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ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam Syllabus Topics:
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NEW QUESTION 54
When an employee processes a fictitious refund of goods, the victim company's inventory is overstated.
- A. False
- B. True
Answer: B
Explanation:
Explanation/Reference: https://www.acfe.com/uploadedFiles/ACFE_Website/Content/documents/excerpt-from-2010-fem.pdf
NEW QUESTION 55
Which of the following statements is MOST ACCURATE regarding the methods used for making corrupt payments in corruption schemes?
- A. Payers often make corrupt payments by selling property to recipients at prices higher than the property's market value.
- B. Payers cannot make corrupt payments by providing loans to recipients.
- C. Payers cannot pay off a recipient's credit card debt because of anti-money laundering rules.
- D. Payers can make corrupt payments by giving recipients hidden interests in profit-making enterprises.
Answer: D
Explanation:
Explanation/Reference: https://www.acfe.com/uploadedFiles/ACFE_Website/Content/review/cpf/03-Bribery-and-Corruption.pdf
NEW QUESTION 56
Financial statement fraud can BEST be describes as:
- A. The deliberate misrepresentation of a company's financial condition
- B. The intentional or accidental misstatement of amounts in the financial statements
- C. The misstatement or omission of financial information for the purpose of personal gain
- D. The intentional understatement of assets or overstatement of liabilities on the balance sheet
Answer: D
Explanation:
Explanation/Reference: https://www.investopedia.com/articles/financial-theory/11/detecting-financial-fraud.asp
NEW QUESTION 57
Statistical sampling enables the examiner to predict the occurrence rate for the population and therefore determine with some accuracy the error rate, or the potential for fraud.
- A. False
- B. True
Answer: B
NEW QUESTION 58
Accounting records are designed to be kept on subjective rather than objective evidence.
- A. True
- B. False
Answer: B
NEW QUESTION 59
Which sale occurs when the accomplice of the employee-fraudster "buys" merchandise, but the employee does not ring up the sale, and the accomplice takes the merchandise without making any payment?
- A. Fraudster sale
- B. Preliminary sale
- C. Whole sale
- D. Fake sale
Answer: D
NEW QUESTION 60
Which of the following is a method that might be used to fraudulently overstate the accounts receivable balance?
- A. Understating net worth
- B. Failing to record depreciation expense
- C. Failing to record bad debt expense
- D. Overstating inventory
Answer: D
NEW QUESTION 61
Which of the following are the classifications for the Corruption?
- A. Bribery, economic extortion, illegal gratuities and conflicts of interest
- B. Overbilling, bribery, bid-ridding and illegal gratuities
- C. economic extortion, bribery, illegal gratuities and corruption
- D. Corruption, bribery, economic extortion, conflicts of interest
Answer: A
NEW QUESTION 62
Martin worked in the warehouse of a large electronics distributor. When a shipment of five hundred cameras arrived, Martin stole one hundred of the units. He sent a receiving report to accounts payable indicating that all five hundred cameras arrived. However, he altered the copy used for the inventory records to indicate that only four hundred of the units were received so that the available inventory would match the perpetual inventory records. What type of scheme did Martin commit?
- A. A purchasing and receiving scheme
- B. A false sale scheme
- C. A register disbursement scheme
- D. A skimming scheme
Answer: D
Explanation:
Explanation/Reference: https://www.acfe.com/uploadedFiles/Shared_Content/Products/Self-Study_CPE/Intro%20to%20Fraud-Chapter%20Excerpt.pdf
NEW QUESTION 63
Which of the following is the criterion for bid solicitation?
- A. Containing false statements
- B. To falsify the bid log
- C. To withdraw low bids
- D. Allowing the purchaser to discuss possible employment with the contractor
Answer: D
NEW QUESTION 64
A special scheme in which employees know their employer is seeking to purchase a certain asset and take advantage of the situation by purchasing the asset themselves is:
- A. Unauthorized sale
- B. Conflict of interest in sale
- C. Written sale of unique assets
- D. Turnaround sale or flip
Answer: D
NEW QUESTION 65
Which of the following would NOT be helpful in the prevention of expense reimbursement schemes?
