Get 100% Authentic ACFE CFE-Financial-Transactions-and-Fraud-Schemes Dumps with Correct Answers
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ACFE CFE-Financial-Transactions-and-Fraud-Schemes certification exam is a valuable certification for professionals in fraud-related fields who are looking to advance their careers and demonstrate their expertise in financial transactions and fraud schemes. It covers a wide range of topics related to financial fraud and requires candidates to meet certain educational and professional requirements. Obtaining this certification can lead to numerous benefits, including increased job opportunities, higher salaries, and access to a community of fellow fraud prevention professionals.
The CFE-Financial-Transactions-and-Fraud-Schemes certification exam is open to professionals who have a minimum of two years of professional experience in a related field. Candidates must also hold a bachelor's degree or equivalent, and must have a clean criminal record. CFE-Financial-Transactions-and-Fraud-Schemes exam is a computer-based test that consists of 500 multiple-choice questions, and candidates are given four hours to complete the exam.
NEW QUESTION # 12
According to Marshall, ______ are probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events.
- A. Credentials
- B. None of above
- C. Liabilities
- D. Assets
Answer: D
NEW QUESTION # 13
Disabling the biometric features on a mobile device is a recommended action to help increase the security of mobile payments.
- A. False
- B. True
Answer: A
Explanation:
Explanation/Reference: https://www.thalesgroup.com/en/markets/digital-identity-and-security/government/inspired/biometrics
NEW QUESTION # 14
A voucher is:
- A. 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.
- B. 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.
- C. 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.
- D. 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.
Answer: A
NEW QUESTION # 15
Which of the following would NOT be helpful in the prevention of expense reimbursement schemes?
- A. Requiring all receipts to be submitted electronically
- B. Comparing current expenses to budgeted expense amounts
- C. Comparing current expenses to historical expenditure amounts
- D. Requiring employees to explain the specific business purpose of each expense
Answer: B
Explanation:
Explanation/Reference: https://www.acfe.com/uploadedFiles/Shared_Content/Products/Self-Study_CPE/FundamentalsofComputerandInternetFraud2019_Extract.pdf
NEW QUESTION # 16
Revenue is recognized when it is:
- A. All of the above
- B. Realized and Evidenced
- C. Realized and Earned
- D. Fictitious and Earned
Answer: C
NEW QUESTION # 17
The difference between assets and liabilities is called:
- A. Income statement
- B. Expense
- C. Revenue
- D. Equity
Answer: D
NEW QUESTION # 18
Which of the following is NOT the type of billing scheme?
- A. Invoicing via shell companies
- B. Invoicing via non-accomplice companies
- C. Invoicing via accomplice companies
- D. Personal purchases with company funds
Answer: C
NEW QUESTION # 19
A ____________ can be very costly for an organization to undertake, both in terms of money and time spent.
Answer:
Explanation:
Civil lawsuit
NEW QUESTION # 20
A ___________ occurs when an employee, manager or executive has an undisclosed economic or personal interest in a transaction that adversely affects the organization.
- A. Unauthorized purchase
- B. Conflict of interest
- C. Financial disclosure
- D. Illegal sale
Answer: B
NEW QUESTION # 21
A journal in which all sales made on credit or cash are listed is:
- A. Disbursement journal
- B. General journal
- C. Accounts payable journal
- D. Accounts receivable journal
Answer: D
NEW QUESTION # 22
All of the following are basic methods used to prove corrupt payments in corruption schemes EXCEPT:
- A. Turning an inside witness
- B. Secretly infiltrating ongoing transactions
- C. Identifying and tracing payments through audit steps
- D. Reviewing the subject's tax records
Answer: B
Explanation:
Explanation/Reference: https://www.acfe.com/uploadedFiles/ACFE_Website/Content/review/bc/01-Introduction.pdf
NEW QUESTION # 23
Which of the following statements describes a best practice for preventing contract and procurement fraud?
- A. Companies should not conduct background checks on vendors until after they are added to the vendor master file.
- B. Companies should permit the person who maintains the vendor master file to have the authority to approve invoices for payment.
- C. Companies should restrict the monitoring of their procurement activities to once a year to ensure comparability over time.
- D. Companies should have vendor-monitoring procedures that are based on the red flags of the vendor schemes that pose the greatest risk.
