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

• Question 61:

  Forced reconciliation of the account says:

  A. to conceal shrinkage is to alter inventory record so that it matches the physical inventory count.

  B. to conceal inventory is to alter shrinkage record so that it matches the physical inventory count.

  C. to conceal shrinkage is to change the perpetual inventory record so that it matches the physical inventory count.

  D. to conceal write-offs is to change the perpetual inventory record so that it matches the physical inventory count.

  Correct Answer: C

• Question 62:

  In ___________ scheme, an employee creates false vouchers or submits false invoices to the employer.

  A. Sale requisition

  B. Purchase requisition

  C. Voucher handling

  D. Cash generating

  Correct Answer: D

• Question 63:

  Which sale occurs when the accomplice of the employee-fraudster "buys" merchandise, but the employee does not ring up the sale, and the accomplice takes the merchandise without making any payment?

  A. Whole sale

  B. Fake sale

  C. Fraudster sale

  D. Preliminary sale

  Correct Answer: B

• Question 64:

  __________ is required if and when officers, executives or other persons in trusted positions become subjects of a criminal indictment.

  A. Conflict of interest

  B. Turnaround sale or flip

  C. Disclosure

  D. Resource diversion

  Correct Answer: C

• Question 65:

  When employee committing the fraud removes cash from the register and also the item allegedly being returned is debited back into the inventory, this refers to:

  A. Registry destroying records

  B. Register false voids

  C. Fraudulent register occurrences

  D. Concealing register disbursement

  Correct Answer: D

• Question 66:

  Which of the following is the criterion for bid solicitation?

  A. Containing false statements

  B. Allowing the purchaser to discuss possible employment with the contractor

  C. To withdraw low bids

  D. To falsify the bid log

  Correct Answer: B

• Question 67:

  One reason employees might be hesitant to use PO boxes in shell company schemes is that some businesses are specially vary of sending checks to vendors that have street addresses only.

  A. True

  B. False

  Correct Answer: B

• Question 68:

  In which approach, fraudsters produce whatever financial statements they wish, perhaps using just a typewriter or a personal computer.

  A. Organized accounting

  B. Playing the accounting

  C. Beating accounting

  D. Outside accounting system

  Correct Answer: D

• Question 69:

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

  A. Conservatism

  B. Cost

  C. Full disclosure

  D. Quality control

  Correct Answer: D

• Question 70:

  Which of the following are not of Basic types of non-sharable problems?

  A. Violation of ascribed obligations

  B. Business reversals

  C. Physical Isolation

  D. Larceny by Fraud

  Correct Answer: D