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NEW QUESTION 40
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. Competitive bidding
- B. Bid-rigging
- C. Bid solicitation
- D. Kickbacks
Answer: A
NEW QUESTION 41
Which are check tempering frauds in which an employee prepares a fraudulent check and submits it usually along with legitimate checks to an authorized maker who signs it without a proper review?
- A. Endorse check scheme
- B. Legitimate check scheme
- C. Concealed check scheme
- D. Payable check scheme
Answer: C
NEW QUESTION 42
According to accounting principles, ________ and ________ should be recorded or atched in the same accounting period; failing to do so violates the matching principle of AAP.
- A. Revenue and Income statement
- B. Capitalized expenses and Liabilities
- C. Income statement and Long-term contracts
- D. Revenue and corresponding expenses
Answer: D
NEW QUESTION 43
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. False
- B. True
Answer: B
Explanation:
Explanation/Reference: https://www.acfe.com/uploadedFiles/Shared_Content/Products/Self-Study_CPE/Intro%20to%20Fraud-Chapter%20Excerpt.pdf
NEW QUESTION 44
Which of the following is a reason why prepaid debit and gift card fraud schemes are attractive to fraudsters?
- A. Prepaid cards are difficult for authorities to track after the cards have been purchased and activated for use.
- B. Prepaid cards are often not accepted by online retailers and can only be used in transactions where the cards must be physically present.
- C. Prepaid cards can only be purchased from financial institutions.
- D. All of the above are reasons why prepaid cards are attractive to fraudsters.
Answer: A
Explanation:
Explanation/Reference: https://www.acfe.com/article.aspx?id=4294980869
NEW QUESTION 45
______________ 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 46
The seller's price to the buyer is not fixed or determinable when:
- A. A service or membership fee is not subject predictable cancellation during the contract period.
- B. When the price is not contingent on some future events
- C. Payment terms are not extended for a substantial period.
- D. The transaction includes an option to exchange the product for others.
Answer: D
NEW QUESTION 47
Larceny by Fraud or deception means that:
- A. Creates or reinforce a false impression
- B. All of the above
- C. Fails to correct a false impression
- D. Fails to disclose a known lien, adverse claim or other legal impediment
Answer: B
NEW QUESTION 48
The behavior profile of employees who are involved in bribery schemes may include:
- A. Extravagant lifestyle
- B. All of the above
- C. Drug and/or alcohol addiction
- D. Gambling habit
Answer: B
NEW QUESTION 49
In which approach, fraudsters produce whatever financial statements they wish, perhaps using just a typewriter or a personal computer.
- A. Playing the accounting
- B. Outside accounting system
- C. Beating accounting
- D. Organized accounting
Answer: B
NEW QUESTION 50
Multiple cashiers operate from a single cash drawer without separate access codes is a red flag for:
- A. Disbursement scheme
- B. Fraudulent scheme
- C. Register scheme
- D. Force inventory scheme
Answer: C
NEW QUESTION 51
When an employee processes a fictitious refund of goods, the victim company's inventory is overstated.
- A. False
- B. True
Answer: B
Explanation:
Explanation/Reference: https://www.acfe.com/uploadedFiles/ACFE_Website/Content/documents/excerpt-from-2010-fem.pdf
NEW QUESTION 52
Which of the following are the classifications for the Corruption?
- A. economic extortion, bribery, illegal gratuities and corruption
- B. Overbilling, bribery, bid-ridding and illegal gratuities
- C. Corruption, bribery, economic extortion, conflicts of interest
- D. Bribery, economic extortion, illegal gratuities and conflicts of interest
Answer: D
NEW QUESTION 53
Which of the following is NOT a red flag of fraudulent register disbursements?
- A. Personal checks from cashiers are found in the register.
- B. There are gaps in the sequence of transactions on the register log.
- C. There are multiple refunds or voids for amounts just under the review limit.
- D. Voided transactions are approved by a supervisor.
Answer: A
NEW QUESTION 54
Which of the following is a red flag that might indicate that someone is attempting to commit insurance fraud?
- A. A claim is made a short time after a change in policy coverage.
- B. The insured made one other insurance claim within the past five years.
- C. A fire loss claim includes numerous personal items and family heirlooms.
- D. A theft claim includes recently purchased items with their receipts.
Answer: A
Explanation:
Explanation/Reference: https://www.acfe.com/uploadedfiles/acfe_website/content/documents/insurance-fraud-handbook.pdf
NEW QUESTION 55
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