Verified CFE-Financial-Transactions-and-Fraud-Schemes dumps Q&As 100% Pass in First Attempt Guaranteed Updated Dump from VCEDumps [Q123-Q138]

NEW QUESTION 123
One reason employees might be hesitant to use PO boxes in shell company schemes is that some businesses are specially vary of sending checks to vendors that have street addresses only.

True

False

NEW QUESTION 124
Which of the following statements describes a best practice for preventing contract and procurement fraud?

Companies should conduct background checks on all vendors before they are added to the vendor master file.

Companies should have vendor-monitoring procedures that address the red flags of all vendor schemes.

Companies should permit the person who maintains the vendor master file to also have authority to approve payments for invoices.

Companies should restrict the monitoring of their procurement activities to once a year to ensure comparability from year to year.

NEW QUESTION 125
June, a 76-year-old woman, receives a phone call from a man impersonating one of her relatives. He claims to have a lot of debt and asks her to secretly send him money so that the rest of the family will not find out. June has MOST LIKELY been victimized by which of the following schemes?

Pretexting fraud

Grandparent scheme

Missing-heir scheme

Affinity fraud

NEW QUESTION 126
Not having any accounts receivable that are overdue is a common red flag of fictitious revenue schemes.

True

False

NEW QUESTION 127
People commit financial statement fraud to:

Conceal false business performances

Preserve personal status/control

Maintain personal income

Stand outside the accounting system

NEW QUESTION 128
Otto, a bank manager, purchases a new boat that he cannot afford. Knowing that one of the bank customers is an older client who does not regularly check their account, Otto takes money from the customer’s account to make his boat payments. To conceal the missing amount, Otto adjusts the bank’s general ledger. Which of the following BEST describes Otto’s scheme?

Unauthorized disbursement of funds

Moving money from dormant accounts

False accounting entry

Unauthorized withdrawal

NEW QUESTION 129
Which of the following statements is MOST ACCURATE regarding financial reporting practices and accounting frameworks, such as U.S. generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS)?

The financial reporting practices that a publicly traded company must follow are determined by the company’s jurisdiction.

All publicly traded companies are required to adopt either U.S. GAAP or IFRS as their accounting framework.

Organizations that conduct business internationally must adopt IFRS as their accounting framework for financial reporting.

U.S. GAAP is a principle-based accounting framework, and IFRS is a rules-based accounting framework.

NEW QUESTION 130
Martin worked in the warehouse of a large electronics distributor. When a shipment of five hundred cameras arrived, Martin stole one hundred of the units. He sent a receiving report to accounts payable indicating that all five hundred cameras arrived. However, he altered the copy used for the inventory records to indicate that only four hundred of the units were received so that the available inventory would match the perpetual inventory records. What type of scheme did Martin commit?

A false sale scheme

A skimming scheme

A purchasing and receiving scheme

A register disbursement scheme

NEW QUESTION 131
Which of the following is NOT standard of generally accepted accounting principles?

Conservatism

Cost

Full disclosure

Quality control

NEW QUESTION 132
Which of the following is NOT one of the information security goals that should be achieved to secure an e- commerce system for users and account holders?

Availability of data

Accuracy of data

Authentication

Non-repudiation

NEW QUESTION 133
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:

Tangible Assets

Intangible Assets

Forced Assets

None of above

NEW QUESTION 134
Because sales skimming is an off-book fraud scheme, it is unlikely to be detected by reconciling the sales records to the cash receipts.

True

False

NEW QUESTION 135
A running count that records how much inventory should be on hand is referred to:

Altered inventory

Perpetual inventory

Shrinking inventory

Fictitious inventory

NEW QUESTION 136
Which of the following statements regarding financial statement disclosures is TRUE?

Events occurring after the close of the reporting period that might significantly affect the financial statements do not need to be disclosed.

Management must disclose potential losses from ongoing litigation even when it is unlikely that the related liability will result in a future obligation.

All information relating to the company must be disclosed in the financial statements, regardless of materiality.

Changes in accounting principles must be disclosed in the financial statements.

NEW QUESTION 137
According to Hollinger and Clark for Policy development, management must pay attention to:

A clear understanding regarding theft behavior

Enforcement of sanctions

Both A & B

Neither A nor B

NEW QUESTION 138
Which of the following statements is TRUE with regard to the income statement?

Gross profit is equal to revenues less operating expenses.

Net profit is the difference between total sales and the cost of goods sold.

A company’s cash balance is usually the first line item listed.

Gross revenue is the total amount of sales before deductions are applied.

Verified CFE-Financial-Transactions-and-Fraud-Schemes dumps Q&As 100% Pass in First Attempt Guaranteed Updated Dump from VCEDumps [Q123-Q138]

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