100% Pass Updated ACFE - CFE-Fraud-Schemes-and-Financial-Crimes - Reliable Certified Fraud Examiner -Fraud Schemes and Financial Crimes Exam Pdf

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

Section	Objectives
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
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
Fraud Investigation and Analysis	- Data analysis in fraud detection 1. Trend and anomaly identification - Evidence collection and documentation 1. Chain of custody principles

Section

Objectives

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

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

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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Actual ACFE CFE-Fraud-Schemes-and-Financial-Crimes Exam Questions In Different Formats

This kind of polished approach is beneficial for a commendable grade in the Certified Fraud Examiner -Fraud Schemes and Financial Crimes (CFE-Fraud-Schemes-and-Financial-Crimes) exam. While attempting the exam, take heed of the clock ticking, so that you manage the ACFE CFE-Fraud-Schemes-and-Financial-Crimes questions in a time-efficient way. Even if you are completely sure of the correct answer to a question, first eliminate the incorrect ones, so that you may prevent blunders due to human error.

ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q292-Q297):

NEW QUESTION # 292
Which of the following statements is TRUE regarding income statements?

A. Net profit is a company's earnings before operating expenses have been deducted.
B. Gross revenue is the total amount of sales after deductions are applied.
C. Gross profit is the difference between net sales and cost of goods sold.
D. A company's operating expenses are usually listed as the first line item.

Answer: C

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Gross profit = Net sales - Cost of Goods Sold (COGS). This is the correct definition, as per standard accounting principles.
* Analysis of Incorrect Options:
* A. Gross revenue - Defined as total sales before deductions, not after.
* B. Net profit - Net profit is after all expenses (operating, interest, taxes), not before.
* D. Operating expenses - Appear after gross profit, not at the top.
* Key Concept: Income statement structure and key definitions .
Reference: ACFE Fraud Examiners Manual (2020) , Accounting Concepts: Income Statement Analysis .

NEW QUESTION # 293
Forced reconciliation of the account says:

A. To conceal shrinkage is to change the perpetual inventory record so that it matches the physical inventory count.
B. To conceal write-offs is to change the perpetual inventory record so that it matches the physical inventory count.
C. To conceal shrinkage is to alter inventory record so that it matches the physical inventory count.
D. To conceal inventory is to alter shrinkage record so that it matches the physical inventory count.

Answer: A

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 # 294
When an employee processes a fictitious refund of goods, the amount of cash in the register does not balance with the register log.

A. True
B. False

Answer: B

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: In a false refund scheme , the fraudster enters a fictitious refund into the register system, making it appear that merchandise was returned. The register log reflects the fraudulent refund, so the cash on hand does balance with the adjusted log. Thus, the mismatch described in the question does not occur.
* Analysis of Incorrect Option:
* A. True - Incorrect because the log and cash are manipulated to match, concealing the theft.
* Key Concept: Cash register fraud (false refunds vs. false voids).
Reference: ACFE Manual, Cash Receipts - Refund and Void Schemes .

NEW QUESTION # 295
Which of the following scenarios is an example of upcoding?

A. Dr. Smith performed a hysterectomy on Roberta. Dr. Smith submits an insurance claim using three procedure codes instead of the single code normally used for a hysterectomy.
B. Dr. Catz spends 15 minutes with a patient. She later submits a bill to the patient's insurance company using a code that corresponds to an office visit lasting 60 minutes.
C. Hope is diagnosed with an ear infection. Hope's doctor writes her a prescription for a name brand medication instead of prescribing a less expensive generic medication.
D. Steven receives medical services prior to his new insurance going into effect. Before submitting the claim, he changes the service date on his bill so that it will be covered by insurance.

Answer: B

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Upcoding occurs when a provider bills for a higher level of service than what was actually provided. Billing a 15-minute visit as a 60-minute visit is a classic upcoding scheme.
* Analysis of Incorrect Options:
* A. Name brand prescription - Not upcoding; this is prescribing choice, not billing fraud.
* B. Multiple codes instead of one - This is unbundling , not upcoding.
* D. Changing service date - This is falsifying service dates , not upcoding.
* Key Concept: Health care billing fraud - upcoding vs. unbundling.
Reference: ACFE Fraud Examiners Manual (2020) , Fraudulent Disbursements: Health Care Fraud .

NEW QUESTION # 296
Which of the following statements about change order abuse is MOST ACCURATE?

A. Change order abuse often causes the procuring entity to lose the advantages offered by the competitive bidding process.
B. Change order abuse generally results in procuring entities paying the winning contractor less than the amount of the accepted bid.
C. Change order abuse is a scheme typically committed by sole-source vendors.
D. Change order abuse usually involves collusion among several contractors.

Answer: A

Explanation:
The correct answer is C. Change order abuse occurs after a contract has been awarded, when a contractor improperly increases the price, expands the work, or modifies contract terms through change orders. A corrupt contractor might submit a low bid to win the award and later recover profits through unnecessary or inflated change orders. This defeats the benefit of competitive bidding because the procuring entity no longer receives the price or terms that justified the original award. Option A is incorrect because the scheme usually increases, not decreases, the amount paid. Option B is too narrow because change order abuse can occur in competitive contracts. Option D is incorrect because the scheme often involves collusion between contractor and procurement personnel, not necessarily several contractors.

NEW QUESTION # 297
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