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

SectionObjectives
Financial Crimes- Corruption Schemes
  • 1. Bribery
    • 2. Conflicts of interest
      • 3. Kickbacks
        - Financial Statement Fraud
        • 1. Expense understatement
          • 2. Asset overstatement
            • 3. Revenue manipulation
              - Money Laundering
              • 1. Integration stage
                • 2. Placement stage
                  • 3. Layering stage
                    Fraud Schemes- Asset Misappropriation Schemes
                    • 1. Inventory and asset theft
                      • 2. Payroll fraud
                        • 3. Expense reimbursement fraud
                          • 4. Cash theft and skimming
                            - Fraudulent Disbursements
                            • 1. Check tampering
                              • 2. Billing shell companies
                                • 3. Billing schemes

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

                                  1. Margarette sends a text message to Arlo that appears to come from Arlo's doctor's office asking him to make a payment on an overdue bill. When Arlo clicks on the payment link, it takes him to a payment portal that Margarette controls, and she is able to steal his credit card information. Margarette has perpetrated which of the following schemes?

                                  A) Vishing
                                  B) Smishing
                                  C) Quishing
                                  D) Pharming


                                  2. Which of the following would be helpful in detecting a cash larceny scheme?

                                  A) Prohibiting employees from performing the duties of an absent employee
                                  B) Reconciling cash register totals to the amount of cash in the register drawer
                                  C) Having the accounts receivable clerk prepare the bank deposit
                                  D) Requiring cashiers to perform cash counts of their own cash registers at the end of each shift


                                  3. Which of the following statements is TRUE regarding cash-basis accounting?

                                  A) Revenues are generally recognized when services are provided to a customer.
                                  B) Cash-basis accounting is more complex to use than accrual-basis accounting.
                                  C) Expenses are recorded in the same period as the revenues they help generate.
                                  D) Revenues are recorded in the accounting system when money is received.


                                  4. Larceny is the scheme in which an employee simply takes inventory from the company premises without attempting to conceal it in the books and records.

                                  A) True
                                  B) False


                                  5. It is recommended for businesses to take which of the following measures to prevent identity theft?

                                  A) Create employee identification numbers that match employees' government identification numbers.
                                  B) Encrypt the personal information of employees and customers sent via the company's wireless network.
                                  C) Limit permissions for accessing customers' personal information to management-level employees or higher.
                                  D) Refrain from auditing the company's practices involving the handling of information unless required by regulators.


                                  Solutions:

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

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