CFE-Fraud-Schemes-and-Financial-Crimes Valid Exam Practice | CFE-Fraud-Schemes-and-Financial-Crimes Certification Exam Infor

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

Section	Weight	Objectives
Accounting Concepts	5–10%	- Financial statements structure - Internal control fundamentals - Recording and summarizing transactions - Basic accounting principles
Financial Statement Fraud	10–15%	- Detection and red flags - Expense and liability understatements - Timing and disclosure manipulations - Revenue and asset overstatements
Identity Theft	1–5%	- Types and techniques - Prevention and detection
Asset Misappropriation – Cash Receipts	5–10%	- Cash larceny schemes - Cash skimming schemes - Prevention and detection methods
Industry-Specific Financial Crimes	15–25%	- Cyber-enabled and cryptocurrency fraud - Real estate and securities fraud - Healthcare fraud - Financial institution fraud - Insurance fraud
Theft of Data and Intellectual Property	5–10%	- Corporate espionage - Data and IP theft methods - Safeguarding proprietary information
Asset Misappropriation – Non-Cash Assets	5–10%	- Inventory and equipment theft - Misuse of assets - Concealment techniques
Asset Misappropriation – Cash Disbursements	10–15%	- Billing schemes - Payroll schemes - Check and payment tampering - Expense reimbursement schemes
Corruption Schemes	5–10%	- Illegal gratuities and extortion - Bribery and kickbacks - Conflicts of interest

>> CFE-Fraud-Schemes-and-Financial-Crimes Valid Exam Practice <<

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ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q349-Q354):

NEW QUESTION # 349
Horizontal analysis can BEST be described as:

A. A technique for measuring the relationship between any two different financial statement amounts.
B. A technique for comparing the performance of different companies in the same industry for an extended period.
C. A technique for analyzing the relationships among items on the financial statement where components are expressed as percentages of a specified base value.
D. A technique for analyzing the percentage change in individual line items on a financial statement from one accounting period to the next accounting period.

Answer: D

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Horizontal analysis evaluates financial statement items over multiple periods, highlighting percentage changes from one period to another . This helps detect unusual trends or anomalies.
* Analysis of Incorrect Options:
* A - Describes vertical analysis (common-size statements).
* B - Describes ratio analysis .
* D - Describes benchmarking/comparative analysis across companies.
* Key Concept: Analytical procedures - horizontal vs. vertical and ratio analysis.
Reference: ACFE Manual, Accounting Concepts - Analytical Review Techniques .

NEW QUESTION # 350
Which of the following elements is required for a contract, transaction, or scheme to qualify as an investment contract?

A. The investment must have been made with cash.
B. The investment is in a common enterprise.
C. The investment was witnessed by a notary at the time it was made or entered into.
D. The investment resulted in profits solely due to the investor's own management efforts.

Answer: B

Explanation:
The required element is that the investment is in a common enterprise. The ACFE material explains that the investment-contract analysis parallels the Howey test, under which all required elements must exist: an investment of money or other assets, a common enterprise, an expectation of profit, and profits derived primarily from the efforts of others. Option A is incorrect because profits must come from the efforts of people other than the investor, not solely from the investor's own management efforts. Option B is too narrow because the investment may involve money or another asset. Option C is incorrect because notarization is not an element of an investment contract. Therefore, the common-enterprise requirement makes option D correct.

NEW QUESTION # 351
Perceived certainty of detection is directly related to employee theft for respondents in all industry sectors, that is, the stronger the perception that theft would be detected, the more the likelihood that the employee would engage in deviant behavior.

A. False
B. True

Answer: A

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This statement is False . Research in occupational fraud consistently shows that when employees believe there is a strong likelihood of being caught, they are less likely to engage in theft or deviant behavior. Deterrence theory emphasizes that perceived certainty of detection is one of the most effective controls against occupational fraud.
* Key Concept: Deterrence through perceived detection .
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraud Theory - Perceived Detection and Deterrence .

NEW QUESTION # 352
Baker, an employee of ABC Corporation, was the only employee who had control of the purchasing function for his department. Baker authorized the purchase of supplies that ABC did not need and used these supplies to make improvements to his house. This is an example of what kind of fraud?

A. Pass-through scheme
B. Theft of inventory
C. Pay and return scheme
D. Personal purchases with company funds

Answer: D

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This is personal purchases with company funds , where an employee uses company resources to acquire goods or services for personal benefit. Baker used ABC's funds to buy supplies for home improvements.
* Analysis of Incorrect Options:
* A. Pay and return scheme - Involves overpaying a vendor and pocketing the refund.
* C. Pass-through scheme - Involves using a controlled company to bill the employer at inflated prices.
* D. Theft of inventory - Involves stealing company stock, not purchasing items for personal use.
* Key Concept: Fraudulent disbursement - billing fraud through unauthorized personal purchases.
Reference: ACFE Manual, Fraudulent Disbursements - Personal Purchases Schemes .

NEW QUESTION # 353
A fraud examiner is attempting to determine whether an online retailer's customers have committed card-not- present (CNP) payment card fraud schemes. Which of the following measures would be MOST EFFECTIVE in detecting this type of fraud?

A. Examine orders in which customers declined rush or overnight shipping for their purchases.
B. Compare IP addresses for internet orders with those from previous orders placed by the same customer.
C. Check for small orders placed from newly created customer accounts that do not have a purchase history.
D. Review orders in which a customer purchased several unique items during a single transaction.

Answer: B

Explanation:
Card-not-present fraud occurs when payment card information is used without the physical card being presented, commonly in online transactions. Comparing IP addresses for internet orders with those used in previous orders by the same customer is the most effective detection measure listed because it helps identify unusual access patterns. If an order is placed from an unfamiliar or suspicious IP address inconsistent with the customer's historical activity, it can indicate unauthorized use of stolen card data. Small orders from new accounts might be suspicious but are less reliable alone. Declining rush shipping is not a typical fraud indicator, and purchasing several unique items is not necessarily suspicious. The ACFE materials identify payment card fraud and card-not-present transactions as key payment fraud risks.

NEW QUESTION # 354
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