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ACFE Certified Fraud Examiner - Financial Transactions and Fraud Schemes Exam Sample Questions (Q78-Q83):

NEW QUESTION # 78
Which of the following scenarios is an example of upcoding?

A. Dr. Smith performed a hysterectomy on Roberta. Dr. Smith submits an insurance claim using three procedure codes instead of the single code normally used for a hysterectomy.
B. Dr. Catz spends 15 minutes with a patient. She later submits a bill to the patient's insurance company using a code that corresponds to an office visit lasting 60 minutes.
C. Hope is diagnosed with an ear infection. Hope's doctor writes her a prescription for a name brand medication instead of prescribing a less expensive generic medication.
D. Steven receives medical services prior to his new insurance going into effect. Before submitting the claim, he changes the service date on his bill so that it will be covered by insurance.

Answer: B

Explanation:
Detailed Explanation:
* Rationale for Correct Answer:Upcoding occurs when a provider bills for a higher level of service than what was actually provided. Billing a 15-minute visit as a 60-minute visit is a classic upcoding scheme.
* Analysis of Incorrect Options:
* A. Name brand prescription - Not upcoding; this is prescribing choice, not billing fraud.
* B. Multiple codes instead of one - This is unbundling, not upcoding.
* D. Changing service date - This is falsifying service dates, not upcoding.
* Key Concept: Health care billing fraud - upcoding vs. unbundling.
Reference: ACFE Fraud Examiners Manual (2020), Fraudulent Disbursements: Health Care Fraud.

NEW QUESTION # 79
The excess credits (or debits) on the income statement are used to decrease (or increase) the equity account.

A. False
B. True

Answer: B

Explanation:
Detailed Explanation:
* Rationale for Correct Answer:This is True. The net result of revenues and expenses (credits and debits) on the income statement flows into retained earnings, which is part of equity on the balance sheet. Therefore, excess credits (profits) increase equity, while excess debits (losses) decrease equity.
* Analysis of Incorrect Options:
* B. False - Incorrect, as the closing process of the accounting cycle directly affects equity.
* Key Concept:Closing process and impact of net income on equity.
Reference:ACFE Fraud Examiners Manual (2020 International Edition), Accounting Concepts - Income Statement Flow to Equity.

NEW QUESTION # 80
When an incorrect total is carried from the journal to the ledger or from ledger to the financial statements, this method is called:

A. Out-of-balance
B. Forced Balance
C. False balance
D. None of all

Answer: B

NEW QUESTION # 81
Depreciation is especially applicable when companies try to overvalue their assets and net worth; the lower their depreciation expense, the higher the company's profits.

A. False
B. True

Answer: B

NEW QUESTION # 82
Pilar had to purchase computer equipment for ABC Corporation, her employer. Pilar created a shell company, used the shell company to purchase used computer equipment, and then resold that equipment to ABC Corporation at an increased price. This is an example of a:

A. Cash larceny scheme
B. Pay and return scheme
C. Pass-through scheme
D. Need recognition scheme

Answer: C

Explanation:
Detailed Explanation:
* Rationale for Correct Answer:This is a Pass-through scheme, a type of Conflict of Interest under the corruption category. In this scheme, the employee sets up a shell company to act as a vendor. The shell purchases goods from legitimate suppliers and resells them to the employer at inflated prices. Pilar' s actions align perfectly with this definition.
* Analysis of Incorrect Options:
* A. Need recognition scheme - Involves manipulating an employer's need to justify a purchase, not reselling via a shell.
* B. Pay and return scheme - A fraudulent disbursement scheme where overpayments are made and refunds diverted. Not applicable here.
* D. Cash larceny scheme - Involves theft of incoming cash, unrelated to vendor fraud.
* Key Concept: Pass-through scheme (Conflict of Interest within Corruption).
Reference: ACFE Fraud Examiners Manual (2020), Corruption: Conflict of Interest Schemes.

NEW QUESTION # 83
......

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CFE-Financial-Transactions-and-Fraud-Schemes Latest Exam Cram & Valid Dumps CFE-Financial-Transactions-and-Fraud-Schemes Questions

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ACFE Certified Fraud Examiner - Financial Transactions and Fraud Schemes Exam Sample Questions (Q78-Q83):

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