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NEW QUESTION # 57
Physical assets including _________ and ________ are the most commonly misappropriated noncash asset in our study.
- A. Inventory & Purchase
- B. Inventory & Equipment
- C. Sales & Equipment
- D. Interest & Collusion
Answer: B
NEW QUESTION # 58
Bid-rigging scheme occurs when:
- A. an employee once assists a vendor in winning a contract through a single competitive bidding process.
- B. an employee fraudulently assists a vendor in winning a contract through the competitive bidding process.
- C. an employee does not assist a vendor in winning a contract through the competitive bidding process.
- D. an employee once assists a vendor in winning a contract through a single competitive bidding process.
Answer: B
NEW QUESTION # 59
Which of the following are used in a short term skimming scheme?
- A. Unrecorded sales, understated sales and theft of incoming checks
- B. Understated sales, theft of incoming checks and check-for-currency substitutions
- C. False company accounts, understated sales and theft of incoming checks
- D. Unrecorded sales, understated sales and dual endorsements
Answer: A
NEW QUESTION # 60
Which of the following statements is MOST ACCURATE regarding the methods used for making corrupt payments in corruption schemes?
- A. Payers can make corrupt payments by giving recipients hidden interests in profit-making enterprises.
- B. Payers cannot pay off a recipient's credit card debt because of anti-money laundering rules.
- C. Payers often make corrupt payments by selling property to recipients at prices higher than the property's market value.
- D. Payers cannot make corrupt payments by providing loans to recipients.
Answer: A
Explanation:
Explanation/Reference: https://www.acfe.com/uploadedFiles/ACFE_Website/Content/review/cpf/03-Bribery-and-Corruption.pdf
NEW QUESTION # 61
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 register disbursement scheme
- B. A purchasing and receiving scheme
- C. A false sale 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 # 62
Which counts sometimes can give rise to inventory theft detection?
- A. Perpetual inventory counts
- B. None of the above
- C. Concealment inventory counts
- D. Physical inventory counts
Answer: D
NEW QUESTION # 63
A running count that records how much inventory should be on hand is referred to:
- A. Altered inventory
- B. Perpetual inventory
- C. Fictitious inventory
- D. Shrinking inventory
Answer: B
NEW QUESTION # 64
Sergio receives a fraudulent text message that appears to be from his bank. The message claims that there has been suspicious activity on his account and provides a link for him to click on to sign into the bank's website and obtain more information. Sergio is MOST LIKELY being targeted by which of the following types of social engineering schemes?
- A. SMiShing
- B. Pharming
- C. Vishing
- D. Catfishing
Answer: C
Explanation:
Explanation/Reference: https://terranovasecurity.com/what-is-vishing/
NEW QUESTION # 65
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. Need recognition
- B. False specification
- C. Solicitation
- D. Submission
Answer: C
NEW QUESTION # 66
If the assets are intentionally purchased by the company but simply misappropriated by the fraudster, this is referring to as:
- A. Asset receiving scheme
- B. Falsify shipping
- C. Inventory larceny scheme
- D. Fraudulent purchase
Answer: C
NEW QUESTION # 67
Which of the following is an insurance fraud detection tool that uses computer-generated reports to compare payments going to the same location and identify funds fraudulently sent to brokers?
- A. Payroll reports
- B. Vendor master lists
- C. Electronic confirmations
- D. Address similarity reports
Answer: C
NEW QUESTION # 68
___________ and __________ are used to increase (or decrease) the equity account.
- A. Journal Entries & Credit
- B. Journal Entries & Debit
- C. Journal Entries & transactions
- D. None of all
Answer: C
NEW QUESTION # 69
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 # 70
Which of the following is NOT the reason to bribe employees of the purchaser?
- A. To falsify the bid log
- B. To ensure bid-splitting
- C. To ensure receipt of a late bid
- D. To extend the bid opening date
Answer: B
NEW QUESTION # 71
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. Written sale of unique assets
- C. Conflict of interest in sale
- D. Unauthorized sale
Answer: A
NEW QUESTION # 72
__________ are the amounts which are owned to other entities:
- A. Expenses
- B. Assets
- C. Supplies
- D. Liabilities
Answer: D
NEW QUESTION # 73
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. Whole sale
- B. Fake sale
- C. Preliminary sale
- D. Fraudster sale
Answer: B
NEW QUESTION # 74
According to the recommended methodology for responding to cybersecurity incidents, which of the following activities should occur during the preparation step?
- A. Identifying all incidents of breach that occurred
- B. Creating an incident response plan
- C. Restoring control of the affected systems
- D. Limiting the damage caused by the attack
Answer: B
Explanation:
Explanation/Reference: https://www.exabeam.com/incident-response/steps/
NEW QUESTION # 75
Which of the following is true for Red flags associated with fictitious revenues?
- A. A usual surge in purchase by a majority of units within a company, or of purchase recorded by corporate headquarters.
- B. A significant volume of sales to entries whose substance and ownership is not known.
- C. Slow growth or usual profitability, when not compared to other companies in the same industry.
- D. Usual growth in the number of days purchase in receivables
Answer: B
NEW QUESTION # 76
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 # 77
Bank cut-off statements should be requested for 10-15 days after the closing date of the balance sheet.
- A. False
- B. True
Answer: B
NEW QUESTION # 78
When employees avoid detection in a refund scheme to keep the sizes of the disbursement low, is referred to:
- A. Simple disbursements
- B. Small disbursements
- C. Very small disbursements
- D. None of the above
Answer: B
NEW QUESTION # 79
When a victim company purchases unnecessary goods or services from a supplier at the direction of the corrupt employee, this results in:
- A. False sole-source scheme
- B. Need recognition scheme
- C. Presolicitation scheme
- D. Submission scheme
Answer: B
NEW QUESTION # 80
The amount of cash on hand in a register may be compared to the amount showing in the register tape in order to detect _______.
- A. Employee theft
- B. Internal audits
- C. Occupational frauds
- D. Recorded sales
Answer: A
NEW QUESTION # 81
Which of the following is a common red flag of procurement fraud schemes involving collusion among contractors?
- A. There is a pattern where the last party to bid wins the contract.
- B. The winning bidder does not subcontract any work to a third party.
- C. More competitors than usual submit bids on a project or product.
- D. Bid prices rise when a new contractor enters the competition.
Answer: A
Explanation:
Explanation/Reference: https://iacrc.org/procurement-fraud/the-most-common-procurement-fraud-schemes-and-their-primary-red-flags/
NEW QUESTION # 82
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