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

Question 37

The scheme which reduces victim companies to issue fraudulent payments for goods or services that they have not received is called:

A. Bogus claims

B. Billing scheme

C. Reliance billing

D. Misappropriate claims

Correct Answer:A

Question 38

The most basic skimming scheme occurs when:

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

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

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

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

Correct Answer:A

Question 39

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

A. Allowances by vendors

B. Disposals of allowances than reorders

C. Returns and allowances

D. None of the above

Correct Answer:C

Question 40

When employee committing the fraud removes cash from the register and also the item allegedly being returned is debited back into the inventory, this refers to:

A. Registry destroying records

B. Register false voids

C. Fraudulent register occurrences

D. Concealing register disbursement

Correct Answer:D

Question 41

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

A. Equity

B. Balance sheet

C. Expense

D. Financial record

Correct Answer:C

Question 42

The seller??s price to the buyer is not fixed or determinable when:

A. When the price is not contingent on some future events

B. The transaction includes an option to exchange the product for others.

C. A service or membership fee is not subject predictable cancellation during the contract period.

D. Payment terms are not extended for a substantial period.

Correct Answer:B

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