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ACFE Certified Fraud Examiner - Financial Transactions and Fraud Schemes Exam Sample Questions (Q153-Q158):
NEW QUESTION # 153
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)?
Answer: C
NEW QUESTION # 154
___________ allows the fraud examiner to inspect key attributes on a smaller portion (or sample) of those documents.
Answer:
Explanation:
Statistical sampling
NEW QUESTION # 155
The _______________ cost method of pricing would carry an asset's value on the financial statements as what it would currently cost, considering inflation.
Answer:
Explanation:
Price-level adjusted historical cost
NEW QUESTION # 156
Neil, a Certified Fraud Examiner (CFE), discovers that a borrower used the same property as a security, or guarantee, to obtain multiple loans from different financial institutions before they were recorded on his credit report. Which type of loan fraud BEST describes the scheme Neil uncovered?
Answer: D
NEW QUESTION # 157
Which of the following scenarios describes an electronic funds transfer (EFT) fraud scheme?
Answer: A
Explanation:
Explanation/Reference: https://bjs.ojp.gov/content/pub/pdf/eftsf-cc.pdf
NEW QUESTION # 158
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