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ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam Syllabus Topics:
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NEW QUESTION 15
When an employee processes a fictitious refund of goods, the victim company's inventory is overstated.
- A. False
- B. True
Answer: B
Explanation:
Explanation/Reference: https://www.acfe.com/uploadedFiles/ACFE_Website/Content/documents/excerpt-from-2010-fem.pdf
NEW QUESTION 16
______________ can be detected by closely examining the documentation submitted with the cash receipts.
- A. Fictitious refunds
- B. None of the above
- C. Voided purchases
- D. Approved transaction
Answer: A
NEW QUESTION 17
Vertical analysis can BEST be described as:
- A. A technique for comparing the performance of a parent company to one of its subsidiaries
- B. A technique for analyzing the percentage change in individual financial statement line items from one accounting period to the next accounting period.
- C. A technique for analyzing the relationships among financial statement items where components are expressed as percentages of a specified base value.
- D. A technique for measuring the relationship between any two different financial statement amounts
Answer: C
Explanation:
Explanation/Reference: https://www.investopedia.com/articles/financial-theory/11/detecting-financial-fraud.asp
NEW QUESTION 18
According to fraud tree, cash has three following schemes:
- A. Skimming, cash larceny and fraudulent disbursements
- B. Cash distribution, skimming and fraud analysis
- C. Fraud analysis, skimming and cash misappropriations
- D. Cash larceny, cash distribution and fraudulent disbursements
Answer: A
NEW QUESTION 19
Which of the following scenarios describes an electronic funds transfer (EFT) fraud scheme?
- A. A server secretly scans a customer's credit card information into a small device for fraudulent use at a later time.
- B. An employee of a person-to-person (P2P) provider misrepresents the number of hours they worked to increase the amount of their paycheck.
- C. A credit card is intercepted in the mail by a thief who proceeds to use the card fraudulently.
- D. A person who has stolen information about another person's bank account instructs a biller to obtain payment from that account.
Answer: D
Explanation:
Explanation/Reference: https://bjs.ojp.gov/content/pub/pdf/eftsf-cc.pdf
NEW QUESTION 20
Verify supporting documentation on outstanding checks written for a material amount is a test used to conduct for:
- A. Bank confirmation
- B. Check disbursement
- C. Cut-off statements
- D. Bank confirmation
Answer: D
NEW QUESTION 21
___________ and __________ are used to increase (or decrease) the equity account.
- A. Journal Entries & Debit
- B. None of all
- C. Journal Entries & transactions
- D. Journal Entries & Credit
Answer: C
NEW QUESTION 22
A fraudster poses as the head of one of XYZ Company's foreign suppliers and sends an email to an XYZ employee requesting that this month's payments be made to an alternate account that the fraudster owns. This is an example of which of the following types of fraud schemes?
- A. Executive email attack
- B. Business email compromise
- C. Electronic piggybacking
- D. Reverse social engineering
Answer: C
Explanation:
Explanation/Reference: https://whatis.techtarget.com/definition/piggybacking
NEW QUESTION 23
____________ corrupt employees can cause inventory to be fraudulently delivered to themselves or accomplices.
- A. False shipping slip
- B. False packing slip
- C. False credit slip
- D. Fraudulent inventory slip
Answer: B
NEW QUESTION 24
Which of the following must be present for a fraud to exist?
- A. Reliance on the fast statement by the victim
- B. Knowledge that the statement was false when it was uttered
- C. A material false statement
- D. All of the above
Answer: D
NEW QUESTION 25
According to Marshall, ______ are probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events.
- A. None of above
- B. Liabilities
- C. Credentials
- D. Assets
Answer: D
NEW QUESTION 26
Organizations that had external audits actually had higher median losses and longer lasting fraud schemes than those organizations that were not audited.
- A. False
- B. True
Answer: B
NEW QUESTION 27
By what accountant means that the financial figures presented by the company are at least as much as reflected in the statements, if not more.
- A. Conservatism
- B. Misappropriations
- C. Matching
- D. Fraudulent statement
Answer: A
NEW QUESTION 28
Physical assets including _________ and ________ are the most commonly misappropriated noncash asset in our study.
