Pass ACFE CFE-Financial-Transactions-and-Fraud-Schemes With TestSimulate Exam Dumps - Updated on Jan-2022
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NEW QUESTION 54
One reason employees might be hesitant to use PO boxes in shell company schemes is that some businesses are specially vary of sending checks to vendors that have street addresses only.
- A. False
- B. True
Answer: A
NEW QUESTION 55
Which of the following method is NOT used to detect conflicts of interest?
- A. Interviews with purchasing personnel
- B. Underbillings of assets
- C. Review of vendor ownership files
- D. Tips & Complaints
Answer: B
NEW QUESTION 56
The principal way to detect omitted credits from books of account is through:
- A. Trend analysis
- B. None of all
- C. Forced Balance
- D. Expense account
Answer: A
NEW QUESTION 57
Which of the following is NOT the phase of the bidding process?
- A. Submission
- B. Presolicitation
- C. Solicitation
- D. Postsolicitation
Answer: D
NEW QUESTION 58
The act of an official or fiduciary person who unlawfully and wrongfully uses his station or character to procure some benefit, contrary to duty and rights of others is called:
- A. Overbilling
- B. Corruption
- C. Conflict of interest
- D. Bribery
Answer: B
NEW QUESTION 59
In ___________ scheme, an employee creates false vouchers or submits false invoices to the employer.
- A. Cash generating
- B. Voucher handling
- C. Sale requisition
- D. Purchase requisition
Answer: A
NEW QUESTION 60
The seller's price to the buyer is not fixed or determinable when:
- A. The transaction includes an option to exchange the product for others.
- B. A service or membership fee is not subject predictable cancellation during the contract period.
- C. Payment terms are not extended for a substantial period.
- D. When the price is not contingent on some future events
Answer: A
NEW QUESTION 61
______________ is required not only for theft, but for procedures to detect errors, avoid waste and insure a proper amount of inventory is maintained.
Answer:
Explanation:
Inventory control
NEW QUESTION 62
When employee committing the fraud removes cash from the register and also the item allegedly being returned is debited back into the inventory, this refers to:
- A. Register false voids
- B. Registry destroying records
- C. Concealing register disbursement
- D. Fraudulent register occurrences
Answer: C
NEW QUESTION 63
Which of the following are the classifications for the Corruption?
- A. Overbilling, bribery, bid-ridding and illegal gratuities
- B. Corruption, bribery, economic extortion, conflicts of interest
- C. Bribery, economic extortion, illegal gratuities and conflicts of interest
- D. economic extortion, bribery, illegal gratuities and corruption
Answer: C
NEW QUESTION 64
If the assets are intentionally purchased by the company but simply misappropriated by the fraudster, this is referring to as:
- A. Falsify shipping
- B. Asset receiving scheme
- C. Inventory larceny scheme
- D. Fraudulent purchase
Answer: C
NEW QUESTION 65
Asset misappropriations have an effect on the liabilities and do also have an indirect effect on the equity account.
- A. False
- B. True
Answer: A
NEW QUESTION 66
Which of the following factors is NOT included in most financial statement schemes?
- A. Fictitious revenues
- B. Persuasive Evidence
- C. Improper asset valuations
- D. Concealed liabilities and expenses
Answer: B
NEW QUESTION 67
In which phase of competitive bidding process, fraudsters attempt to influence the selection of a contractor by restricting the pool of competitors from whom bids are sought?
- A. False specification
- B. Submission
- C. Need recognition
- D. Solicitation
Answer: D
NEW QUESTION 68
Bid-rigging scheme occurs when:
- A. an employee once assists a vendor in winning a contract through a single competitive bidding process.
- B. an employee does not assist a vendor in winning a contract through the competitive bidding process.
- C. an employee fraudulently assists a vendor in winning a contract through the competitive bidding process.
- D. an employee once assists a vendor in winning a contract through a single competitive bidding process.
Answer: C
NEW QUESTION 69
Maintain the presence of a manager or supervisor near the area of the cash register as a deterrent to theft is a prevention for:
- A. Larceny scheme
- B. Register disbursement scheme
- C. Asset misappropriation scheme
- D. Fraudulent statement scheme
Answer: B
NEW QUESTION 70
___________ allows the fraud examiner to inspect key attributes on a smaller portion (or sample) of those documents.
Answer:
Explanation:
Statistical sampling
NEW QUESTION 71
__________ are the amounts which are owned to other entities:
- A. Liabilities
- B. Assets
- C. Supplies
- D. Expenses
Answer: A
NEW QUESTION 72
____________ is a summary of the account balances carried in a ledger.
- A. Balance sheet
- B. General journal
- C. Financial statement
- D. Income statement
Answer: C
NEW QUESTION 73
Bank cut-off statements should be requested for 10-15 days after the closing date of the balance sheet.
- A. False
- B. True
Answer: B
NEW QUESTION 74
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