[Dec-2021] ACFE CFE-Financial-Transactions-and-Fraud-Schemes Official Cert Guide PDF [Q70-Q87]

[Dec-2021] ACFE CFE-Financial-Transactions-and-Fraud-Schemes Official Cert Guide PDF

Exam CFE-Financial-Transactions-and-Fraud-Schemes: Certified Fraud Examiner - Financial Transactions and Fraud Schemes Exam - ExamcollectionPass

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

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

 

NEW QUESTION 70
Asset misappropriations have an effect on the liabilities and do also have an indirect effect on the equity account.

• A. True
• B. False

Answer: B

 

NEW QUESTION 71
A variation between the physical inventory and the perpetual inventory totals is called:

• A. Shrinkage
• B. Write-offs
• C. Altered inventory
• D. Account receivable

Answer: A

 

NEW QUESTION 72
A special scheme in which employees know their employer is seeking to purchase a certain asset and take advantage of the situation by purchasing the asset themselves is:

• A. Turnaround sale or flip
• B. Unauthorized sale
• C. Written sale of unique assets
• D. Conflict of interest in sale

Answer: A

 

NEW QUESTION 73
In ___________ scheme, an employee creates false vouchers or submits false invoices to the employer.

• A. Cash generating
• B. Voucher handling
• C. Purchase requisition
• D. Sale requisition

Answer: A

 

NEW QUESTION 74
Collusion or bid-rigging between bidders is called

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

Answer: C

 

NEW QUESTION 75
Every bribe is a two-sided transaction, in which where a vendor bribes a purchaser, there is someone on the vendor's side of the transaction who is not making an illicit payment.

• A. True
• B. False

Answer: B

 

NEW QUESTION 76
In physical tampering prevention technique, hidden images can be seen only when the check is held at an angle through:

• A. Watermark backers
• B. High-resolution sprays
• C. Chrome coloring
• D. Holographic safety inks

Answer: A

 

NEW QUESTION 77
The principle behind full disclosure is:

• A. Any material deviation from SAS must be explained to the writer oh the financial information.
• B. Any material deviation from GAAP must be explained to writer of the financial information.
• C. Any material deviation from GAAP must be explained to the reader of the financial information.
• D. None of above

Answer: C

 

NEW QUESTION 78
Inventory shrinkage is the unaccounted-for reduction in the company's inventory that does not results from theft.

• A. True
• B. False

Answer: B

 

NEW QUESTION 79
Employees with the authority to grant discounts in order to skim revenues may use which authority?

• A. None of the above
• B. Internal discount sales audits
• C. False discounts
• D. Recording a discount on sale procedure

Answer: C

 

NEW QUESTION 80
The excess credits (or debits) on the income statement are used to decrease (or increase) the equity account.

• A. True
• B. False

Answer: B

 

NEW QUESTION 81
Asset misappropriation schemes were the "middle children" of the study; they were more common than fraudulent statements and more costly than corruption.

• A. True
• B. False

Answer: B

 

NEW QUESTION 82
The act of an official or fiduciary person who unlawfully and wrongfully uses his station or character to procure some benefit, contrary to duty and rights of others is called:

• A. Conflict of interest
• B. Corruption
• C. Overbilling
• D. Bribery

Answer: B

 

NEW QUESTION 83
In which approach, fraudsters produce whatever financial statements they wish, perhaps using just a typewriter or a personal computer.

• A. Outside accounting system
• B. Playing the accounting
• C. Organized accounting
• D. Beating accounting

Answer: A

 

NEW QUESTION 84
The principal way to detect omitted credits from books of account is through:

• A. Trend analysis
• B. None of all
• C. Forced Balance
• D. Expense account

Answer: A

 

NEW QUESTION 85
Perceived certainty of detection is directly related to employee theft for respondents in all industry sectors, that is the stronger the perception that theft would be detected, the more the likelihood that the employee would engage in deviant behavior.

• A. True
• B. False

Answer: B

 

NEW QUESTION 86
The scheme in which the same vendor is receiving favorable treatment van be found in purchases by vendor searches.

• A. True
• B. False

Answer: A

 

NEW QUESTION 87
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