Get ACFE CFE-Financial-Transactions-and-Fraud-Schemes Dumps Questions [2021] To Gain Brilliant Result
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NEW QUESTION 66
Which of the following is the amount of money that would be realized upon the sale of the asset at some point in the future, less the costs associated with owing, operating and selling it?
- A. Going concern
- B. Cost
- C. Net realizable value
- D. Fair value
Answer: C
NEW QUESTION 67
____________ corrupt employees can cause inventory to be fraudulently delivered to themselves or accomplices.
- A. False shipping slip
- B. False packing slip
- C. Fraudulent inventory slip
- D. False credit slip
Answer: B
NEW QUESTION 68
A typical issue involving material and fraud would be:
- A. Misappropriations
- B. Fraudulent statement
- C. Quality control
- D. Civil lawsuit
Answer: A
NEW QUESTION 69
__________ is required if and when officers, executives or other persons in trusted positions become subjects of a criminal indictment.
- A. Resource diversion
- B. Conflict of interest
- C. Disclosure
- D. Turnaround sale or flip
Answer: C
NEW QUESTION 70
Financial statement fraud is committed by:
- A. All of the above
- B. Mid and lower level employees
- C. Organized criminals
- D. Senior Management
Answer: A
NEW QUESTION 71
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. Legitimate check scheme
- B. Concealed check scheme
- C. Payable check scheme
- D. Endorse check scheme
Answer: B
NEW QUESTION 72
The scheme which reduces victim companies to issue fraudulent payments for goods or services that they have not received is called:
- A. Reliance billing
- B. Bogus claims
- C. Misappropriate claims
- D. Billing scheme
Answer: B
NEW QUESTION 73
_________ assumes the business will go on indefinitely in the future.
- A. Going concern
- B. Cost
- C. Materiality
- D. Fair value
Answer: A
NEW QUESTION 74
_________ revenues involve the recording sales of goods or services hat did not occur.
- A. Fictitious or fabricated revenues
- B. Red flag revenues
- C. Financial revenues
- D. Concealed revenues
Answer: A
NEW QUESTION 75
In Cressey's fraud triangle, its three of the legs are Opportunity, Pressure and
- A. Violation
- B. Rationalization
- C. Isolation
- D. None of the above
Answer: B
NEW QUESTION 76
Inventory shrinkage is the unaccounted-for reduction in the company's inventory that does not results from theft.
- A. False
- B. True
Answer: A
NEW QUESTION 77
In physical tampering prevention technique, hidden images can be seen only when the check is held at an angle through:
- A. Holographic safety inks
- B. Chrome coloring
- C. High-resolution sprays
- D. Watermark backers
Answer: D
NEW QUESTION 78
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 79
Accounting records are designed to be kept on subjective rather than objective evidence.
- A. False
- B. True
Answer: A
NEW QUESTION 80
Which of the following is true for Red flags associated with fictitious revenues?
- A. Usual growth in the number of days purchase in receivables
- B. A usual surge in purchase by a majority of units within a company, or of purchase recorded by corporate headquarters.
- C. Slow growth or usual profitability, when not compared to other companies in the same industry.
- D. A significant volume of sales to entries whose substance and ownership is not known.
Answer: D
NEW QUESTION 81
In ___________ scheme, an employee creates false vouchers or submits false invoices to the employer.
- A. Purchase requisition
- B. Cash generating
- C. Sale requisition
- D. Voucher handling
Answer: B
NEW QUESTION 82
If the assets are intentionally purchased by the company but simply misappropriated by the fraudster, this is referring to as:
- A. Fraudulent purchase
- B. Inventory larceny scheme
- C. Falsify shipping
- D. Asset receiving scheme
Answer: B
NEW QUESTION 83
Every bribe is a two-sided transaction, in which where a vendor bribes a purchaser, there is someone on the vendor's side of the transaction who is not making an illicit payment.
- A. False
- B. True
Answer: A
NEW QUESTION 84
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. Presolicitation scheme
- C. Need recognition scheme
- D. Submission scheme
Answer: C
NEW QUESTION 85
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 86
The scheme in which the same vendor is receiving favorable treatment van be found in purchases by vendor searches.
- A. True
- B. False
Answer: A
NEW QUESTION 87
Placing any restriction in the solicitation documents that tend to restrict competition is called prebid solicitation.
- A. True
- B. False
Answer: A
NEW QUESTION 88
A journal in which all sales made on credit or cash are listed is:
- A. Accounts payable journal
- B. General journal
- C. Accounts receivable journal
- D. Disbursement journal
Answer: C
NEW QUESTION 89
According to a survey, in principal perpetrator, males in a majority of cases, accounting for ___ percent of frauds versus ___ percent in which a female was the primary culprit.
- A. 62 versus 37
- B. 61 versus 39
- C. None of the above
- D. 62 versus 36
Answer: B
NEW QUESTION 90
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. Capitalized expenses and Liabilities
- B. Revenue and Income statement
- C. Income statement and Long-term contracts
- D. Revenue and corresponding expenses
Answer: D
NEW QUESTION 91
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