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Certified Fraud Examiner Dumps CFE-Financial-Transactions-and-Fraud-Schemes Exam for Full Questions - Exam Study Guide
NEW QUESTION 25
Depreciation is especially applicable when companies try to overvalue their assets and net worth; the lower their depreciation expense, the higher the company's profits.
- A. True
- B. False
Answer: A
NEW QUESTION 26
____________ is a summary of the account balances carried in a ledger.
- A. Balance sheet
- B. General journal
- C. Financial statement
- D. Income statement
Answer: C
NEW QUESTION 27
The scheme in which the same vendor is receiving favorable treatment van be found in purchases by vendor searches.
- A. True
- B. False
Answer: A
NEW QUESTION 28
The fraudsters' interest lies with an employer other than a company.
- A. False
- B. True
Answer: A
NEW QUESTION 29
Employees with the authority to grant discounts in order to skim revenues may use which authority?
- A. Recording a discount on sale procedure
- B. Internal discount sales audits
- C. False discounts
- D. None of the above
Answer: C
NEW QUESTION 30
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 31
According to Hollinger and Clark for Policy development, management must pay attention to:
- A. Both A & B
- B. Enforcement of sanctions
- C. Neither A nor B
- D. A clear understanding regarding theft behavior
Answer: A
NEW QUESTION 32
Forced reconciliation of the account says:
- A. to conceal shrinkage is to change the perpetual inventory record so that it matches the physical inventory count.
- B. to conceal inventory is to alter shrinkage record so that it matches the physical inventory count.
- C. to conceal write-offs is to change the perpetual inventory record so that it matches the physical inventory count.
- D. to conceal shrinkage is to alter inventory record so that it matches the physical inventory count.
Answer: A
NEW QUESTION 33
__________ is required if and when officers, executives or other persons in trusted positions become subjects of a criminal indictment.
- A. Resource diversion
- B. Conflict of interest
- C. Disclosure
- D. Turnaround sale or flip
Answer: C
NEW QUESTION 34
A variation between the physical inventory and the perpetual inventory totals is called:
- A. Altered inventory
- B. Shrinkage
- C. Account receivable
- D. Write-offs
Answer: B
NEW QUESTION 35
What can make it easy for an employee to skim sales or receivables?
- A. Register manipulations and recording procedures
- B. Poor collection and recording procedures
- C. Revenue sources and recording procedures
- D. Internal audits and recording procedures
Answer: B
NEW QUESTION 36
Which of the following is NOT the aspect of inventory purchase?
- A. Inventory purchases purposely increase in year 1 only to be liquidated in year 2.
- B. inventory for the year 2 will be much greater than year 1.
- C. might be some fraud scheme in inventory.
- D. Increase sales in year 2 are unexpected and purchase of inventory does not keep pace with the sales.
Answer: B
NEW QUESTION 37
Entering a sales total lower than the amount actually paid by the customer is called:
- A. Recording a sale procedure
- B. Underrings a sale
- C. All of the above
- D. Internal sales audits
Answer: B
NEW QUESTION 38
The act of an official or fiduciary person who unlawfully and wrongfully uses his station or character to procure some benefit, contrary to duty and rights of others is called:
- A. Conflict of interest
- B. Corruption
- C. Overbilling
- D. Bribery
Answer: B
NEW QUESTION 39
Which of the following is NOT the method for stealing inventory and other assets?
- A. Purchasing and receiving schemes
- B. Larceny schemes
- C. Asset requisition and transfer
- D. Sales & Equipment handling
Answer: D
NEW QUESTION 40
Which of the four basic measures, if properly installed and implemented may help prevent inventory fraud?
- A. Proper documentation, segregation of duties, independent checks and inventory control
- B. Proper documentation, physical padding, independent checks and physical safeguards
- C. prenumbered affiliations, segregation of duties, independent checks and physical safeguards
- D. Proper documentation, segregation of duties, independent checks and physical safeguards
Answer: D
NEW QUESTION 41
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?
- A. Bid-rigging
- B. Bid solicitation
- C. Competitive bidding
- D. Kickbacks
Answer: C
NEW QUESTION 42
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