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

Questions 4

A journal in which all sales made on credit or cash are listed is:

Options:

A.

Disbursement journal

B.

Accounts receivable journal

C.

Accounts payable journal

D.

General journal

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Questions 5

Bank cut-off statements should be requested for 10-15 days after the closing date of the balance sheet.

Options:

A.

True

B.

False

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Questions 6

Which counts sometimes can give rise to inventory theft detection?

Options:

A.

Perpetual inventory counts

B.

Physical inventory counts

C.

Concealment inventory counts

D.

None of the above

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Questions 7

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

Options:

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.

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Questions 8

Which of the following is NOT the example of bribery prevention policies?

Options:

A.

Reporting gifts

B.

Discounts

C.

Business meetings

D.

Resource diversions

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Questions 9

The most common method for billing scheme is:

Options:

A.

Register

B.

Tips

C.

Accident

D.

None of the above

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Questions 10

Which of the four basic measures, if properly installed and implemented may help prevent inventory fraud?

Options:

A.

Proper documentation, segregation of duties, independent checks and physical safeguards

B.

Proper documentation, segregation of duties, independent checks and inventory control

C.

Proper documentation, physical padding, independent checks and physical safeguards

D.

prenumbered affiliations, segregation of duties, independent checks and physical safeguards

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Questions 11

According to accounting principles, ________ and ________ should be recorded or atched in the same accounting period; failing to do so violates the matching principle of AAP.

Options:

A.

Revenue and corresponding expenses

B.

Revenue and Income statement

C.

Income statement and Long-term contracts

D.

Capitalized expenses and Liabilities

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Questions 12

Asset misappropriations have an effect on the liabilities and do also have an indirect effect on the equity account.

Options:

A.

True

B.

False

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Questions 13

__________ may be defined as the offering, giving, receiving or soliciting anything of value to influence an official act.

Options:

A.

Corruption

B.

Diverting business to vendors

C.

Bribery

D.

Lacking approval authority

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Questions 14

__________ can be defined as conduct detrimental to the organization and to the employee.

Options:

A.

Employee deviance

B.

Employee theft

C.

Employee fraud

D.

All of the above

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Questions 15

Skimming is:

Options:

A.

The removal of cash from a victim entity prior to its entry in an accounting system.

B.

The addition of cash from a victim entity prior to its entry in an accounting system.

C.

The removal of cash from a victim entity after its entry in an accounting system.

D.

None of above

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Questions 16

A ____________ can be very costly for an organization to undertake, both in terms of money and time spent.

Options:

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Questions 17

Larceny is the scheme in which an employee simply takes inventory from the company premises without attempting to conceal it in the books and records.

Options:

A.

True

B.

False

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Questions 18

The fraudsters’ interest lies with an employer other than a company.

Options:

A.

True

B.

False

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Questions 19

Theft of incoming checks usually occurs when ________ is (are) in charge of opening the mail and recording the receipt of payments.

Options:

A.

Single employee

B.

Two employees

C.

More then two employees

D.

None of the above

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Questions 20

When an incorrect total is carried from the journal to the ledger or from ledger to the financial statements, this method is called:

Options:

A.

Forced Balance

B.

Out-of-balance

C.

False balance

D.

None of all

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Questions 21

Which of the following is NOT the aspect of inventory purchase?

Options:

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.

Increase sales in year 2 are unexpected and purchase of inventory does not keep pace with the sales.

D.

might be some fraud scheme in inventory.

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Questions 22

One reason employees might be hesitant to use PO boxes in shell company schemes is that some businesses are specially vary of sending checks to vendors that have street addresses only.

Options:

A.

True

B.

False

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Questions 23

In physical tampering prevention technique, hidden images can be seen only when the check is held at an angle through:

Options:

A.

High-resolution sprays

B.

Holographic safety inks

C.

Watermark backers

D.

Chrome coloring

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Questions 24

Assets that are long-lived and that differ from property, plant and equipment hat has been purchased outright or acquired under a capital lease are:

Options:

A.

Tangible Assets

B.

Intangible Assets

C.

Forced Assets

D.

None of above

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Questions 25

Which of the following is NOT standard of generally accepted accounting principles?

Options:

A.

Conservatism

B.

Cost

C.

Full disclosure

D.

Quality control

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Questions 26

______________ can be detected by closely examining the documentation submitted with the cash receipts.

Options:

A.

Voided purchases

B.

Fictitious refunds

C.

Approved transaction

D.

None of the above

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Questions 27

When employees avoid detection in a refund scheme to keep the sizes of the disbursement low, is referred to:

Options:

A.

Small disbursements

B.

Very small disbursements

C.

Simple disbursements

D.

None of the above

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Exam Name: Certified Fraud Examiner - Financial Transactions and Fraud Schemes Exam
Last Update: Dec 2, 2024
Questions: 186
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