[Dec-2021] CFE-Financial-Transactions-and-Fraud-Schemes Exam Questions and Valid CFE-Financial-Transactions-and-Fraud-Schemes Dumps PDF
CFE-Financial-Transactions-and-Fraud-Schemes Brain Dump: A Study Guide with Tips & Tricks for passing Exam
NEW QUESTION 37
The more power a person has over the bidding process, the more likely the person can influence the selection of a supplier.
- A. False
- B. True
Answer: B
NEW QUESTION 38
When an incorrect total is carried from the journal to the ledger or from ledger to the financial statements, this method is called:
- A. None of all
- B. Out-of-balance
- C. Forced Balance
- D. False balance
Answer: C
NEW QUESTION 39
In physical tampering prevention technique, hidden images can be seen only when the check is held at an angle through:
- A. Chrome coloring
- B. Watermark backers
- C. High-resolution sprays
- D. Holographic safety inks
Answer: B
NEW QUESTION 40
In which approach, fraudsters produce whatever financial statements they wish, perhaps using just a typewriter or a personal computer.
- A. Beating accounting
- B. Outside accounting system
- C. Playing the accounting
- D. Organized accounting
Answer: B
NEW QUESTION 41
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 42
The most common method of detection in corruption cases is:
- A. By accident
- B. Internal controls
- C. Internal audits
- D. Tips
Answer: D
NEW QUESTION 43
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. False
- B. True
Answer: A
NEW QUESTION 44
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 45
Statistical sampling enables the examiner to predict the occurrence rate for the population and therefore determine with some accuracy the error rate, or the potential for fraud.
- A. False
- B. True
Answer: B
NEW QUESTION 46
Which of the following is NOT standard of generally accepted accounting principles?
- A. Cost
- B. Quality control
- C. Full disclosure
- D. Conservatism
Answer: B
NEW QUESTION 47
A running count that records how much inventory should be on hand is referred to:
- A. Shrinking inventory
- B. Fictitious inventory
- C. Altered inventory
- D. Perpetual inventory
Answer: D
NEW QUESTION 48
Which of the following method is NOT used to detect conflicts of interest?
- A. Interviews with purchasing personnel
- B. Underbillings of assets
- C. Review of vendor ownership files
- D. Tips & Complaints
Answer: B
NEW QUESTION 49
A scheme is classified as a Conflict of interest:
- A. when a salesman must have some kind of ownership or employment interest in the vendor submitting the sales.
- B. when a dealer must have some kind of dealership interest in the vendor submitting the stock.
- C. when a purchaser must have some kind of ownership or employment interest in the vendor submitting the purchase.
- D. when an employee must have some kind of ownership or employment interest in the vendor submitting the invoice.
Answer: D
NEW QUESTION 50
The fraudsters' interest lies with an employer other than a company.
- A. False
- B. True
Answer: A
NEW QUESTION 51
According to fraud tree, cash has three following schemes:
- A. Cash distribution, skimming and fraud analysis
- B. Cash larceny, cash distribution and fraudulent disbursements
- C. Fraud analysis, skimming and cash misappropriations
- D. Skimming, cash larceny and fraudulent disbursements
Answer: D
NEW QUESTION 52
Employees steal an incoming payment and then place the incoming funds in an interest bearing account for:
- A. All of the above
- B. Short-term skimming
- C. Concealing the fraud
- D. Converting stolen checks
Answer: B
NEW QUESTION 53
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 54
Which are check tempering frauds in which an employee prepares a fraudulent check and submits it usually along with legitimate checks to an authorized maker who signs it without a proper review?
- A. Payable check scheme
- B. Endorse check scheme
- C. Concealed check scheme
- D. Legitimate check scheme
Answer: C
NEW QUESTION 55
Which of the following must be present for a fraud to exist?
- A. All of the above
- B. Reliance on the fast statement by the victim
- C. Knowledge that the statement was false when it was uttered
- D. A material false statement
Answer: A
NEW QUESTION 56
Occupational fraud and abuse is a (an) __________ of doing business, in much the same way that we pay expenses for electricity, taxes and wages.
- A. Equity
- B. Balance sheet
- C. Financial record
- D. Expense
Answer: D
NEW QUESTION 57
Bid-rigging scheme occurs when:
- A. an employee once assists a vendor in winning a contract through a single competitive bidding process.
- B. an employee does not assist a vendor in winning a contract through the competitive bidding process.
- C. an employee fraudulently assists a vendor in winning a contract through the competitive bidding process.
- D. an employee once assists a vendor in winning a contract through a single competitive bidding process.
Answer: C
NEW QUESTION 58
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 59
Which of the following is the amount of money that would be realized upon the sale of the asset at some point in the future, less the costs associated with owing, operating and selling it?
- A. Cost
- B. Net realizable value
- C. Going concern
- D. Fair value
Answer: B
NEW QUESTION 60
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