Pass the ACFE Certified Fraud Examiner CFE-Financial-Transactions-and-Fraud-Schemes Questions and answers with CertsForce

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Viewing questions 31-40 out of questions
Questions # 31:

A running count that records how much inventory should be on hand is referred to:

Options:

A.

Altered inventory


B.

Perpetual inventory


C.

Shrinking inventory


D.

Fictitious inventory


Questions # 32:

Entering a sales total lower than the amount actually paid by the customer is called:

Options:

A.

Underrings a sale


B.

Recording a sale procedure


C.

Internal sales audits


D.

All of the above


Questions # 33:

Which of the following search is used for unusually high incidence of returns and allowances scheme?

Options:

A.

Allowances by vendors


B.

Disposals of allowances than reorders


C.

Returns and allowances


D.

None of the above


Questions # 34:

The more power a person has over the bidding process, the more likely the person can influence the selection of a supplier.

Options:

A.

True


B.

False


Questions # 35:

Cynthia receives a fraudulent text message that appears to be from her credit card company. The message claims that the company has detected suspicious card transactions and provides a link for her to click to sign into her account for more information. Cynthia is MOST LIKELY being targeted by which of the following types of social engineering schemes?

Options:

A.

Vishing


B.

Smishing


C.

Catfishing


D.

Pharming


Questions # 36:

Which of the following methods would NOT be helpful in detecting a skimming scheme?

Options:

A.

Confirming customers' unpaid account balances


B.

Examining journal entries for false credits made to the inventory


C.

Performing physical inventory counts


D.

Comparing cash register totals to the cash count


Questions # 37:

Which of the following is a TRUE statement about counterfeit payment cards?

Options:

A.

The hologram on payment cards is relatively simple to reproduce.


B.

The production of counterfeit payment cards is too complicated for the use of high-speed printers.


C.

Counterfeit payment cards can be created with blank plastic cards.


D.

All of the above are true statements about counterfeit payment cards.


Questions # 38:

Which of the following is one of the sections on the statement of cash flows?

Options:

A.

Cash flows from purchasing activities


B.

Cash flows from financing activities


C.

Cash flows from earnings activities


D.

Cash flows from strategic activities


Questions # 39:

Fraud in financial statements generally takes the form of _______ assets or revenue and _______ liabilities and expenses.

Options:

A.

Understated; overstated


B.

Overstated; understated


C.

Overstated; overstated


D.

Understated; understated


Questions # 40:

By removing a tangible asset from the business (a debit), the books will be ___________ by the exact amount of the tangible asset misappropriated.

Options:

A.

Journal Entries


B.

Out-of-balance


C.

False debits


D.

None of all


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