Exam (elaborations)
CFCI Study Guide Questions with Accurate Answers || 2024/2025
- Course
- CFCI
- Institution
- Rasmussen College
CFCI Study Guide Questions with Accurate Answers || 2024/2025
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CFCI Study Guide[Type the document subtitle]
CFCI Study Guide
Questions with Guaranteed
Accurate Answers
JIMSE
12/30/2024
, CFCI Study Guide Questions with Guaranteed
Accurate Answers
Fraud * PRECISE ANS ✔✔"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 * PRECISE ANS ✔✔Internal Fraud and External Fraud
Internal Fraud * PRECISE ANS ✔✔which involves the employees of the company against
which the fraud is perpetrated
External Fraud * PRECISE ANS ✔✔deceptive conduct by non*employees that
deprives the organization of value, and/or is undertaken for financial gain.
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, embezzlement * PRECISE ANS ✔✔theft or misappropriation of funds placed in one's trust
or belonging to one's employer.
financial fraud * PRECISE ANS ✔✔"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) * PRECISE ANS ✔✔Accounts receivable fraud, this
involves simply stealing cash before it enters the organization's accounting system.
Billing Schemes * PRECISE ANS ✔✔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 * PRECISE ANS ✔✔taking advantage of employee access to blank
company checks, using a password to
steal computer*generated checks, or producing counterfeit checks.
Employee reimbursement scheme * PRECISE ANS ✔✔making false claims for
reimbursement, or inflating or creating fictitious business expenses. (Travel /meal
reimbursement.
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