CFE-Financial-Transactions-and-Fraud-Schemes Dumps Free Test Engine Player Verified Updated [Jan 29, 2023]

Q&As with Explanations Verified & Correct Answers

NEW QUESTION 52
Which of the following is not the skimming scheme?

• A. Theft of checks through the mail
• B. Fraud & Cost
• C. Understand sales and receivables
• D. Unrecorded sales

Answer: B

 

NEW QUESTION 53
Sergio receives a fraudulent text message that appears to be from his bank. The message claims that there has been suspicious activity on his account and provides a link for him to click on to sign into the bank's website and obtain more information. Sergio is MOST LIKELY being targeted by which of the following types of social engineering schemes?

• A. Pharming
• B. SMiShing
• C. Vishing
• D. Catfishing

Answer: C

Explanation:
Explanation/Reference: https://terranovasecurity.com/what-is-vishing/

 

NEW QUESTION 54
People commit financial statement fraud to:

• A. Preserve personal status/control
• B. Maintain personal income
• C. Conceal false business performances
• D. Stand outside the accounting system

Answer: A

 

NEW QUESTION 55
According to the recommended methodology for responding to cybersecurity incidents, which of the following activities should occur during the preparation step?

• A. Restoring control of the affected systems
• B. Identifying all incidents of breach that occurred
• C. Limiting the damage caused by the attack
• D. Creating an incident response plan

Answer: D

Explanation:
Explanation/Reference: https://www.exabeam.com/incident-response/steps/

 

NEW QUESTION 56
Which of the following is the MOST LIKELY result of a financial statement fraud scheme?

• A. Understated assets
• B. Overstated liabilities
• C. Overstated revenues
• D. Understated equity

Answer: B

Explanation:
Explanation/Reference: https://www.acfe.com/article.aspx?id=4294967799#:~:text=Fraud%20in%20financial%20statements%20takes,or%20understated%20liabilities%20and%20expenses.&text=The%20five%20classifications%20of%20financial,and%20expenses%2C%20and%20improper%20disclosures

 

NEW QUESTION 57
Which of the following is MOST ACCURATE concerning common methods that identity thieves use to steal information?

• A. Stealing a credit card number by watching someone enter it on a computer is an example of shoulder surfing.
• B. Searching for sensitive personal information on used mobile phones purchased from a reseller is an example of dumpster diving.
• C. Vishing involves using an imitation website to trick targets into revealing personal or business information.
• D. Baiting is defined as the practice of manipulating people into revealing personal or business information.

Answer: C

Explanation:
Explanation/Reference: https://www.pandasecurity.com/en/mediacenter/mobile-security/what-is-vishing/

 

NEW QUESTION 58
Which of the following is NOT a method of identity theft prevention recommended for businesses?

• A. Collect customers' government identification numbers only when legally required to do so.
• B. Require employees to use laptops rather than desktop computers.
• C. Restrict employees' access to customers' personal information.
• D. Use encryption to protect information sent internally through the company's wireless network.

Answer: B

 

NEW QUESTION 59
After a government health care program pays for Marco's appendectomy, he files a claim for reimbursement under his private insurance policy for the same procedure. Which type of patient-perpetrated health care fraud scheme is Marco MOST LIKELY committing?

• A. Misrepresentations scheme
• B. Multiple claims scheme
• C. Fictitious claims scheme
• D. Ineligible claimants scheme

Answer: A

Explanation:
Explanation/Reference: https://www.acfe.com/fraud-101.aspx

 

NEW QUESTION 60
When an incorrect total is carried from the journal to the ledger or from ledger to the financial statements, this method is called:

• A. Forced Balance
• B. False balance
• C. Out-of-balance
• D. None of all

Answer: A

 

NEW QUESTION 61
Which of the following is a reason why prepaid debit and gift card fraud schemes are attractive to fraudsters?

• A. Prepaid cards can only be purchased from financial institutions.
• B. Prepaid cards are difficult for authorities to track after the cards have been purchased and activated for use.
• 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.

Answer: B

Explanation:
Explanation/Reference: https://www.acfe.com/article.aspx?id=4294980869

 

NEW QUESTION 62
Which of the following statements regarding financial statement disclosures is FALSE?

• A. All information relating to the company must be disclosed in the financial statements, regardless of materiality.
• B. Events occurring after the close of the reporting period that could have a significant effect on the company's financial position must be disclosed.
• C. There is nothing inherently wrong with related-party transactions, as long as they are fully disclosed.
• D. Management must disclose potential losses from ongoing litigation if the related liability is highly likely.

Answer: A

 

NEW QUESTION 63
__________ are the amounts which are owned to other entities:

• A. Supplies
• B. Assets
• C. Expenses
• D. Liabilities

Answer: D

 

NEW QUESTION 64
Which of the following scenarios is an example of an electronic extortion scheme?

• A. A politician threatens to shut down a business if it does not pay a bribe.
• B. An employee receives a payment for directing excess business to a vendor.
• C. A vendor rewards a purchasing employee with tickets for a professional sports team's game after the employee directs business to the vendor.
• D. A purchasing employee and vendor agree to bill the company for services never rendered.

Answer: A

 

NEW QUESTION 65
Blue borrowed her employer's snowplow for her own snow removal business, which she operates on the side.
Blue only used the snowplow on the weekends or after hours, when her employer was not open for business.
Blue falsified the mileage and usage logs for the snowplow so that no one would know she had been using it.
The snowplow was returned unharmed. Which of the following statements is MOST ACCURATE?

• A. Blue committed misuse of a noncash asset.
• B. Blue committed a fictitious sales scheme.
• C. Blue did not commit occupational fraud.
• D. Blue committed larceny of a noncash asset.

Answer: A

 

NEW QUESTION 66
Which of the following can constitute a bribe, even if the illicit payment is never actually made?

• A. Offering a payment
• B. kickback payment
• C. Overbilling in payment
• D. Corruption in payment

Answer: A

 

NEW QUESTION 67
Most of the shell company schemes involve the purchase of goods rather than services.

• A. True
• B. False

Answer: B

 

NEW QUESTION 68
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