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| Section | Objectives |
|---|---|
| Topic 1: Financial Crimes | - Financial Statement Fraud
|
| Topic 2: Fraud Schemes | - Asset Misappropriation Schemes
|
>> CFE-Fraud-Schemes-and-Financial-Crimes Actual Exam Dumps <<
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NEW QUESTION # 299
__________ are the amounts which are owed to other entities:
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Liabilities are defined as obligations to transfer assets or provide services to other entities in the future as a result of past transactions. They represent what the organization owes, distinguishing them from assets.
* Analysis of Incorrect Options:
* A. Supplies - Assets consumed within a year, not obligations.
* B. Expenses - Costs incurred, but not necessarily amounts owed.
* C. Assets - Resources owned, not obligations.
* Key Concept: Definition of Liabilities in accounting.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Assets and Liabilities .
NEW QUESTION # 300
Assets that are long-lived and that differ from property, plant, and equipment that has been purchased outright or acquired under a capital lease are:
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Intangible assets are long-lived assets that lack physical substance and differ from property, plant, and equipment. Examples include goodwill, patents, trademarks, and copyrights. They provide long-term benefits but cannot be physically touched.
* Analysis of Incorrect Options:
* A. Tangible Assets - These have physical form (e.g., equipment, land).
* C. Forced Assets - Not an accounting category.
* D. None of the above - Incorrect since intangible assets match the definition.
* Key Concept: Classification of Assets - tangible vs. intangible.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Types of Assets .
NEW QUESTION # 301
Carl, an information technology (IT) employee at ABC Company, steals an accounting employee's login credentials for the company's online banking portal. Carl then sets up a recurring payment to a bank account that he owns under a different name. Carl has MOST LIKELY committed a(n):
Answer: A
Explanation:
The correct answer is D. Carl committed electronic payment tampering because he used stolen online banking credentials to create an unauthorized recurring electronic payment. Electronic payment tampering involves manipulating electronic disbursement systems, online banking portals, ACH transactions, wire transfers, or related payment credentials to divert funds. Although Carl uses a disguised bank account, the central misconduct is the unauthorized creation of an electronic payment, not a traditional billing scheme. A diverted revenue scheme concerns incoming receipts rather than outgoing payments. A ghost payee scheme can involve fictitious recipients, but here the best classification is electronic payment tampering because the fraud is executed through the company's online banking system. The ACFE materials classify electronic payment tampering under fraudulent disbursement schemes.
NEW QUESTION # 302
Valentin purchases a property and shortly thereafter sells the real estate at an inflated price using the results of a fraudulent appraisal. Which of the following terms BEST describes this scheme?
Answer: D
Explanation:
Valentin's scheme is best described as property flipping. Property flipping becomes fraudulent when real estate is quickly resold at an artificially inflated price supported by false or misleading appraisals, sham transactions, or misrepresentations. The key facts are the quick resale and inflated value created through a fraudulent appraisal. A daisy chain generally involves a sequence of related transactions or parties used to inflate value or conceal the nature of the transaction, but the question asks for the best description of the basic scheme. A fraudulent sale is too general, and an air loan involves a fictitious borrower, fictitious property, or nonexistent transaction. The ACFE material discusses fraudulent appraisals, real estate fraud, and property flipping as financial institution fraud risks.
NEW QUESTION # 303
A method for gaining unauthorized access to a computer system whereby the attacker deceives victims into disclosing personal information or convinces them to commit acts that facilitate the attacker's intended scheme is known as:
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Social engineering involves manipulating or deceiving people into revealing confidential information or taking actions that aid the attacker (e.g., clicking malicious links, sharing credentials). It targets human weaknesses rather than technical vulnerabilities.
* Analysis of Incorrect Options:
* A. IP spoofing - Forging an IP address to disguise origin.
* B. Electronic piggybacking - Unauthorized use of someone else's access connection.
* C. Packet sniffing - Monitoring data traffic across a network.
* Key Concept: Cyberfraud techniques - social engineering.
Reference: ACFE Manual, Fraud Prevention and Deterrence - Social Engineering Attacks .
NEW QUESTION # 304
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