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CFCI STUDY GUIDE 2024 RECENT UPDATE [MOST TESTED QUESTIONS]COMPREHENSIVE QUESTIONS AND VERIFIED CORRECT ANSWERS GRADE A+ GET IT 100% RIGHT $12.99
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[MOST TESTED QUESTIONS]COMPREHENSIVE
QUESTIONS AND VERIFIED CORRECT
ANSWERS GRADE A+
GET IT 100% RIGHT
Internal Fraud - (correct answer) which involves the
employees of the company against which the fraud is
perpetrated
External Fraud - (correct answer) deceptive conduct by non-
employees that
deprives the organization of value, and/or is undertaken for
financial gain.
embezzlement - (correct answer) theft or misappropriation
of funds placed in one's trust or belonging to one's employer.
,financial fraud - (correct answer) "cooking the books." This
type of
fraud generally refers to falsely representing the financial
condition of the company, so as to inflate the value of stock,
fraudulently boost executive bonuses, or otherwise mislead
shareholders, lenders, employees, investment analysts, or
other users of the information.
Skimming (cash larceny) - (correct answer) Accounts
receivable fraud, this
Fraud - (correct answer) "Any illegal acts characterized by
deceit, concealment, or violation of trust. These acts are not
dependent upon the perpetrated by individuals and
organizations to obtain money, property, or services; to avoid
payment or loss of services; or to secure personal or business
ad-vantage."
Main types of fraud - (correct answer) Internal Fraud and
External Fraud
involves simply stealing cash before it enters the organization's
accounting system.
,Billing Schemes - (correct answer) Perpetrated by
employees who cause their employer to issue a payment to a
false supplier by submitting invoices for fictitious goods or
services, inflated invoices, or invoices for personal purchases.
check tampering - (correct answer) taking advantage of
employee access to blank company checks, using a password to
steal computer-generated checks, or producing counterfeit
checks.
Employee reimbursement scheme - (correct answer) making
false claims for reimbursement, or inflating or creating fictitious
business expenses. (Travel /meal reimbursement.
bribery - (correct answer) when something of value is
offered or given to influence a business decision
Illegal Gratuities - (correct answer) when something of value
is given to an employee to reward a business decision.
, Extortion - (correct answer) when a person demands
payment or seeks to influence a business decision by threat of
harm through loss of business or personal injury.
Kickback Schemes - (correct answer) involving employees
and vendors, often using inflated billing or invoices for which
the employee is paid a portion of the inflated or fictitious
invoice.
credit card fraud - (correct answer) the creation, sale, or use
of a counterfeit credit card, or the use of a stolen credit or debit
card.
C.N.P - (correct answer) Card not present transactions
identity fraud - (correct answer) involves the unauthorized
use of another person's personal data for illegal financial
benefit. Involves abusing the stolen information to transact
personal business in the victim's name.
identity theft - (correct answer) the fraudulent acquisition
or stealing of confidential personal information.
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