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

Section	Objectives
Financial Transaction Analysis	- Banking and cash flow transactions - Internal controls in financial processes - General ledger and journal entries
Asset Misappropriation and Corruption Schemes	- Billing and expense reimbursement fraud - Corruption schemes including bribery and conflicts of interest - Cash skimming and cash larceny schemes
Fraud Schemes in Financial Reporting	- Earnings manipulation techniques - Financial statement fraud schemes - Misrepresentation of assets and liabilities
Financial Statements and Accounting Fundamentals	- Financial statement structure and interpretation - Revenue, expenses, assets, and liabilities recognition - Basic accounting principles and concepts

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ACFE Certified Fraud Examiner - Financial Transactions and Fraud Schemes Exam Sample Questions (Q42-Q47):

NEW QUESTION # 42
Fraud in financial statements generally takes the form of _______ assets or revenue and _______ liabilities and expenses.

A. Overstated; overstated
B. Overstated; understated
C. Understated; overstated
D. Understated; understated

Answer: B

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Financial statement fraud typically involves overstating assets or revenues (e.g., inflating inventory, recognizing fictitious sales) and understating liabilities or expenses (e.g., hiding obligations, capitalizing expenses). This combination enhances profitability and net worth, misleading stakeholders.
* Analysis of Incorrect Options:
* A - Understating assets/revenue is rare since fraud usually aims to inflate results.
* C - Overstating both assets and liabilities would not improve financial performance.
* D - Understating both would reduce reported performance, contrary to typical fraud objectives.
* Key Concept: Common patterns in financial statement fraud.
Reference: ACFE Manual, Financial Statement Fraud - Common Methods.

NEW QUESTION # 43
Which of the following statements describes a best practice for preventing contract and procurement fraud?

A. Companies should have vendor-monitoring procedures that address the red flags of all vendor schemes.
B. Companies should permit the person who maintains the vendor master file to also have authority to approve payments for invoices.
C. Companies should conduct background checks on all vendors before they are added to the vendor master file.
D. Companies should restrict the monitoring of their procurement activities to once a year to ensure comparability from year to year.

Answer: C

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Conducting vendor background checks before adding them to the master file is a strong preventive control against shell companies, conflicts of interest, and vendor collusion. It helps ensure vendor legitimacy before business begins.
* Analysis of Incorrect Options:
* B - Too broad; monitoring should focus on practical red flags, not "all schemes."
* C - Violates segregation of duties, increasing fraud risk.
* D - Monitoring should be ongoing, not limited to once a year.
* Key Concept: Procurement fraud prevention through vendor due diligence and segregation of duties.
Reference: ACFE Manual, Corruption - Contract and Procurement Fraud Controls.

NEW QUESTION # 44
Physical tampering prevention is a check tampering technique that is used to secure bankassisted controls.

A. False
B. True

Answer: A

NEW QUESTION # 45
Which of the following is FALSE regarding electronic payment tampering?

A. ACH blocks allow account holders to notify their banks that ACH debits should not be allowed on specific accounts.
B. Positive pay is recommended for ACH transactions to ensure their legitimacy.
C. The lack of physical evidence makes electronic payment tampering more difficult to detect than traditional check tampering.
D. The individual who makes electronic payments on behalf of the company should also set ACH filters to ensure that only designated individuals are paid.

Answer: D

NEW QUESTION # 46
The most basic skimming scheme occurs when:

A. An employee sells goods or services to a customer, collects the customer's payment, but makes no record of the sale.
B. An employee buy goods or services from a customer, drop the customer's payment, but makes no record of the purchase.
C. An employee sells goods or services to a stakeholder, collects the stakeholder's payment and makes record of the sale too.
D. An employee buy goods or services from a stakeholder, drop the stakeholder's payment and makes record of the purchase too.

Answer: A

NEW QUESTION # 47
......

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