ACFE CFE-FINANCIAL-TRANSACTIONS-AND-FRAUD-SCHEMES Online Practice Questions and Exam Preparation

ACFE CFE-FINANCIAL-TRANSACTIONS-AND-FRAUD-SCHEMES Online Questions & Answers

• Question 1:

  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. Distribution scheme
  D. Pass-through scheme
  D. Pass-through scheme

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  explanation:

  Explanation/Reference:

• Question 2:

  Most of the shell company schemes involve the purchase of goods rather than services.

  A. True
  B. False
  B. False

• Question 3:

  What is sometimes used to overcome well-designed internal controls of a victim company?

  A. Shell company
  B. Fraudulent invoices
  C. Collusion
  D. Rubber stamp supervisors
  C. Collusion

• Question 4:

  One reason employees might be hesitant to use PO boxes in shell company schemes is that some businesses are specially vary of sending checks to vendors that have street addresses only.

  A. True
  B. False
  B. False

• Question 5:

  A fabricated name and the post office box that an employee uses to collect disbursements from false billings is called:

  A. Accomplice residence
  B. Shell company
  C. Perpetrator check
  D. Cash generator
  B. Shell company

• Question 6:

  A voucher is:

  A. a file that includes the purchase order that was send to the vendor, the vendor invoice listing the cost and quantity of items purchased , and the internal receiving reports that verify the purchased items have been delivered.
  B. a figure that includes the sale order that was send to the dealer, the vendor invoice listing the cost and quantity of items sold , and the internal receiving reports that verify the purchased items have been delivered.
  C. a report that includes the purchase order that was send to the vendor, the vendor invoice listing the quality and quantity of items purchased , and the external receiving reports that verify the items have been sold.
  D. a mammogram that includes the purchase order that was send to the purchaser, the purchaser invoice listing the benefits and quantity of items purchased , and the internal receiving reports that verify the purchased items have been sold.
  A. a file that includes the purchase order that was send to the vendor, the vendor invoice listing the cost and quantity of items purchased , and the internal receiving reports that verify the purchased items have been delivered.

• Question 7:

  In__________scheme, an employee creates false vouchers or submits false invoices to the employer.

  A. Sale requisition
  B. Purchase requisition
  C. Voucher handling
  D. Cash generating
  D. Cash generating

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  explanation:

  Explanation/Reference:

• Question 8:

  Which of the following is NOT the type of billing scheme?

  A. Invoicing via shell companies
  B. Invoicing via non-accomplice companies
  C. Invoicing via accomplice companies
  D. Personal purchases with company funds
  C. Invoicing via accomplice companies

• Question 9:

  The most common method for billing scheme is:

  A. Register
  B. Tips
  C. Accident
  D. None of the above
  B. Tips

• Question 10:

  The scheme which reduces victim companies to issue fraudulent payments for goods or services that they have not received is called:

  A. Bogus claims
  B. Billing scheme
  C. Reliance billing
  D. Misappropriate claims
  A. Bogus claims

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  explanation:

  Explanation/Reference: