Get an edge on your ACFE Certified Fraud Examiner - Financial Transactions and Fraud Schemes journey with premium CFE-Financial-Transactions-and-Fraud-Schemes practice tests from TorrentExam. We offer 237 questions with comprehensive updates throughout 2026, giving you the exact preparation you need.
ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Fraud Schemes in Financial Reporting | - Financial statement fraud schemes - Earnings manipulation techniques - Misrepresentation of assets and liabilities |
| Financial Statements and Accounting Fundamentals | - Financial statement structure and interpretation - Revenue, expenses, assets, and liabilities recognition - Basic accounting principles and concepts |
| Asset Misappropriation and Corruption Schemes | - Billing and expense reimbursement fraud - Corruption schemes including bribery and conflicts of interest - Cash skimming and cash larceny schemes |
| Financial Transaction Analysis | - General ledger and journal entries - Internal controls in financial processes - Banking and cash flow transactions |
ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam FAQs
The CFE-Financial-Transactions-and-Fraud-Schemes exam is a core requirement for the Certified Fraud Examiner (CFE) certification at the Professional level. Earning this validates your skills for credentials like Certified Fraud Examiner (CFE).
Candidates will face 100 questions and have 120 minutes to complete the exam. This means you need strict time management. We strongly recommend taking timed practice tests to ensure you can maintain a steady pace without rushing when under actual exam time pressure.
Candidate requirements include: Candidates must meet ACFE eligibility requirements including a combination of education and professional experience, and be an Associate Member of ACFE.. Please verify all eligibility details on the official certification page before scheduling your appointment.
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The syllabus is divided into 4 main domains. Key areas include "Financial Statements and Accounting Fundamentals", "Fraud Schemes in Financial Reporting", "Financial Transaction Analysis". For a comprehensive breakdown of all measured skills, please review the complete exam outline table provided above.
ACFE Certified Fraud Examiner - Financial Transactions and Fraud Schemes Sample Questions:
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. Conflict of interest in sale
- B. Turnaround sale or flip
- C. Unauthorized sale
- D. Written sale of unique assets
Correct Answer: B 🗳️
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Which of the following is NOT a justifiable reason to depart from generally accepted accounting principles (GAAP)?
- A. A transaction is considered immaterial and therefore irrelevant to the accurate interpretation of financial statements.
- B. The application of GAAP could produce misleading financial statements.
- C. The expected costs associated with following GAAP would exceed the expected benefits of compliance.
- D. It is likely that assets would be understated and liabilities would be overstated.
Correct Answer: D 🗳️
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The _______________ cost method of pricing would carry an asset's value on the financial statements as what it would currently cost, considering inflation.
Reveal Solution Discussion 0Correct Answer:
Price-level adjusted historical cost
* Rationale for Correct Answer:The price-level adjusted historical cost method adjusts the original purchase price of an asset for inflation, providing a more current value while still tied to historical cost principles. It addresses one of the limitations of strict historical cost accounting.
* Key Concept:Inflation adjustments in asset valuation.
Reference:ACFE Fraud Examiners Manual (2020 International Edition), Accounting Concepts - Alternative Valuation Methods.
Brenda was a cashier at a retail store. When Brenda's friend shopped at the store, she would take her merchandise to Brenda's cash register. Instead of charging her friend, Brenda would record a No-Sale transaction on the register, and her friend would pretend to pay for the merchandise. Brenda's friend would leave the store without paying for the merchandise, and the two would later divide the merchandise between themselves. This scheme can BEST be described as:
- A. A false sale scheme
- B. A purchasing and receiving scheme
- C. A register disbursement scheme
- D. A skimming scheme
Correct Answer: A 🗳️
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Fraudsters use the accounting system as a tool to generate the results they want in ___________ approach:
- A. All of the above
- B. Organized accounting
- C. Beating accounting
- D. Playing the accounting
Correct Answer: D 🗳️
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