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Newly Released CFE-Financial-Transactions-and-Fraud-Schemes Dumps for Certified Fraud Examiner Certified
ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam Syllabus Topics:
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NEW QUESTION 48
"Anticipate possible losses and omit potential profits", this results in:
- A. Playing accounting
- B. Asymmetrical accounting
- C. Symmetrical accounting
- D. Bearing accounting
Answer: B
NEW QUESTION 49
Which of the following scenarios is an example of upcoding?
- A. Margot inflates a medical bill she is seeking reimbursement for by adding an additional digit to the amount charged.
- B. Dr. Hernandez uses four procedure codes when submitting a claim for a coronary bypass he performed that is supposed to be billed using a single procedure code.
- C. Victor receives payment in exchange for undergoing an unnecessary medical procedure that is then billed to his health care program.
- D. Dr. Johnson, a psychiatrist, regularly sees patients for sessions lasting less then forty minutes, but she submits the claims with a code that indicates the sessions were sixty minutes long.
Answer: D
Explanation:
Explanation/Reference: https://www.acfeinsights.com/acfe-insights/2018/12/12/health-care-fraud-5-common-billing-schemes
NEW QUESTION 50
Which of the following is a common red flag of a bid tailoring scheme?
- A. The procuring entity rebids contracts because fewer than the minimum number of bids are received.
- B. Numerous bidders respond to the procuring entity's bid requests.
- C. There are unusually broad specifications for the type of goods being procured.
- D. Changes in contract specifications from previous proposals are explained in detail.
Answer: C
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 51
Accounts receivable that never get collected are a common sign of fictitious revenue schemes.
- A. False
- B. True
Answer: B
Explanation:
Explanation/Reference: https://www.brainscape.com/flashcards/financial-statement-fraud-4459788/packs/6637157
NEW QUESTION 52
A scheme is classified as a Conflict of interest:
- A. when an employee must have some kind of ownership or employment interest in the vendor submitting the invoice.
- B. when a purchaser must have some kind of ownership or employment interest in the vendor submitting the purchase.
- C. when a dealer must have some kind of dealership interest in the vendor submitting the stock.
- D. when a salesman must have some kind of ownership or employment interest in the vendor submitting the sales.
Answer: A
NEW QUESTION 53
Sinead has lost her job and can no longer afford the luxury car that she recently purchased. Instead of allowing her car to be repossessed by her bank, Sinead decides to leave her car in a high-crime area with the keys in the ignition, hoping that it will be stolen so that she can make an insurance claim for the loss. Sinead is planning to commit which of the following insurance scams?
- A. Past posting
- B. Ditching
- C. Phantom vehicle
- D. Staged accident
Answer: D
Explanation:
Explanation/Reference: https://www.acfe.com/uploadedfiles/acfe_website/content/documents/insurance-fraud-handbook.pdf (15)
NEW QUESTION 54
Assets that are long-lived and that differ from property, plant and equipment hat has been purchased outright or acquired under a capital lease are:
- A. Intangible Assets
- B. Tangible Assets
- C. Forced Assets
- D. None of above
Answer: A
NEW QUESTION 55
When an incorrect total is carried from the journal to the ledger or from ledger to the financial statements, this method is called:
- A. None of all
- B. Forced Balance
- C. Out-of-balance
- D. False balance
Answer: B
NEW QUESTION 56
Any expenses that are incurred but not paid by the end of the year are counted in our records of profit and loss, are called:
- A. Expenses
- B. Accruals
- C. Depreciations
- D. Financial record
Answer: B
NEW QUESTION 57
A fabricated name and the post office box that an employee uses to collect disbursements from false billings is called:
- A. Shell company
- B. Perpetrator check
- C. Cash generator
- D. Accomplice residence
Answer: A
NEW QUESTION 58
Which of the following is NOT standard of generally accepted accounting principles?
- A. Cost
- B. Quality control
- C. Conservatism
- D. Full disclosure
Answer: B
NEW QUESTION 59
A particular back surgery contains two basic components (an incision and muscle repair), but it is supposed to be billed using a single procedure code. Heather performs this back surgery on a patient and submits a claim using three codes: one for the full procedure, one for the incision, and one for muscle repair. Which scheme BEST describes Heather's actions?
- A. Unbundling
- B. Unnecessary services
- C. Over-utilization
- D. Upcoding
Answer: D
Explanation:
Explanation/Reference: https://www.acfeinsights.com/acfe-insights/2018/12/12/health-care-fraud-5-common-billing-schemes
NEW QUESTION 60
Bid-rigging scheme occurs when:
- A. an employee once assists a vendor in winning a contract through a single competitive bidding process.
- B. an employee once assists a vendor in winning a contract through a single competitive bidding process.
- C. an employee fraudulently assists a vendor in winning a contract through the competitive bidding process.
- D. an employee does not assist a vendor in winning a contract through the competitive bidding process.
Answer: C
NEW QUESTION 61
Employees steal an incoming payment and then place the incoming funds in an interest bearing account for:
- A. Short-term skimming
- B. Concealing the fraud
- C. Converting stolen checks
- D. All of the above
Answer: A
NEW QUESTION 62
For a ghost employee scheme to be successful, which of the following must be TRUE?
- A. Paychecks must be generated to someone who does not actually work for the victim company.
- B. The ghost employee must be a fictitious person.
- C. The ghost employee must receive payment via direct deposit.
- D. Paychecks must be generated to someone who used to work for the victim company.
Answer: D
Explanation:
Explanation/Reference: https://www.acfe.com/uploadedFiles/Shared_Content/Products/Self-Study_CPE/Other_Peoples_Money_2018_Excerpt.pdf (2)
NEW QUESTION 63
By what accountant means that the financial figures presented by the company are at least as much as reflected in the statements, if not more.
- A. Fraudulent statement
- B. Misappropriations
- C. Matching
- D. Conservatism
Answer: D
NEW QUESTION 64
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