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Preparations of CFE-Financial-Transactions-and-Fraud-Schemes Exam 2021 Certified Fraud Examiner Unlimited 160 Questions
NEW QUESTION 55
Which check tampering red flag may indicate employees have embezzled cash and charged the embezzlement to expense accounts?
- A. Duplicate checks
- B. Voided checks
- C. Missing checks
- D. Payable checks
Answer: C
NEW QUESTION 56
Which of the following is NOT the reason to bribe employees of the purchaser?
- A. To ensure receipt of a late bid
- B. To ensure bid-splitting
- C. To falsify the bid log
- D. To extend the bid opening date
Answer: B
NEW QUESTION 57
A shell company scheme in which actual goods or services are sold to the victim company is known as:
- A. Maintenance scheme
- B. Allocation scheme
- C. Pass-through scheme
- D. Distribution scheme
Answer: C
NEW QUESTION 58
When an incorrect total is carried from the journal to the ledger or from ledger to the financial statements, this method is called:
- A. Out-of-balance
- B. False balance
- C. None of all
- D. Forced Balance
Answer: D
NEW QUESTION 59
The principle behind full disclosure is:
- A. Any material deviation from GAAP must be explained to writer of the financial information.
- B. Any material deviation from SAS must be explained to the writer oh the financial information.
- C. None of above
- D. Any material deviation from GAAP must be explained to the reader of the financial information.
Answer: D
NEW QUESTION 60
____________ is a process by which a bookkeeper records all transactions and can adjust the books.
- A. Accounting Cycle
- B. None of all
- C. Journal Entries
- D. Financial statement
Answer: C
NEW QUESTION 61
Bank statement are diligently reviewed to ensure that amounts and signature have not been altered, is an activity for:
- A. Check disbursement controls
- B. Bank reconciliation
- C. Account analysis
- D. Check tampering
Answer: A
NEW QUESTION 62
Which of the following is NOT standard of generally accepted accounting principles?
- A. Full disclosure
- B. Cost
- C. Quality control
- D. Conservatism
Answer: C
NEW QUESTION 63
_________ is defined as a person who works for the victim organization and who is primary culprit
Answer:
Explanation:
Principal perpetrator
NEW QUESTION 64
Skimming is:
- A. The removal of cash from a victim entity after its entry in an accounting system.
- B. None of above
- C. The removal of cash from a victim entity prior to its entry in an accounting system.
- D. The addition of cash from a victim entity prior to its entry in an accounting system.
Answer: C
NEW QUESTION 65
The prime targets for skimming schemes which are hard to monitor and predict such as late fees and parking fees, are:
- A. Revenue sources
- B. Register manipulations
- C. Internal audits
- D. Recorded sales
Answer: A
NEW QUESTION 66
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 67
Which of the following method is NOT used to detect conflicts of interest?
- A. Tips & Complaints
- B. Review of vendor ownership files
- C. Interviews with purchasing personnel
- D. Underbillings of assets
Answer: D
NEW QUESTION 68
The excess credits (or debits) on the income statement are used to decrease (or increase) the equity account.
- A. False
- B. True
Answer: A
NEW QUESTION 69
The scheme which reduces victim companies to issue fraudulent payments for goods or services that they have not received is called:
- A. Reliance billing
- B. Bogus claims
- C. Misappropriate claims
- D. Billing scheme
Answer: B
NEW QUESTION 70
Which of the following search is used for unusually high incidence of returns and allowances scheme?
- A. Allowances by vendors
- B. Returns and allowances
- C. Disposals of allowances than reorders
- D. None of the above
Answer: B
NEW QUESTION 71
______________ can be detected by closely examining the documentation submitted with the cash receipts.
- A. None of the above
- B. Voided purchases
- C. Approved transaction
- D. Fictitious refunds
Answer: D
NEW QUESTION 72
In which approach, fraudsters produce whatever financial statements they wish, perhaps using just a typewriter or a personal computer.
- A. Outside accounting system
- B. Organized accounting
- C. Playing the accounting
- D. Beating accounting
Answer: A
NEW QUESTION 73
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