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

• Question 121:

  Entering a sales total lower than the amount actually paid by the customer is called:

  A. Underrings a sale

  B. Recording a sale procedure

  C. Internal sales audits

  D. All of the above

  Correct Answer: A

• Question 122:

  In Fraud scale pressure, opportunity and integrity variables all results in a list of ___ possible red flags or indicators of occupational fraud and abuse.

  A. 81

  B. 82

  C. 83

  D. 84

  Correct Answer: B

• Question 123:

  According to fraud tree, cash has three following schemes:

  A. Skimming, cash larceny and fraudulent disbursements

  B. Fraud analysis, skimming and cash misappropriations

  C. Cash larceny, cash distribution and fraudulent disbursements

  D. Cash distribution, skimming and fraud analysis

  Correct Answer: A

• Question 124:

  A special scheme in which employees know their employer is seeking to purchase a certain asset and take advantage of the situation by purchasing the asset themselves is:

  A. Conflict of interest in sale

  B. Turnaround sale or flip

  C. Unauthorized sale

  D. Written sale of unique assets

  Correct Answer: B

• Question 125:

  __________ may be defined as the offering, giving, receiving or soliciting anything of value to influence an official act.

  A. Corruption

  B. Diverting business to vendors

  C. Bribery

  D. Lacking approval authority

  Correct Answer: C

• Question 126:

  The forms that allow noncash assets to be moved from one location in a company to another can be used to facilitate the misappropriation of those assets are called:

  A. Inventory usages

  B. Fake sales

  C. Asset requisition

  D. All of the above

  Correct Answer: C

• Question 127:

  Which of the following are used in a short term skimming scheme?

  A. Unrecorded sales, understated sales and theft of incoming checks

  B. Unrecorded sales, understated sales and dual endorsements

  C. False company accounts, understated sales and theft of incoming checks

  D. Understated sales, theft of incoming checks and check-for-currency substitutions

  Correct Answer: A

• Question 128:

  When an incorrect total is carried from the journal to the ledger or from ledger to the financial statements, this method is called:

  A. Forced Balance

  B. Out-of-balance

  C. False balance

  D. None of all

  Correct Answer: A

• Question 129:

  The excess credits (or debits) on the income statement are used to decrease (or increase) the equity account.

  A. True

  B. False

  Correct Answer: B

• Question 130:

  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

  Correct Answer: A