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

Section	Objectives
Topic 1: Fraud Schemes	- Asset Misappropriation Schemes 1. Skimming and cash larceny 2. Billing and expense reimbursement fraud - Financial Statement Fraud 1. Asset overstatement and liability concealment 2. Revenue recognition manipulation
Topic 2: Fraud Investigation and Analysis	- Evidence collection and documentation 1. Chain of custody principles - Data analysis in fraud detection 1. Trend and anomaly identification
Topic 3: Financial Crimes	- Banking and Payment Fraud 1. Wire fraud and electronic transfers 2. Check and credit card fraud - Money Laundering 1. Placement, layering, integration stages

Section

Objectives

Topic 1: Fraud Schemes

- Asset Misappropriation Schemes

1. Skimming and cash larceny
2. Billing and expense reimbursement fraud

- Financial Statement Fraud

1. Asset overstatement and liability concealment
2. Revenue recognition manipulation

Topic 2: Fraud Investigation and Analysis

- Evidence collection and documentation

1. Chain of custody principles

- Data analysis in fraud detection

1. Trend and anomaly identification

Topic 3: Financial Crimes

- Banking and Payment Fraud

1. Wire fraud and electronic transfers
2. Check and credit card fraud

- Money Laundering

1. Placement, layering, integration stages

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ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q342-Q347):

NEW QUESTION # 342
When expenses used to produce income-all of them-should be matched in a consistent manner against that income, this is referred to:

A. Accrual basis accounting
B. Financial record
C. Equity
D. Expense

Answer: A

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Accrual basis accounting requires revenues and related expenses to be recorded in the same accounting period. This is known as the matching principle , ensuring accurate measurement of income.
* Analysis of Incorrect Options:
* A. Equity - Not relevant to matching expenses.
* C. Expense - A category of cost, not a principle.
* D. Financial record - Too general.
* Key Concept: Accrual Accounting & Matching Principle .
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Accrual Accounting and Matching Principle .

NEW QUESTION # 343
Which of the following statements regarding measures for detecting a cash larceny scheme is MOST ACCURATE?

A. Any journal entries that are made to cash accounts should be reviewed, analyzed, and traced to their source documentation.
B. Cash receipts listings should be prepared and confirmed after receipts are submitted to the accounts receivable bookkeeper.
C. The individual responsible for the cash receipts function should compare cash receipts journal entries with bank statement deposits.
D. The cashier should be responsible for preparing register count sheets and reconciling them with cash register totals.

Answer: A

Explanation:
The correct answer is C. Cash larceny involves stealing cash after it has been recorded, so detection often depends on tracing recorded cash activity to source documents and bank deposits. Reviewing, analyzing, and tracing journal entries made to cash accounts helps identify unsupported adjustments, unusual entries, concealment entries, or discrepancies between accounting records and actual cash activity. Option A is weak because the person responsible for cash receipts should not perform independent comparisons; segregation of duties is important. Option B is incorrect because cash receipt listings should be prepared and controlled before they reach accounts receivable personnel. Option D is also improper because cashiers should not independently reconcile their own register activity. Independent review is essential for detecting cash larceny.

NEW QUESTION # 344
Which of the following is an example of a corruption scheme?

A. A vendor offers the use of a beach house to a government procurement agent for free after the agent awards a contract to the vendor.
B. A public company omits recurring costs from its financial statements to make the company appear more profitable than it is.
C. Two coworkers steal confidential information from their employer and use the stolen data to start a competing business.
D. A warehouse manager receives twenty laptops in a shipment but excludes five of the laptops from the records so that they can be sold to third parties.

Answer: A

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Corruption schemes involve the misuse of influence in business transactions for personal benefit, often through bribery, kickbacks, or conflicts of interest. In this case, the procurement agent accepts an improper benefit (use of a beach house) in exchange for contract favoritism, which is a classic bribery scheme.
* Analysis of Incorrect Options:
* A - Theft of confidential information = asset misappropriation/intellectual property theft , not corruption.
* C - Excluding laptops from records = inventory theft , not corruption.
* D - Omitting costs = financial statement fraud .
* Key Concept: Bribery as a form of corruption.
Reference: ACFE Manual, Corruption - Bribery and Kickbacks .

NEW QUESTION # 345
According to SAB 104, for revenue to be considered realized or realizable and earned, which of the following criteria is NOT met?

A. Persuasive evidence of an arrangement exists
B. Services have been rendered
C. Collectability is reasonably assured
D. Timings have been met

Answer: D

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The SEC's Staff Accounting Bulletin (SAB) 104 outlines four criteria for revenue recognition:
* Persuasive evidence of an arrangement exists.
* Delivery has occurred or services have been rendered.
* The seller's price is fixed or determinable.
* Collectability is reasonably assured.
" Timings have been met " is not one of the recognized criteria, making C the correct answer.
* Analysis of Incorrect Options:
* A, B, D - All are required conditions.
* C - Not part of SAB 104.
* Key Concept: Revenue recognition criteria under SAB 104.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Financial Statement Fraud - Revenue Recognition Standards (SAB 104) .

NEW QUESTION # 346
Which of the following is a TRUE statement regarding check fraud?

A. Most perpetrators of check fraud are caught and prosecuted.
B. The equipment required to commit check fraud is relatively inexpensive.
C. The penalties for committing check fraud are relatively severe.
D. None of the above statements are true.

Answer: B

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Check fraud is prevalent partly because the equipment needed (scanners, printers, software) is relatively inexpensive and widely available , lowering the barrier to entry.
* Analysis of Incorrect Options:
* A - False; many check fraud perpetrators are never caught.
* C - False; penalties are often not severe, and enforcement may be inconsistent.
* D - Incorrect, since B is a true statement.
* Key Concept: Nature and accessibility of check fraud schemes.
Reference: ACFE Manual, Fraud Prevention and Deterrence - Check Fraud .

NEW QUESTION # 347
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