Answer: D
Explanation:
Explanation/Reference: https://www.fraudconference.com/31/post-cpf.aspx
NEW QUESTION # 24
Which of the following is an insurance fraud detection tool that uses computer-generated reports to compare payments going to the same location and identify funds fraudulently sent to brokers?
- A. Address similarity reports
- B. Payroll reports
- C. Vendor master lists
- D. Electronic confirmations
Answer: D
NEW QUESTION # 25
The essential elements of a ________ are an actual or constructive taking away of the goods or property of another with the without the consent and against the will of the owner and with a felonious intent.
- A. Abuse
- B. Larceny
- C. Fiduciary
- D. None of the above
Answer: B
NEW QUESTION # 26
Which of the following is TRUE regarding financial reporting practices and accounting frameworks, such as
U.S. generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS)?
- A. Management determines which accounting framework an organization will adhere to for financial reporting.
- B. Both U.S. GAAP and IFRS are considered to be principle-based accounting frameworks.
- C. Publicly traded companies must adhere to the specific financial reporting practices in their jurisdiction.
- D. All organizations must use IFRS as their accounting framework if they conduct business internationally.
Answer: C
Explanation:
Explanation/Reference: https://www.investopedia.com/terms/g/gaap.asp
NEW QUESTION # 27
Which of the following is the MOST ACCURATE statement about the different types of malware?
- A. A Trojan horse is a software program that, while not definitely malicious, monitors and logs the keys pressed on a system's keyboard.
- B. A worm is a type of software that, while not definitely malicious, has a suspicious or potentially unwanted aspect to it.
- C. Spyware is software that collects and reports information about a computer user without the user's knowledge or consent.
- D. Ransomware is a malicious self-replicating computer program that penetrates operating systems to spread malicious code to other computers.
Answer: C
Explanation:
Explanation/Reference: https://www.techtarget.com/searchsecurity/definition/spyware#:~:text=Spyware%20is%20a%20type%20of,data%20firms%20or%20external%20users
NEW QUESTION # 28
Persuasive evidence of an arrangement does not exist when:
- A. Revenue and corresponding expenses doesn't match each other.
- B. No written or verbal agreement exists.
- C. Timings not meet properly
- D. Capitalized expenses and Liabilities will not be up to satisfied level
Answer: B
NEW QUESTION # 29
Which of the following is a common red flag of a bid tailoring scheme?
- A. There are unusually broad specifications for the type of goods being procured.
- B. The procuring entity rebids contracts because fewer than the minimum number of bids are received.
- C. Changes in contract specifications from previous proposals are explained in detail.
- D. Numerous bidders respond to the procuring entity's bid requests.
Answer: A
Explanation:
Explanation/Reference: https://www.amcto.com/getattachment/Education-Events/Annual-Conference/2019-Annual-Conference/Conference-Program-and-Schedule/Tammy-Carruthers-Procurement-Fraud.pdf.aspx?lang=en-CA (49)
NEW QUESTION # 30
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 # 31
Hamed works as an intelligence professional for Iriam intelligence, a competitive intelligence firm. He is tasked with gathering intelligence about Dripcore Inc., the major competitor of Iriam's biggest client. To gather the intelligence, Hamed poses as an applicant for a high-level position with Dripcore and obtains a job interview through which he elicits sensitive information from Dripcore's employee. Hamed's approach is an example of:
- A. Open-source intelligence
- B. Scavenging
- C. Human intelligence
- D. Competitive data analysis
Answer: B
Explanation:
Explanation/Reference: https://www.acfe.com/selfstudy.aspx?zid=2c92a0076a07e3be016a27279abe2776
NEW QUESTION # 32
In Cressey's fraud triangle, its three of the legs are Opportunity, Pressure and
- A. Rationalization
- B. None of the above
- C. Violation
- D. Isolation
Answer: A
NEW QUESTION # 33
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ACFE CFE-Financial-Transactions-and-Fraud-Schemes certification exam is designed for professionals who are involved in fraud investigations and financial fraud prevention. This includes professionals who work in law enforcement agencies, regulatory agencies, financial institutions, accounting firms, and other related fields. By obtaining this certification, professionals can demonstrate their knowledge and expertise in the field of financial fraud and increase their credibility in the eyes of employers and clients.
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