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

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

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                    ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q11-Q16):

                    NEW QUESTION # 11
                    By removing a tangible asset from the business (a debit), the books will be ___________ by the exact amount of the tangible asset misappropriated.

                    Answer: C

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: When a tangible asset is stolen (removed from the books), a debit entry would be missing its corresponding credit, leaving the books out-of-balance . Fraudsters often conceal this imbalance by falsifying entries (e.g., creating fictitious expenses or adjusting asset accounts).
                    * Analysis of Incorrect Options:
                    * A. Journal Entries - Too general; not the condition of the books.
                    * C. False debits - A concealment method, but not the direct result.
                    * D. None of all - Incorrect because "out-of-balance" is accurate.
                    * Key Concept: Concealment of asset theft and impact on accounting records.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Asset Misappropriation - Concealment of Theft .


                    NEW QUESTION # 12
                    How many accounts are affected in fraudulent accounting entries and therefore the same number of categories on the financial statement?

                    Answer: A

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: By double-entry accounting rules, every accounting entry affects at least two accounts (debit and credit). Fraudulent entries must also follow this rule, meaning manipulation will show up in at least two categories on the financial statements.
                    * Analysis of Incorrect Options:
                    * A. One - Impossible in double-entry accounting.
                    * C. More than two - Possible, but not always; the minimum is two.
                    * D. None of above - Incorrect since "at least two" is correct.
                    * Key Concept: Double-entry accounting ensures at least two accounts are affected in every transaction, including fraudulent ones.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Double- entry Accounting and Fraudulent Entries .


                    NEW QUESTION # 13
                    Which of the following is TRUE regarding accrual-basis accounting?

                    Answer: B

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Under accrual-basis accounting , revenues are generally recognized when earned (often upon delivery of goods or services), not necessarily when cash is received.
                    Similarly, expenses are recorded when incurred, not when paid. This provides a more accurate picture of performance and financial position.
                    * Analysis of Incorrect Options:
                    * A - This describes cash-basis accounting , not accrual-basis.
                    * B - Accrual accounting is more complex, not simpler.
                    * C - Focuses on earned revenues and incurred expenses, not immediate cash flow.
                    * Key Concept: Accrual accounting matches revenues with expenses in the period they occur.
                    Reference: ACFE Manual, Accounting Concepts - Accrual vs. Cash-Basis Accounting .


                    NEW QUESTION # 14
                    __________ is required if and when officers, executives, or other persons in trusted positions become subjects of a criminal indictment.

                    Answer: C

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Disclosure is required whenever individuals in positions of trust are indicted or otherwise compromised. Transparency ensures stakeholders are aware of potential conflicts or risks.
                    * Analysis of Incorrect Options:
                    * A. Conflict of interest - A scheme, not the corrective measure.
                    * B. Turnaround sale or flip - Specific scheme, irrelevant here.
                    * D. Resource diversion - A fraud method, not a governance requirement.
                    * Key Concept: Importance of Disclosure in preventing or responding to conflicts of interest.
                    Reference: ACFE Fraud Examiners Manual (2020) , Corruption: Disclosure Requirements .


                    NEW QUESTION # 15
                    A fictitious revenue scheme often results in which of the following situations?

                    Answer: B

                    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 # 16
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