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

• Question 141:

  Which of the following offender types in which people who take the money and run away?

  A. Absconders

  B. Long-term violators

  C. Offender types

  D. None of the above

  Correct Answer: A

• Question 142:

  The scheme which reduces victim companies to issue fraudulent payments for goods or services that they have not received is called:

  A. Bogus claims

  B. Billing scheme

  C. Reliance billing

  D. Misappropriate claims

  Correct Answer: A

• Question 143:

  The most common method for billing scheme is:

  A. Register

  B. Tips

  C. Accident

  D. None of the above

  Correct Answer: B

• Question 144:

  If the assets are intentionally purchased by the company but simply misappropriated by the fraudster, this is referring to as:

  A. Inventory larceny scheme

  B. Asset receiving scheme

  C. Fraudulent purchase

  D. Falsify shipping

  Correct Answer: A

• Question 145:

  Which are check tempering frauds in which an employee prepares a fraudulent check and submits it usually along with legitimate checks to an authorized maker who signs it without a proper review?

  A. Endorse check scheme

  B. Legitimate check scheme

  C. Payable check scheme

  D. Concealed check scheme

  Correct Answer: D

• Question 146:

  Employees with the authority to grant discounts in order to skim revenues may use which authority?

  A. False discounts

  B. Recording a discount on sale procedure

  C. Internal discount sales audits

  D. None of the above

  Correct Answer: A

• Question 147:

  Skimming is:

  A. The removal of cash from a victim entity prior to its entry in an accounting system.

  B. The addition of cash from a victim entity prior to its entry in an accounting system.

  C. The removal of cash from a victim entity after its entry in an accounting system.

  D. None of above

  Correct Answer: A

• Question 148:

  Which of the following is NOT the method for stealing inventory and other assets?

  A. Larceny schemes

  B. Asset requisition and transfer

  C. Purchasing and receiving schemes

  D. Sales and Equipment handling

  Correct Answer: D

• Question 149:

  Assets that are long-lived and that differ from property, plant and equipment hat has been purchased outright or acquired under a capital lease are:

  A. Tangible Assets

  B. Intangible Assets

  C. Forced Assets

  D. None of above

  Correct Answer: B

• Question 150:

  Bank statement are diligently reviewed to ensure that amounts and signature have not been altered, is an activity for:

  A. Account analysis

  B. Bank reconciliation

  C. Check disbursement controls

  D. Check tampering

  Correct Answer: C