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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Corruption Schemes | 5–10% | - Bribery and kickbacks - Conflicts of interest - Prevention and detection strategies - Illegal gratuities and extortion |
| Topic 2: Asset Misappropriation – Cash Receipts | 5–10% | - Prevention and detection methods - Cash larceny - Cash skimming schemes |
| Topic 3: Basic Accounting and Auditing Concepts | 15–20% | - Fundamental accounting principles - Internal control frameworks and objectives - Financial statement components and relationships - Auditing standards and procedures |
| Topic 4: Internal Control and Fraud Prevention | 10–15% | - Fraud risk assessment - Control testing and evaluation - Design of anti-fraud controls |
| Topic 5: Asset Misappropriation – Fraudulent Disbursements | 15–20% | - Register disbursement fraud - Electronic payment tampering - Expense reimbursement fraud - Payroll fraud schemes - Billing schemes |
| Topic 6: Other Fraud Schemes | 10–15% | - Theft of data and intellectual property - Identity theft and financial crimes - Healthcare fraud - Procurement and contract fraud - Insurance fraud |
| Topic 7: Financial Statement Fraud | 10–15% | - Revenue recognition schemes - Asset and liability misrepresentation - Improper disclosures - Financial statement analysis techniques |
| Topic 8: Asset Misappropriation – Inventory and Other Assets | 5–10% | - Prevention and detection controls - Concealment of asset shrinkage - Inventory theft and misuse |
>> Free CFE-Financial-Transactions-and-Fraud-Schemes Test Questions <<
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NEW QUESTION # 156
John is a salesperson whose job requires him to entertain potential clients frequently. When John and another salesperson from a different company take a potential client to dinner, the other salesperson pays for the meal.
John creates his own receipt for the meal and submits the expense for reimbursement from his company.
John's scheme can BEST be characterized as:
Answer: D
NEW QUESTION # 157
Which of the following is FALSE concerning methods that corporate spies generally use to steal information from other organizations?
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Corporate spies do use social engineering, but their primary methods include surveillance, infiltration (e.g., posing as employees), and technical monitoring. The statement in option C is false because searching desks/workstations is a tactic, but it is not the primary method.
* Analysis of Incorrect Options:
* A - True; fake badges are a common infiltration tactic.
* B - True; low-level jobs provide physical access.
* D - True; technical surveillance is a recognized method.
* Key Concept: Methods of corporate espionage.
Reference: ACFE Manual, Fraud Prevention and Deterrence - Competitive Intelligence and Espionage.
NEW QUESTION # 158
What can make it easy for an employee to skim sales or receivables?
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer:Weak or poor collection and recording procedures create opportunities for employees to skim. Without strong controls over cash receipts and documentation, employees can divert funds without detection.
* Analysis of Incorrect Options:
* A. Revenue sources and recording procedures - Too general; it is weak procedures that matter.
* C. Internal audits and recording procedures - Audits help detect fraud, not enable it.
* D. Register manipulations and recording procedures - Describes concealment, not the root cause.
* Key Concept:Control weaknesses enable skimming.
Reference:ACFE Fraud Examiners Manual (2020 International Edition), Cash Receipts - Causes and Opportunities for Skimming.
NEW QUESTION # 159
Joe's automobile insurance policy expired in June. In August, Joe was involved in an automobile accident, and his vehicle was severely damaged. After the accident, Joe contacted his insurance company and reinstated the policy. In September, Joe then submitted a claim with a September accident date for the damages that occurred to his vehicle in August. Joe has engaged in which of the following insurance schemes?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Past posting occurs when an insured reinstates or purchases insurance coverage after a loss has already occurred and then submits a false claim, backdating the loss to appear covered. Joe's scheme fits this exactly.
* Analysis of Incorrect Options:
* A. Staged accident - Fraudulent accidents deliberately caused, not applicable here.
* B. Inflated damages - Exaggerating actual losses, not retroactive coverage.
* D. Vehicle repair - General claim fraud, but not the scheme in question.
* Key Concept: Insurance fraud - past posting schemes.
Reference: ACFE Manual, Financial Transactions - Insurance Fraud Schemes.
NEW QUESTION # 160
The excess credits (or debits) on the income statement are used to decrease (or increase) the equity account.
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer:This is True. The net result of revenues and expenses (credits and debits) on the income statement flows into retained earnings, which is part of equity on the balance sheet. Therefore, excess credits (profits) increase equity, while excess debits (losses) decrease equity.
* Analysis of Incorrect Options:
* B. False - Incorrect, as the closing process of the accounting cycle directly affects equity.
* Key Concept:Closing process and impact of net income on equity.
Reference:ACFE Fraud Examiners Manual (2020 International Edition), Accounting Concepts - Income Statement Flow to Equity.
NEW QUESTION # 161
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