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

Section	Objectives
Financial Crimes	- Financial Statement Fraud 1. Expense understatement 2. Revenue manipulation 3. Asset overstatement - Corruption Schemes 1. Bribery 2. Conflicts of interest 3. Kickbacks - Money Laundering 1. Placement stage 2. Integration stage 3. Layering stage
Fraud Schemes	- Fraudulent Disbursements 1. Billing schemes 2. Check tampering 3. Billing shell companies - Asset Misappropriation Schemes 1. Cash theft and skimming 2. Payroll fraud 3. Inventory and asset theft 4. Expense reimbursement fraud

Section

Objectives

Financial Crimes

- Financial Statement Fraud

1. Expense understatement
2. Revenue manipulation
3. Asset overstatement

- Corruption Schemes

1. Bribery
2. Conflicts of interest
3. Kickbacks

- Money Laundering

1. Placement stage
2. Integration stage
3. Layering stage

Fraud Schemes

- Fraudulent Disbursements

1. Billing schemes
2. Check tampering
3. Billing shell companies

- Asset Misappropriation Schemes

1. Cash theft and skimming
2. Payroll fraud
3. Inventory and asset theft
4. Expense reimbursement fraud

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ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q152-Q157):

NEW QUESTION # 152
____________ is a summary of the account balances carried in a ledger.

A. General journal
B. Balance sheet
C. Income statement
D. Financial statement

Answer: B

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The balance sheet summarizes account balances from the ledger at a specific date, presenting assets, liabilities, and equity. It reflects the organization's financial position and is derived from ledger balances.
* Analysis of Incorrect Options:
* B. Income statement - Summarizes revenues and expenses, not all ledger balances.
* C. Financial statement - A general term, but the specific answer here is balance sheet.
* D. General journal - Book of original entry, not a summary.
* Key Concept: Balance sheet as a summary of ledger accounts.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Financial Statements Overview .

NEW QUESTION # 153
Which of the following is NOT a common way that a procuring employee might engage in a bid manipulation scheme?

A. Extending bid opening dates without justification
B. Using low-quality materials
C. Altering bids
D. Opening bids prematurely

Answer: B

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Bid manipulation schemes occur in the procurement process and involve altering the bidding environment (e.g., extending deadlines, prematurely opening competitor bids, or changing submitted bids). Using low-quality materials is a post-award performance fraud , not bid manipulation.
* Analysis of Incorrect Options:
* A, C, D - All are recognized bid manipulation tactics.
* Key Concept: Procurement fraud schemes - bid manipulation vs. contract performance fraud.
Reference: ACFE Manual, Corruption - Procurement Fraud .

NEW QUESTION # 154
Which of the following is an example of a cash larceny scheme?

A. Sarah returned a $250 mirror to the store. Jenna, the cashier, recorded a $350 return on the cash register and kept the remaining $100.
B. Paul sold insurance policies to individuals but never filed the policies with the insurance company. He then stole the customers' payments, which he was able to do because the insurance company did not know the policies existed.
C. Mark, a cashier, knew the access code for Joe's cash register. He logged in as Joe and processed transactions as usual. He then took $50 from the register at the end of his shift.
D. Emily is an accounts receivable clerk. She stole Customer A's monthly payment. When Customer B's payment arrived, she applied it to Customer A's account. When Customer C's payment arrived, she applied it to Customer B's account.

Answer: C

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Cash larceny involves stealing cash after it has been recorded .
Mark stole $50 directly from the register after recording sales, which is a cash larceny scheme.
* Analysis of Incorrect Options:
* A. Paul's scheme - This is skimming (off-book theft), not larceny.
* B. Emily's scheme - This is a lapping scheme (concealing theft of receivables), not pure larceny.
* C. Sarah/Jenna - This is an overstated refund scheme (fraudulent disbursement), not larceny.
* Key Concept: Cash larceny vs. skimming vs. fraudulent disbursements.
Reference: ACFE Fraud Examiners Manual (2020) , Cash Receipts: Larceny Schemes .

NEW QUESTION # 155
Which of the following ratios can be used to determine the efficiency with which a company uses its assets?

A. Asset turnover ratio
B. Receivable turnover ratio
C. Debt-to-equity ratio
D. Quick ratio

Answer: A

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The Asset Turnover Ratio measures how efficiently a company uses its assets to generate revenue. It is calculated as Net Sales ÷ Average Total Assets . Higher ratios indicate better efficiency.
* Analysis of Incorrect Options:
* A. Quick ratio - Liquidity ratio, not asset efficiency.
* B. Receivable turnover ratio - Measures efficiency in collecting receivables, not overall asset use.
* C. Debt-to-equity ratio - Capital structure metric, not efficiency.
* Key Concept: Financial ratio analysis - asset utilization efficiency .
Reference: ACFE Fraud Examiners Manual (2020) , Accounting Concepts: Financial Ratios .

NEW QUESTION # 156
Which of the following actions would balance the accounting equation to conceal the misappropriation of cash?

A. Creating fictitious revenue
B. Increasing owners' equity
C. Increasing another asset
D. Increasing a liability

Answer: D

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: When cash is stolen, the accounting equation (Assets = Liabilities + Equity) must still balance. Fraudsters may increase a liability (e.g., record fictitious payables) to cover the missing cash. This is a common concealment method.
* Analysis of Incorrect Options:
* A. Increasing another asset - Would require inflating assets, but this usually affects financial statement fraud, not cash theft concealment.
* B. Increasing owners' equity - Not logical without legitimate earnings or capital contributions.
* D. Creating fictitious revenue - Used in financial statement fraud, not in balancing theft concealment.
* Key Concept: Concealment methods for asset misappropriation - offsetting missing cash with fictitious liabilities .
Reference: ACFE Fraud Examiners Manual (2020) , Financial Statement Fraud: Concealment Methods .

NEW QUESTION # 157
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