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

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

• Question 121:

  When expenses used to produce income- all of them- should be matched in a consistent manner against that income, this is referred to:

  A. Equity
  B. Accrual basis accounting
  C. Expense
  D. Financial record
  B. Accrual basis accounting

• Question 122:

  Which of the following method is NOT used to detect conflicts of interest?

  A. Tips and Complaints
  B. Review of vendor ownership files
  C. Underbillings of assets
  D. Interviews with purchasing personnel
  C. Underbillings of assets

• Question 123:

  __________revenues involve the recording sales of goods or services hat did not occur.

  A. Fictitious or fabricated revenues
  B. Financial revenues
  C. Red flag revenues
  D. Concealed revenues
  A. Fictitious or fabricated revenues

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  Explanation/Reference:

• Question 124:

  Verify supporting documentation on outstanding checks written for a material amount is a test used to conduct for:

  A. Check disbursement
  B. Bank confirmation
  C. Bank confirmation
  D. Cut-off statements
  C. Bank confirmation

• Question 125:

  Asset misappropriation schemes were the "middle children" of the study; they were more common than fraudulent statements and more costly than corruption.

  A. True
  B. False
  B. False

• Question 126:

  Which of the following factors is NOT included in most financial statement schemes?

  A. Fictitious revenues
  B. Persuasive Evidence
  C. Concealed liabilities and expenses
  D. Improper asset valuations
  B. Persuasive Evidence

• Question 127:

  ___________ may b defines as the offering, giving, receiving or soliciting any thing of value to influence an official act.

  A. Corruption
  B. Diverting business to vendors
  C. Bribery
  D. Lacking approval authority
  C. Bribery

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  Explanation/Reference:

• Question 128:

  The most common method for billing scheme is:

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

• Question 129:

  Revenue is recognized when it is:

  A. Realized and Earned
  B. Fictitious and Earned
  C. Realized and Evidenced
  D. All of the above
  A. Realized and Earned

• Question 130:

  A running count that records how much inventory should be on hand is referred to:

  A. Altered inventory
  B. Perpetual inventory
  C. Shrinking inventory
  D. Fictitious inventory
  B. Perpetual inventory

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  Explanation/Reference: