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ACFE CFE-Financial-Transactions-and-Fraud-Schemes, also known as the Certified Fraud Examiner - Financial Transactions and Fraud Schemes certification exam, is an industry-recognized certification designed to equip professionals with the knowledge and skills needed to identify, prevent, and investigate financial fraud. Certified Fraud Examiner - Financial Transactions and Fraud Schemes Exam certification is offered by the Association of Certified Fraud Examiners (ACFE), which is the world's largest anti-fraud organization with over 85,000 members worldwide.
To be eligible to take the CFE-Financial-Transactions-and-Fraud-Schemes exam, candidates must meet certain educational and professional requirements. They must have a bachelor's degree or equivalent, as well as at least two years of professional experience in a field related to fraud examination. They must also be a member of the ACFE in good standing.
The Certified Fraud Examiner (CFE) credential is a prestigious certification that is recognized globally as a symbol of expertise in the anti-fraud profession. The CFE-Financial Transactions-and-Fraud-Schemes Certification Exam is one of the exams that candidates can take to earn this certification. CFE-Financial-Transactions-and-Fraud-Schemes exam is designed to test a candidate's knowledge of financial transactions and fraud schemes.
NEW QUESTION # 23
The price of an asset on which the asset is selling at on the open market in a transaction between a willing buyer and a wiling seller is called:
- A. material value
- B. Fair value
- C. Cost value
- D. Absolute value
Answer: B
NEW QUESTION # 24
Which of the following is one of the sections on the statement of cash flows?
- A. Cash flows from strategic activities
- B. Cash flows from purchasing activities
- C. Cash flows from earnings activities
- D. Cash flows from financing activities
Answer: D
NEW QUESTION # 25
All of the following are basic methods used to prove corrupt payments in corruption schemes EXCEPT:
- A. Turning an inside witness
- B. Identifying and tracing payments through audit steps
- C. Reviewing the subject's tax records
- D. Secretly infiltrating ongoing transactions
Answer: D
Explanation:
Explanation/Reference: https://www.acfe.com/uploadedFiles/ACFE_Website/Content/review/bc/01-Introduction.pdf
NEW QUESTION # 26
The excess credits (or debits) on the income statement are used to decrease (or increase) the equity account.
- A. False
- B. True
Answer: A
NEW QUESTION # 27
Which of the following statements about competitive intelligence is CORRECT?
- A. Competitive intelligence is considered a legitimate business function.
- B. Competitive intelligence and corporate espionage describe identical practices.
- C. Competitive intelligence involves the use of illegal, covert means to acquire information for commercial purposes.
- D. Competitive intelligence refers to government-sanctioned activities conducted to collect protected information from a foreign government.
Answer: A
NEW QUESTION # 28
Which of the following is TRUE regarding pyramid schemes?
- A. An illegal pyramid scheme is modeled to pay off its earliest investors but not its later investors
- B. The goal that participants of pyramid schemes have is to sell worthless products to friends and family
- C. All pyramid organizational structures are illegal
- D. None of the above
Answer: A
NEW QUESTION # 29
___________ and __________ are used to increase (or decrease) the equity account.
- A. Journal Entries & transactions
- B. None of all
- C. Journal Entries & Credit
- D. Journal Entries & Debit
Answer: A
NEW QUESTION # 30
Hannah is a manager at a financial institution. To safeguard the bank and its customers from electronic funds transfer (EFT) fraud, Hannah is implementing several preventive measures. Which of the following is NOT a measure Hannah should take to prevent EFT fraud?
- A. Separate the duties of bank employees so that the responsibilities for the issuance of access devices are separate from the issuance of PINs.
- B. If a customer reports the loss or theft of an access device, then cancel the existing card, PIN, or other form of access and issue a new one.
- C. Send a welcome letter to new customers to determine if the address submitted on the account application is valid.
- D. Mail PINs and other associated account information together to reduce the chance of those items being lost during transit.
Answer: D
NEW QUESTION # 31
Which of the following is a recommended activity that organizations should engage in to protect their proprietary information from threats?
- A. Practicing data maximization to limit the information available during a data breach
- B. Enlisting a company task force to identify areas most at risk for theft by a competitor
- C. Strong devices containing sensitive data in specially constructed quiet rooms
- D. Prohibiting all nonemployees from entering the organization's premises
Answer: B
Explanation:
Explanation/Reference: https://www.acfe.com/uploadedfiles/acfe_website/content/documents/managing-business-risk.pdf
NEW QUESTION # 32
Which of the following is the MOST ACCURATE statement about the different types of malware?
- A. Ransomware is malicious software that locks the operating system and restricts access to data files.
- B. A computer worm is a program that appears useful but monitors and logs keystrokes.
- C. Spyware is a software program with instructions executed every time a computer is turned on.
- D. A Trojan horse is a hidden program that displays advertisements while the computer is operating.
