ACFE CFE-Fraud-Schemes-and-Financial-Crimes : Certified Fraud Examiner -Fraud Schemes and Financial Crimes

CFE-Fraud-Schemes-and-Financial-Crimes real exams

Exam Code: CFE-Fraud-Schemes-and-Financial-Crimes

Exam Name: Certified Fraud Examiner -Fraud Schemes and Financial Crimes

Updated: Jun 24, 2026

Q & A: 355 Questions and Answers

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

1. Reconciling the sales records to the cash receipts is an effective way to detect a sales skimming scheme.

A) False
B) True


2. Which of the following reasons is an acceptable justification for departing from generally accepted accounting principles (GAAP)?

A) Applying a different accounting framework would increase the organization's ability to grow internationally.
B) Reporting a transaction in a way that is compliant with GAAP would be significantly more expensive.
C) A departure from GAAP would make the company appear more profitable.
D) The expected costs of following GAAP exceed the expected benefits of compliance.


3. Which of the following statements regarding new account fraud is MOST ACCURATE?

A) Automated teller machines (ATMs) are rarely targets of new account fraud because it is easier for criminals to commit fraud via face-to-face transactions.
B) Mobile deposits are at high risk for new account fraud because fraudsters can easily make deposits using forged or counterfeit images.
C) New account fraud can be defined as any fraud that occurs on an account during the first six months that it is open.
D) It is more likely that fraud will occur in established accounts than in accounts that are still considered to be new.


4. A special scheme in which employees know their employer is seeking to purchase a certain asset and take advantage of the situation by purchasing the asset themselves is:

A) Written sale of unique assets
B) Turnaround sale or flip
C) Unauthorized sale
D) Conflict of interest in sale


5. Maria is Annie's beneficiary under a life insurance policy. The two need a large sum of money, so Maria submits a claim with a phony death certificate indicating that Annie is no longer living, even though Annie is alive and has fled to a different town. Maria and Annie's actions are an example of which of the following fraud schemes?

A) Tombstone policy claim scheme
B) Fraudulent death claim scheme
C) Premium theft fraud scheme
D) Beneficiary extortion scheme


Solutions:

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

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