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

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

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                                  ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q120-Q125):

                                  NEW QUESTION # 120
                                  Which of the following statements about skimming is CORRECT?

                                  Answer: B

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: Skimming is the theft of incoming cash before it is recorded in the books . Since the payment is never recorded, no audit trail exists, making it an "off-book" scheme.
                                  * Analysis of Incorrect Options:
                                  * A - Incorrect; skimming can involve both sales and receivable payments.
                                  * C - Incorrect; skimming is off-book , not on-book.
                                  * D - Incorrect; skimming is typically harder to detect than larceny, since there is no record.
                                  * Key Concept: Skimming vs. larceny - off-book theft of cash receipts.
                                  Reference: ACFE Manual, Cash Receipts - Skimming Schemes .


                                  NEW QUESTION # 121
                                  ____________ corrupt employees can cause inventory to be fraudulently delivered to themselves or accomplices.

                                  Answer: D

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: Fraudsters may use false packing slips to misdirect deliveries of inventory. By altering or falsifying packing documentation, employees can ensure goods are sent to themselves or accomplices instead of legitimate recipients.
                                  * Analysis of Incorrect Options:
                                  * A. False shipping slip - Related but less accurate; shipping documents are broader.
                                  * C. Fraudulent inventory slip - Not a standard fraud term.
                                  * D. False credit slip - Relates to receivables manipulation, not inventory deliveries.
                                  * Key Concept: False packing slip schemes in inventory misappropriation.
                                  Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Inventory and Other Assets - Shipping and Receiving Schemes .


                                  NEW QUESTION # 122
                                  Which of the following is an insurance fraud detection tool used for identifying funds fraudulently sent to fictitious payees by using computer-generated reports to compare payments sent to the same location?

                                  Answer: A

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: Address similarity reports are used to identify fraudulent disbursements by flagging payments sent to multiple vendors or payees at the same address. This helps detect fictitious payees or shell companies set up by fraudsters.
                                  * Analysis of Incorrect Options:
                                  * A. Duplicate payment lists - Detects duplicate disbursements, not necessarily fictitious payees.
                                  * C. Exception reports - Flag unusual transactions, but not specifically address similarities.
                                  * D. Electronic confirmations - Used to verify balances or transactions, not detect fictitious vendors.
                                  * Key Concept: Detection of fraudulent disbursements .
                                  Reference: ACFE Fraud Examiners Manual (2020) , Fraudulent Disbursements: Fictitious Payee Schemes .


                                  NEW QUESTION # 123
                                  ________ increase assets and expenses and/or decrease liabilities and/or equity.

                                  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 # 124
                                  A fraudster poses as ABC Organization's chief executive officer (CEO) and sends an email to an employee requesting that company funds be transferred to an account that the fraudster owns. This is an example of which of the following types of fraud schemes?

                                  Answer: B

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: This scheme is a business email compromise (BEC) , also known as CEO fraud. Fraudsters impersonate high-ranking executives to trick employees into transferring money or disclosing confidential information.
                                  * Analysis of Incorrect Options:
                                  * A. Reverse social engineering - Involves the fraudster posing as a helper and then exploiting the victim, not impersonating executives.
                                  * B. Executive email attack - A generic term, but the ACFE recognizes BEC as the precise classification.
                                  * C. Electronic piggybacking - Refers to unauthorized access through another user's session, not impersonation.
                                  * Key Concept: Social engineering and cyber-enabled fraud - BEC schemes.
                                  Reference: ACFE Manual, Fraud Prevention and Deterrence - Business Email Compromise .


                                  NEW QUESTION # 125
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