2021 Valid CFE-Financial-Transactions-and-Fraud-Schemes test answers & ACFE Exam PDF
Free ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam Questions & Answer from Training Expert PassCollection
NEW QUESTION 85
___________ allows the fraud examiner to inspect key attributes on a smaller portion (or sample) of those documents.
Answer:
Explanation:
Statistical sampling
NEW QUESTION 86
Once the expense account is closed, it becomes a historical item and probably will never be reviewed again.
- A. False
- B. True
Answer: B
NEW QUESTION 87
People commit financial statement fraud to:
- A. Preserve personal status/control
- B. Stand outside the accounting system
- C. Conceal false business performances
- D. Maintain personal income
Answer: A
NEW QUESTION 88
Every bribe is a two-sided transaction, in which where a vendor bribes a purchaser, there is someone on the vendor's side of the transaction who is not making an illicit payment.
- A. False
- B. True
Answer: A
NEW QUESTION 89
Which counts sometimes can give rise to inventory theft detection?
- A. Concealment inventory counts
- B. None of the above
- C. Physical inventory counts
- D. Perpetual inventory counts
Answer: C
NEW QUESTION 90
Which of the following is the amount of money that would be realized upon the sale of the asset at some point in the future, less the costs associated with owing, operating and selling it?
- A. Cost
- B. Net realizable value
- C. Going concern
- D. Fair value
Answer: B
NEW QUESTION 91
Which of the following is NOT the reason to bribe employees of the purchaser?
- A. To ensure bid-splitting
- B. To falsify the bid log
- C. To ensure receipt of a late bid
- D. To extend the bid opening date
Answer: A
NEW QUESTION 92
Most of the shell company schemes involve the purchase of goods rather than services.
- A. False
- B. True
Answer: A
NEW QUESTION 93
_________ assumes the business will go on indefinitely in the future.
- A. Cost
- B. Materiality
- C. Going concern
- D. Fair value
Answer: C
NEW QUESTION 94
Larceny is the scheme in which an employee simply takes inventory from the company premises without attempting to conceal it in the books and records.
- A. False
- B. True
Answer: B
NEW QUESTION 95
Which of the following is the criterion for bid solicitation?
- A. Allowing the purchaser to discuss possible employment with the contractor
- B. To falsify the bid log
- C. Containing false statements
- D. To withdraw low bids
Answer: A
NEW QUESTION 96
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 97
________ increase assets and expenses and/or decrease liabilities and/or equity
- A. Journal Entries
- B. None of all
- C. Credit
- D. Debit
Answer: D
NEW QUESTION 98
In Cressey's fraud triangle, its three of the legs are Opportunity, Pressure and
- A. Rationalization
- B. None of the above
- C. Isolation
- D. Violation
Answer: A
NEW QUESTION 99
Employees steal an incoming payment and then place the incoming funds in an interest bearing account for:
- A. All of the above
- B. Short-term skimming
- C. Concealing the fraud
- D. Converting stolen checks
Answer: B
NEW QUESTION 100
The person or persons who have access to __________ are often the targets of unethical vendors seeking an advantage in the process.
- A. Tailor specifications
- B. Sealed bids
- C. Bid-splitting
- D. General purchasing
Answer: B
NEW QUESTION 101
The forms that allow noncash assets to be moved from one location in a company to another can be used to facilitate the misappropriation of those assets are called:
- A. All of the above
- B. Asset requisition
- C. Inventory usages
- D. Fake sales
Answer: B
NEW QUESTION 102
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 103
Physical assets including _________ and ________ are the most commonly misappropriated noncash asset in our study.
- A. Inventory & Equipment
- B. Interest & Collusion
- C. Inventory & Purchase
- D. Sales & Equipment
Answer: A
NEW QUESTION 104
One of the simplest ways to justify unacceptable conduct and avoid guilt feelings is to invent a good reason for ________.
Answer:
Explanation:
Embezzling
NEW QUESTION 105
A fabricated name and the post office box that an employee uses to collect disbursements from false billings is called:
- A. Shell company
- B. Accomplice residence
- C. Cash generator
- D. Perpetrator check
Answer: A
NEW QUESTION 106
"Anticipate possible losses and omit potential profits", this results in:
- A. Asymmetrical accounting
- B. Symmetrical accounting
- C. Playing accounting
- D. Bearing accounting
Answer: A
NEW QUESTION 107
......
ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam Syllabus Topics:
| Topic | Details |
|---|---|
| Topic 1 |
|
| Topic 2 |
|
| Topic 3 |
|
| Topic 4 |
|
| Topic 5 |
|
| Topic 6 |
|
| Topic 7 |
|
| Topic 8 |
|
| Topic 9 |
|
| Topic 10 |
|
| Topic 11 |
|
Top ACFE CFE-Financial-Transactions-and-Fraud-Schemes Courses Online: https://www.passcollection.com/CFE-Financial-Transactions-and-Fraud-Schemes_real-exams.html
