CFE-Fraud-Schemes-and-Financial-Crimes Paper | CFE-Fraud-Schemes-and-Financial-Crimes Test Question

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

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

Section

Objectives

Topic 1: Financial Crimes

- Financial Statement Fraud

1. Asset overstatement
2. Revenue manipulation
3. Expense understatement

- Money Laundering

1. Placement stage
2. Integration stage
3. Layering stage

- Corruption Schemes

1. Conflicts of interest
2. Kickbacks
3. Bribery

Topic 2: Fraud Schemes

- Asset Misappropriation Schemes

1. Cash theft and skimming
2. Expense reimbursement fraud
3. Payroll fraud
4. Inventory and asset theft

- Fraudulent Disbursements

1. Billing schemes
2. Check tampering
3. Billing shell companies

>> CFE-Fraud-Schemes-and-Financial-Crimes Paper <<

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ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q243-Q248):

NEW QUESTION # 243
A contractor visits Lindsay's home and informs her that she has a damaged roof. The contractor offers roofing services and quotes Lindsay a price. Which of the following is the BEST action Lindsay can take to prevent being victimized by a potential consumer fraud scheme?

A. Ask the contractor how many roofs they have repaired in the past to ascertain how much experience they have.
B. Agree to the contractor's services orally to avoid being bound by contract terms if the work is unsatisfactory.
C. Require the contractor to provide the phone number of a reference who can attest to the quality of their services.
D. Verify that the contractor has a valid license by contacting the licensing agency for confirmation.

Answer: D

Explanation:
The best answer is B. A consumer approached by a contractor should independently verify the contractor's license or registration with the proper licensing agency before agreeing to work. Home repair and contractor scams often involve unsolicited offers, false claims of urgent repairs, inflated prices, poor workmanship, or unlicensed contractors. Oral agreements are risky because they provide little evidence of the work, price, warranties, or rights of cancellation. References can be useful, but a phone number supplied by the contractor might be fake or controlled by an accomplice. Asking about experience is also insufficient because the contractor can misrepresent it. Independent verification with the licensing authority is stronger because it confirms whether the contractor meets professional and regulatory requirements.

NEW QUESTION # 244
Fraudsters use the accounting system as a tool to generate the results they want in ___________ approach:

A. Playing the accounting
B. Beating accounting
C. All of the above
D. Organized accounting

Answer: A

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: In the "playing the accounting system" approach, fraudsters manipulate legitimate accounting rules and entries to distort reported results. Examples include manipulating estimates, changing depreciation methods, or shifting expenses. They exploit the flexibility of GAAP to present misleading results while still appearing compliant.
* Analysis of Incorrect Options:
* A. Organized accounting - Not a recognized fraud approach.
* C. Beating accounting - Refers to bypassing the system entirely, not using it as a tool.
* D. All of the above - Incorrect because only option B is valid.
* Key Concept: Playing the accounting system as a method of financial statement fraud.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Financial Statement Fraud - Approaches to Falsifying Financial Statements .

NEW QUESTION # 245
Which of the following statements regarding financial statement disclosures is TRUE?

A. Related-party transactions only need to be disclosed if they might financially harm the company's stakeholders.
B. Events occurring after the close of a reporting period that might significantly affect the financial statements do not need to be disclosed.
C. Changes in accounting principles do not need to be disclosed in the financial statements.
D. Management must disclose potential losses from ongoing litigation if the likelihood of the related liability is reasonably possible.

Answer: D

Explanation:
The correct answer is A. Financial statement disclosures are required when information is necessary for users to understand the entity's financial position and risks. Potential losses from ongoing litigation generally must be disclosed when the likelihood of loss is reasonably possible, even if the amount is not yet certain. Option B is incorrect because significant subsequent events after the reporting period might require disclosure. Option C is incorrect because changes in accounting principles must generally be disclosed to preserve comparability and transparency. Option D is too narrow because related-party transactions require disclosure when material or relevant, not only when they financially harm stakeholders. The ACFE financial statement fraud materials identify improper disclosures, concealed liabilities, subsequent events, and related-party transactions as important fraud risk areas.

NEW QUESTION # 246
________, one of the synonyms for fraud, implies deceiving so thoroughly as to obscure the truth.

A. Deceive
B. Delude
C. Beguile
D. Mislead

Answer: B

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The word delude means to mislead the mind or judgment so completely that the truth is obscured. In fraud examination, this aligns with the ACFE definition of fraud as a "deliberate misrepresentation that causes another to act to their detriment." Fraud is not merely a false statement; it involves concealment or suppression of the truth with the intent to induce reliance. Thus, delude most accurately represents the deeper essence of fraud.
* Analysis of Incorrect Options (Distractors):
* A. Deceive: While fraud does involve deception, this word does not fully convey the thoroughness of obscuring the truth that fraud entails.
* C. Mislead: This implies causing error or leading astray but lacks the complete concealment aspect central to fraud.
* D. Beguile: Often connotes charm or trickery rather than the intentional concealment that characterizes fraud.
* Key Concept: This question tests the definition and essence of fraud - specifically that fraud is not only about deceiving but about deluding , or thoroughly misleading, in a way that obscures the truth.
Reference: ACFE Fraud Examiners Manual (2020 International Edition), Law - The Law Related to Fraud:
Definition of Fraud .

NEW QUESTION # 247
Which of the following scenarios is the MOST ACCURATE example of insurer health care fraud?

A. To obtain regulatory approval for increasing its rates, the insurance company submits inflated cost data for review.
B. Upon identifying that a claimant has provided incomplete information, the insurance company refuses to pay a claim.
C. After negotiating discounts with its medical providers, the insurance company provides the negotiated rate to its consumers instead of the original amount.
D. While acting as an intermediary for a government health care program, the insurance company verifies provider claims before billing the government for them.

Answer: A

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Insurer health care fraud occurs when the insurance company itself engages in deception for financial gain. Submitting inflated cost data to regulators in order to justify rate increases is a direct example of insurer fraud.
* Analysis of Incorrect Options:
* A. Intermediary verifying claims - Proper procedure, not fraud.
* C. Passing on negotiated rates - Legitimate practice.
* D. Denying incomplete claims - May be harsh, but not fraudulent.
* Key Concept: Insurer fraud vs. provider or claimant fraud .
Reference: ACFE Fraud Examiners Manual (2020) , Health Care Fraud: Insurer Schemes .

NEW QUESTION # 248
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