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

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

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                    ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q331-Q336):

                    NEW QUESTION # 331
                    Which of the following statements is TRUE regarding income statements?

                    Answer: A

                    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 # 332
                    The most basic skimming scheme occurs when:

                    Answer: C

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: The most basic skimming scheme is when an employee completes a legitimate sale, collects payment, but never records the transaction. The stolen cash is never entered in the books, making it an "off-book" fraud.
                    * Analysis of Incorrect Options:
                    * B & D - Describe purchasing scenarios, irrelevant to skimming.
                    * C - Records the sale, meaning the transaction enters the books (not skimming).
                    * Key Concept: Unrecorded Sales as the simplest form of skimming.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Cash Receipts - Basic Skimming Schemes .


                    NEW QUESTION # 333
                    Which of the following actions would constitute intellectual property theft?

                    Answer: C

                    Explanation:
                    Option A constitutes intellectual property theft because the corporate agent improperly accesses a competitor' s computer network and obtains confidential files about future pricing strategy. Proprietary business information, trade secrets, pricing plans, research, customer lists, and strategic documents can constitute valuable intangible assets. The ACFE material distinguishes lawful competitive intelligence from corporate espionage and theft of proprietary information. Option C describes open-source research, which is generally lawful if the information is publicly available. Option B is a false billing or fraudulent disbursement-type scheme, not intellectual property theft. Option D involves recruiting an employee and does not show improper acquisition or misuse of confidential information. The defining feature in option A is unauthorized access to confidential competitor information for business advantage.


                    NEW QUESTION # 334
                    Occupational fraud and abuse is a (an) __________ of doing business, in much the same way that we pay expenses for electricity, taxes, and wages.

                    Answer: A

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: The ACFE describes occupational fraud and abuse as an expense of doing business because organizations inevitably face losses from it, just as they incur other operating costs. This framing emphasizes the importance of prevention and detection to minimize this "expense."
                    * Analysis of Incorrect Options:
                    * A. Equity - Residual ownership interest, not relevant here.
                    * B. Balance sheet - A report, not a cost.
                    * D. Financial record - Too vague.
                    * Key Concept: Occupational Fraud as a Cost of Business .
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraud Theory - Fraud as a Cost of Doing Business .


                    NEW QUESTION # 335
                    The price of an asset on which the asset is selling at on the open market in a transaction between a willing buyer and a willing seller is called:

                    Answer: D

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Fair value is defined as the price an asset would fetch in an orderly transaction between willing market participants. It reflects current market conditions, not historical cost.
                    * Analysis of Incorrect Options:
                    * A. Absolute value - Mathematical concept, not accounting.
                    * C. Cost value - Historical cost, not current market.
                    * D. Material value - Not a recognized accounting term.
                    * Key Concept: Fair Value Measurement under GAAP/IFRS.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Fair Value .


                    NEW QUESTION # 336
                    ......

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