Latest [Jan 07, 2022] CFE-Financial-Transactions-and-Fraud-Schemes Exam with Accurate Certified Fraud Examiner - Financial Transactions and Fraud Schemes Exam PDF Questions
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ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam Syllabus Topics:
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NEW QUESTION 75
What is sometimes used to overcome well-designed internal controls of a victim company?
- A. Rubber stamp supervisors
- B. Fraudulent invoices
- C. Collusion
- D. Shell company
Answer: C
NEW QUESTION 76
_________ normally are carried on an organization's books as expenses because they tend to be consumed by the organization within a year of purchase.
- A. Expenses
- B. Supplies
- C. Assets
- D. Equity
Answer: B
NEW QUESTION 77
Which of the following is NOT the phase of the bidding process?
- A. Presolicitation
- B. Postsolicitation
- C. Solicitation
- D. Submission
Answer: B
NEW QUESTION 78
A scheme is classified as a Conflict of interest:
- A. when an employee must have some kind of ownership or employment interest in the vendor submitting the invoice.
- B. when a salesman must have some kind of ownership or employment interest in the vendor submitting the sales.
- C. when a purchaser must have some kind of ownership or employment interest in the vendor submitting the purchase.
- D. when a dealer must have some kind of dealership interest in the vendor submitting the stock.
Answer: A
NEW QUESTION 79
The seller's price to the buyer is not fixed or determinable when:
- A. When the price is not contingent on some future events
- B. Payment terms are not extended for a substantial period.
- C. The transaction includes an option to exchange the product for others.
- D. A service or membership fee is not subject predictable cancellation during the contract period.
Answer: C
NEW QUESTION 80
Which of the following is NOT the aspect of inventory purchase?
- A. might be some fraud scheme in inventory.
- B. Inventory purchases purposely increase in year 1 only to be liquidated in year 2.
- C. Increase sales in year 2 are unexpected and purchase of inventory does not keep pace with the sales.
- D. inventory for the year 2 will be much greater than year 1.
Answer: D
NEW QUESTION 81
The most basic skimming scheme occurs when:
- A. An employee sells goods or services to a customer, collects the customer's payment, but makes no record of the sale.
- B. An employee sells goods or services to a stakeholder, collects the stakeholder's payment and makes record of the sale too.
- C. An employee buy goods or services from a stakeholder, drop the stakeholder's payment and makes record of the purchase too.
- D. An employee buy goods or services from a customer, drop the customer's payment, but makes no record of the purchase.
Answer: A
NEW QUESTION 82
__________ can be defined as conduct detrimental to the organization and to the employee.
- A. Employee deviance
- B. All of the above
- C. Employee fraud
- D. Employee theft
Answer: A
NEW QUESTION 83
Which counts sometimes can give rise to inventory theft detection?
- A. Physical inventory counts
- B. None of the above
- C. Concealment inventory counts
- D. Perpetual inventory counts
Answer: A
NEW QUESTION 84
Undisclosed payments made by vendors to employees of purchasing companies are referred to as:
- A. None of the above
- B. Presolicitaion
- C. Bid-rigging
- D. Kickbacks
Answer: D
NEW QUESTION 85
Theft of incoming checks usually occurs when ________ is (are) in charge of opening the mail and recording the receipt of payments.
- A. Two employees
- B. Single employee
- C. None of the above
- D. More then two employees
Answer: B
NEW QUESTION 86
________, one of the Fraud synonyms implies that deceiving so thoroughly as to obscure the truth:
- A. Mislead
- B. Deceive
- C. Beguile
- D. Delude
Answer: D
NEW QUESTION 87
Conflict of interest cases are more easily prevented than detected.
- A. True
- B. False
Answer: A
NEW QUESTION 88
__________ inventory and other assets is relatively common way for fraudsters to remove assets from the books before or after they are stolen.
- A. Write-offs
- B. Altered
- C. Perpetual
- D. False shipping slip
Answer: D
NEW QUESTION 89
Occupational fraud and abuse is a (an) __________ of doing business, in much the same way that we pay expenses for electricity, taxes and wages.
- A. Balance sheet
- B. Financial record
- C. Expense
- D. Equity
Answer: C
NEW QUESTION 90
Employees with the authority to grant discounts in order to skim revenues may use which authority?
- A. None of the above
- B. Internal discount sales audits
- C. False discounts
- D. Recording a discount on sale procedure
Answer: C
NEW QUESTION 91
When expenses used to produce income- all of them- should be matched in a consistent manner against that income, this is referred to:
- A. Financial record
- B. Expense
- C. Equity
- D. Accrual basis accounting
Answer: D
NEW QUESTION 92
In ___________ scheme, an employee creates false vouchers or submits false invoices to the employer.
- A. Cash generating
- B. Voucher handling
- C. Purchase requisition
- D. Sale requisition
Answer: A
NEW QUESTION 93
Accounting records are designed to be kept on subjective rather than objective evidence.
- A. True
- B. False
Answer: B
NEW QUESTION 94
__________ are the amounts which are owned to other entities:
- A. Expenses
- B. Liabilities
- C. Supplies
- D. Assets
Answer: B
NEW QUESTION 95
____________ corrupt employees can cause inventory to be fraudulently delivered to themselves or accomplices.
- A. False credit slip
- B. False shipping slip
- C. Fraudulent inventory slip
- D. False packing slip
Answer: D
NEW QUESTION 96
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