2022 Valid CFE-Financial-Transactions-and-Fraud-Schemes test answers & ACFE Exam PDF [Q20-Q35]

2022 Valid CFE-Financial-Transactions-and-Fraud-Schemes  test answers & ACFE Exam PDF

Free ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam Questions & Answer from Training Expert Actual4Labs

ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam Syllabus Topics:

Topic	Details
Topic 1	Financial Transactions & Fraud Schemes Demonstrate knowledge of the basic accounting and auditing theory
Topic 2	Tests your comprehension of the types of fraudulent financial transactions incurred in accounting records
Topic 3	Demonstrate knowledge of fraud risk assessment, and the ACFE Code of Professional Ethics.
Topic 4	Demonstrate knowledge of crime causation, white-collar crime, occupational fraud, fraud prevention
Topic 5	Demonstrate knowledge of Fraud Prevention and Deterrence
Topic 6	Demonstrate knowledge of criminal and civil law, rules of evidence, rights of the accused and accuser, and expert witness matters
Topic 7	Demonstrate knowledge of the fraud schemes, internal controls to deter fraud and other auditing and accounting matters
Topic 8	Tests your understanding of why people commit fraud and ways to prevent it
Topic 9	Demonstrate knowledge of tracing illicit transactions, evaluating deception and report writing
Topic 10	Demonstrate knowledge of interviewing, taking statements, obtaining information from public records|
Topic 11	Ensures the familiarity with the many legal ramifications of conducting fraud examinations

 

NEW QUESTION 20
______________ is required not only for theft, but for procedures to detect errors, avoid waste and insure a proper amount of inventory is maintained.

Answer:

Explanation:
Inventory control

 

NEW QUESTION 21
The difference between assets and liabilities is called:

• A. Revenue
• B. Income statement
• C. Expense
• D. Equity

Answer: D

 

NEW QUESTION 22
Which of the following is NOT the reason to bribe employees of the purchaser?

• A. To ensure bid-splitting
• B. To falsify the bid log
• C. To ensure receipt of a late bid
• D. To extend the bid opening date

Answer: A

 

NEW QUESTION 23
The scheme which reduces victim companies to issue fraudulent payments for goods or services that they have not received is called:

• A. Reliance billing
• B. Billing scheme
• C. Bogus claims
• D. Misappropriate claims

Answer: C

 

NEW QUESTION 24
Asset misappropriation schemes were the "middle children" of the study; they were more common than fraudulent statements and more costly than corruption.

• A. False
• B. True

Answer: A

 

NEW QUESTION 25
Conflict of interest cases are more easily prevented than detected.

• A. False
• B. True

Answer: B

 

NEW QUESTION 26
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. Preliminary sale
• B. Fraudster sale
• C. Whole sale
• D. Fake sale

Answer: D

 

NEW QUESTION 27
The behavior profile of employees who are involved in bribery schemes may include:

• A. Drug and/or alcohol addiction
• B. All of the above
• C. Extravagant lifestyle
• D. Gambling habit

Answer: B

 

NEW QUESTION 28
_____________ involves purposeful misreporting of financial information about the organization that is intended to mislead those who read it.

• A. Corruption
• B. None of above
• C. Fraudulent statement
• D. Asset misappropriations

Answer: C

 

NEW QUESTION 29
One final means of concealing a register scheme, as with many kinds of fraud, is to destroy all records of the transaction.

• A. False
• B. True

Answer: B

 

NEW QUESTION 30
Larceny is the scheme in which an employee simply takes inventory from the company premises without attempting to conceal it in the books and records.

• A. False
• B. True

Answer: B

 

NEW QUESTION 31
The fraudsters' interest lies with an employer other than a company.

• A. False
• B. True

Answer: A

 

NEW QUESTION 32
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 log
• B. Bid opening
• C. Fictitious Bidding
• D. Bid pooling

Answer: D

 

NEW QUESTION 33
Placing any restriction in the solicitation documents that tend to restrict competition is called prebid solicitation.

• A. False
• B. True

Answer: B

 

NEW QUESTION 34
The most basic skimming scheme occurs when:

• A. An employee buy goods or services from a customer, drop the customer's payment, but makes no record of the purchase.
• B. An employee buy goods or services from a stakeholder, drop the stakeholder's payment and makes record of the purchase too.
• C. An employee sells goods or services to a customer, collects the customer's payment, but makes no record of the sale.
• D. An employee sells goods or services to a stakeholder, collects the stakeholder's payment and makes record of the sale too.

Answer: C

 

NEW QUESTION 35
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CFE-Financial-Transactions-and-Fraud-Schemes Practice Dumps - Verified By Actual4Labs Updated 160 Questions: https://drive.google.com/open?id=1ILHbMXU_T7PDzsWrM5y1JOIiHk9t1U_a