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

• Question 91:

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

  A. Asymmetrical accounting

  B. Symmetrical accounting

  C. Playing accounting

  D. Bearing accounting

  Correct Answer: A

• Question 92:

  Statistical sampling enables the examiner to predict the occurrence rate for the population and therefore determine with some accuracy the error rate, or the potential for fraud.

  A. True

  B. False

  Correct Answer: A

• Question 93:

  By removing a tangible asset from the business (a debit), the books will be ___________ by the exact amount of the tangible asset misappropriated.

  A. Journal Entries

  B. Out-of-balance

  C. False debits

  D. None of all

  Correct Answer: B

• Question 94:

  The seller's price to the buyer is not fixed or determinable when:

  A. When the price is not contingent on some future events

  B. The transaction includes an option to exchange the product for others.

  C. A service or membership fee is not subject predictable cancellation during the contract period.

  D. Payment terms are not extended for a substantial period.

  Correct Answer: B

• Question 95:

  Bank cut-off statements should be requested for 10-15 days after the closing date of the balance sheet.

  A. True

  B. False

  Correct Answer: A

• Question 96:

  Collusion or bid-rigging between bidders is called

  A. Bribery receipt

  B. Bid solicitation

  C. To withdraw low bids

  D. Contract acceptance

  Correct Answer: D

• Question 97:

  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.

  Correct Answer: A

• Question 98:

  The most basic skimming scheme occurs when:

  A. An employee sells goods or services to a customer, collects the customer's payment, but makes no record of the sale.

  B. An employee buy goods or services from a customer, drop the customer's payment, but makes no record of the purchase.

  C. An employee sells goods or services to a stakeholder, collects the stakeholder's payment and makes record of the sale too.

  D. An employee buy goods or services from a stakeholder, drop the stakeholder's payment and makes record of the purchase too.

  Correct Answer: A

• Question 99:

  ___________ and __________ are used to increase (or decrease) the equity account.

  A. Journal Entries and Debit

  B. Journal Entries and transactions

  C. Journal Entries and Credit

  D. None of all

  Correct Answer: B

• Question 100:

  The price of an asset on which the asset is selling at on the open market in a transaction between a willing buyer and a wiling seller is called:

  A. Absolute value

  B. Fair value

  C. Cost value

  D. material value

  Correct Answer: B