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

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

• Question 91:

  A variation between the physical inventory and the perpetual inventory totals is called:

  A. Altered inventory
  B. Account receivable
  C. Shrinkage
  D. Write-offs
  C. Shrinkage

• Question 92:

  According to SAB 104, for the revenue to be typically considered realized or realizable and earned, which of the following criteria is NOT met:

  A. Persuasive evidence of an arrangement exists
  B. Services has been rendered
  C. Timings have been met
  D. Collectibility is reasonably assured
  C. Timings have been met

• Question 93:

  A process by which several bidders conspire to split contracts up and ensure that each gets a certain amount of work is called:

  A. Bid opening
  B. Fictitious Bidding
  C. Bid pooling
  D. Bid log
  C. Bid pooling

• Question 94:

  One final means of concealing a register scheme, as with many kinds of fraud, is to destroy all records of the transaction.

  A. True
  B. False
  A. True

• Question 95:

  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. Need recognition
  B. Solicitation
  C. False specification
  D. Submission
  B. Solicitation

• Question 96:

  Bid-rigging scheme occurs when:

  A. an employee fraudulently assists a vendor in winning a contract through the competitive bidding process.
  B. an employee does not assist a vendor in winning a contract through the competitive bidding process.
  C. an employee once assists a vendor in winning a contract through a single competitive bidding process.
  D. an employee once assists a vendor in winning a contract through a single competitive bidding process.
  A. an employee fraudulently assists a vendor in winning a contract through the competitive bidding process.

• Question 97:

  Skimming cases can more likely to be detected by:

  A. Internal audits
  B. Accidents
  C. Internal controls
  D. occupational frauds
  B. Accidents

• Question 98:

  Which sale occurs when the accomplice of the employee-fraudster "buys" merchandise, but the employee does not ring up the sale, and the accomplice takes the merchandise without making any payment?

  A. Whole sale
  B. Fake sale
  C. Fraudster sale
  D. Preliminary sale
  B. Fake sale

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  Explanation/Reference:

• Question 99:

  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/Reference:

• Question 100:

  "Anticipate possible losses and omit potential profits", this results in:

  A. Asymmetrical accounting
  B. Symmetrical accounting
  C. Playing accounting
  D. Bearing accounting
  A. Asymmetrical accounting