Free Access ACFE.CFE-Financial-Transactions-and-Fraud-Schemes.v2022-09-05.q96 Practice Test (Page 4)

Which of the following is the criterion for bid solicitation?

A.To withdraw low bids

B.Containing false statements

C.Allowing the purchaser to discuss possible employment with the contractor

D.To falsify the bid log

The most basic skimming scheme occurs when:

A.An employee buy goods or services from a customer, drop the customer's payment, but makes no record of the purchase.

B.An employee sells goods or services to a stakeholder, collects the stakeholder's payment and makes record of the sale too.

C.An employee buy goods or services from a stakeholder, drop the stakeholder's payment and makes record of the purchase too.

D.An employee sells goods or services to a customer, collects the customer's payment, but makes no record of the sale.

Which of the following statements about skimming is INCORRECT?

A.Skimming schemes can involve the theft of either cash sales or accounts receivable payments.

B.Skimming schemes are generally more difficult to detect than cash larceny schemes.

C.Skimming schemes involve stolen customer payments that have not yet been recorded.

D.Skimming schemes are considered on-book frauds because they leave an audit trail.

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

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.

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

________ increase assets and expenses and/or decrease liabilities and/or equity

A.Credit

B.Journal Entries

C.None of all

D.Debit

Other Version: 1516ACFE.CFE-Financial-Transactions-and-Fraud-Schemes.v2024-09-23.q88; 1539ACFE.CFE-Financial-Transactions-and-Fraud-Schemes.v2022-02-26.q52

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