100 Exam Questions for CFE-Financial-Transactions-and-Fraud-Schemes Updated Versions With Test Engine
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NEW QUESTION # 27
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. True
- B. False
Answer: B
NEW QUESTION # 28
__________ means that traditional bribery statutes proscribe only payments made to influence the decisions of government agents or employees.
Answer:
Explanation:
Official act
NEW QUESTION # 29
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. None of above
- B. Intangible Assets
- C. Forced Assets
- D. Tangible Assets
Answer: B
NEW QUESTION # 30
Skimming cases can more likely to be detected by:
- A. Accidents
- B. occupational frauds
- C. Internal audits
- D. Internal controls
Answer: A
NEW QUESTION # 31
Which of the following would NOT be considered a conflict of interest?
- A. Jenny purchases materials from Great Oaks Lumber for her employer to use in projects; Jenny's husband works for Great Oaks Lumber, and she has not informed her employer of this.
- B. Josh owns a significant amount of stock in a company he regularly buys office supplies from, and his employer is unaware of this fact.
- C. Jane hires her cousin, Rita, to provide shipping and packaging services for her company, but she does not disclose their relationship.
- D. James works for the Muscle Factory Gym on weekdays and Earthworks Lawn Mowing on weekends, but he does not tell either employer about the other job.
Answer: D
NEW QUESTION # 32
What is sometimes used to overcome well-designed internal controls of a victim company?
- A. Rubber stamp supervisors
- B. Collusion
- C. Shell company
- D. Fraudulent invoices
Answer: B
NEW QUESTION # 33
When situational pressures and perceived opportunities are low and personal integrity is high, occupational fraud is much more likely to occur than when the opposite is true.
- A. True
- B. False
Answer: B
NEW QUESTION # 34
For a ghost employee scheme to be successful, which of the following must be TRUE?
- A. Paychecks must be generated to someone who does not actually work for the victim company.
- B. Paychecks must be generated to someone who used to work for the victim company.
- C. The ghost employee must be a fictitious person.
- D. The ghost employee must receive payment via direct deposit.
Answer: B
Explanation:
Explanation/Reference: https://www.acfe.com/uploadedFiles/Shared_Content/Products/Self-Study_CPE/Other_Peoples_Money_2018_Excerpt.pdf (2)
NEW QUESTION # 35
When employees avoid detection in a refund scheme to keep the sizes of the disbursement low, is referred to:
- A. None of the above
- B. Very small disbursements
- C. Small disbursements
- D. Simple disbursements
Answer: C
NEW QUESTION # 36
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. A service or membership fee is not subject predictable cancellation during the contract period.
- D. The transaction includes an option to exchange the product for others.
Answer: D
NEW QUESTION # 37
Which of the following statements about corporate espionage is CORRECT?
- A. Corporate espionage is considered to be a legitimate business function.
- B. Corporate espionage is the process by which competitor data re assembled into relevant, accurate, and usable knowledge.
- C. Corporate espionage involves the use of illegal, clandestine means to acquire information for commercial purposes.
- D. Corporate espionage and competitive intelligence are synonymous terms.
Answer: C
Explanation:
Explanation/Reference: https://en.wikipedia.org/wiki/Industrial_espionage
NEW QUESTION # 38
Another way to eliminate competition in the solicitation phase of the selection process is to:
- A. None of the above
- B. Solicit bid-splitting from fictitious vendors
- C. Solicit bid from fictitious suppliers
- D. Solicit transaction from fictitious vendors
Answer: C
NEW QUESTION # 39
Which of the following is the MOST ACCURATE statement about the phases of procurements involving open and free competition?
- A. In the post-award and administration phase, the procuring entity identifies its needs and develops the criteria used to award the contract.
- B. In the solicitation phase, prospective contractors prepare and submit their bids.
- C. In the bid evaluation and award phase, the procuring entity fulfills its duties through the performance of its contractual obligations.
- D. In the presolicitation phase, the procuring entity issues the solicitation document.
Answer: D
NEW QUESTION # 40
Which of the following is NOT an indicator of insider cyberfraud?
- A. Access logs are not reviewed by management.
- B. Production programs are run during normal business hours.
- C. Access privileges are beyond those required to perform assigned job functions.
- D. Exception reports are not reviewed and resolved.
Answer: C
Explanation:
Explanation/Reference: https://www.acfe.com/article.aspx?id=4295013393
NEW QUESTION # 41
How many accounts are affected in fraudulent accounting entries and therefore same number of categories on the financial statement?
- A. None of above
- B. More than two
- C. At least two
- D. One
Answer: D
NEW QUESTION # 42
The most basic skimming scheme occurs when:
- A. An employee buy goods or services from a stakeholder, drop the stakeholder's payment and makes record of the purchase too.
- B. An employee sells goods or services to a customer, collects the customer's payment, but makes no record of the sale.
- C. An employee sells goods or services to a stakeholder, collects the stakeholder's payment and makes record of the sale too.
- D. An employee buy goods or services from a customer, drop the customer's payment, but makes no record of the purchase.
Answer: B
NEW QUESTION # 43
___________ and __________ are used to increase (or decrease) the equity account.
- A. Journal Entries & transactions
- B. Journal Entries & Debit
- C. None of all
- D. Journal Entries & Credit
Answer: A
NEW QUESTION # 44
"Anticipate possible losses and omit potential profits", this results in:
- A. Bearing accounting
- B. Playing accounting
- C. Asymmetrical accounting
- D. Symmetrical accounting
Answer: C
NEW QUESTION # 45
Conflict of interest cases are more easily prevented than detected.
- A. True
- B. False
Answer: A
NEW QUESTION # 46
Employees with the authority to grant discounts in order to skim revenues may use which authority?
- A. None of the above
- B. False discounts
- C. Internal discount sales audits
- D. Recording a discount on sale procedure
Answer: B
NEW QUESTION # 47
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