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| Section | Weight | Objectives |
|---|---|---|
| Identity Theft | 1–5% | - Prevention and detection - Types and techniques |
| Asset Misappropriation – Cash Disbursements | 10–15% | - Payroll schemes - Expense reimbursement schemes - Check and payment tampering - Billing schemes |
| Accounting Concepts | 5–10% | - Recording and summarizing transactions - Internal control fundamentals - Financial statements structure - Basic accounting principles |
| Asset Misappropriation – Non-Cash Assets | 5–10% | - Inventory and equipment theft - Misuse of assets - Concealment techniques |
| Financial Statement Fraud | 10–15% | - Timing and disclosure manipulations - Detection and red flags - Expense and liability understatements - Revenue and asset overstatements |
| Industry-Specific Financial Crimes | 15–25% | - Cyber-enabled and cryptocurrency fraud - Financial institution fraud - Real estate and securities fraud - Healthcare fraud - Insurance fraud |
| Asset Misappropriation – Cash Receipts | 5–10% | - Cash larceny schemes - Cash skimming schemes - Prevention and detection methods |
| Theft of Data and Intellectual Property | 5–10% | - Data and IP theft methods - Safeguarding proprietary information - Corporate espionage |
| Corruption Schemes | 5–10% | - Illegal gratuities and extortion - Conflicts of interest - Bribery and kickbacks |
>> ACFE CFE-Fraud-Schemes-and-Financial-Crimes Exam Score <<
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NEW QUESTION # 68
"Anticipate possible losses and omit potential profits", this results in:
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This description reflects asymmetrical accounting , which is based on the conservatism principle. Possible losses are recorded, but potential gains are omitted until realized. This creates an asymmetry in recognizing losses versus gains.
* Analysis of Incorrect Options:
* B. Symmetrical accounting - Would recognize gains and losses equally, contrary to conservatism.
* C. Playing accounting - Fraud scheme, not a principle.
* D. Bearing accounting - Not a recognized concept.
* Key Concept: Asymmetry in accounting - conservative recognition of losses versus gains.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Conservatism and Asymmetric Accounting .
NEW QUESTION # 69
One of the simplest ways to justify unacceptable conduct and avoid guilt feelings is to invent a good reason for ________.
Answer:
Explanation:
One's actions (i.e., Rationalization)
* Rationale for Correct Answer: Rationalization is the cognitive process by which fraud perpetrators justify their unethical conduct so they can commit fraud without feeling like criminals. A common way is to "invent a good reason" for their actions (e.g., "I deserve it," "I'll pay it back," "Everyone else is doing it"). Thus, the correct completion is "one's actions" or more precisely, Rationalization .
* Analysis of Incorrect Options: Since this is a fill-in-the-blank, the distractors are implied. The only correct concept here is rationalization of one's actions .
* Key Concept: Rationalization - one leg of the fraud triangle.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraud Theory - Rationalization in Cressey's Fraud Triangle .
NEW QUESTION # 70
Which of the following statements regarding new account fraud is MOST ACCURATE?
Answer: C
Explanation:
The ACFE Manual includes a section titled New Account Fraud Schemes under Financial Institution Fraud . The table of contents for this section specifically lists:
* False Identification
* Business Accounts Using Stolen Checks
* Personal Accounts Using Fraudulent Checks
* Mobile Deposit Fraud
* Automated Teller Machine Deposits
* Prevention
The best answer is Option C because mobile deposits present elevated risk in new account fraud environments precisely because they can occur without in-person verification. The Manual's inclusion of mobile deposit fraud as a specific new account fraud scheme supports the conclusion that remote, non-face- to-face deposit channels are vulnerable.
Why the other options are incorrect
A). Fraud is more likely to occur in established accounts than in accounts that are newly opened.
This is not supported by the Manual's treatment of new account fraud as a distinct fraud risk category. The very existence of a separate section on new account fraud indicates that newly opened accounts pose a meaningful risk.
B). Automated teller machines (ATMs) are rarely targets of new account fraud because most ATMs have cameras installed.
This is inaccurate. The Manual expressly lists Automated Teller Machine Deposits within New Account Fraud Schemes , showing that ATMs are in fact a recognized target of this type of fraud.
D). New account fraud can be defined as any fraud that occurs on an account within the first year that it is open.
This is too broad and not the Manual's definition. The Manual classifies new account fraud by the nature of the scheme , such as false identification, fraudulent checks, mobile deposit fraud, and ATM deposit fraud, not by an arbitrary one-year timeframe.
References
* ACFE Fraud Examiners Manual, 2020 International Edition
* Financial Institution Fraud - New Account Fraud Schemes
NEW QUESTION # 71
Bob, a purchasing agent for Gallenkamp, directed a portion of Gallenkamp's business to Oak Company. In exchange for receiving additional business, Oak Company's sales manager agreed to pay Bob a percentage of the extra profits. Which of the following BEST describes the type of corruption scheme in which Bob engaged?
Answer: A
Explanation:
The ACFE Fraud Examiners Manual includes Kickback Schemes in the corruption section and specifically identifies Diverting Business to Vendors as a type of kickback scheme.
This question states that Bob, a purchasing agent , directed business to Oak Company, and in return Oak's sales manager agreed to pay Bob a percentage of the extra profits . That is a classic kickback arrangement
: the employee steers company business to a favored vendor in exchange for a personal financial benefit. The Manual's examples of corruption also discuss a vendor bribing or paying a purchasing agent to receive more business.
Why the other options are incorrect
A). Economic extortion scheme
The Manual defines economic extortion as obtaining money, property, or services through coercion or threatened adverse action. That is not what happened here; Bob was paid for steering business, not coercing payment through threats.
C). Illegal gratuity scheme
The Manual explains that illegal gratuities are items of value given to reward a decision, often after the recipient has already made the decision, and this concept is primarily discussed in the public-sector context.
Here, the payment is part of an agreement to direct business and share in profits, which is more accurately a kickback .
D). Diversion scheme
The relevant Manual terminology is Diverting Business to Vendors , but that appears as a subtype under Kickback Schemes . Therefore, the best answer among the options is the broader and correct classification:
kickback scheme .
References
* ACFE Fraud Examiners Manual, 2020 International Edition
* Corruption - Kickback Schemes
* Corruption - Diverting Business to Vendors
* Example involving a purchasing agent receiving improper payments to steer business to a vendor
* Economic Extortion definition
* Illegal Gratuities definition
NEW QUESTION # 72
When an employee processes a fictitious refund of goods for cash, which of the following consequences occurs?
Answer: B
Explanation:
The correct answer is C. In a fictitious refund scheme, an employee records a refund transaction even though no customer actually returned merchandise. The employee then removes cash from the register as if it had been paid to a customer. Because the register records a refund, the register log shows that cash should have decreased. When the employee steals the same amount of cash, the cash on hand can still match the register log, making the theft harder to detect through a simple register reconciliation. Option A is incorrect because fictitious refunds can cause inventory records to show returned goods that do not exist, which tends to overstate rather than understate inventory. Options B and D are incorrect because cash is removed and no real merchandise is returned.
NEW QUESTION # 73
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