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NEW QUESTION # 25
Which check tampering red flag may indicate employees have embezzled cash and charged the embezzlement to expense accounts?
- A. Payable checks
- B. Duplicate checks
- C. Voided checks
- D. Missing checks
Answer: D
NEW QUESTION # 26
Which of the following is FALSE concerning methods that corporate spies generally use to steal information from other organizations?
- A. Spies primarily use social engineering to search for confidential information on employee desks or workstations at the target company.
- B. Spies often create counterfeit employee badges to gain entry into a target company.
- C. Spies often gain direct access to a target company by obtaining employment as a security officer or a member of the maintenance staff.
- D. Spies use technical surveillance to obtain nondocumentary information about target companies that cannot be found through open sources.
Answer: A
NEW QUESTION # 27
A financial manager who pressures investors to take regular payouts rather than to reinvest their profits is a red flag of a Ponzi scheme.
- A. False
- B. True
Answer: B
Explanation:
Explanation/Reference: https://www.investor.gov/protect-your-investments/fraud/types-fraud/ponzi-scheme
NEW QUESTION # 28
Which of the following ratios can be used to determine the efficiency with which a company uses its assets?
- A. Quick ratio
- B. Debt-to-equity ratio
- C. Receivable turnover ratio
- D. Asset turnover ratio
Answer: D
NEW QUESTION # 29
Pilar had to purchase computer equipment for ABC Corporation, her employer. Pilar created a shell company, used the shell company to purchase used computer equipment, and then resold that equipment to ABC Corporation at an increased price. This is an example of a:
- A. Need recognition scheme
- B. Pay and return scheme
- C. Cash larceny scheme
- D. Pass-through scheme
Answer: D
NEW QUESTION # 30
The behavior profile of employees who are involved in bribery schemes may include:
- A. Extravagant lifestyle
- B. Drug and/or alcohol addiction
- C. All of the above
- D. Gambling habit
Answer: C
NEW QUESTION # 31
Which of the following is NOT the example of bribery prevention policies?
- A. Discounts
- B. Resource diversions
- C. Reporting gifts
- D. Business meetings
Answer: B
NEW QUESTION # 32
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. Conflict of interest in sale
- B. Written sale of unique assets
- C. Turnaround sale or flip
- D. Unauthorized sale
Answer: C
NEW QUESTION # 33
People commit financial statement fraud to:
- A. Stand outside the accounting system
- B. Maintain personal income
- C. Preserve personal status/control
- D. Conceal false business performances
Answer: C
NEW QUESTION # 34
All of the following methods would be helpful in detecting a skimming scheme EXCEPT:
- A. Examining journal entries for accounts receivable write-offs
- B. Comparing register totals to the cash count
- C. Counting the physical inventory
- D. Confirming customers' outstanding account balances
Answer: C
Explanation:
Explanation/Reference: https://www.acfe.com/uploadedFiles/Shared_Content/Products/Self-Study_CPE/Intro%20to%20Fraud-Chapter%20Excerpt.pdf
NEW QUESTION # 35
__________ may be defined as the offering, giving, receiving or soliciting anything of value to influence an official act.
- A. Bribery
- B. Corruption
- C. Diverting business to vendors
- D. Lacking approval authority
Answer: A
NEW QUESTION # 36
Which of the following is a method that a fraudster might use to conceal inventory shrinkage?
- A. Falsely increasing the perpetual inventory record
- B. All of the above
- C. Writing off stolen inventory as scrap
- D. Selling merchandise without recording the sale
Answer: B
NEW QUESTION # 37
__________ inventory and other assets is relatively common way for fraudsters to remove assets from the books before or after they are stolen.
- A. Write-offs
- B. False shipping slip
- C. Perpetual
- D. Altered
Answer: B
NEW QUESTION # 38
Which of the following is a red flag that might indicate that someone is attempting to commit insurance fraud?
- A. A theft claim includes recently purchased items with their receipts.
- B. The insured made one other insurance claim within the past five years.
- C. A claim is made a short time after a change in policy coverage.
- D. A fire loss claim includes numerous personal items and family heirlooms.
Answer: C
Explanation:
Explanation/Reference: https://www.acfe.com/uploadedfiles/acfe_website/content/documents/insurance-fraud-handbook.pdf
NEW QUESTION # 39
Which of the following is one of the sections on the statement of cash flows?
- A. Cash flows from strategic activities
- B. Cash flows from financing activities
- C. Cash flows from earnings activities
- D. Cash flows from purchasing activities
Answer: B
NEW QUESTION # 40
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 # 41
To detect health care provider fraud, a fraud examiner should be alert for which of the following red flags?
- A. Lack of supporting documentation for claims under review
- B. Consistently low percentage of coding outliers present
- C. Details in supporting documentation that match the health care claim
- D. Unusually low profits compared to similar businesses in the same region
Answer: A
Explanation:
Explanation/Reference: https://www.acfe.com/uploadedfiles/acfe_website/content/documents/insurance-fraud-handbook.pdf (18)
NEW QUESTION # 42
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