This page was exported from Exam for engine [ http://blog.test4engine.com ] Export date:Mon Nov 18 2:42:07 2024 / +0000 GMT ___________________________________________________ Title: Pass ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam Info and Free Practice Test [Q54-Q73] --------------------------------------------------- Pass ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam Info and Free Practice Test New 2023 Latest Questions CFE-Financial-Transactions-and-Fraud-Schemes Dumps - Use Updated ACFE Exam 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. The CFE certification is highly respected in the anti-fraud industry, and it is recognized by employers, government agencies, and professional organizations around the world. By obtaining the CFE certification, anti-fraud professionals can demonstrate their commitment to the field and their ability to effectively detect and prevent fraud. The Financial Transactions and Fraud Schemes section of the CFE exam is an important step in the certification process and provides a comprehensive overview of the types of fraud schemes that anti-fraud professionals may encounter.   QUESTION 54Another way to eliminate competition in the solicitation phase of the selection process is to:  Solicit bid from fictitious suppliers  Solicit transaction from fictitious vendors  Solicit bid-splitting from fictitious vendors  None of the above QUESTION 55People commit financial statement fraud to:  Conceal false business performances  Preserve personal status/control  Maintain personal income  Stand outside the accounting system QUESTION 56The principal way to detect omitted credits from books of account is through:  Forced Balance  Trend analysis  Expense account  None of all QUESTION 57By what accountant means that the financial figures presented by the company are at least as much as reflected in the statements, if not more.  Fraudulent statement  Misappropriations  Conservatism  Matching QUESTION 58All of the following items appear on the balance sheet EXCEPT:  Liabilities  Cost of goods sold  Assets  Retained earnings Explanation/Reference: https://www.investopedia.com/articles/fundamental-analysis/10/creative-accounting-balance-sheet.aspQUESTION 59Which of the four basic measures, if properly installed and implemented may help prevent inventory fraud?  Proper documentation, segregation of duties, independent checks and physical safeguards  Proper documentation, segregation of duties, independent checks and inventory control  Proper documentation, physical padding, independent checks and physical safeguards  prenumbered affiliations, segregation of duties, independent checks and physical safeguards QUESTION 60What can make it easy for an employee to skim sales or receivables?  Revenue sources and recording procedures  Poor collection and recording procedures  Internal audits and recording procedures  Register manipulations and recording procedures QUESTION 61_____________ involves purposeful misreporting of financial information about the organization that is intended to mislead those who read it.  Fraudulent statement  Corruption  Asset misappropriations  None of above QUESTION 62Asset misappropriation schemes were the “middle children” of the study; they were more common than fraudulent statements and more costly than corruption.  True  False QUESTION 63“Anticipate possible losses and omit potential profits”, this results in:  Asymmetrical accounting  Symmetrical accounting  Playing accounting  Bearing accounting QUESTION 64Which of the following is a common red flag of procurement fraud schemes involving collusion among contractors?  More competitors than usual submit bids on a project or product.  Bid prices rise when a new contractor enters the competition.  The winning bidder does not subcontract any work to a third party.  There is a pattern where the last party to bid wins the contract. Explanation/Reference: https://iacrc.org/procurement-fraud/the-most-common-procurement-fraud-schemes-and-their-primary-red-flags/QUESTION 65A variation between the physical inventory and the perpetual inventory totals is called:  Altered inventory  Account receivable  Shrinkage  Write-offs QUESTION 66Verify supporting documentation on outstanding checks written for a material amount is a test used to conduct for:  Check disbursement  Bank confirmation  Bank confirmation  Cut-off statements QUESTION 67Neil, a Certified Fraud Examiner (CFE), discovers that a borrower used the same property as a security, or guarantee, to obtain multiple loans from different financial institutions before they were recorded on his credit report. Which type of loan fraud BEST describes the scheme Neil uncovered?  Single-family housing loan fraud  Linked financing  Double-pledging collateral  Reciprocal loan arrangements QUESTION 68In ___________ scheme, an employee creates false vouchers or submits false invoices to the employer.  Sale requisition  Purchase requisition  Voucher handling  Cash generating QUESTION 69Green was a salesperson whose job required frequent travel. When Green went on a trip with her family that was not business related, she saved the receipts from her flight, hotel, and restaurant expenses. She turned in these receipts to her manager along with an expense report that described the expenses as business related.Green’s company reimbursed her for the expenses. This is an example of what type of expense reimbursement scheme?  A mischaracterized expense scheme  An overstated expense scheme  A multiple reimbursement scheme  A fictitious expense scheme Explanation/Reference: https://www.bakertilly.com/insights/expense-reimbursement-schemesQUESTION 70A shell company scheme in which actual goods or services are sold to the victim company is known as:  Maintenance scheme  Allocation scheme  Distribution scheme  Pass-through scheme QUESTION 71Vertical analysis can BEST be described as:  A technique for measuring the relationship between any two different financial statement amounts  A technique for comparing the performance of a parent company to one of its subsidiaries  A technique for analyzing the relationships among financial statement items where components are expressed as percentages of a specified base value.  A technique for analyzing the percentage change in individual financial statement line items from one accounting period to the next accounting period. Explanation/Reference: https://www.investopedia.com/articles/financial-theory/11/detecting-financial-fraud.aspQUESTION 72All of the following are common ways that a procuring employee might engage in a bid manipulation scheme EXCEPT:  Charging for costs that are not allowable  Altering bids  Opening bids prematurely  Extending bid opening dates without justification QUESTION 73Which of the following is a FALSE statement regarding check fraud?  A check fraud operation can be started with a computer, scanner, and printer.  The equipment required to commit check fraud is relatively inexpensive.  Check fraud is considered very risk due to the high likelihood of prosecution.  The penalties for committing check fraud tend to be relatively mild. Explanation/Reference: https://www.lifelock.com/learn/fraud/what-is-check-fraud Loading … Latest CFE-Financial-Transactions-and-Fraud-Schemes Exam Dumps ACFE Exam: https://www.test4engine.com/CFE-Financial-Transactions-and-Fraud-Schemes_exam-latest-braindumps.html --------------------------------------------------- Images: https://blog.test4engine.com/wp-content/plugins/watu/loading.gif https://blog.test4engine.com/wp-content/plugins/watu/loading.gif --------------------------------------------------- --------------------------------------------------- Post date: 2023-10-15 15:21:08 Post date GMT: 2023-10-15 15:21:08 Post modified date: 2023-10-15 15:21:08 Post modified date GMT: 2023-10-15 15:21:08