- A. Comparing current expenses to historical expenditure amounts
- B. Comparing current expenses to budgeted expense amounts
- C. Requiring all receipts to be submitted electronically
- D. Requiring employees to explain the specific business purpose of each expense
Answer: B
Explanation:
Explanation/Reference: https://www.acfe.com/uploadedFiles/Shared_Content/Products/Self-Study_CPE/FundamentalsofComputerandInternetFraud2019_Extract.pdf
NEW QUESTION 66
Forced reconciliation of the account says:
- A. to conceal inventory is to alter shrinkage record so that it matches the physical inventory count.
- B. to conceal write-offs is to change the perpetual inventory record so that it matches the physical inventory count.
- C. to conceal shrinkage is to change the perpetual inventory record so that it matches the physical inventory count.
- D. to conceal shrinkage is to alter inventory record so that it matches the physical inventory count.
Answer: C
NEW QUESTION 67
Which of the following offender types in which people who take the money and run away?
- A. Long-term violators
- B. Absconders
- C. Offender types
- D. None of the above
Answer: B
NEW QUESTION 68
Which of the following is NOT an indicator of insider cyberfraud?
- A. Exception reports are not reviewed and resolved.
- B. Access privileges are beyond those required to perform assigned job functions.
- C. Production programs are run during normal business hours.
- D. Access logs are not reviewed by management.
Answer: B
Explanation:
Explanation/Reference: https://www.acfe.com/article.aspx?id=4295013393
NEW QUESTION 69
Which of the following is a red flag that might indicate that someone is attempting to commit insurance fraud?
- A. A fire loss claim includes numerous personal items and family heirlooms.
- B. The insured made one other insurance claim within the past five years.
- C. A theft claim includes recently purchased items with their receipts.
- D. A claim is made a short time after a change in policy coverage.
Answer: D
Explanation:
Explanation/Reference: https://www.acfe.com/uploadedfiles/acfe_website/content/documents/insurance-fraud-handbook.pdf
NEW QUESTION 70
Which of the following is a method for gaining unauthorized access to a computer system whereby the attacker deceives victims into disclosing personal information or convinces them to commit acts that facilitate the attacker's intended scheme?
- A. Spoofing
- B. Social engineering
- C. Shoulder surfing
- D. Scavenging
Answer: A
Explanation:
Explanation/Reference: https://www.forcepoint.com/cyber-edu/spoofing
NEW QUESTION 71
Which of the following can constitute a bribe, even if the illicit payment is never actually made?
- A. Offering a payment
- B. Corruption in payment
- C. kickback payment
- D. Overbilling in payment
Answer: A
NEW QUESTION 72
Fraudsters use the accounting system as a tool to generate the results they want in ___________ approach:
- A. Playing the accounting
- B. All of the above
- C. beating accounting
- D. Organized accounting
Answer: A
NEW QUESTION 73
______________ 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 74
Schemes in which an employee physically misappropriates cash that has already appeared on the victim organization's books are known as:
- A. Understated sales skimming schemes
- B. Cash larceny schemes
- C. General ledger schemes
- D. Unrecorded sales skimming schemes
Answer: B
Explanation:
Explanation/Reference: https://www.acfe.com/uploadedFiles/Shared_Content/Products/Self-Study_CPE/Intro%20to%20Fraud-Chapter%20Excerpt.pdf
NEW QUESTION 75
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 larceny of a noncash asset.
- B. Blue committed a fictitious sales scheme.
- C. Blue did not commit occupational fraud.
- D. Blue committed misuse of a noncash asset.
Answer: D
NEW QUESTION 76
One final means of concealing a register scheme, as with many kinds of fraud, is to destroy all records of the transaction.
- A. False
- B. True
Answer: B
NEW QUESTION 77
The fraudsters' interest lies with an employer other than a company.
- A. True
- B. False
Answer: B
NEW QUESTION 78
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