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ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam Syllabus Topics:
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NEW QUESTION 23
When expenses used to produce income- all of them- should be matched in a consistent manner against that income, this is referred to:
- A. Accrual basis accounting
- B. Equity
- C. Expense
- D. Financial record
Answer: A
NEW QUESTION 24
Which of the following is NOT the method for stealing inventory and other assets?
- A. Asset requisition and transfer
- B. Larceny schemes
- C. Sales & Equipment handling
- D. Purchasing and receiving schemes
Answer: C
NEW QUESTION 25
Assets that are long-lived and that differ from property, plant and equipment hat has been purchased outright or acquired under a capital lease are:
- A. Intangible Assets
- B. Forced Assets
- C. None of above
- D. Tangible Assets
Answer: A
NEW QUESTION 26
The heart of book keeping system is the ___________.
- A. Asset
- B. Checkbook
- C. Liability
- D. Journal
Answer: B
NEW QUESTION 27
Collusion or bid-rigging between bidders is called
- A. Contract acceptance
- B. Bid solicitation
- C. To withdraw low bids
- D. Bribery receipt
Answer: A
NEW QUESTION 28
In which approach, fraudsters produce whatever financial statements they wish, perhaps using just a typewriter or a personal computer.
- A. Outside accounting system
- B. Beating accounting
- C. Organized accounting
- D. Playing the accounting
Answer: A
NEW QUESTION 29
Which of the following is NOT the phase of the bidding process?
- A. Presolicitation
- B. Postsolicitation
- C. Solicitation
- D. Submission
Answer: B
NEW QUESTION 30
Because sales skimming is an off-book fraud scheme, it is unlikely to be detected by reconciling the sales records to the cash receipts.
- A. True
- B. False
Answer: A
Explanation:
Explanation/Reference: https://www.acfe.com/uploadedFiles/Shared_Content/Products/Self-Study_CPE/Intro%20to%20Fraud-Chapter%20Excerpt.pdf
NEW QUESTION 31
Which of the following is a common red flag of procurement fraud schemes involving collusion among contractors?
- A. More competitors than usual submit bids on a project or product.
- B. There is a pattern where the last party to bid wins the contract.
- C. Bid prices rise when a new contractor enters the competition.
- D. The winning bidder does not subcontract any work to a third party.
Answer: B
Explanation:
Explanation/Reference: https://iacrc.org/procurement-fraud/the-most-common-procurement-fraud-schemes-and-their-primary-red-flags/
NEW QUESTION 32
Blue borrowed her employer's snowplow for her own snow removal business, which she operates on the side.
Blue only used the snowplow on the weekends or after hours, when her employer was not open for business.
Blue falsified the mileage and usage logs for the snowplow so that no one would know she had been using it.
The snowplow was returned unharmed. Which of the following statements is MOST ACCURATE?
- A. Blue committed misuse of a noncash asset.
- B. Blue committed larceny of a noncash asset.
- C. Blue committed a fictitious sales scheme.
- D. Blue did not commit occupational fraud.
Answer: A
NEW QUESTION 33
___________ allows the fraud examiner to inspect key attributes on a smaller portion (or sample) of those documents.
Answer:
Explanation:
Statistical sampling
NEW QUESTION 34
Hamed works as an intelligence professional for Iriam intelligence, a competitive intelligence firm. He is tasked with gathering intelligence about Dripcore Inc., the major competitor of Iriam's biggest client. To gather the intelligence, Hamed poses as an applicant for a high-level position with Dripcore and obtains a job interview through which he elicits sensitive information from Dripcore's employee. Hamed's approach is an example of:
- A. Competitive data analysis
- B. Human intelligence
- C. Scavenging
- D. Open-source intelligence
Answer: C
Explanation:
Explanation/Reference: https://www.acfe.com/selfstudy.aspx?zid=2c92a0076a07e3be016a27279abe2776
NEW QUESTION 35
The amount of cash on hand in a register may be compared to the amount showing in the register tape in order to detect _______.
- A. Internal audits
- B. Recorded sales
- C. Occupational frauds
- D. Employee theft
Answer: D
NEW QUESTION 36
June, a 76-year-old woman, receives a phone call from a man impersonating one of her relatives. He claims to have a lot of debt and asks her to secretly send him money so that the rest of the family will not find out. June has MOST LIKELY been victimized by which of the following schemes?
