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The Association of Certified Fraud Examiners (ACFE) is a professional organization that provides education and certification for individuals who are interested in preventing, detecting, and investigating fraud. One of the certifications offered by the ACFE is the Certified Fraud Examiner (CFE) designation, which is recognized globally as the standard for anti-fraud professionals. The CFE designation is designed to validate an individual's expertise in the field of fraud examination and to promote ethical behavior in the industry.

The CFE-Financial-Transactions-and-Fraud-Schemes Certification Exam is designed for professionals who work in the areas of accounting, auditing, investigations, law enforcement, and other related fields. CFE-Financial-Transactions-and-Fraud-Schemes exam is also suitable for those who wish to enhance their skills in fraud prevention and detection.

To pass the CFE-Financial-Transactions-and-Fraud-Schemes exam, candidates must score at least 75% on each section of the exam. CFE-Financial-Transactions-and-Fraud-Schemes exam is computer-based and can be taken at any of the ACFE’s testing centers around the world.

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ACFE Certified Fraud Examiner - Financial Transactions and Fraud Schemes Exam Sample Questions (Q113-Q118):

NEW QUESTION # 113
What type of fraud scheme would MOST LIKELY be revealed by comparing a company's personnel records with its payroll records to identify duplicate addresses and government identification numbers?

A. A falsified hours and salary scheme
B. An expense reimbursement scheme
C. A ghost employee scheme
D. A fraudulent commissions scheme

Answer: C

Explanation:
Detailed Explanation:
* Rationale for Correct Answer:A ghost employee scheme occurs when fictitious or former employees remain on payroll. Detecting duplicate addresses, Social Security/Government ID numbers, or other anomalies between HR and payroll records is a classic detection method for ghost employees.
* Analysis of Incorrect Options:
* A. Fraudulent commissions scheme - Relates to sales manipulation, not duplicate personnel records.
* B. Falsified hours and salary scheme - Involves timekeeping, not fictitious employees.
* C. Expense reimbursement scheme - Concerns fraudulent expense claims, unrelated to payroll records.
* Key Concept: Payroll fraud - Ghost Employee scheme.
Reference: ACFE Fraud Examiners Manual (2020), Asset Misappropriation: Payroll Schemes.

NEW QUESTION # 114
Maintain the presence of a manager or supervisor near the area of the cash register as a deterrent to theft is a prevention for:

A. Asset misappropriation scheme
B. Fraudulent statement scheme
C. Register disbursement scheme
D. Larceny scheme

Answer: C

NEW QUESTION # 115
The principal way to detect omitted credits from books of account is through:

A. Expense account
B. Forced Balance
C. Trend analysis
D. None of all

Answer: C

NEW QUESTION # 116
Forced reconciliation of the account says:

A. To conceal shrinkage is to change the perpetual inventory record so that it matches the physical inventory count.
B. To conceal inventory is to alter shrinkage record so that it matches the physical inventory count.
C. To conceal write-offs is to change the perpetual inventory record so that it matches the physical inventory count.
D. To conceal shrinkage is to alter inventory record so that it matches the physical inventory count.

Answer: A

Explanation:
Detailed Explanation:
* Rationale for Correct Answer:Forced reconciliation occurs when fraudsters alter the perpetual inventory records to conceal shrinkage. By adjusting the records, they make the books appear consistent with the physical count, hiding theft or loss.
* Analysis of Incorrect Options:
* A - Too vague; does not specify perpetual records.
* B - Incorrect; inventory is concealed, not shrinkage records.
* D - Write-offs are a different concealment method.
* Key Concept:Forced reconciliations as a concealment method in inventory fraud.
Reference:ACFE Fraud Examiners Manual (2020 International Edition), Inventory and Other Assets - Concealment of Shrinkage.

NEW QUESTION # 117
Which of the following scenarios is an example of upcoding?

A. Dr. Catz spends 15 minutes with a patient. She later submits a bill to the patient's insurance company using a code that corresponds to an office visit lasting 60 minutes.
B. Dr. Smith performed a hysterectomy on Roberta. Dr. Smith submits an insurance claim using three procedure codes instead of the single code normally used for a hysterectomy.
C. Steven receives medical services prior to his new insurance going into effect. Before submitting the claim, he changes the service date on his bill so that it will be covered by insurance.
D. Hope is diagnosed with an ear infection. Hope's doctor writes her a prescription for a name brand medication instead of prescribing a less expensive generic medication.

Answer: A

Explanation:
Detailed Explanation:
* Rationale for Correct Answer:Upcoding occurs when a provider bills for a higher level of service than what was actually provided. Billing a 15-minute visit as a 60-minute visit is a classic upcoding scheme.
* Analysis of Incorrect Options:
* A. Name brand prescription - Not upcoding; this is prescribing choice, not billing fraud.
* B. Multiple codes instead of one - This is unbundling, not upcoding.
* D. Changing service date - This is falsifying service dates, not upcoding.
* Key Concept: Health care billing fraud - upcoding vs. unbundling.
Reference: ACFE Fraud Examiners Manual (2020), Fraudulent Disbursements: Health Care Fraud.

NEW QUESTION # 118
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