CFE_FINANCIAL_TRANSACTIONS_AND_FRAUD_SCHEMES questions • Exam prepare

acfe CFE_FINANCIAL_TRANSACTIONS_AND_FRAUD_SCHEMES

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Exam contains 191 questions

Page 11 of 32

Question 61 🔥

Which of the following is TRUE regarding accrual-basis accounting?

Which database solution meets these requirements?

A. Expenses are recorded in the accounting system as soon as they are paid.

B. The accrual method focuses on tracking a company’s current cash flow.

C. Revenues are generally recognized when services are rendered to a customer.

Highly voted

D. Accrual-basis accounting is simpler to use than cash-basis accounting.

Discussion of the question

Question 62 🔥

If a construction developer submitted a draw request to a bank, which of the following would be most indicative of loan fraud?

Which database solution meets these requirements?

A. Missing inspection reports

B. Including lien releases from subcontractors

C. Lack of documented expenses from other similar contracts

D. Evidence of change orders

Discussion of the question

Question 63 🔥

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

Which database solution meets these requirements?

A. James works for the Muscle Factory Gym on weekdays and Earthworks Lawn Mowing on weekends, but he does not tell either employer about the other job.

B. Josh owns a significant amount of stock in a company he regularly buys office supplies from, and his employer is unaware of this fact.

C. Jenny purchases materials from Great Oaks Lumber for her employer to use in projects; Jenny’s husband works for Great Oaks Lumber, and she has not informed her employer of this.

D. Jane hires her cousin, Rita, to provide shipping and packaging services for her company, but she does not disclose their relationship.

Discussion of the question

Question 64 🔥

Which of the following is a reason why prepaid debit and gift card fraud schemes are attractive to fraudsters?

Which database solution meets these requirements?

A. Prepaid cards are difficult for authorities to track after the cards have been purchased and activated for use.

Highly voted

B. Prepaid cards can only be purchased from financial institutions.

C. Prepaid cards are often not accepted by online retailers and can only be used in transactions where the cards must be physically present.

D. All of the above are reasons why prepaid cards are attractive to fraudsters.

Discussion of the question

Question 65 🔥

Which of the following is NOT an indicator of insider cyberfraud?

Which database solution meets these requirements?

A. Production programs are run during normal business hours.

B. Access logs are not reviewed by management.

C. Exception reports are not reviewed and resolved.

D. Access privileges are beyond those required to perform assigned job functions.

Discussion of the question

Question 66 🔥

Which of the following is a red flag that might indicate the existence of a need recognition scheme?

Which database solution meets these requirements?

A. The purchasing entity’s materials are being ordered at the optimal reorder point.

B. The purchasing entity has a large list of backup suppliers.

C. The purchasing entity has unusually high requirements for stock and inventory levels.

Highly voted

D. The purchasing entity has few surplus items written off as scrap.

Discussion of the question

Ready to Pass Your Certification Test

acfe CFE_FINANCIAL_TRANSACTIONS_AND_FRAUD_SCHEMES

Exam contains 191 questions

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