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ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions:
1. Karen is investigating an anonymous tip within Magenta Company that a billing scheme might be occurring in the Purchasing Department. Which of the following steps would be MOST EFFECTIVE in helping Karen discover whether billing fraud is occurring?
A) Karen should find out whether the purchasing, receiving, and shipping functions operate independently and whether they are different departments.
B) Karen should determine whether Magenta Company has received any complaints from customers regarding the company's sales policies.
C) Karen should conduct data analytics tests to identify any employees who have the same phone number.
D) Karen should analyze the relationship between accounts receivable and credit sales transactions.
2. Which of the following statements describes a best practice for preventing contract and procurement fraud?
A) Companies should restrict the monitoring of their procurement activities to once a year to ensure comparability from year to year.
B) Companies should conduct background checks on all vendors before they are added to the vendor master file.
C) Companies should permit the person who maintains the vendor master file to also have authority to approve payments for invoices.
D) Companies should have vendor-monitoring procedures that address the red flags of all vendor schemes.
3. A fraud examiner is attempting to determine whether an online retailer's customers have committed card-not- present (CNP) payment card fraud schemes. Which of the following measures would be MOST EFFECTIVE in detecting this type of fraud?
A) Compare IP addresses for internet orders with those from previous orders placed by the same customer.
B) Examine orders in which customers declined rush or overnight shipping for their purchases.
C) Review orders in which a customer purchased several unique items during a single transaction.
D) Check for small orders placed from newly created customer accounts that do not have a purchase history.
4. Which of the following actions would balance the accounting equation to conceal the misappropriation of cash?
A) Increasing owners' equity
B) Creating fictitious revenue
C) Increasing a liability
D) Increasing another asset
5. Asset misappropriations have an effect on the liabilities and do also have an indirect effect on the equity account.
A) False
B) True
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: B | Question # 3 Answer: A | Question # 4 Answer: C | Question # 5 Answer: B |
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