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

• Question 151:

  The behavior profile of employees who are involved in bribery schemes may include:

  A. Gambling habit

  B. Extravagant lifestyle

  C. Drug and/or alcohol addiction

  D. All of the above

  Correct Answer: D

• Question 152:

  ________ increase assets and expenses and/or decrease liabilities and/or equity

  A. Journal Entries

  B. Debit

  C. Credit

  D. None of all

  Correct Answer: B

• Question 153:

  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 154:

  Depreciation is especially applicable when companies try to overvalue their assets and net worth; the lower their depreciation expense, the higher the company's profits.

  A. True

  B. False

  Correct Answer: A

• Question 155:

  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

  Correct Answer: C

• Question 156:

  ____________ is a process by which a bookkeeper records all transactions and can adjust the books.

  A. Journal Entries

  B. Accounting Cycle

  C. Financial statement

  D. None of all

  Correct Answer: A

• Question 157:

  The act of an official or fiduciary person who unlawfully and wrongfully uses his station or character to procure some benefit, contrary to duty and rights of others is called:

  A. Conflict of interest

  B. Corruption

  C. Bribery

  D. Overbilling

  Correct Answer: B

• Question 158:

  A shell company scheme in which actual goods or services are sold to the victim company is known as:

  A. Maintenance scheme

  B. Allocation scheme

  C. Distribution scheme

  D. Pass-through scheme

  Correct Answer: D

• Question 159:

  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

  Correct Answer: A

• Question 160:

  A process by which several bidders conspire to split contracts up and ensure that each gets a certain amount of work is called:

  A. Bid opening

  B. Fictitious Bidding

  C. Bid pooling

  D. Bid log

  Correct Answer: C