[Oct 25, 2023] ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam Dumps Are Essential To Get Good Marks
Latest ACFE CFE-Financial-Transactions-and-Fraud-Schemes Dumps with Test Engine and PDF (New Questions)
NEW QUESTION # 21
After a government health care program pays for Marco's appendectomy, he files a claim for reimbursement under his private insurance policy for the same procedure. Which type of patient-perpetrated health care fraud scheme is Marco MOST LIKELY committing?
- A. Fictitious claims scheme
- B. Ineligible claimants scheme
- C. Multiple claims scheme
- D. Misrepresentations scheme
Answer: D
Explanation:
Explanation/Reference: https://www.acfe.com/fraud-101.aspx
NEW QUESTION # 22
Which counts sometimes can give rise to inventory theft detection?
- A. Physical inventory counts
- B. Perpetual inventory counts
- C. Concealment inventory counts
- D. None of the above
Answer: A
NEW QUESTION # 23
Conflict of interest cases are more easily prevented than detected.
- A. True
- B. False
Answer: A
NEW QUESTION # 24
Which of the following must be present for a fraud to exist?
- A. A material false statement
- B. Reliance on the fast statement by the victim
- C. Knowledge that the statement was false when it was uttered
- D. All of the above
Answer: D
NEW QUESTION # 25
All of the following items appear on the balance sheet EXCEPT:
- A. Cost of goods sold
- B. Retained earnings
- C. Assets
- D. Liabilities
Answer: B
Explanation:
Explanation/Reference: https://www.investopedia.com/articles/fundamental-analysis/10/creative-accounting-balance-sheet.asp
NEW QUESTION # 26
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. Fake sales
- B. Asset requisition
- C. Inventory usages
- D. All of the above
Answer: B
NEW QUESTION # 27
Accounts receivable that never get collected are a common sign of fictitious revenue schemes.
- A. True
- B. False
Answer: A
Explanation:
Explanation/Reference: https://www.brainscape.com/flashcards/financial-statement-fraud-4459788/packs/6637157
NEW QUESTION # 28
Which of the following is TRUE regarding financial reporting practices and accounting frameworks, such as
U.S. generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS)?
- A. Both U.S. GAAP and IFRS are considered to be principle-based accounting frameworks.
- B. All organizations must use IFRS as their accounting framework if they conduct business internationally.
- C. Publicly traded companies must adhere to the specific financial reporting practices in their jurisdiction.
- D. Management determines which accounting framework an organization will adhere to for financial reporting.
Answer: C
Explanation:
Explanation/Reference: https://www.investopedia.com/terms/g/gaap.asp
NEW QUESTION # 29
Blue sold $1,000 worth of merchandise and collected the payment from her customer in currency, but she only recorded the sale of $800 worth of merchandise. Blue turned $800 over to her employer and kept the remaining
$200. Blue's scheme is BEST classified as:
- A. An unrecorded sales (skimming) scheme
- B. An understated sales (skimming) scheme
- C. A cash larceny scheme
- D. A false billing scheme
Answer: B
Explanation:
Explanation/Reference: https://yellowbook-cpe.com/misappropriation-of-cash-larceny-skimming.html
NEW QUESTION # 30
Which of the following are not of Basic types of non-sharable problems?
- A. Larceny by Fraud
- B. Violation of ascribed obligations
- C. Physical Isolation
- D. Business reversals
Answer: A
NEW QUESTION # 31
A ____________ can be very costly for an organization to undertake, both in terms of money and time spent.
Answer:
Explanation:
Civil lawsuit
NEW QUESTION # 32
A person is said to be in ________ act, when the business which he transacts, or the money or property which he handles, is not for his own benefit, but for another person:
- A. Fiduciary Capacity
- B. Embezzlement
- C. Conversion
- D. None of the above
Answer: A
NEW QUESTION # 33
The most basic skimming scheme occurs when:
- A. An employee sells goods or services to a stakeholder, collects the stakeholder's payment and makes record of the sale too.
- B. An employee buy goods or services from a stakeholder, drop the stakeholder's payment and makes record of the purchase too.
- C. An employee buy goods or services from a customer, drop the customer's payment, but makes no record of the purchase.
- D. An employee sells goods or services to a customer, collects the customer's payment, but makes no record of the sale.
Answer: D
NEW QUESTION # 34
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. Shoulder surfing
- C. Scavenging
- D. Social engineering
Answer: A
Explanation:
Explanation/Reference: https://www.forcepoint.com/cyber-edu/spoofing
NEW QUESTION # 35
A tangible asset is one which is:
- A. Both A & B
- B. Neither A nor B
- C. capable of being appraised
- D. capable of being perceived
Answer: A
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. The transaction includes an option to exchange the product for others.
- C. A service or membership fee is not subject predictable cancellation during the contract period.
- D. Payment terms are not extended for a substantial period.
Answer: B
NEW QUESTION # 37
__________ means that traditional bribery statutes proscribe only payments made to influence the decisions of government agents or employees.
Answer:
Explanation:
Official act
NEW QUESTION # 38
_________ normally are carried on an organization's books as expenses because they tend to be consumed by the organization within a year of purchase.
- A. Supplies
- B. Equity
- C. Assets
- D. Expenses
Answer: A
NEW QUESTION # 39
Employees with the authority to grant discounts in order to skim revenues may use which authority?
- A. Internal discount sales audits
- B. False discounts
- C. Recording a discount on sale procedure
- D. None of the above
Answer: B
NEW QUESTION # 40
Multiple cashiers operate from a single cash drawer without separate access codes is a red flag for:
- A. Disbursement scheme
- B. Force inventory scheme
- C. Fraudulent scheme
- D. Register scheme
Answer: D
NEW QUESTION # 41
Which of the following is NOT a common channel through which an organization's proprietary information is compromised?
- A. Company newsletters and contributions to industry publications
- B. Staff biographies on company websites
- C. Mail delivered through a post office box
- D. Information displayed at an employee's workstation
Answer: A
Explanation:
Explanation/Reference: https://www.acfe.com/uploadedfiles/acfe_website/content/documents/managing-business-risk.pdf
NEW QUESTION # 42
Undisclosed payments made by vendors to employees of purchasing companies are referred to as:
- A. Bid-rigging
- B. Presolicitaion
- C. Kickbacks
- D. None of the above
Answer: C
NEW QUESTION # 43
Linda, an assistant bank manager, purchases a new car that she cannot afford on her salary. To make her car payments, she takes money from a customer's account and then adjusts the bank's general ledger to cover the missing amount. Which of the following BEST describes Linda's scheme?
- A. False accounting entry
- B. Unauthorized disbursement of funds
- C. Unauthorized withdrawal
- D. Moving money from dormant accounts
Answer: A
Explanation:
Explanation/Reference: https://www.actionfraud.police.uk/a-z-of-fraud/false-accounting-fraud
NEW QUESTION # 44
Which of the following is not the skimming scheme?
- A. Unrecorded sales
- B. Fraud & Cost
- C. Theft of checks through the mail
- D. Understand sales and receivables
Answer: B
NEW QUESTION # 45
Which of the following fraud schemes is MOST LIKELY to target a neighborhood of immigrants?
- A. Affinity fraud
- B. Social control scheme
- C. Advance-fee fraud
- D. Bait and switch scheme
Answer: C
NEW QUESTION # 46
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