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

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

• Question 101:

  When employees avoid detection in a refund scheme to keep the sizes of the disbursement low, is referred to:

  A. Small disbursements
  B. Very small disbursements
  C. Simple disbursements
  D. None of the above
  A. Small disbursements

• Question 102:

  How many accounts are affected in fraudulent accounting entries and therefore same number of categories on the financial statement?

  A. One
  B. At least two
  C. More than two
  D. None of above
  A. One

• Question 103:

  Which of the following is NOT the reason to bribe employees of the purchaser?

  A. To ensure receipt of a late bid
  B. To extend the bid opening date
  C. To ensure bid-splitting
  D. To falsify the bid log
  C. To ensure bid-splitting

• Question 104:

  The most common method of detection in corruption cases is:

  A. Internal audits
  B. Internal controls
  C. Tips
  D. By accident
  C. Tips

• Question 105:

  __________is required not only for theft, but for procedures to detect errors, avoid waste and insure a proper amount of inventory is maintained.

  A. Inventory control
  A. Inventory control

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  Explanation/Reference:

• Question 106:

  Delivery has not occurred or services have not been rendered when:

  A. Until installation and customer testing and acceptance has occurred.
  B. A written order exists but contains a right of return.
  C. Both A and B
  D. Neither A nor B
  B. A written order exists but contains a right of return.

• Question 107:

  Which of the following is NOT standard of generally accepted accounting principles?

  A. Conservatism
  B. Cost
  C. Full disclosure
  D. Quality control
  D. Quality control

• Question 108:

  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
  B. Out-of-balance

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  Explanation/Reference:

• Question 109:

  Fraudsters use the accounting system as a tool to generate the results they want in __________approach:

  A. Organized accounting
  B. Playing the accounting
  C. beating accounting
  D. All of the above
  B. Playing the accounting

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  Explanation/Reference:

• Question 110:

  The scheme in which the same vendor is receiving favorable treatment van be found in purchases by vendor searches.

  A. True
  B. False
  A. True