ACFE Certified Fraud Examiner - Financial Transactions and Fraud Schemes - CFE-Financial-Transactions-and-Fraud-Schemes FREE EXAM DUMPS QUESTIONS & ANSWERS]

Question 1

According to Marshall, ______ are probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events.

A. Liabilities B. None of the above C. Assets D. Credentials

Discussion 0

Correct Answer: C Vote an answer

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Question 2

Joe's automobile insurance policy expired in June. In August, Joe was involved in an automobile accident, and his vehicle was severely damaged. After the accident, Joe contacted his insurance company and reinstated the policy. In September, Joe then submitted a claim with a September accident date for the damages that occurred to his vehicle in August. Joe has engaged in which of the following insurance schemes?

A. Inflated damages B. Vehicle repair C. Past posting D. Staged accident

Discussion 0

Correct Answer: C Vote an answer

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Question 3

What can make it easy for an employee to skim sales or receivables?

A. Revenue sources and recording procedures B. Register manipulations and recording procedures C. Poor collection and recording procedures D. Internal audits and recording procedures

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Correct Answer: C Vote an answer

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Question 4

Which of the following is a method of identity theft prevention that is recommended for businesses?

A. Collect government identification numbers from customers only when legally required to gather that information B. Use encryption only when sending personal information externally through a hardwired internet connection C. Use government identification numbers as employee identification numbers D. Audit practices involving the handling of information only when regulators require it

Discussion 0

Correct Answer: A Vote an answer

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Question 5

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

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

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Correct Answer: D Vote an answer

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Question 6

__________ means that traditional bribery statutes proscribe only payments made to influence the decisions of government agents or employees.

Discussion 0

Correct Answer:

Commercial bribery
* Rationale for Correct Answer:Traditional bribery laws historically applied only to government officials. When bribery occurs in the private sector (commercial setting), it is known as commercial bribery. Modern laws and internal company codes address this as well.
* Key Concept:Commercial bribery vs. government bribery.
Reference:ACFE Fraud Examiners Manual (2020 International Edition), Corruption - Commercial Bribery.

Question 7

Warner is part of management at ABC Corporation. He has been asked to implement measures to help prevent fraudulent billing schemes. Which of the following measures would likely be MOST EFFECTIVE?

A. Combining the purchasing and payment functions within a single department B. Enforcing competitive bidding from potential vendors C. Requiring all fraud tips to be reported to employees' direct supervisors D. Using an external vendor to negotiate procurement contracts

Discussion 0

Correct Answer: B Vote an answer

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Question 8

The price of an asset on which the asset is selling at on the open market in a transaction between a willing buyer and a willing seller is called:

A. Absolute value B. Fair value C. Material value D. Cost value

Discussion 0

Correct Answer: B Vote an answer

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Question 9

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

Discussion 0

Correct Answer: B Vote an answer

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