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

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

Section

Objectives

Fraud Investigation and Analysis

- Data analysis in fraud detection

1. Trend and anomaly identification

- Evidence collection and documentation

1. Chain of custody principles

Fraud Schemes

- Financial Statement Fraud

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

- Asset Misappropriation Schemes

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

Financial Crimes

- Banking and Payment Fraud

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

- Money Laundering

1. Placement, layering, integration stages

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ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q125-Q130):

NEW QUESTION # 125
Which of the following fraud schemes is MOST LIKELY to target members of a religious community?

A. Advance-fee scheme
B. Affinity fraud
C. Social control fraud
D. Bait and switch scheme

Answer: B

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Affinity fraud occurs when fraudsters exploit trust within identifiable groups-such as religious, ethnic, or professional communities-making members more susceptible to deception.
* Analysis of Incorrect Options:
* B - Social control fraud relates to control fraud by institutions, not religious targeting.
* C - Bait and switch is a deceptive sales tactic, not specific to religious groups.
* D - Advance-fee scams may target anyone, not specifically religious communities.
* Key Concept: Affinity fraud as a corruption/exploitation scheme.
Reference: ACFE Manual, Corruption - Affinity Fraud .

NEW QUESTION # 126
Which of the following statements is TRUE regarding income statements?

A. Gross revenue is the total amount of sales after deductions are applied.
B. A company's operating expenses are usually listed as the first line item.
C. Net profit is a company's earnings before operating expenses have been deducted.
D. Gross profit is the difference between net sales and cost of goods sold.

Answer: D

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Gross profit = Net sales - Cost of Goods Sold (COGS). This is the correct definition, as per standard accounting principles.
* Analysis of Incorrect Options:
* A. Gross revenue - Defined as total sales before deductions, not after.
* B. Net profit - Net profit is after all expenses (operating, interest, taxes), not before.
* D. Operating expenses - Appear after gross profit, not at the top.
* Key Concept: Income statement structure and key definitions .
Reference: ACFE Fraud Examiners Manual (2020) , Accounting Concepts: Income Statement Analysis .

NEW QUESTION # 127
Which of the following reasons is an acceptable justification for departing from generally accepted accounting principles (GAAP)?

A. Reporting a transaction in a way that is compliant with GAAP would be significantly more expensive.
B. Applying a different accounting framework would increase the organization's ability to grow internationally.
C. A departure from GAAP would make the company appear more profitable.
D. The expected costs of following GAAP exceed the expected benefits of compliance.

Answer: D

Explanation:
The correct answer is C. Under accounting concepts, the cost-benefit constraint recognizes that the expected benefits of financial reporting information should justify the expected costs of providing it. A departure from GAAP may be acceptable only in limited circumstances where compliance is impracticable or the cost of compliance exceeds the benefit, provided the departure is properly evaluated and disclosed under the applicable framework. Option A is insufficient because expense alone does not justify noncompliance unless the cost-benefit threshold is met. Option B is clearly improper because improving reported profitability is a fraudulent motive, not a valid accounting reason. Option D is also not a valid justification because growth or international expansion does not permit disregarding required accounting standards.

NEW QUESTION # 128
Which of the following is the MOST ACCURATE statement about the different types of malware?

A. A Trojan horse is a hidden program that displays advertisements while the computer is operating.
B. A computer worm is a program that appears useful but monitors and logs keystrokes.
C. Ransomware is malicious software that locks the operating system and restricts access to data files.
D. Spyware is a software program with instructions executed every time a computer is turned on.

Answer: C

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Ransomware is malware that encrypts or locks an operating system and prevents access to data until a ransom is paid. This definition is correct.
* Analysis of Incorrect Options:
* A. Spyware - Monitors user activity, keystrokes, or data, not a startup instruction program.
* B. Trojan horse - Appears legitimate but contains malicious code; adware is different.
* C. Worm - Self-replicating program spreading across networks; not a keystroke logger.
* Key Concept: Cyber fraud and malware types .
Reference: ACFE Fraud Examiners Manual (2020) , Computer and Internet Fraud: Malware .

NEW QUESTION # 129
Which of the following statements is TRUE regarding income statements?

A. Gross profit is equal to revenues minus operating expenses.
B. Net profit is the difference between total sales and the cost of goods sold.
C. Gross revenue is the total amount of sales after all deductions are applied.
D. Most companies present net sales as the first line item.

Answer: D

Explanation:
The correct answer is A. The income statement reports revenues and expenses for a period, and most companies present net sales or net service revenues as the first line item. Net sales means gross sales reduced by sales returns, allowances, refunds, or discounts. Option B is incorrect because gross profit is generally net sales minus cost of goods sold, not revenues minus operating expenses. Operating expenses are deducted after gross profit to help determine operating income. Option C incorrectly defines net profit; net profit reflects revenues minus all relevant expenses, not merely sales minus cost of goods sold. Option D is also incorrect because gross revenue is before deductions, while net sales are after deductions. The ACFE accounting materials explain these income statement relationships.

NEW QUESTION # 130
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