- A. Inventory & Purchase
- B. Interest & Collusion
- C. Sales & Equipment
- D. Inventory & Equipment
Answer: D
NEW QUESTION 29
Disabling the biometric features on a mobile device is a recommended action to help increase the security of mobile payments.
- A. False
- B. True
Answer: A
Explanation:
Explanation/Reference: https://www.thalesgroup.com/en/markets/digital-identity-and-security/government/inspired/biometrics
NEW QUESTION 30
Which of the following statements about skimming is INCORRECT?
- A. Skimming schemes can involve the theft of either cash sales or accounts receivable payments.
- B. Skimming schemes are generally more difficult to detect than cash larceny schemes.
- C. Skimming schemes involve stolen customer payments that have not yet been recorded.
- D. Skimming schemes are considered on-book frauds because they leave an audit trail.
Answer: D
Explanation:
Explanation/Reference: https://www.acfe.com/uploadedFiles/Shared_Content/Products/Self-Study_CPE/Intro%20to%20Fraud-Chapter%20Excerpt.pdf
NEW QUESTION 31
Which of the following is a method for gaining unauthorized access to a computer system whereby the attacker deceives victims into disclosing personal information or convinces them to commit acts that facilitate the attacker's intended scheme?
- A. Spoofing
- B. Shoulder surfing
- C. Scavenging
- D. Social engineering
Answer: A
Explanation:
Explanation/Reference: https://www.forcepoint.com/cyber-edu/spoofing
NEW QUESTION 32
A scheme is classified as a Conflict of interest:
- A. when a purchaser must have some kind of ownership or employment interest in the vendor submitting the purchase.
- B. when a salesman must have some kind of ownership or employment interest in the vendor submitting the sales.
- C. when an employee must have some kind of ownership or employment interest in the vendor submitting the invoice.
- D. when a dealer must have some kind of dealership interest in the vendor submitting the stock.
Answer: C
NEW QUESTION 33
All of the following items appear on the balance sheet EXCEPT:
- A. Liabilities
- B. Retained earnings
- C. Cost of goods sold
- D. Assets
Answer: B
Explanation:
Explanation/Reference: https://www.investopedia.com/articles/fundamental-analysis/10/creative-accounting-balance-sheet.asp
NEW QUESTION 34
Schemes in which an employee physically misappropriates cash that has already appeared on the victim organization's books are known as:
- A. General ledger schemes
- B. Cash larceny schemes
- C. Unrecorded sales skimming schemes
- D. Understated sales skimming schemes
Answer: B
Explanation:
Explanation/Reference: https://www.acfe.com/uploadedFiles/Shared_Content/Products/Self-Study_CPE/Intro%20to%20Fraud-Chapter%20Excerpt.pdf
NEW QUESTION 35
Green, an employee of ABC Corporation, formed a company called Acme Consulting. He opened a bank account in Acme's name and used his home computer to create invoices from Acme for "consulting services." In reality, Acme does not provide any services at all. It is a company in name only. Green submitted the invoices from Acme Consulting to his employer, ABC Corporation. When ABC made payment on the false invoices, Green collected and deposited them. What type of scheme has Green committed?
- A. A cash larceny scheme
- B. A pay and return scheme
- C. A pass-through scheme
- D. A shell company scheme
Answer: D
Explanation:
Explanation/Reference: https://www.millerkaplan.com/is-your-business-inadvertently-paying-a-shell-company
NEW QUESTION 36
In which of the following process, all bidders are legally supposed to be placed on the same plane of equality, bidding on the same terms and conditions?
- A. Bid solicitation
- B. Bid-rigging
- C. Kickbacks
- D. Competitive bidding
Answer: D
NEW QUESTION 37
___________ is to allow the owner, investors, creditors and others with an interest to know the appropriate book worth of the business at a particular date.
- A. Financial record
- B. Income statement
- C. Equity
- D. Balance sheet
Answer: D
NEW QUESTION 38
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