- A. Grandparent scheme
- B. Pretexting fraud
- C. Affinity fraud
- D. Missing-heir scheme
Answer: B
Explanation:
Explanation/Reference: https://www.acfe.com/article.aspx?id=504
NEW QUESTION 37
Which of the following is NOT a method of identity theft prevention recommended for businesses?
- A. Restrict employees' access to customers' personal information.
- B. Use encryption to protect information sent internally through the company's wireless network.
- C. Require employees to use laptops rather than desktop computers.
- D. Collect customers' government identification numbers only when legally required to do so.
Answer: C
NEW QUESTION 38
According to fraud tree, cash has three following schemes:
- A. Fraud analysis, skimming and cash misappropriations
- B. Cash distribution, skimming and fraud analysis
- C. Cash larceny, cash distribution and fraudulent disbursements
- D. Skimming, cash larceny and fraudulent disbursements
Answer: D
NEW QUESTION 39
Financial statement fraud is committed by:
- A. Organized criminals
- B. Senior Management
- C. All of the above
- D. Mid and lower level employees
Answer: C
NEW QUESTION 40
Which of the following is a TRUE statement regarding pyramid schemes?
- A. Illegal pyramid scheme participants make their money chiefly by recruiting new members
- B. It is illegal to design an organization to have a pyramidal structure for any purpose
- C. Illegal pyramids are designed to pay off later investors, not the earliest ones
- D. None of the above
Answer: A
Explanation:
Explanation/Reference: https://www.investopedia.com/terms/p/pyramidscheme.asp
NEW QUESTION 41
Which of the following is true for Red flags associated with fictitious revenues?
- A. A significant volume of sales to entries whose substance and ownership is not known.
- B. Usual growth in the number of days purchase in receivables
- C. Slow growth or usual profitability, when not compared to other companies in the same industry.
- D. A usual surge in purchase by a majority of units within a company, or of purchase recorded by corporate headquarters.
Answer: A
NEW QUESTION 42
Which of the following is an example of a cash larceny scheme?
- A. Scott rings a "no sale" transaction at his cash register, opens the drawer, and takes a $100 bill.
- B. Anne buys a $500 table from a resale shop. Olive, the cashier, rings up a $400 sale on the register and steals the excess $100.
- C. Laura pretends to ring up a sale when Amy makes a purchase, but instead she pockets Amy's cash and gives her the merchandise without recording the sale.
- D. Michael is a cashier at a clothing store. He rings up a fictitious return of a $50 sweater and takes $50 from the cash register.
Answer: D
Explanation:
Explanation/Reference: https://www.agacgfm.org/Intergovernmental-Toolbox/Fraud-Prevention/Tools-by-Fraud-Type/Cash-Larceny.aspx#:~:text=Among%20the%20five%20most%20prevalent,Stealing%20cash%20from%20the%
20register
NEW QUESTION 43
How many accounts are affected in fraudulent accounting entries and therefore same number of categories on the financial statement?
- A. More than two
- B. One
- C. At least two
- D. None of above
Answer: B
NEW QUESTION 44
Which of the following is the MOST APPROPRIATE technique for detecting a nonconforming goods or services scheme?
- A. Comparing the direct and indirect labor account totals from the prior year to the current year
- B. Determining if contract costs have exceeded or are expected to exceed the contract value
- C. Examining change orders that increase the price of the existing contract
- D. Interviewing procurement personnel about the presence of any red flags
Answer: B
Explanation:
Explanation/Reference: https://www.acfe.com/uploadedFiles/ACFE_Website/Content/review/cpf/07-Performance-Schemes.pdf
NEW QUESTION 45
Which are check tempering frauds in which an employee prepares a fraudulent check and submits it usually along with legitimate checks to an authorized maker who signs it without a proper review?
- A. Endorse check scheme
- B. Payable check scheme
- C. Concealed check scheme
- D. Legitimate check scheme
Answer: C
NEW QUESTION 46
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. Expense
- B. Balance sheet
- C. Equity
- D. Financial record
Answer: A
NEW QUESTION 47
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