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

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

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ACFE Certified Fraud Examiner - Financial Transactions and Fraud Schemes Exam Sample Questions (Q117-Q122):

NEW QUESTION # 117
Which of the following is TRUE regarding pyramid schemes?

A. An illegal pyramid scheme is modeled to pay off its earliest investors but not its later investors
B. None of the above
C. All pyramid organizational structures are illegal
D. The goal that participants of pyramid schemes have is to sell worthless products to friends and family

Answer: A

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Illegal pyramid schemes rely on continual recruitment of new members. Early participants are paid from the investments of later recruits, meaning later participants almost always lose money. This matches option B.
* Analysis of Incorrect Options:
* A - Not true; pyramid-shaped hierarchies exist in legitimate organizations.
* C - The goal isn't product sales but rather recruitment; products, if present, are often incidental.
* D - Incorrect because B is true.
* Key Concept: Ponzi and pyramid schemes - payment to early investors with later investors' funds.
Reference: ACFE Manual, Fraud Prevention and Deterrence - Pyramid Schemes.

NEW QUESTION # 118
Jones is an accounts payable clerk at Smith Company. He intentionally sent the wrong vendor a check for some supplies. He then called the vendor, explained his "mistake", and requested that the vendor mail back the check. Jones then intercepted the returned check and deposited it in his own account. What type of scheme did he commit?

A. A shell company scheme
B. A pass-through scheme
C. An altered payee scheme
D. A pay and return scheme

Answer: D

Explanation:
Explanation/Reference: https://www.gma-cpa.com/blog/billing-schemes-3-ways-fraudsters-can-cash-in-on-your-nonprofit#:~:text=Also%20known%20as%20a%20%E2%80%9Cpay,doesn't%20know%20it's%20occurring

NEW QUESTION # 119
Which of the following is NOT a justifiable reason to depart from generally accepted accounting principles (GAAP)?

A. It is likely that assets would be understated and liabilities would be overstated.
B. The application of GAAP could produce misleading financial statements.
C. A transaction is considered immaterial and therefore irrelevant to the accurate interpretation of financial statements.
D. The expected costs associated with following GAAP would exceed the expected benefits of compliance.

Answer: C

NEW QUESTION # 120
In which phase of competitive bidding process, fraudsters attempt to influence the selection of a contractor by restricting the pool of competitors from whom bids are sought?

A. False specification
B. Submission
C. Need recognition
D. Solicitation

Answer: D

NEW QUESTION # 121
Which of the following factors is NOT included in most financial statement schemes?

A. Persuasive Evidence
B. Concealed liabilities and expenses
C. Improper asset valuations
D. Fictitious revenues

Answer: A

NEW QUESTION # 122
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