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Certified Fraud Examiner Dumps CFE-Financial-Transactions-and-Fraud-Schemes Exam for Full Questions - Exam Study Guide
The ACFE CFE-Financial-Transactions-and-Fraud-Schemes exam is designed for professionals who have experience in the field of fraud examination and who are seeking to enhance their skills and knowledge. It is also suitable for individuals who are new to the field but have a strong interest in fraud prevention and detection. CFE-Financial-Transactions-and-Fraud-Schemes exam is available to individuals from any industry, including accounting, law enforcement, banking, insurance, and government agencies.
NEW QUESTION # 59
Which of the following is a FALSE statement regarding check fraud?
- A. A check fraud operation can be started with a computer, scanner, and printer.
- B. The penalties for committing check fraud tend to be relatively mild.
- C. The equipment required to commit check fraud is relatively inexpensive.
- D. Check fraud is considered very risk due to the high likelihood of prosecution.
Answer: B
Explanation:
Explanation/Reference: https://www.lifelock.com/learn/fraud/what-is-check-fraud
NEW QUESTION # 60
___________ and __________ are used to increase (or decrease) the equity account.
- A. Journal Entries & Credit
- B. Journal Entries & transactions
- C. None of all
- D. Journal Entries & Debit
Answer: B
NEW QUESTION # 61
A person is said to be in ________ act, when the business which he transacts, or the money or property which he handles, is not for his own benefit, but for another person:
- A. Conversion
- B. None of the above
- C. Fiduciary Capacity
- D. Embezzlement
Answer: C
NEW QUESTION # 62
____________ is a process by which a bookkeeper records all transactions and can adjust the books.
- A. Accounting Cycle
- B. Financial statement
- C. None of all
- D. Journal Entries
Answer: D
NEW QUESTION # 63
Which of the following is the MOST ACCURATE statement about the phases of procurements involving open and free competition?
- A. In the solicitation phase, prospective contractors prepare and submit their bids.
- B. In the presolicitation phase, the procuring entity issues the solicitation document.
- C. In the bid evaluation and award phase, the procuring entity fulfills its duties through the performance of its contractual obligations.
- D. In the post-award and administration phase, the procuring entity identifies its needs and develops the criteria used to award the contract.
Answer: B
NEW QUESTION # 64
Assets that are long-lived and that differ from property, plant and equipment hat has been purchased outright or acquired under a capital lease are:
- A. None of above
- B. Intangible Assets
- C. Tangible Assets
- D. Forced Assets
Answer: B
NEW QUESTION # 65
A shell company scheme in which actual goods or services are sold to the victim company is known as:
- A. Maintenance scheme
- B. Allocation scheme
- C. Pass-through scheme
- D. Distribution scheme
Answer: C
NEW QUESTION # 66
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. Submission scheme
- C. Presolicitation scheme
- D. Need recognition scheme
Answer: D
NEW QUESTION # 67
Not having any accounts receivable that are overdue is a common red flag of fictitious revenue schemes.
- A. True
- B. False
Answer: B
NEW QUESTION # 68
Which of the following actions could management take to make a company appear more profitable than it actually is?
- A. Understating assets
- B. Recording warranty liabilities
- C. Understanding liabilities
- D. Expensing costs instead of capitalizing them
Answer: C
Explanation:
Explanation/Reference: https://www.acfe.com/uploadedFiles/ACFE_Website/Content/documents/tone-at-the-top-research.pdf
NEW QUESTION # 69
Which of the following would NOT be considered a conflict of interest?
- A. Harriet owns a significant amount of stock in a company she regularly buys her employer's office supplies from, but her employer is unaware of this fact.
- B. Jennifer is on the board of directors of two companies that compete in the retail market, but she does not tell either company about her role at the other.
- C. Ernest hires his brother, John, to provide vending services to his employer's lunch areas, but he does not disclose their relationship.
- D. Robert works for Muir's Printing Services on weekdays and Winsted Cafe on weekends, but he does not tell either employer about the other job.
Answer: D
NEW QUESTION # 70
George, a 71-year-old man, receives a fraudulent message on his computer stating that his computer has been infected by a virus. When George calls the phone number listed on the message, he speaks with a fraudster who charges him for computer repair services that are unnecessary. George has MOST LIKELY been victimized by which of the following schemes?
- A. Pharming
- B. Tech-support scheme
- C. Smishing
- D. Bait and switch scheme
Answer: B
NEW QUESTION # 71
Which of the following statements is TRUE regarding income statements?
- A. Net profit is a company's earnings before operating expenses have been deducted.
- B. Gross revenue is the total amount of sales after deductions are applied.
- C. A company's operating expenses are usually listed as the first line item.
- D. Gross profit is the difference between net sales and cost of goods sold.
Answer: A
NEW QUESTION # 72
___________ is to allow the owner, investors, creditors and others with an interest to know the appropriate book worth of the business at a particular date.
- A. Financial record
- B. Balance sheet
- C. Equity
- D. Income statement
Answer: B
NEW QUESTION # 73
The act of an official or fiduciary person who unlawfully and wrongfully uses his station or character to procure some benefit, contrary to duty and rights of others is called:
- A. Corruption
- B. Overbilling
- C. Bribery
- D. Conflict of interest
Answer: A
NEW QUESTION # 74
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