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

  • Exam Code: CFE-Fraud-Schemes-and-Financial-Crimes
  • Exam Name: Certified Fraud Examiner -Fraud Schemes and Financial Crimes
  • Updated: Jun 27, 2026
  • Q & A: 355 Questions and Answers

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

1. Which of the following scenarios BEST describes an electronic funds transfer (EFT) fraud scheme?

A) A vendor submits an electronic bill through the online payment system of a corporate client for services that the vendor did not provide.
B) A bank employee misrepresents the number of hours that they worked on their electronic time card to increase the amount of their paycheck.
C) A mail delivery employee intercepts and steals envelopes that contain prepaid debit and gift cards and uses them to gamble online.
D) A cashier at a store scans a customer's credit card information into a small device so that the information can be used fraudulently at a later time.


2. Carl, an information technology (IT) employee at ABC Company, steals an accounting employee's login credentials for the company's online banking portal. Carl then sets up a recurring payment to a bank account that he owns under a different name. Carl has MOST LIKELY committed a(n):

A) Ghost payee scheme
B) Electronic payment tampering scheme
C) Diverted revenue scheme
D) Fraudulent billing scheme


3. By removing a tangible asset from the business (a debit), the books will be ___________ by the exact amount of the tangible asset misappropriated.

A) Out-of-balance
B) False debits
C) Journal Entries
D) None of all


4. Which of the following is NOT a justifiable reason to depart from generally accepted accounting principles (GAAP)?

A) Following GAAP would produce misleading results on financial statements
B) To better reflect the substance of a transaction
C) To avoid overstating assets and/or income
D) Reporting a transaction that is compliant with GAAP would be more expensive


5. The taxing authority in a country allows companies to subtract the cost of production from their gross sales to determine taxable income. A business owner operating in that country purchases materials from a local supplier and pays the supplier to alter the receipt to show a higher price than was paid. When the business owner submits the company's tax information to the taxing authority, they submit the altered receipt to reduce their tax burden. The business owner is MOST LIKELY committing which of the following schemes?

A) A failure to declare income scheme
B) An excise tax evasion scheme
C) A tax credit deferral scheme
D) A falsified tax deduction scheme


Solutions:

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

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