ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam Questions Instant Access

Question 1

Larceny by Fraud or deception means that:

ACreates or reinforce a false impression

BFails to correct a false impression

CFails to disclose a known lien, adverse claim or other legal impediment

DAll of the above

Answer : D

Question 2

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

AViolation of ascribed obligations

BBusiness reversals

CPhysical Isolation

DLarceny by Fraud

Answer : D

Question 3

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

AConverting stolen checks

BConcealing the fraud

CShort-term skimming

DAll of the above

Answer : C

Question 4

Occupational fraud and abuse is a (an) __________ of doing business, in much the same way that we pay expenses for electricity, taxes and wages.

AEquity

BBalance sheet

CExpense

DFinancial record

Answer : C

Question 5

The most basic skimming scheme occurs when:

AAn employee sells goods or services to a customer, collects the customer's payment, but makes no record of the sale.

BAn employee buy goods or services from a customer, drop the customer's payment, but makes no record of the purchase.

CAn employee sells goods or services to a stakeholder, collects the stakeholder's payment and makes record of the sale too.

DAn employee buy goods or services from a stakeholder, drop the stakeholder's payment and makes record of the purchase too.

Answer : A

Question 6

Physical assets including _________ and ________ are the most commonly misappropriated noncash asset in our study.

AInterest & Collusion

BInventory & Equipment

CInventory & Purchase

DSales & Equipment

Answer : B

Question 7

Asset misappropriation schemes were the ''middle children'' of the study; they were more common than fraudulent statements and more costly than corruption.

ATrue

BFalse

Answer : B

ACFE Certified Fraud Examiner - Financial Transactions and Fraud Schemes CFE-Financial-Transactions-and-Fraud-Schemes Exam Questions