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

SectionObjectives
Topic 1: 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
          Topic 2: Fraud Investigation and Analysis- Data analysis in fraud detection
          • 1. Trend and anomaly identification
            - Evidence collection and documentation
            • 1. Chain of custody principles
              Topic 3: 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

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

                    1. Which of the following is NOT a standard of generally accepted accounting principles (GAAP)?

                    A) Conservatism
                    B) Quality control
                    C) Cost
                    D) Full disclosure


                    2. The fraudster's interest lies with an employer other than the company.

                    A) False
                    B) True


                    3. Which of the following scenarios is an example of upcoding ?

                    A) Dr. Loomis uses three procedure codes when submitting a claim for a surgery that she performed that is supposed to be billed using one procedure code
                    B) Dr. Raul advises a patient with a small fracture in her leg to use crutches, but he submits the claim using a code to indicate that he placed a cast on the patient
                    C) Cindy receives payment in exchange for allowing an unnecessary surgical procedure to be completed on her that is then billed to her health care program
                    D) Landon inflates a medical bill that he wants to receive reimbursement for by misrepresenting the amount of the bill


                    4. Which of the following statements is MOST ACCURATE regarding financial reporting practices and accounting frameworks, such as U.S. generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS)?

                    A) Organizations that conduct business internationally must adopt IFRS as their accounting framework for financial reporting.
                    B) The financial reporting practices that a publicly traded company must follow are determined by the company's jurisdiction.
                    C) U.S. GAAP is a principle-based accounting framework, and IFRS is a rules-based accounting framework.
                    D) All publicly traded companies are required to adopt either U.S. GAAP or IFRS as their accounting framework.


                    5. The excess credits (or debits) on the income statement are used to decrease (or increase) the equity account.

                    A) False
                    B) True


                    Solutions:

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

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