ACFE CFE-Financial-Transactions-and-Fraud-Schemes Daily Practice Exam New 2026 Updated 237 Questions [Q35-Q51]

NEW QUESTION 35
In ____________ scheme, a supplier pays an employee of the purchasing company to write specifications that will require amendments at a later date.

NEW QUESTION 36
Which of the following statements is TRUE regarding income statements?

NEW QUESTION 37
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)?

NEW QUESTION 38
Fraudsters use the accounting system as a tool to generate the results they want in ___________ approach:

NEW QUESTION 39
Which of the following is NOT standard of generally accepted accounting principles?

NEW QUESTION 40
Theft of incoming checks usually occurs when ________ is (are) in charge of opening the mail and recording the receipt of payments.

NEW QUESTION 41
Employees steal an incoming payment and then place the incoming funds in an interest-bearing account for:

NEW QUESTION 42
A special scheme in which employees know their employer is seeking to purchase a certain asset and take advantage of the situation by purchasing the asset themselves is:

NEW QUESTION 43
Which of the following methods would NOT be helpful in detecting a skimming scheme?

NEW QUESTION 44
____________ corrupt employees can cause inventory to be fraudulently delivered to themselves or accomplices.

NEW QUESTION 45
Which of the following are not basic types of non-sharable problems?

NEW QUESTION 46
John is a salesperson whose job requires him to entertain potential clients frequently. When John and another salesperson from a different company take a potential client to dinner, the other salesperson pays for the meal.
John creates his own receipt for the meal and submits the expense for reimbursement from his company.
John’s scheme can BEST be characterized as:

NEW QUESTION 47
____________ is a summary of the account balances carried in a ledger.

NEW QUESTION 48
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:

NEW QUESTION 49
According to Hollinger and Clark, for policy development, management must pay attention to:

NEW QUESTION 50
Black, an accounts receivable clerk, stole Customer A’s monthly payment instead of posting it to A’s account.
When Customer B’s payment arrives a few days later, Black applies the payment to Customer A’s account.
When Customer C’s payment arrives a few days after that, Black applies it to Customer B’s account. Black’s method of crediting one account with money taken from another account is known as:

NEW QUESTION 51
Which of the following statements about skimming is CORRECT?