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CFE-Financial-Transactions-and-Fraud-Schemes Authorized Certification & CFE-Financial-Transactions-and-Fraud-Schemes New Test Bootcamp
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ACFE Certified Fraud Examiner - Financial Transactions and Fraud Schemes Exam Sample Questions (Q25-Q30):
NEW QUESTION # 25
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)?
- A. The financial reporting practices that a publicly traded company must follow are determined by the company's jurisdiction.
- B. Organizations that conduct business internationally must adopt IFRS as their accounting framework for financial reporting.
- C. U.S. GAAP is a principle-based accounting framework, and IFRS is a rules-based accounting framework.
- D. All publicly traded companies are required to adopt either U.S. GAAP or IFRS as their accounting framework.
Answer: A
NEW QUESTION # 26
Which of the following is NOT the reason why senior management will overstate business statement?
- A. Meet personal performance criteria
- B. Trigger performance related compensation
- C. Comply with debit covenants
- D. Show a pattern of growth to support sale of a business
Answer: C
NEW QUESTION # 27
One final means of concealing a register scheme, as with many kinds of fraud, is to destroy all records of the transaction.
- A. True
- B. False
Answer: A
NEW QUESTION # 28
The act of an official or fiduciary person who unlawfully and wrongfully uses his station or character to procure some benefit, contrary to duty and rights of others is called:
- A. Overbilling
- B. Bribery
- C. Corruption
- D. Conflict of interest
Answer: C
NEW QUESTION # 29
A travel agency offered to provide free travel and entertainment to Rosa, the purchasing agent of Frame Scene, a retail company. In return, Rosa agreed to book all of Frame Scene's corporate trips through the travel agency.
Which of the following best describes the type of corruption scheme in which Rosa engaged?
- A. Kickback scheme
- B. Illegal gratuity scheme
- C. Diversion scheme
- D. Economic extortion scheme
Answer: A
Explanation:
Explanation/Reference: https://www.acfe.com/risk-assessment-m13.aspx
NEW QUESTION # 30
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