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ACFE CFE-Fraud-Schemes-and-Financial-Crimes Exam Overview:
| Certification Vendor: | Association of Certified Fraud Examiners (ACFE) |
|---|---|
| Exam Name: | Certified Fraud Examiner (CFE) Exam – Fraud Schemes and Financial Crimes |
| Exam Number: | CFE-FSFC |
| Exam Duration: | 120 minutes |
| Passing Score: | 75% |
| Related Certifications: | Certified Fraud Examiner (CFE) |
| Available Languages: | English |
| Certificate Validity Period: | No fixed expiration (requires ongoing CPE compliance to maintain certification) |
| Exam Format: | Multiple choice, Computer-based testing |
| Real Exam Qty: | 100 (per section) |
| Sample Questions: | ACFE CFE-Fraud-Schemes-and-Financial-Crimes Sample Questions |
| Exam Way: | Computer-based, available via online proctoring or authorized testing centers |
| Pre Condition: | Eligibility typically requires either a combination of education (bachelor's degree or equivalent) and fraud-related professional experience (commonly 2 years), plus ACFE membership and passing all four CFE exam sections. |
| Official Syllabus URL: | https://www.acfe.com |
ACFE CFE-Fraud-Schemes-and-Financial-Crimes Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Fraud Schemes | - Asset Misappropriation Schemes
|
| Financial Crimes | - Corruption Schemes
|
ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions:
Karen is investigating an anonymous tip within Magenta Company that a billing scheme might be occurring in the Purchasing Department. Which of the following steps would be MOST EFFECTIVE in helping Karen discover whether billing fraud is occurring?
- A. Karen should find out whether the purchasing, receiving, and shipping functions operate independently and whether they are different departments.
- B. Karen should determine whether Magenta Company has received any complaints from customers regarding the company's sales policies.
- C. Karen should conduct data analytics tests to identify any employees who have the same phone number.
- D. Karen should analyze the relationship between accounts receivable and credit sales transactions.
Correct Answer: A 🗳️
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Which of the following statements describes a best practice for preventing contract and procurement fraud?
- A. Companies should restrict the monitoring of their procurement activities to once a year to ensure comparability from year to year.
- B. Companies should conduct background checks on all vendors before they are added to the vendor master file.
- C. Companies should permit the person who maintains the vendor master file to also have authority to approve payments for invoices.
- D. Companies should have vendor-monitoring procedures that address the red flags of all vendor schemes.
Correct Answer: B 🗳️
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A fraud examiner is attempting to determine whether an online retailer's customers have committed card-not- present (CNP) payment card fraud schemes. Which of the following measures would be MOST EFFECTIVE in detecting this type of fraud?
- A. Compare IP addresses for internet orders with those from previous orders placed by the same customer.
- B. Examine orders in which customers declined rush or overnight shipping for their purchases.
- C. Review orders in which a customer purchased several unique items during a single transaction.
- D. Check for small orders placed from newly created customer accounts that do not have a purchase history.
Correct Answer: A 🗳️
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Which of the following actions would balance the accounting equation to conceal the misappropriation of cash?
- A. Increasing owners' equity
- B. Creating fictitious revenue
- C. Increasing a liability
- D. Increasing another asset
Correct Answer: C 🗳️
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Asset misappropriations have an effect on the liabilities and do also have an indirect effect on the equity account.
- A. False
- B. True
Correct Answer: B 🗳️
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By Elijah
