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

Section	Objectives
Topic 1: Fraud Investigation and Analysis	- Data analysis in fraud detection 1. Trend and anomaly identification - Evidence collection and documentation 1. Chain of custody principles
Topic 2: 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
Topic 3: Financial Crimes	- Money Laundering 1. Placement, layering, integration stages - Banking and Payment Fraud 1. Check and credit card fraud 2. Wire fraud and electronic transfers

Section

Objectives

Topic 1: Fraud Investigation and Analysis

- Data analysis in fraud detection

1. Trend and anomaly identification

- Evidence collection and documentation

1. Chain of custody principles

Topic 2: 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

Topic 3: Financial Crimes

- Money Laundering

1. Placement, layering, integration stages

- Banking and Payment Fraud

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

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Popular CFE-Fraud-Schemes-and-Financial-Crimes Exams & CFE-Fraud-Schemes-and-Financial-Crimes Real Exam Answers

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ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q306-Q311):

NEW QUESTION # 306
Which of the following would NOT be considered a conflict of interest?

A. Robert works for Muir's Printing Services on weekdays and Winsted Cafe on weekends, but he does not tell either employer about the other job.
B. Jennifer is on the board of directors of two companies that compete in the retail market, but she does not tell either company about her role at the other.
C. Ernest hires his brother, John, to provide vending services to his employer's lunch areas, but he does not disclose their relationship.
D. Harriet owns a significant amount of stock in a company she regularly buys her employer's office supplies from, but her employer is unaware of this fact.

Answer: A

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Simply holding two jobs without disclosure is not inherently a conflict of interest unless the roles compete, overlap, or present divided loyalties. The other options all describe undisclosed financial or relational interests that conflict with the employer's best interest.
* Analysis of Incorrect Options:
* A. Harriet's stock ownership - Direct financial conflict.
* C. Jennifer's board positions - Competing loyalties between competitors.
* D. Ernest hiring his brother - Nepotism without disclosure is a conflict.
* Key Concept: Conflict of interest schemes in corruption.
Reference: ACFE Fraud Examiners Manual (2020) , Corruption: Conflict of Interest .

NEW QUESTION # 307
Which of the following factors is NOT included in most financial statement schemes?

A. Improper asset valuations
B. Fictitious revenues
C. Concealed liabilities and expenses
D. Persuasive Evidence

Answer: D

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Common financial statement fraud schemes include: (A) recording fictitious revenues, (C) concealing liabilities/expenses, and (D) improper asset valuations. Persuasive evidence is not a fraud scheme; it is an auditing concept used to support accounting entries.
* Analysis of Incorrect Options:
* A, C, D - All are well-documented methods of financial statement fraud.
* B. Persuasive Evidence - Correct, since it is not part of fraud schemes.
* Key Concept: Major categories of financial statement fraud schemes.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Financial Statement Fraud - Fraudulent Reporting Categories .

NEW QUESTION # 308
According to accounting principles, ________ and ________ should be recorded or matched in the same accounting period; failing to do so violates the matching principle of GAAP.

A. Revenue and corresponding expenses
B. Capitalized expenses and Liabilities
C. Revenue and Income statement
D. Income statement and Long-term contracts

Answer: A

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The matching principle under GAAP requires that revenues and the corresponding expenses incurred to generate those revenues be recorded in the same period. Failing to do so misstates income and violates accrual accounting.
* Analysis of Incorrect Options:
* B. Revenue and Income statement - The income statement is a report, not an item to be matched.
* C. Income statement and Long-term contracts - Long-term contracts follow special rules (percentage of completion, completed contract), not the general matching principle.
* D. Capitalized expenses and Liabilities - Not part of the matching principle.
* Key Concept: Matching Principle - recording related revenues and expenses in the same period.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Accrual Accounting and Matching Principle .

NEW QUESTION # 309
________ increase assets and expenses and/or decrease liabilities and/or equity.

A. Debit
B. None of all
C. Journal Entries
D. Credit

Answer: A

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: In double-entry accounting, a debit increases assets and expenses while decreasing liabilities and equity. Debits are entries on the left side of an account.
* Analysis of Incorrect Options:
* A. Journal Entries - General record of transactions, not the specific effect.
* C. Credit - Opposite effect: increases liabilities/equity, decreases assets/expenses.
* D. None of all - Incorrect because "debit" is the recognized effect.
* Key Concept: Debit rules in double-entry accounting.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Debits and Credits .

NEW QUESTION # 310
Which of the following scenarios is an example of an economic extortion scheme?

A. A purchasing employee and vendor agree to bill the employee's company for services that the vendor did not provide.
B. A driver caught violating the speed limit offers a law enforcement officer payment to avoid receiving a speeding ticket.
C. A contractor rewards a government employee with concert tickets after winning a contract with their agency.
D. A judge threatens to rule against a defendant during a judicial proceeding unless the defendant pays them money.

Answer: D

Explanation:
The correct answer is C. Economic extortion occurs when a person with authority or influence demands payment or another benefit from a victim through coercion, threat, or misuse of power. A judge threatening to rule against a defendant unless paid is a clear example because the payment is demanded under threat of adverse official action. Option A is closer to an illegal gratuity because the benefit is provided after the contract award. Option B describes attempted bribery by the driver, who offers payment to influence the officer. Option D describes a billing or kickback-type arrangement involving collusion and false services. In economic extortion, the recipient of the improper payment initiates the demand by applying pressure or threat.

NEW QUESTION # 311
......

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