Latest CFE-Financial-Transactions-and-Fraud-Schemes exam dumps with real ACFE questions and answers
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NEW QUESTION 41
Which of the following are not of Basic types of non-sharable problems?
- A. Larceny by Fraud
- B. Violation of ascribed obligations
- C. Business reversals
- D. Physical Isolation
Answer: A
NEW QUESTION 42
After a government health care program pays for Marco's appendectomy, he files a claim for reimbursement under his private insurance policy for the same procedure. Which type of patient-perpetrated health care fraud scheme is Marco MOST LIKELY committing?
- A. Fictitious claims scheme
- B. Misrepresentations scheme
- C. Ineligible claimants scheme
- D. Multiple claims scheme
Answer: B
Explanation:
Explanation/Reference: https://www.acfe.com/fraud-101.aspx
NEW QUESTION 43
To keep the accounting equation in balance, which of the following actions will need to be taken if someone wants to conceal the fraudulent removal of a liability from the books?
- A. Creating a fictitious expense
- B. Decreasing owners' equity
- C. Decreasing an asset
- D. Decreasing a different liability
Answer: A
NEW QUESTION 44
A technique by which checks are numbered using a new technique that is revealed by a colored highlighter pen or by a bright light held behind the check is called:
- A. Holographic safety border
- B. None of the above
- C. Microline numbering
- D. Embossed pearlescent numbering
Answer: A
NEW QUESTION 45
When a victim company purchases unnecessary goods or services from a supplier at the direction of the corrupt employee, this results in:
- A. False sole-source scheme
- B. Submission scheme
- C. Need recognition scheme
- D. Presolicitation scheme
Answer: C
NEW QUESTION 46
________ increase assets and expenses and/or decrease liabilities and/or equity
- A. Journal Entries
- B. Debit
- C. None of all
- D. Credit
Answer: B
NEW QUESTION 47
Which of the following is TRUE regarding accrual-basis accounting?
- A. Accrual-basis accounting is simpler to use than cash-basis accounting.
- B. Revenues are generally recognized when services are rendered to a customer.
- C. Expenses are recorded in the accounting system as soon as they are paid.
- D. The accrual method focuses on tracking a company's current cash flow.
Answer: D
Explanation:
Explanation/Reference: https://www.accountingtools.com/articles/what-is-the-accrual-basis-of-accounting.html
NEW QUESTION 48
___________ is to allow the owner, investors, creditors and others with an interest to know the appropriate book worth of the business at a particular date.
- A. Balance sheet
- B. Equity
- C. Financial record
- D. Income statement
Answer: A
NEW QUESTION 49
A running count that records how much inventory should be on hand is referred to:
- A. Perpetual inventory
- B. Fictitious inventory
- C. Shrinking inventory
- D. Altered inventory
Answer: A
NEW QUESTION 50
Which of the following ratios can be used to assess a company's ability to meet sudden cash requirements?
- A. Debt-to-equity ratio
- B. Asset turnover ratio
- C. Receivable turnover ratio
- D. Quick ratio
Answer: B
Explanation:
Explanation/Reference: https://www.investopedia.com/ask/answers/062215/what-are-financial-risk-ratios-and-how-are-they-used-measure-risk.asp
NEW QUESTION 51
Which of the following statements is TRUE with regard to the income statement?
- A. Net profit is the difference between total sales and the cost of goods sold.
- B. Gross profit is equal to revenues less operating expenses.
- C. A company's cash balance is usually the first line item listed.
- D. Gross revenue is the total amount of sales before deductions are applied.
Answer: A
Explanation:
Explanation/Reference: https://www.zoho.com/books/guides/what-is-an-income-statement.html#:~:text=The%20income%20statement%20shows%20a,on%20a%20good%20financial%20footing
NEW QUESTION 52
A voucher is:
- A. a file that includes the purchase order that was send to the vendor, the vendor invoice listing the cost and quantity of items purchased, and the internal receiving reports that verify the purchased items have been delivered.
- B. a report that includes the purchase order that was send to the vendor, the vendor invoice listing the quality and quantity of items purchased, and the external receiving reports that verify the items have been sold.
- C. a figure that includes the sale order that was send to the dealer, the vendor invoice listing the cost and quantity of items sold, and the internal receiving reports that verify the purchased items have been delivered.
- D. a mammogram that includes the purchase order that was send to the purchaser, the purchaser invoice listing the benefits and quantity of items purchased, and the internal receiving reports that verify the purchased items have been sold.
Answer: A
NEW QUESTION 53
Which of the following is a reason why prepaid debit and gift card fraud schemes are attractive to fraudsters?
- A. Prepaid cards can only be purchased from financial institutions.
- B. Prepaid cards are often not accepted by online retailers and can only be used in transactions where the cards must be physically present.
- C. All of the above are reasons why prepaid cards are attractive to fraudsters.
- D. Prepaid cards are difficult for authorities to track after the cards have been purchased and activated for use.
Answer: D
Explanation:
Explanation/Reference: https://www.acfe.com/article.aspx?id=4294980869
NEW QUESTION 54
A typical issue involving material and fraud would be:
- A. Misappropriations
- B. Fraudulent statement
- C. Civil lawsuit
- D. Quality control
Answer: A
NEW QUESTION 55
Which of the following is true for Red flags associated with fictitious revenues?
- A. Usual growth in the number of days purchase in receivables
- B. Slow growth or usual profitability, when not compared to other companies in the same industry.
- C. A significant volume of sales to entries whose substance and ownership is not known.
- D. A usual surge in purchase by a majority of units within a company, or of purchase recorded by corporate headquarters.
Answer: C
NEW QUESTION 56
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