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ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam Discount Voucher & Questions CFE-Financial-Transactions-and-Fraud-Schemes Exam

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ACFE Certified Fraud Examiner - Financial Transactions and Fraud Schemes Exam Sample Questions (Q46-Q51):

NEW QUESTION # 46
Which of the following statements regarding financial statement disclosures is TRUE?

A. Events occurring after the close of the reporting period that might significantly affect the financial statements do not need to be disclosed.
B. Management must disclose potential losses from ongoing litigation even when it is unlikely that the related liability will result in a future obligation.
C. Changes in accounting principles must be disclosed in the financial statements.
D. All information relating to the company must be disclosed in the financial statements, regardless of materiality.

Answer: C

Explanation:
Detailed Explanation:
* Rationale for Correct Answer:Per generally accepted accounting principles, changes in accounting principles must be disclosed in the financial statements to ensure comparability and transparency. The ACFE notes that disclosures are critical to prevent misleading users of financial statements.
* Analysis of Incorrect Options:
* A. Subsequent events - Material subsequent events must be disclosed; this statement is false.
* B. Contingent losses - Only probable and reasonably estimable losses must be disclosed. If unlikely, no disclosure is required.
* C. All information - Only material information requires disclosure.
* Key Concept: Disclosure requirements in financial reporting.
Reference: ACFE Fraud Examiners Manual (2020), Financial Statement Fraud: Accounting Principles and Disclosures.

NEW QUESTION # 47
Which of the following actions would balance the accounting equation to conceal the misappropriation of cash?

A. Creating fictitious revenue
B. Increasing owners' equity
C. Increasing another asset
D. Increasing a liability

Answer: C

NEW QUESTION # 48
Asset misappropriations have an effect on the liabilities and do also have an indirect effect on the equity account.

A. False
B. True

Answer: A

NEW QUESTION # 49
Which of the following measures will MOST LIKELY prevent cash larceny schemes from occurring?

A. Keeping employees unaware that the company performs surprise cash counts
B. Assigning the duties of depositing cash receipts and performing bank reconciliations to different employees
C. Restricting other employees from performing the duties of an absent employee
D. Having all employees use the same cash register for their transactions

Answer: B

NEW QUESTION # 50
Which of the following is a TRUE statement regarding pyramid schemes?

A. None of the above
B. It is illegal to design an organization to have a pyramidal structure for any purpose
C. Illegal pyramids are designed to pay off later investors, not the earliest ones
D. Illegal pyramid scheme participants make their money chiefly by recruiting new members

Answer: D

Explanation:
Explanation/Reference: https://www.investopedia.com/terms/p/pyramidscheme.asp

NEW QUESTION # 51
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