Valid CFE-Financial-Transactions-and-Fraud-Schemes Exam Q&A PDF CFE-Financial-Transactions-and-Fraud-Schemes Dump is Ready (Updated 160 Questions)
Exam Questions and Answers for CFE-Financial-Transactions-and-Fraud-Schemes Study Guide
NEW QUESTION 22
Conflict of interest cases are more easily prevented than detected.
- A. True
- B. False
Answer: A
NEW QUESTION 23
_________ normally are carried on an organization's books as expenses because they tend to be consumed by the organization within a year of purchase.
- A. Equity
- B. Supplies
- C. Assets
- D. Expenses
Answer: B
NEW QUESTION 24
A process by which several bidders conspire to split contracts up and ensure that each gets a certain amount of work is called:
- A. Bid opening
- B. Bid pooling
- C. Fictitious Bidding
- D. Bid log
Answer: B
NEW QUESTION 25
Which of the following is the criterion for bid solicitation?
- A. To withdraw low bids
- B. Allowing the purchaser to discuss possible employment with the contractor
- C. Containing false statements
- D. To falsify the bid log
Answer: B
NEW QUESTION 26
______________ is required not only for theft, but for procedures to detect errors, avoid waste and insure a proper amount of inventory is maintained.
Answer:
Explanation:
Inventory control
NEW QUESTION 27
A scheme is classified as a Conflict of interest:
- A. when an employee must have some kind of ownership or employment interest in the vendor submitting the invoice.
- B. when a purchaser must have some kind of ownership or employment interest in the vendor submitting the purchase.
- C. when a salesman must have some kind of ownership or employment interest in the vendor submitting the sales.
- D. when a dealer must have some kind of dealership interest in the vendor submitting the stock.
Answer: A
NEW QUESTION 28
Skimming cases can more likely to be detected by:
- A. occupational frauds
- B. Internal audits
- C. Accidents
- D. Internal controls
Answer: C
NEW QUESTION 29
One of the simplest ways to justify unacceptable conduct and avoid guilt feelings is to invent a good reason for ________.
Answer:
Explanation:
Embezzling
NEW QUESTION 30
Most of the shell company schemes involve the purchase of goods rather than services.
- A. False
- B. True
Answer: A
NEW QUESTION 31
Inventory shrinkage is the unaccounted-for reduction in the company's inventory that does not results from theft.
- A. False
- B. True
Answer: A
NEW QUESTION 32
A person is said to be in ________ act, when the business which he transacts, or the money or property which he handles, is not for his own benefit, but for another person:
- A. Fiduciary Capacity
- B. Embezzlement
- C. Conversion
- D. None of the above
Answer: A
NEW QUESTION 33
Organizations that had external audits actually had higher median losses and longer lasting fraud schemes than those organizations that were not audited.
- A. True
- B. False
Answer: A
NEW QUESTION 34
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. Presolicitation scheme
- C. Need recognition scheme
- D. Submission scheme
Answer: C
NEW QUESTION 35
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 36
Theft of incoming checks usually occurs when ________ is (are) in charge of opening the mail and recording the receipt of payments.
- A. Two employees
- B. Single employee
- C. More then two employees
- D. None of the above
Answer: B
NEW QUESTION 37
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 38
Which of the following factors is NOT included in most financial statement schemes?
- A. Concealed liabilities and expenses
- B. Fictitious revenues
- C. Improper asset valuations
- D. Persuasive Evidence
Answer: D
NEW QUESTION 39
Asset misappropriations have an effect on the liabilities and do also have an indirect effect on the equity account.
- A. False
- B. True
Answer: A
NEW QUESTION 40
Another way to eliminate competition in the solicitation phase of the selection process is to:
- A. Solicit bid from fictitious suppliers
- B. None of the above
- C. Solicit transaction from fictitious vendors
- D. Solicit bid-splitting from fictitious vendors
Answer: A
NEW QUESTION 41
If the assets are intentionally purchased by the company but simply misappropriated by the fraudster, this is referring to as:
- A. Fraudulent purchase
- B. Inventory larceny scheme
- C. Falsify shipping
- D. Asset receiving scheme
Answer: B
NEW QUESTION 42
Which of the following is NOT the type of billing scheme?
- A. Invoicing via accomplice companies
- B. Personal purchases with company funds
- C. Invoicing via non-accomplice companies
- D. Invoicing via shell companies
Answer: A
NEW QUESTION 43
___________ should be examined to see that all are properly documented and that inappropriate payments have not been made to employees.
- A. Cash advances
- B. Payable checks
- C. counterfeit checks
- D. Payable cash
Answer: A
NEW QUESTION 44
......
Certification dumps - Certified Fraud Examiner CFE-Financial-Transactions-and-Fraud-Schemes guides - 100% valid: https://www.passleadervce.com/Certified-Fraud-Examiner/reliable-CFE-Financial-Transactions-and-Fraud-Schemes-exam-learning-guide.html