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ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam Syllabus Topics:
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NEW QUESTION 47
Which of the following is not the skimming scheme?
- A. Understand sales and receivables
- B. Unrecorded sales
- C. Theft of checks through the mail
- D. Fraud & Cost
Answer: D
NEW QUESTION 48
In which approach, fraudsters produce whatever financial statements they wish, perhaps using just a typewriter or a personal computer.
- A. Beating accounting
- B. Organized accounting
- C. Outside accounting system
- D. Playing the accounting
Answer: C
NEW QUESTION 49
Verify supporting documentation on outstanding checks written for a material amount is a test used to conduct for:
- A. Check disbursement
- B. Bank confirmation
- C. Cut-off statements
- D. Bank confirmation
Answer: D
NEW QUESTION 50
Collusion or bid-rigging between bidders is called
- A. Bribery receipt
- B. Bid solicitation
- C. To withdraw low bids
- D. Contract acceptance
Answer: D
NEW QUESTION 51
Which of the following is a method that a fraudster might use to conceal inventory shrinkage?
- A. All of the above
- B. Falsely increasing the perpetual inventory figure
- C. Selling merchandise without recording the sale
- D. Placing empty boxes on warehouse shelves
Answer: D
Explanation:
Explanation/Reference: https://www.informit.com/articles/article.aspx?p=2101527&seqNum=4#:~:text=Perpetrators%
20have%20been%20known%20to,conceal%20the%20theft%20of%20inventory
NEW QUESTION 52
The difference between assets and liabilities is called:
- A. Expense
- B. Income statement
- C. Revenue
- D. Equity
Answer: D
NEW QUESTION 53
A fraudster poses as the head of one of XYZ Company's foreign suppliers and sends an email to an XYZ employee requesting that this month's payments be made to an alternate account that the fraudster owns. This is an example of which of the following types of fraud schemes?
- A. Executive email attack
- B. Reverse social engineering
- C. Business email compromise
- D. Electronic piggybacking
Answer: D
Explanation:
Explanation/Reference: https://whatis.techtarget.com/definition/piggybacking
NEW QUESTION 54
The person or persons who have access to __________ are often the targets of unethical vendors seeking an advantage in the process.
- A. Sealed bids
- B. General purchasing
- C. Bid-splitting
- D. Tailor specifications
Answer: A
NEW QUESTION 55
__________ may be defined as the offering, giving, receiving or soliciting anything of value to influence an official act.
- A. Corruption
- B. Lacking approval authority
- C. Bribery
- D. Diverting business to vendors
Answer: C
NEW QUESTION 56
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 57
Occupational fraud and abuse is a (an) __________ of doing business, in much the same way that we pay expenses for electricity, taxes and wages.
- A. Financial record
- B. Equity
- C. Expense
- D. Balance sheet
Answer: C
NEW QUESTION 58
Which of the following is the MOST ACCURATE statement about the phases of procurements involving open and free competition?
- A. In the bid evaluation and award phase, the procuring entity fulfills its duties through the performance of its contractual obligations.
- B. In the solicitation phase, prospective contractors prepare and submit their bids.
- C. In the presolicitation phase, the procuring entity issues the solicitation document.
- D. In the post-award and administration phase, the procuring entity identifies its needs and develops the criteria used to award the contract.
Answer: C
NEW QUESTION 59
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. Net realizable value
- B. Cost
- C. Fair value
- D. Going concern
Answer: A
NEW QUESTION 60
A fraudster uses a victim's name, government identification number, and birthdate to impersonate the victim and open a credit card account in the victim's name. This scheme can BEST be described as:
- A. New account identity theft
- B. Synthetic identity theft
- C. Criminal identity theft
- D. Traditional identity theft
Answer: D
Explanation:
Explanation/Reference: https://www.acfe.com/selfstudy.aspx?zid=2c92a0fe6a07e3e5016a27279adf4045
NEW QUESTION 61
Because sales skimming is an off-book fraud scheme, it is unlikely to be detected by reconciling the sales records to the cash receipts.
- A. True
- B. False
Answer: A
Explanation:
Explanation/Reference: https://www.acfe.com/uploadedFiles/Shared_Content/Products/Self-Study_CPE/Intro%20to%20Fraud-Chapter%20Excerpt.pdf
NEW QUESTION 62
Which of the following statements describes a best practice for preventing contract and procurement fraud?
- A. Companies should restrict the monitoring of their procurement activities to once a year to ensure comparability over time.
- B. Companies should have vendor-monitoring procedures that are based on the red flags of the vendor schemes that pose the greatest risk.
- C. Companies should permit the person who maintains the vendor master file to have the authority to approve invoices for payment.
- D. Companies should not conduct background checks on vendors until after they are added to the vendor master file.
Answer: B
Explanation:
Explanation/Reference: https://www.fraudconference.com/31/post-cpf.aspx
NEW QUESTION 63
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