ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam Questions Free Practice Test

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Viewing questions 51-60 out of questions

Questions # 51:

Which of the following measures will MOST LIKELY prevent cash larceny schemes from occurring?

Options:

Restricting other employees from performing the duties of an absent employee

Assigning the duties of depositing cash receipts and performing bank reconciliations to different employees

Having all employees use the same cash register for their transactions

Keeping employees unaware that the company performs surprise cash counts

Questions # 52:

In which of the following process, all bidders are legally supposed to be placed on the same plane of equality, bidding on the same terms and conditions?

Options:

Bid-rigging

Kickbacks

Competitive bidding

Bid solicitation

Questions # 53:

Jonathan, a Certified Fraud Examiner (CFE), is tasked with identifying potential indicators of intrusion into his employer's computer network. Which of the following might indicate that the organization's network has been compromised or accessed without authorization?

Options:

When logging into the computer network, employees receive a reminder to change their log-in passwords before they expire.

Network users are prompted to install unfamiliar software onto their computers.

The network is receiving data from a country where one of the organization's suppliers is located.

Users are denied access to network files they do not typically use in their organizational role.

Questions # 54:

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

Options:

Altered inventory

Account receivable

Shrinkage

Write-offs

Questions # 55:

Accounting records are designed to be kept on subjective rather than objective evidence.

Options:

True

False

Questions # 56:

Which of the following would NOT be considered a conflict of interest?

Options:

Harriet owns a significant amount of stock in a company she regularly buys her employer's office supplies from, but her employer is unaware of this fact.

Robert works for Muir's Printing Services on weekdays and Winsted Café on weekends, but he does not tell either employer about the other job.

Jennifer is on the board of directors of two companies that compete in the retail market, but she does not tell either company about her role at the other.

Ernest hires his brother, John, to provide vending services to his employer's lunch areas, but he does not disclose their relationship.

Questions # 57:

Which of the following ratios can be used to determine the efficiency with which a company uses its assets?

Options:

Quick ratio

Receivable turnover ratio

Debt-to-equity ratio

Asset turnover ratio

Questions # 58:

In which approach, fraudsters produce whatever financial statements they wish, perhaps using just a typewriter or a personal computer.

Options:

Organized accounting

Playing the accounting

Beating accounting

Outside accounting system

Questions # 59:

Bid-rigging scheme occurs when:

Options:

an employee fraudulently assists a vendor in winning a contract through the competitive bidding process.

an employee does not assist a vendor in winning a contract through the competitive bidding process.

an employee once assists a vendor in winning a contract through a single competitive bidding process.

Questions # 60:

_________ assumes the business will go on indefinitely in the future.

Options:

Materiality

Going concern

Cost

Fair value

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