

A. The purchasing entity has unusually high requirements for stock and inventory levels.
B. The purchasing entity has a large list of backup suppliers.
C. The purchasing entity's materials are being ordered at the optimal reorder point.
D. The purchasing entity has few surplus items written off as scrap.

Answer: A

Explanation:
Explanation/Reference: https://www.fraudconference.com/uploadedFiles/Fraud_Conference/Content/Course-Materials/presentations/23rd/ppt/post-05-Collusion-Between-Contractors-and-Employees.pdf

NEW QUESTION # 186
All of the following are common ways that a procuring employee might engage in a bid manipulation scheme EXCEPT:

A. Opening bids prematurely
B. Charging for costs that are not allowable
C. Altering bids
D. Extending bid opening dates without justification

Answer: B

NEW QUESTION # 187
Which of the following must be present for a fraud to exist?

A. Knowledge that the statement was false when it was uttered
B. All of the above
C. A material false statement
D. Reliance on the false statement by the victim

Answer: B

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 # 188
All of the following methods would be helpful in detecting a skimming scheme EXCEPT:

A. Examining journal entries for accounts receivable write-offs
B. Comparing register totals to the cash count
C. Counting the physical inventory
D. Confirming customers' outstanding account balances

Answer: C

Explanation:
Explanation/Reference: https://www.acfe.com/uploadedFiles/Shared_Content/Products/Self-Study_CPE/Intro%20to%20Fraud-Chapter%20Excerpt.pdf

NEW QUESTION # 189
Which of the following is a TRUE statement regarding pyramid schemes?

A. None of the above
B. Illegal pyramid scheme participants make their money chiefly by recruiting new members
C. Illegal pyramids are designed to pay off later investors, not the earliest ones
D. It is illegal to design an organization to have a pyramidal structure for any purpose

Answer: B

Explanation:
Explanation/Reference: https://www.investopedia.com/terms/p/pyramidscheme.asp

NEW QUESTION # 190
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