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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Asset Misappropriation – Cash Receipts | 5–10% | - Prevention and detection methods - Cash skimming schemes - Cash larceny |
| Topic 2: Asset Misappropriation – Fraudulent Disbursements | 15–20% | - Billing schemes - Register disbursement fraud - Payroll fraud schemes - Electronic payment tampering - Expense reimbursement fraud |
| Topic 3: Other Fraud Schemes | 10–15% | - Identity theft and financial crimes - Procurement and contract fraud - Healthcare fraud - Theft of data and intellectual property - Insurance fraud |
| Topic 4: Asset Misappropriation – Inventory and Other Assets | 5–10% | - Concealment of asset shrinkage - Inventory theft and misuse - Prevention and detection controls |
| Topic 5: Internal Control and Fraud Prevention | 10–15% | - Fraud risk assessment - Control testing and evaluation - Design of anti-fraud controls |
| Topic 6: Corruption Schemes | 5–10% | - Prevention and detection strategies - Bribery and kickbacks - Conflicts of interest - Illegal gratuities and extortion |
| Topic 7: Financial Statement Fraud | 10–15% | - Financial statement analysis techniques - Improper disclosures - Asset and liability misrepresentation - Revenue recognition schemes |
| Topic 8: Basic Accounting and Auditing Concepts | 15–20% | - Internal control frameworks and objectives - Fundamental accounting principles - Auditing standards and procedures - Financial statement components and relationships |
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The Certified Fraud Examiner - Financial Transactions and Fraud Schemes Exam (CFE-Financial-Transactions-and-Fraud-Schemes) practice questions (desktop and web-based) are customizable, meaning users can set the questions and time according to their needs to improve their discipline and feel the real-based exam scenario to pass the ACFE CFE-Financial-Transactions-and-Fraud-Schemes Certification. Customizable mock tests comprehensively and accurately represent the actual CFE-Financial-Transactions-and-Fraud-Schemes certification exam scenario.
NEW QUESTION # 223
The scheme in which the same vendor is receiving favorable treatment van be found in purchases by vendor searches.
Answer: A
NEW QUESTION # 224
_________ normally are carried on an organization's books as expenses because they tend to be consumed by the organization within a year of purchase.
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer:Supplies are recorded as expenses because they are expected to be consumed within one year. Unlike long-lived assets, supplies do not provide benefits beyond the short term and therefore are expensed rather than capitalized.
* Analysis of Incorrect Options:
* B. Expenses - The accounting treatment, not the category of item.
* C. Assets - Supplies are assets when purchased, but they become expenses upon consumption.
* D. Equity - Represents ownership interest, unrelated here.
* Key Concept:Short-term asset consumption and expense recognition.
Reference:ACFE Fraud Examiners Manual (2020 International Edition), Accounting Concepts - Expense vs. Asset Classification.
NEW QUESTION # 225
Martin worked in the warehouse of a large electronics distributor. When a shipment of five hundred cameras arrived, Martin stole one hundred of the units. He sent a receiving report to accounts payable indicating that all five hundred cameras arrived. However, he altered the copy used for the inventory records to indicate that only four hundred of the units were received so that the available inventory would match the perpetual inventory records. What type of scheme did Martin commit?
Answer: D
Explanation:
Explanation/Reference: https://www.acfe.com/uploadedFiles/Shared_Content/Products/Self-Study_CPE/Intro%20to%20Fraud-Chapter%20Excerpt.pdf
NEW QUESTION # 226
Mario performs surgery on a patient to replace a bone. The surgery should be billed using one code, but Mario bills the surgery using three codes (one for the entire surgery, one for the removal of the bone, and another for the insertion of the artificial bone), which increases the cost. Which of the following BEST describes Mario's scheme?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer:This is unbundling, where services that should be billed under a single comprehensive code are split into multiple components to inflate reimbursement.
* Analysis of Incorrect Options:
* A. Fictitious services - Charging for services not performed.
* B. False diagnosis - Fabricating diagnoses to justify billing.
* C. Upcoding - Billing for more expensive services than provided.
* Key Concept: Health care billing fraud - unbundling.
Reference: ACFE Fraud Examiners Manual (2020), Fraudulent Disbursements: Health Care Billing Schemes
NEW QUESTION # 227
Which of the following search is used for unusually high incidence of returns and allowances scheme?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer:Fraudulent schemes involving returns and allowances can be detected by analyzing accounts for unusually high transactions in these categories. This is a common red flag for concealment of theft or manipulation of sales.
* Analysis of Incorrect Options:
* A. Allowances by vendors - Too narrow, not a standard analytic test.
* B. Disposals of allowances than reorders - Not a recognized search method.
* D. None of the above - Incorrect, since option C is valid.
* Key Concept:Returns and allowances analysis for fraud detection.
Reference:ACFE Fraud Examiners Manual (2020 International Edition), Fraudulent Disbursements - Analytical Procedures.
NEW QUESTION # 228
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