ACFE CFE-Financial-Transactions-and-Fraud-Schemes Practice Verified Answers - Pass Your Exams For Sure! [2021]
Valid Way To Pass Certified Fraud Examiner's CFE-Financial-Transactions-and-Fraud-Schemes Exam
NEW QUESTION 14
Any expenses that are incurred but not paid by the end of the year are counted in our records of profit and loss, are called:
- A. Financial record
- B. Depreciations
- C. Accruals
- D. Expenses
Answer: C
NEW QUESTION 15
Which of the following is NOT the type of billing scheme?
- A. Invoicing via accomplice companies
- B. Personal purchases with company funds
- C. Invoicing via non-accomplice companies
- D. Invoicing via shell companies
Answer: A
NEW QUESTION 16
Once the expense account is closed, it becomes a historical item and probably will never be reviewed again.
- A. True
- B. False
Answer: A
NEW QUESTION 17
Which of the following is NOT the phase of the bidding process?
- A. Presolicitation
- B. Postsolicitation
- C. Solicitation
- D. Submission
Answer: B
NEW QUESTION 18
What is sometimes used to overcome well-designed internal controls of a victim company?
- A. Shell company
- B. Collusion
- C. Rubber stamp supervisors
- D. Fraudulent invoices
Answer: B
NEW QUESTION 19
The seller's price to the buyer is not fixed or determinable when:
- A. Payment terms are not extended for a substantial period.
- B. A service or membership fee is not subject predictable cancellation during the contract period.
- C. When the price is not contingent on some future events
- D. The transaction includes an option to exchange the product for others.
Answer: D
NEW QUESTION 20
A process by which several bidders conspire to split contracts up and ensure that each gets a certain amount of work is called:
- A. Bid opening
- B. Bid pooling
- C. Fictitious Bidding
- D. Bid log
Answer: B
NEW QUESTION 21
Larceny by Fraud or deception means that:
- A. All of the above
- B. Fails to disclose a known lien, adverse claim or other legal impediment
- C. Fails to correct a false impression
- D. Creates or reinforce a false impression
Answer: A
NEW QUESTION 22
In which of the following process, all bidders are legally supposed to be placed on the same plane of equality, bidding on the same terms and conditions?
- A. Bid-rigging
- B. Bid solicitation
- C. Competitive bidding
- D. Kickbacks
Answer: C
NEW QUESTION 23
The price of an asset on which the asset is selling at on the open market in a transaction between a willing buyer and a wiling seller is called:
- A. Cost value
- B. Fair value
- C. material value
- D. Absolute value
Answer: B
NEW QUESTION 24
What can make it easy for an employee to skim sales or receivables?
- A. Register manipulations and recording procedures
- B. Poor collection and recording procedures
- C. Revenue sources and recording procedures
- D. Internal audits and recording procedures
Answer: B
NEW QUESTION 25
"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 26
Employees with the authority to grant discounts in order to skim revenues may use which authority?
- A. Recording a discount on sale procedure
- B. Internal discount sales audits
- C. False discounts
- D. None of the above
Answer: C
NEW QUESTION 27
Which of the following are not of Basic types of non-sharable problems?
- A. Larceny by Fraud
- B. Physical Isolation
- C. Business reversals
- D. Violation of ascribed obligations
Answer: A
NEW QUESTION 28
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 29
In which phase of competitive bidding process, fraudsters attempt to influence the selection of a contractor by restricting the pool of competitors from whom bids are sought?
- A. False specification
- B. Solicitation
- C. Need recognition
- D. Submission
Answer: B
NEW QUESTION 30
Collusion or bid-rigging between bidders is called
- A. Contract acceptance
- B. To withdraw low bids
- C. Bid solicitation
- D. Bribery receipt
Answer: A
NEW QUESTION 31
A variation between the physical inventory and the perpetual inventory totals is called:
- A. Altered inventory
- B. Shrinkage
- C. Account receivable
- D. Write-offs
Answer: B
NEW QUESTION 32
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. False
- B. True
Answer: A
NEW QUESTION 33
_________ 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. Equity
- B. Supplies
- C. Assets
- D. Expenses
Answer: B
NEW QUESTION 34
The fraudsters' interest lies with an employer other than a company.
- A. False
- B. True
Answer: A
NEW QUESTION 35
Skimming is:
- A. The removal of cash from a victim entity after its entry in an accounting system.
- B. None of above
- C. The removal of cash from a victim entity prior to its entry in an accounting system.
- D. The addition of cash from a victim entity prior to its entry in an accounting system.
Answer: C
NEW QUESTION 36
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. Turnaround sale or flip
- B. Unauthorized sale
- C. Conflict of interest in sale
- D. Written sale of unique assets
Answer: A
NEW QUESTION 37
False billing scheme states that:
- A. employees cause their company to purchase merchandise that the company does not need
- B. employees do not cause their company to sale merchandise that the company does not need.
- C. employees cause their company to sale merchandise that the company does not need.
- D. employees do not cause their company to purchase merchandise that the company does not need.
Answer: A
NEW QUESTION 38
Perceived certainty of detection is directly related to employee theft for respondents in all industry sectors, that is the stronger the perception that theft would be detected, the more the likelihood that the employee would engage in deviant behavior.
- A. False
- B. True
Answer: A
NEW QUESTION 39
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