ACFE : CFE-Fraud-Schemes-and-Financial-Crimes Questions & Answers

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

SectionObjectives
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 Schemes- Financial Statement Fraud
        • 1. Revenue recognition manipulation
          • 2. Asset overstatement and liability concealment
            - Asset Misappropriation Schemes
            • 1. Billing and expense reimbursement fraud
              • 2. Skimming and cash larceny
                Fraud Investigation and Analysis- Evidence collection and documentation
                • 1. Chain of custody principles
                  - Data analysis in fraud detection
                  • 1. Trend and anomaly identification

                    ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions:

                    1. Ada uses her mother's government identification card to impersonate her mother and obtain health care for herself under her mother's insurance benefits. Which type of patient health care fraud scheme is Ada MOST LIKELY committing?

                    A) Multiple claims fraud
                    B) Third-party fraud
                    C) Fictitious claims fraud
                    D) Misrepresentations fraud


                    2. Which of the following signs is MOST LIKELY to indicate that a third-party vendor or contractor is engaging in a corruption scheme?

                    A) The third party requests that payment be sent to a different country from where it conducts business.
                    B) The third party is consistently awarded contracts based on a reputation for providing higher quality services than its competitors.
                    C) The third party charges lower-than-average prices for the goods and services it offers to customers.
                    D) The third party provides contact information that contains a single address and a telephone number.


                    3. Which of the following is the MOST APPROPRIATE technique for detecting a cost mischarging scheme?

                    A) Examining any change orders submitted by a contractor that add new items
                    B) Reviewing the inspection and testing reports of questioned goods or materials
                    C) Comparing the direct and indirect labor account totals from the prior year to the current year
                    D) Inspecting questioned goods or materials by examining packaging, appearance, and description


                    4. Which of the following is not a skimming scheme?

                    A) Unrecorded sales
                    B) Theft of checks through the mail
                    C) Understated sales and receivables
                    D) Fraud & Cost


                    5. The amount of cash on hand in a register may be compared to the amount showing in the register tape in order to detect _______.

                    A) Occupational frauds
                    B) Internal audits
                    C) Recorded sales
                    D) Employee theft


                    Solutions:

                    Question # 1
                    Answer: B
                    Question # 2
                    Answer: A
                    Question # 3
                    Answer: C
                    Question # 4
                    Answer: D
                    Question # 5
                    Answer: D

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