[Aug-2022] ACFE CFE-Financial-Transactions-and-Fraud-Schemes Test Engine PDF – All Free Dumps from Real4exams [Q54-Q78]

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[Aug-2022] ACFE CFE-Financial-Transactions-and-Fraud-Schemes Test Engine PDF – All Free Dumps from Real4exams

Get New CFE-Financial-Transactions-and-Fraud-Schemes Certification – Valid Exam Dumps Questions

ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam Syllabus Topics:

Topic	Details
Topic 1	Demonstrate knowledge of criminal and civil law, rules of evidence, rights of the accused and accuser, and expert witness matters
Topic 2	Demonstrate knowledge of the fraud schemes, internal controls to deter fraud and other auditing and accounting matters
Topic 3	Tests your comprehension of the types of fraudulent financial transactions incurred in accounting records
Topic 4	Financial Transactions & Fraud Schemes Demonstrate knowledge of the basic accounting and auditing theory
Topic 5	Demonstrate knowledge of interviewing, taking statements, obtaining information from public records
Topic 6	Demonstrate knowledge of tracing illicit transactions, evaluating deception and report writing
Topic 7	Tests your understanding of why people commit fraud and ways to prevent it

QUESTION 54
The forms that allow noncash assets to be moved from one location in a company to another can be used to facilitate the misappropriation of those assets are called:

Inventory usages

Fake sales

Asset requisition

All of the above

QUESTION 55
Conflict of interest cases are more easily prevented than detected.

True

False

QUESTION 56
In ____________ scheme, a supplier pays an employee of the purchasing company to write specifications that will require amendments at a later date.

Deliberate writing of vague specifications

Need recognition

False specification

Bid-splitting

QUESTION 57
Which of the following is not the skimming scheme?

Unrecorded sales

Fraud & Cost

Theft of checks through the mail

Understand sales and receivables

QUESTION 58
Most of the shell company schemes involve the purchase of goods rather than services.

True

False

QUESTION 59
The fraudsters’ interest lies with an employer other than a company.

True

False

QUESTION 60
For a ghost employee scheme to be successful, which of the following must be TRUE?

The ghost employee must receive payment via direct deposit.

The ghost employee must be a fictitious person.

Paychecks must be generated to someone who does not actually work for the victim company.

Paychecks must be generated to someone who used to work for the victim company.

Explanation/Reference: https://www.acfe.com/uploadedFiles/Shared_Content/Products/Self-Study_CPE/Other_Peoples_Money_2018_Excerpt.pdf (2)

QUESTION 61
Which check tampering red flag may indicate employees have embezzled cash and charged the embezzlement to expense accounts?

Voided checks

Payable checks

Missing checks

Duplicate checks

QUESTION 62
Which of the following is MOST ACCURATE concerning common methods that identity thieves use to steal information?

Vishing involves using an imitation website to trick targets into revealing personal or business information.

Stealing a credit card number by watching someone enter it on a computer is an example of shoulder surfing.

Searching for sensitive personal information on used mobile phones purchased from a reseller is an example of dumpster diving.

Baiting is defined as the practice of manipulating people into revealing personal or business information.

Explanation/Reference: https://www.pandasecurity.com/en/mediacenter/mobile-security/what-is-vishing/

QUESTION 63
_________ revenues involve the recording sales of goods or services hat did not occur.

Fictitious or fabricated revenues

Financial revenues

Red flag revenues

Concealed revenues

QUESTION 64
Which of the following is an example of a cash larceny scheme?

Michael is a cashier at a clothing store. He rings up a fictitious return of a $50 sweater and takes $50 from the cash register.

Scott rings a “no sale” transaction at his cash register, opens the drawer, and takes a $100 bill.

Anne buys a $500 table from a resale shop. Olive, the cashier, rings up a $400 sale on the register and steals the excess $100.

Laura pretends to ring up a sale when Amy makes a purchase, but instead she pockets Amy’s cash and gives her the merchandise without recording the sale.

Explanation/Reference: https://www.agacgfm.org/Intergovernmental-Toolbox/Fraud-Prevention/Tools-by-Fraud-Type/Cash-Larceny.aspx#:~:text=Among%20the%20five%20most%20prevalent,Stealing%20cash%20from%20the%
20register

QUESTION 65
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:

Microline numbering

Holographic safety border

Embossed pearlescent numbering

None of the above

QUESTION 66
Which of the following are not of Basic types of non-sharable problems?

Violation of ascribed obligations

Business reversals

Physical Isolation

Larceny by Fraud

QUESTION 67
A variation between the physical inventory and the perpetual inventory totals is called:

Altered inventory

Account receivable

Shrinkage

Write-offs

QUESTION 68
A ___________ occurs when an employee, manager or executive has an undisclosed economic or personal interest in a transaction that adversely affects the organization.

Conflict of interest

Illegal sale

Unauthorized purchase

Financial disclosure

QUESTION 69
All 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.asp

QUESTION 70
Which of the following is NOT a measure commonly taken by fraudsters during account takeover schemes?

Avoid accessing multiple payment accounts with the same stolen log-in credentials.

Place orders for products or transfer funds from the overtaken accounts.

Change account contact information to avoid alerting the true account holder.

Obtain email addresses and other account log-in information using phishing emails.

QUESTION 71
Which of the following is NOT a red flag of fraudulent register disbursements?

There are gaps in the sequence of transactions on the register log.

Voided transactions are approved by a supervisor.

Personal checks from cashiers are found in the register.

There are multiple refunds or voids for amounts just under the review limit.

QUESTION 72
A voucher is:

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.

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.

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.

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.

QUESTION 73
Employees steal an incoming payment and then place the incoming funds in an interest bearing account for:

Converting stolen checks

Concealing the fraud

Short-term skimming

All of the above

QUESTION 74
All of the following measures would help prevent the theft of company inventory EXCEPT:

Having the purchasing supervisor perform the physical inventory count

Restricting inventory access to authorized personnel only

Having different people responsible for receiving inventory and shipping it

Using prenumbered inventory receiving reports

QUESTION 75
If a construction developer submitted a draw request to a bank, which of the following would be most indicative of loan fraud?

Missing inspection reports

Including lien releases from subcontractors

Lack of documented expenses from other similar contracts

Evidence of change orders

QUESTION 76
According to the recommended methodology for responding to cybersecurity incidents, which of the following activities should occur during the preparation step?

Creating an incident response plan

Restoring control of the affected systems

Limiting the damage caused by the attack

Identifying all incidents of breach that occurred

Explanation/Reference: https://www.exabeam.com/incident-response/steps/

QUESTION 77
Which of the following is NOT the example of bribery prevention policies?

Reporting gifts

Discounts

Business meetings

Resource diversions

QUESTION 78
Which of the following statements regarding new account fraud is MOST ACCURATE?

Mobile deposits are at high risk for new account fraud because face-to-face transactions are not required.

Automated teller machines (ATMs) are rarely targets of new account fraud because most have cameras installed.

Fraud is more likely to occur in established accounts than in accounts that have been newly opened.

New account fraud can be defined as any fraud that occurs on an account within the first year that it is open.

Explanation/Reference: https://www.acfe.com/uploadedFiles/Shared_Content/Products/Self-Study_CPE/financial-institution-fraud-2011-chapter-excerpt.pdf

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[Aug-2022] ACFE CFE-Financial-Transactions-and-Fraud-Schemes Test Engine PDF – All Free Dumps from Real4exams [Q54-Q78]

ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam Syllabus Topics:

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