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ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam is an essential certification for individuals working in the field of fraud examination. Certified Fraud Examiner - Financial Transactions and Fraud Schemes Exam certification demonstrates a high level of expertise and knowledge in the field of fraud detection, investigation, and prevention. Certified Fraud Examiner - Financial Transactions and Fraud Schemes Exam certification is recognized globally and is highly respected by employers in various industries. Candidates who pass CFE-Financial-Transactions-and-Fraud-Schemes exam are equipped with the skills and knowledge necessary to identify and investigate financial fraud and other fraudulent activities, thereby protecting their organizations from financial losses and reputational damage.
NEW QUESTION # 12
_____________ involves purposeful misreporting of financial information about the organization that is intended to mislead those who read it.
- A. Fraudulent statement
- B. Corruption
- C. None of above
- D. Asset misappropriations
Answer: A
NEW QUESTION # 13
__________ is required if and when officers, executives or other persons in trusted positions become subjects of a criminal indictment.
- A. Resource diversion
- B. Turnaround sale or flip
- C. Disclosure
- D. Conflict of interest
Answer: C
NEW QUESTION # 14
Which of the following is NOT the reason to bribe employees of the purchaser?
- A. To ensure receipt of a late bid
- B. To extend the bid opening date
- C. To falsify the bid log
- D. To ensure bid-splitting
Answer: D
NEW QUESTION # 15
Which of the following is NOT the type of billing scheme?
- A. Invoicing via non-accomplice companies
- B. Personal purchases with company funds
- C. Invoicing via accomplice companies
- D. Invoicing via shell companies
Answer: C
NEW QUESTION # 16
Which of the following are used in a short term skimming scheme?
- A. Unrecorded sales, understated sales and theft of incoming checks
- B. Understated sales, theft of incoming checks and check-for-currency substitutions
- C. False company accounts, understated sales and theft of incoming checks
- D. Unrecorded sales, understated sales and dual endorsements
Answer: A
NEW QUESTION # 17
Which of the four basic measures, if properly installed and implemented may help prevent inventory fraud?
- A. Proper documentation, segregation of duties, independent checks and inventory control
- B. Proper documentation, segregation of duties, independent checks and physical safeguards
- C. prenumbered affiliations, segregation of duties, independent checks and physical safeguards
- D. Proper documentation, physical padding, independent checks and physical safeguards
Answer: B
NEW QUESTION # 18
All of the following items appear on the balance sheet EXCEPT:
- A. Cost of goods sold
- B. Liabilities
- C. Assets
- D. Retained earnings
Answer: D
Explanation:
Explanation/Reference: https://www.investopedia.com/articles/fundamental-analysis/10/creative-accounting-balance-sheet.asp
NEW QUESTION # 19
Organizations can employ ___________ to provide protection for computing resources by increasing security policies and awareness, conducting security audits and tests, and developing an incident response plan.
- A. Technical security controls
- B. Physical access controls
- C. Logical access controls
- D. Administrative security controls
Answer: D
Explanation:
Explanation/Reference: https://purplesec.us/security-controls/#:~:text=Administrative%20security%20controls%20refer%20to,with%20the%20organization's%20security%20goals
NEW QUESTION # 20
How many accounts are affected in fraudulent accounting entries and therefore same number of categories on the financial statement?
- A. At least two
- B. More than two
- C. One
- D. None of above
Answer: C
NEW QUESTION # 21
Which of the following is NOT a method of identity theft prevention recommended for businesses?
- A. Require employees to use laptops rather than desktop computers.
- B. Restrict employees' access to customers' personal information.
- C. Collect customers' government identification numbers only when legally required to do so.
- D. Use encryption to protect information sent internally through the company's wireless network.
Answer: A
NEW QUESTION # 22
Which of the following would NOT be helpful in the prevention of expense reimbursement schemes?
- A. Requiring employees to explain the specific business purpose of each expense
- B. Comparing current expenses to budgeted expense amounts
- C. Requiring all receipts to be submitted electronically
- D. Comparing current expenses to historical expenditure amounts
Answer: B
Explanation:
Explanation/Reference: https://www.acfe.com/uploadedFiles/Shared_Content/Products/Self-Study_CPE/FundamentalsofComputerandInternetFraud2019_Extract.pdf
NEW QUESTION # 23
The forms that allow noncash assets to be moved from one location in a company to another can be used to facilitate the misappropriation of those assets are called:
- A. Fake sales
- B. Inventory usages
- C. Asset requisition
- D. All of the above
Answer: C
NEW QUESTION # 24
A fabricated name and the post office box that an employee uses to collect disbursements from false billings is called:
- A. Accomplice residence
- B. Perpetrator check
- C. Shell company
- D. Cash generator
Answer: C
NEW QUESTION # 25
Conflict of interest cases are more easily prevented than detected.
- A. False
- B. True
Answer: B
NEW QUESTION # 26
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 # 27
The _______________ cost method of pricing would carry an asset's value on the financial statements as what it would currently cost, considering inflation.
Answer:
Explanation:
Price-level adjusted historical cost
NEW QUESTION # 28
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 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.
- 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 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.
Answer: A
NEW QUESTION # 29
If a construction developer submitted a draw request to a bank, which of the following would be most indicative of loan fraud?
- A. Missing inspection reports
- B. Including lien releases from subcontractors
- C. Lack of documented expenses from other similar contracts
- D. Evidence of change orders
Answer: A
NEW QUESTION # 30
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ACFE CFE-Financial-Transactions-and-Fraud-Schemes (Certified Fraud Examiner - Financial Transactions and Fraud Schemes) Certification Exam is a professional certification program developed by the Association of Certified Fraud Examiners (ACFE). CFE-Financial-Transactions-and-Fraud-Schemes exam is designed for professionals who are interested in developing their skills in detecting and preventing financial fraud in various industries. CFE-Financial-Transactions-and-Fraud-Schemes exam covers a wide range of topics, including financial transactions, fraud schemes, and investigation techniques.
To become a certified fraud examiner, candidates must pass the CFE-Financial-Transactions-and-Fraud-Schemes exam. This rigorous exam consists of four sections, and covers topics such as financial statement fraud, asset misappropriation, and corruption. CFE-Financial-Transactions-and-Fraud-Schemes exam is designed to test a candidate's knowledge and understanding of fraud investigation techniques, as well as their ability to apply these techniques in real-world scenarios.
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