Answer: D
NEW QUESTION # 33
_________ revenues involve the recording sales of goods or services hat did not occur.
- A. Concealed revenues
- B. Red flag revenues
- C. Fictitious or fabricated revenues
- D. Financial revenues
Answer: C
NEW QUESTION # 34
A voucher is:
- A. a figure that includes the sale order that was send to the dealer, the vendor invoice listing the cost and quantity of items sold, and the internal receiving reports that verify the purchased items have been delivered.
- B. a mammogram that includes the purchase order that was send to the purchaser, the purchaser invoice listing the benefits and quantity of items purchased, and the internal receiving reports that verify the purchased items have been sold.
- C. a report that includes the purchase order that was send to the vendor, the vendor invoice listing the quality and quantity of items purchased, and the external receiving reports that verify the items have been sold.
- D. a file that includes the purchase order that was send to the vendor, the vendor invoice listing the cost and quantity of items purchased, and the internal receiving reports that verify the purchased items have been delivered.
Answer: D
NEW QUESTION # 35
Which of the following is a recommended method for safeguarding an organization's proprietary information?
- A. Classifying data into categories according to value and sensitivity levels
- B. Requiring employees to take notes and keep drafts related to confidential projects
- C. Changing locks and reprogramming door access codes every three to five years
- D. Mandating that all employees sign noncompetition agreements
Answer: A
NEW QUESTION # 36
Inventory shrinkage is the unaccounted-for reduction in the company's inventory that does not results from theft.
- A. False
- B. True
Answer: A
NEW QUESTION # 37
To prevent expense reimbursement fraud, it is recommended that companies require employees to submit receipts electronically.
- A. True
- B. False
Answer: A
NEW QUESTION # 38
Tram is a branch manager at a financial institution. She is responsible for putting several preventive measures into effect to safeguard the bank and its customers from electronic funds transfer (EFT) fraud. Which of the following is a measure Tram should take to prevent EFT fraud?
- A. Track the use of an access device for the next several days if a customer reports that it has been lost or stolen.
- B. Mail PINs and other associated account information together to reduce their chances of being lost in the email.
- C. Make the same employee responsible for both the issuance of PINs and access devices.
- D. Send a welcome letter to new customers to determine if the address submitted on the account application is valid.
Answer: C
NEW QUESTION # 39
Which of the following is NOT a justifiable reason to depart from generally accepted accounting principles (GAAP)?
- A. Departing from GAAP will make the company appear more profitable.
- B. It is a common industry practice to give particular transactions a specific accounting treatment.
- C. The transaction at issue is considered to be immaterial.
- D. Adherence to GAAP would produce misleading results.
Answer: B
NEW QUESTION # 40
How many accounts are affected in fraudulent accounting entries and therefore same number of categories on the financial statement?
- A. More than two
- B. One
- C. None of above
- D. At least two
Answer: B
NEW QUESTION # 41
Which of the following is MOST ACCURATE concerning common methods that identity thieves use to steal information?
- A. Baiting involves leaving flash drives or similar items that have been infected with malware in places where people are likely to find them.
- B. Shoulder surfing is the practice of exploiting another person's access capability to gain access to restricted areas.
- C. Dumpster diving involves searching for sensitive personal information on used computers that have been purchased from a reseller.
- D. Pharming is the practice of changing a victim's email or mailing address so that the identity thief receives the victim's mail.
Answer: A
NEW QUESTION # 42
Which of the following is a recommended method for safeguarding an organization's proprietary information?
- A. Requiring employees to make notes and keep drafts related to confidential projects
- B. Educating employees about nondisclosure agreements when they are hired and during exit interviews
- C. Changing locks and reprogramming door access codes every three to five years
- D. Classifying data into security access levels based on the number of years that employees have worked for the company
Answer: B
NEW QUESTION # 43
Which of the following is NOT the aspect of inventory purchase?
- A. inventory for the year 2 will be much greater than year 1.
- B. might be some fraud scheme in inventory.
- C. Inventory purchases purposely increase in year 1 only to be liquidated in year 2.
- D. Increase sales in year 2 are unexpected and purchase of inventory does not keep pace with the sales.
Answer: A
NEW QUESTION # 44
A running count that records how much inventory should be on hand is referred to:
- A. Perpetual inventory
- B. Fictitious inventory
- C. Altered inventory
- D. Shrinking inventory
Answer: A
NEW QUESTION # 45
Which of the following would NOT be helpful in the prevention of expense reimbursement schemes?
- A. Requiring employees to explain the specific business purpose of each expense
- B. Requiring all receipts to be submitted electronically
- C. Comparing current expenses to historical expenditure amounts
- D. Comparing current expenses to budgeted expense amounts
Answer: D
Explanation:
Explanation/Reference: https://www.acfe.com/uploadedFiles/Shared_Content/Products/Self-Study_CPE/FundamentalsofComputerandInternetFraud2019_Extract.pdf
NEW QUESTION # 46
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