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

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

• Question 71:

  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
  A. True

• Question 72:

  The__________cost method of pricing would carry an asset's value on the financial statements as what it would currently cost, considering inflation.

  A. Price-level adjusted historical cost
  A. Price-level adjusted historical cost

  ---

  Explanation/Reference:

• Question 73:

  The essential elements of a__________are an actual or constructive taking away of the goods or property of another with the without the consent and against the will of the owner and with a felonious intent.

  A. Larceny
  B. Abuse
  C. Fiduciary
  D. None of the above
  A. Larceny

  ---

  Explanation/Reference:

• Question 74:

  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 75:

  A journal in which all sales made on credit or cash are listed is:

  A. Disbursement journal
  B. Accounts receivable journal
  C. Accounts payable journal
  D. General journal
  B. Accounts receivable journal

• Question 76:

  Accounting records are designed to be kept on subjective rather than objective evidence.

  A. True
  B. False
  B. False

• Question 77:

  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
  C. Check disbursement controls

• Question 78:

  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
  D. Pass-through scheme

  ---

  Explanation/Reference:

• Question 79:

  Which check tampering red flag may indicate employees have embezzled cash and charged the embezzlement to expense accounts?

  A. Voided checks
  B. Payable checks
  C. Missing checks
  D. Duplicate checks
  C. Missing checks

• Question 80:

  Collusion or bid-rigging between bidders is called

  A. Bribery receipt
  B. Bid solicitation
  C. To withdraw low bids
  D. Contract acceptance
  D. Contract acceptance