New 2021 Guaranteed Success with PrepAwayExam CFE-Financial-Transactions-and-Fraud-Schemes Dumps ACFE PDF Questions
Exceptional Practice To Certified Fraud Examiner - Financial Transactions and Fraud Schemes Exam Pass the First Time
NEW QUESTION 63
The excess credits (or debits) on the income statement are used to decrease (or increase) the equity account.
- A. True
- B. False
Answer: B
NEW QUESTION 64
Collusion or bid-rigging between bidders is called
- A. Bid solicitation
- B. To withdraw low bids
- C. Contract acceptance
- D. Bribery receipt
Answer: C
NEW QUESTION 65
Most of the shell company schemes involve the purchase of goods rather than services.
- A. True
- B. False
Answer: B
NEW QUESTION 66
____________ corrupt employees can cause inventory to be fraudulently delivered to themselves or accomplices.
- A. False credit slip
- B. False shipping slip
- C. Fraudulent inventory slip
- D. False packing slip
Answer: D
NEW QUESTION 67
When an incorrect total is carried from the journal to the ledger or from ledger to the financial statements, this method is called:
- A. None of all
- B. False balance
- C. Forced Balance
- D. Out-of-balance
Answer: C
NEW QUESTION 68
Depreciation is especially applicable when companies try to overvalue their assets and net worth; the lower their depreciation expense, the higher the company's profits.
- A. True
- B. False
Answer: A
NEW QUESTION 69
When situational pressures and perceived opportunities are low and personal integrity is high, occupational fraud is much more likely to occur than when the opposite is true.
- A. True
- B. False
Answer: B
NEW QUESTION 70
Bank cut-off statements should be requested for 10-15 days after the closing date of the balance sheet.
- A. True
- B. False
Answer: A
NEW QUESTION 71
Asset misappropriation schemes were the "middle children" of the study; they were more common than fraudulent statements and more costly than corruption.
- A. True
- B. False
Answer: B
NEW QUESTION 72
__________ is required if and when officers, executives or other persons in trusted positions become subjects of a criminal indictment.
- A. Conflict of interest
- B. Resource diversion
- C. Turnaround sale or flip
- D. Disclosure
Answer: D
NEW QUESTION 73
A running count that records how much inventory should be on hand is referred to:
- A. Perpetual inventory
- B. Fictitious inventory
- C. Altered inventory
- D. Shrinking inventory
Answer: A
NEW QUESTION 74
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 log
- B. Fictitious Bidding
- C. Bid opening
- D. Bid pooling
Answer: D
NEW QUESTION 75
Which of the following is NOT the type of billing scheme?
- A. Invoicing via non-accomplice companies
- B. Invoicing via shell companies
- C. Invoicing via accomplice companies
- D. Personal purchases with company funds
Answer: C
NEW QUESTION 76
______________ is required not only for theft, but for procedures to detect errors, avoid waste and insure a proper amount of inventory is maintained.
Answer:
Explanation:
Inventory control
NEW QUESTION 77
Employees steal an incoming payment and then place the incoming funds in an interest bearing account for:
- A. All of the above
- B. Concealing the fraud
- C. Short-term skimming
- D. Converting stolen checks
Answer: C
NEW QUESTION 78
Revenue is recognized when it is:
- A. All of the above
- B. Realized and Earned
- C. Realized and Evidenced
- D. Fictitious and Earned
Answer: B
NEW QUESTION 79
By removing a tangible asset from the business (a debit), the books will be ___________ by the exact amount of the tangible asset misappropriated.
- A. False debits
- B. None of all
- C. Journal Entries
- D. Out-of-balance
Answer: D
NEW QUESTION 80
Conflict of interest cases are more easily prevented than detected.
- A. True
- B. False
Answer: A
NEW QUESTION 81
Which of the following is not the skimming scheme?
- A. Theft of checks through the mail
- B. Unrecorded sales
- C. Understand sales and receivables
- D. Fraud & Cost
Answer: D
NEW QUESTION 82
Forced reconciliation of the account says:
- A. to conceal shrinkage is to change the perpetual inventory record so that it matches the physical inventory count.
- B. to conceal inventory is to alter shrinkage record so that it matches the physical inventory count.
- C. to conceal write-offs is to change the perpetual inventory record so that it matches the physical inventory count.
- D. to conceal shrinkage is to alter inventory record so that it matches the physical inventory count.
Answer: A
NEW QUESTION 83
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. Internal audits
- B. Occupational frauds
- C. Recorded sales
- D. Employee theft
Answer: D
NEW QUESTION 84
________ increase assets and expenses and/or decrease liabilities and/or equity
- A. None of all
- B. Journal Entries
- C. Debit
- D. Credit
Answer: C
NEW QUESTION 85
____________ is a summary of the account balances carried in a ledger.
- A. General journal
- B. Financial statement
- C. Balance sheet
- D. Income statement
Answer: B
NEW QUESTION 86
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