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

SectionObjectives
Topic 1: 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
        Topic 2: Fraud Schemes- Asset Misappropriation Schemes
        • 1. Billing and expense reimbursement fraud
          • 2. Skimming and cash larceny
            - Financial Statement Fraud
            • 1. Revenue recognition manipulation
              • 2. Asset overstatement and liability concealment
                Topic 3: 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 (Q214-Q219):

                    NEW QUESTION # 214
                    ________ decrease assets and expenses and/or increase liabilities and/or equity.

                    Answer: A

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Credits decrease assets and expenses while increasing liabilities and equity. They are recorded on the right-hand side of ledger accounts, forming the counterbalance to debits.
                    * Analysis of Incorrect Options:
                    * A. Journal Entries - Too general; not a directional effect.
                    * B. Debit - Opposite effect of credits.
                    * D. None of all - Incorrect because "credit" is the precise answer.
                    * Key Concept: Credit rules in double-entry accounting.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Debits and Credits .


                    NEW QUESTION # 215
                    Inventory shrinkage is the unaccounted-for reduction in the company's inventory that does not result from theft.

                    Answer: B

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: This statement is False . Shrinkage is a general term for unaccounted- for inventory losses, and it can indeed result from theft, errors, damage, or waste . To say shrinkage does not result from theft is misleading because theft is one of its primary causes.
                    * Analysis of Incorrect Options:
                    * A. True - Incorrect, as theft is often a major contributor to shrinkage.
                    * B. False - Correct, since shrinkage can include theft.
                    * Key Concept: Shrinkage includes theft as a cause of unexplained inventory loss.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Inventory and Other Assets - Definition and Causes of Shrinkage .


                    NEW QUESTION # 216
                    Undisclosed payments made by vendors to employees of purchasing companies are referred to as:

                    Answer: D

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Kickbacks are undisclosed payments made by vendors to employees of purchasing companies to secure favorable treatment. They are a classic form of bribery under the corruption classification of the Fraud Tree.
                    * Analysis of Incorrect Options:
                    * A. Bid-rigging - Involves collusion among bidders, not secret payments.
                    * C. Presolicitation - A phase in procurement fraud, not the scheme itself.
                    * D. None of the above - Incorrect, as kickbacks are the precise answer.
                    * Key Concept: Kickbacks - secret vendor payments for favorable purchasing treatment.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Kickback Schemes .


                    NEW QUESTION # 217
                    Forced reconciliation of the account says:

                    Answer: B

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Forced reconciliation occurs when fraudsters alter the perpetual inventory records to conceal shrinkage. By adjusting the records, they make the books appear consistent with the physical count, hiding theft or loss.
                    * Analysis of Incorrect Options:
                    * A - Too vague; does not specify perpetual records.
                    * B - Incorrect; inventory is concealed, not shrinkage records.
                    * D - Write-offs are a different concealment method.
                    * Key Concept: Forced reconciliations as a concealment method in inventory fraud.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Inventory and Other Assets - Concealment of Shrinkage .


                    NEW QUESTION # 218
                    Reconciling the sales records to the cash receipts is an effective way to detect a sales skimming scheme.

                    Answer: B

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Skimming involves the theft of cash before it is recorded in the accounting system. Since sales are never recorded, reconciling sales to receipts will not detect skimming-it can only detect larceny (theft after recording).
                    * Analysis of Incorrect Options:
                    * A. True - Incorrect because no discrepancy exists in the records (the sale itself is omitted).
                    * Key Concept: Distinction between skimming (off-book theft) and cash larceny (on-book theft).
                    Reference: ACFE Fraud Examiners Manual (2020) , Cash Receipts: Skimming Schemes .


                    NEW QUESTION # 219
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