Exam Questions and Answers for CFE-Financial-Transactions-and-Fraud-Schemes Study Guide Questions and Answers! [Q17-Q33]

Exam Questions and Answers for  CFE-Financial-Transactions-and-Fraud-Schemes Study Guide Questions and Answers!

Certified Fraud Examiner - Financial Transactions and Fraud Schemes Exam Certification Sample Questions and Practice Exam

ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam Syllabus Topics:

Topic	Details
Topic 1	Demonstrate knowledge of tracing illicit transactions, evaluating deception and report writing
Topic 2	Financial Transactions & Fraud Schemes Demonstrate knowledge of the basic accounting and auditing theory
Topic 3	Demonstrate knowledge of Fraud Prevention and Deterrence
Topic 4	Tests your comprehension of the types of fraudulent financial transactions incurred in accounting records
Topic 5	Demonstrate knowledge of the fraud schemes, internal controls to deter fraud and other auditing and accounting matters
Topic 6	Tests your understanding of why people commit fraud and ways to prevent it
Topic 7	Demonstrate knowledge of crime causation, white-collar crime, occupational fraud, fraud prevention
Topic 8	Demonstrate knowledge of criminal and civil law, rules of evidence, rights of the accused and accuser, and expert witness matters
Topic 9	Ensures the familiarity with the many legal ramifications of conducting fraud examinations
Topic 10	Demonstrate knowledge of interviewing, taking statements, obtaining information from public records|
Topic 11	Demonstrate knowledge of fraud risk assessment, and the ACFE Code of Professional Ethics.

 

NEW QUESTION 17
Theft of incoming checks usually occurs when ________ is (are) in charge of opening the mail and recording the receipt of payments.

• A. Two employees
• B. None of the above
• C. More then two employees
• D. Single employee

Answer: D

 

NEW QUESTION 18
Which of the following factors is NOT included in most financial statement schemes?

• A. Fictitious revenues
• B. Persuasive Evidence
• C. Improper asset valuations
• D. Concealed liabilities and expenses

Answer: B

 

NEW QUESTION 19
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. Cost
• B. Net realizable value
• C. Going concern
• D. Fair value

Answer: B

 

NEW QUESTION 20
Skimming cases can more likely to be detected by:

• A. Accidents
• B. occupational frauds
• C. Internal controls
• D. Internal audits

Answer: A

 

NEW QUESTION 21
___________ and __________ are used to increase (or decrease) the equity account.

• A. Journal Entries & Credit
• B. None of all
• C. Journal Entries & Debit
• D. Journal Entries & transactions

Answer: D

 

NEW QUESTION 22
Verify supporting documentation on outstanding checks written for a material amount is a test used to conduct for:

• A. Cut-off statements
• B. Bank confirmation
• C. Bank confirmation
• D. Check disbursement

Answer: B

 

NEW QUESTION 23
________, one of the Fraud synonyms implies that deceiving so thoroughly as to obscure the truth:

• A. Beguile
• B. Mislead
• C. Delude
• D. Deceive

Answer: C

 

NEW QUESTION 24
_________ assumes the business will go on indefinitely in the future.

• A. Cost
• B. Materiality
• C. Going concern
• D. Fair value

Answer: C

 

NEW QUESTION 25
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. Small disbursements
• C. Simple disbursements
• D. Very small disbursements

Answer: B

 

NEW QUESTION 26
In ____________ scheme, a supplier pays an employee of the purchasing company to write specifications that will require amendments at a later date.

• A. False specification
• B. Bid-splitting
• C. Deliberate writing of vague specifications
• D. Need recognition

Answer: C

 

NEW QUESTION 27
A technique by which checks are numbered using a new technique that is revealed by a colored highlighter pen or by a bright light held behind the check is called:

• A. None of the above
• B. Holographic safety border
• C. Microline numbering
• D. Embossed pearlescent numbering

Answer: B

 

NEW QUESTION 28
Organizations that had external audits actually had higher median losses and longer lasting fraud schemes than those organizations that were not audited.

• A. False
• B. True

Answer: B

 

NEW QUESTION 29
By what accountant means that the financial figures presented by the company are at least as much as reflected in the statements, if not more.

• A. Conservatism
• B. Fraudulent statement
• C. Matching
• D. Misappropriations

Answer: A

 

NEW QUESTION 30
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 31
______________ can be detected by closely examining the documentation submitted with the cash receipts.

• A. None of the above
• B. Fictitious refunds
• C. Voided purchases
• D. Approved transaction

Answer: B

 

NEW QUESTION 32
The most common method for billing scheme is:

• A. None of the above
• B. Register
• C. Tips
• D. Accident

Answer: C

 

NEW QUESTION 33
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