Latest ACFE CFE-Financial-Transactions-and-Fraud-Schemes First Attempt, Exam real Dumps Updated [Aug-2021]
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NEW QUESTION 48
Which of the following offender types in which people who take the money and run away?
- A. Offender types
- B. Absconders
- C. Long-term violators
- D. None of the above
Answer: B
NEW QUESTION 49
Perceived certainty of detection is directly related to employee theft for respondents in all industry sectors, that is the stronger the perception that theft would be detected, the more the likelihood that the employee would engage in deviant behavior.
- A. False
- B. True
Answer: A
NEW QUESTION 50
_________ assumes the business will go on indefinitely in the future.
- A. Going concern
- B. Cost
- C. Materiality
- D. Fair value
Answer: A
NEW QUESTION 51
Which check tampering red flag may indicate employees have embezzled cash and charged the embezzlement to expense accounts?
- A. Duplicate checks
- B. Voided checks
- C. Missing checks
- D. Payable checks
Answer: C
NEW QUESTION 52
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. Conflict of interest
- B. Corruption
- C. Overbilling
- D. Bribery
Answer: B
NEW QUESTION 53
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. False
- B. True
Answer: A
NEW QUESTION 54
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. Forced Assets
- B. Tangible Assets
- C. None of above
- D. Intangible Assets
Answer: D
NEW QUESTION 55
Collusion or bid-rigging between bidders is called
- A. Contract acceptance
- B. To withdraw low bids
- C. Bid solicitation
- D. Bribery receipt
Answer: A
NEW QUESTION 56
The difference between assets and liabilities is called:
- A. Expense
- B. Revenue
- C. Equity
- D. Income statement
Answer: C
NEW QUESTION 57
Once the expense account is closed, it becomes a historical item and probably will never be reviewed again.
- A. True
- B. False
Answer: A
NEW QUESTION 58
Which of the four basic measures, if properly installed and implemented may help prevent inventory fraud?
- A. Proper documentation, segregation of duties, independent checks and inventory control
- B. Proper documentation, physical padding, independent checks and physical safeguards
- C. prenumbered affiliations, segregation of duties, independent checks and physical safeguards
- D. Proper documentation, segregation of duties, independent checks and physical safeguards
Answer: D
NEW QUESTION 59
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 60
When expenses used to produce income- all of them- should be matched in a consistent manner against that income, this is referred to:
- A. Expense
- B. Financial record
- C. Equity
- D. Accrual basis accounting
Answer: D
NEW QUESTION 61
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. Single employee
- C. More then two employees
- D. None of the above
Answer: B
NEW QUESTION 62
Which of the following factors is NOT included in most financial statement schemes?
- A. Concealed liabilities and expenses
- B. Fictitious revenues
- C. Improper asset valuations
- D. Persuasive Evidence
Answer: D
NEW QUESTION 63
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. False specification
- B. Solicitation
- C. Need recognition
- D. Submission
Answer: B
NEW QUESTION 64
The excess credits (or debits) on the income statement are used to decrease (or increase) the equity account.
- A. False
- B. True
Answer: A
NEW QUESTION 65
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