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| Section | Objectives |
|---|---|
| Topic 1: Financial Crimes | - Corruption Schemes
|
| Topic 2: Fraud Schemes | - Asset Misappropriation Schemes
|
>> ACFE CFE-Fraud-Schemes-and-Financial-Crimes Real Exam Answers <<
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NEW QUESTION # 118
A fictitious revenue scheme often results in which of the following situations?
Answer: A
Explanation:
The correct answer is A. Fictitious revenue schemes involve recording sales that did not actually occur.
Because no real customer owes money for the fake sale, the related accounts receivable often remain unpaid and become long overdue. A rising amount of old or uncollectible receivables can therefore be a red flag that revenue was fabricated to inflate income. Option B is less direct because companies might fail to write off bad receivables for several reasons, including improper allowance estimates. Option C is inconsistent with many fictitious revenue schemes because fake credit sales commonly increase receivables. Option D, receivables paid only a few days late, does not strongly indicate fictitious sales. The ACFE materials identify fictitious revenues and accounts receivable anomalies as common financial statement fraud indicators.
NEW QUESTION # 119
Placing any restriction in the solicitation documents that tend to restrict competition is called prebid solicitation.
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This is False . Placing restrictions in solicitation documents that limit competition is a solicitation phase corruption scheme , not "prebid solicitation." The correct terminology is restrictive specifications or fraudulent solicitation practices .
* Analysis of Incorrect Options:
* A. True - Incorrect, as "prebid solicitation" is not the proper term.
* Key Concept: Restrictive solicitation practices limit competition unfairly.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Solicitation Phase Schemes .
NEW QUESTION # 120
Cole, a procurement officer, receives illicit payments from contractors in exchange for preferential treatment.
The illicit payments are deposited into a bank account owned by XYZ Inc., a shell company Cole created.
Cole then transfers the funds to various foreign accounts he controls. Later, Cole wires the money held in the foreign accounts to a domestic bank account owned by Cole Real Estate, a side business Cole established.
Cole then uses the funds in the real estate account to invest in commercial real estate. In which stage of money laundering did Cole engage when he invested in real estate?
Answer: D
Explanation:
Cole engaged in integration when he invested the laundered funds in commercial real estate. Money laundering generally involves placement, layering, and integration. Placement introduces illicit proceeds into the financial system. Layering separates the funds from their criminal source through transfers, shell companies, foreign accounts, and other complex movements. Integration occurs when the funds are reintroduced into the economy in a way that makes them appear legitimate, such as purchasing or investing in real estate. Cole's earlier use of XYZ Inc., foreign accounts, and transfers reflects layering. The final use of the funds by Cole Real Estate to invest in commercial real estate represents integration because the illicit proceeds are converted into an apparently legitimate business asset.
NEW QUESTION # 121
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: C
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 # 122
Larceny by fraud or deception means that:
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Larceny by fraud (often termed "theft by deception") occurs when someone unlawfully obtains another's property by deception rather than by direct taking. As defined in fraud examination principles, deception can involve: (1) creating or reinforcing a false impression, (2) failing to correct a false impression, or (3) failing to disclose material facts such as liens or adverse claims. Because all three scenarios represent deceptive means to unlawfully take property, the correct answer is D. All of the above .
* Analysis of Incorrect Options:
* A, B, C each describe valid examples of fraud by deception but individually do not fully capture the concept.
* D encompasses the totality of recognized deceptive practices under larceny by fraud.
* Key Concept: Fraud by deception as an element of theft and misappropriation.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Law section - Elements of Fraud and Theft by Deception .
NEW QUESTION # 123
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