ACFE-Accounting Terms EXAM Questions And
CORRECT Answers
UPCODING - CORRECT ANSWERS Billing for a higher level of medical service than the
actual service rendered.
Common KICKBACKS IN THE HEALTH CARE INDUSTRY - CORRECT ANSWERS - Payments for
the referral of patients
- Waivers of deductibles and copayments
- Payments for insurance K's or health care programs
- Payments for vendor K's
- Payments to adjusters
PAPERHANGER - CORRECT ANSWERS Expert in passing phony checks
4 PHASES OF CONTRACTING - CORRECT ANSWERS 1. Pre-Solicitation
2. Solicitation
3. Bid evaluation and award
4. Post-Award and administration
E-COMMERCE AUTHENTICATION - CORRECT ANSWERS Validation of a customer's identity
How are SHAM LOANS Concealed? - CORRECT ANSWERS 1. Charged off as bad debt
2. Paid off with proceeds of new fraudulent loans
Typical ASSET ACCOUNTS - CORRECT ANSWERS - Cash
, - Accounts Receivable
- Inventory
- Property
- Equipment
- Intangible Items (Licenses, patents, etc.)
CORRUPTION - CORRECT ANSWERS Wrongful use of influence to obtain a benefit for
himself or others, contrary to the duty or the rights of others
STATEMENT OF OWNER'S EQUITY/STATEMENT OF RETAINED EARNINGS - CORRECT
ANSWERS Financial statement that connects the income statement and the balance sheet
by detailing the change in owner's equity over a period.
PHYSICAL SURVEILLANCE - CORRECT ANSWERS Real-time observation of a target's actions
or communications
PRINCIPAL (re: Conflict of Interest) - CORRECT ANSWERS An entity that authorizes an
agent to act on its behalf
BID EVALUATION AND AWARD phase of the contracting process - CORRECT
ANSWERS Procurement personnel:
1. Evaluate the bids
2. Discuss and negotiate
3. Give bidders the opportunity to revise their proposals
4. Select the winning bid
POST-AWARD/ADMINISTRATION phase of the contracting process - CORRECT
ANSWERS Contracting parties fulfill their respective obligations under the K
CORRECT Answers
UPCODING - CORRECT ANSWERS Billing for a higher level of medical service than the
actual service rendered.
Common KICKBACKS IN THE HEALTH CARE INDUSTRY - CORRECT ANSWERS - Payments for
the referral of patients
- Waivers of deductibles and copayments
- Payments for insurance K's or health care programs
- Payments for vendor K's
- Payments to adjusters
PAPERHANGER - CORRECT ANSWERS Expert in passing phony checks
4 PHASES OF CONTRACTING - CORRECT ANSWERS 1. Pre-Solicitation
2. Solicitation
3. Bid evaluation and award
4. Post-Award and administration
E-COMMERCE AUTHENTICATION - CORRECT ANSWERS Validation of a customer's identity
How are SHAM LOANS Concealed? - CORRECT ANSWERS 1. Charged off as bad debt
2. Paid off with proceeds of new fraudulent loans
Typical ASSET ACCOUNTS - CORRECT ANSWERS - Cash
, - Accounts Receivable
- Inventory
- Property
- Equipment
- Intangible Items (Licenses, patents, etc.)
CORRUPTION - CORRECT ANSWERS Wrongful use of influence to obtain a benefit for
himself or others, contrary to the duty or the rights of others
STATEMENT OF OWNER'S EQUITY/STATEMENT OF RETAINED EARNINGS - CORRECT
ANSWERS Financial statement that connects the income statement and the balance sheet
by detailing the change in owner's equity over a period.
PHYSICAL SURVEILLANCE - CORRECT ANSWERS Real-time observation of a target's actions
or communications
PRINCIPAL (re: Conflict of Interest) - CORRECT ANSWERS An entity that authorizes an
agent to act on its behalf
BID EVALUATION AND AWARD phase of the contracting process - CORRECT
ANSWERS Procurement personnel:
1. Evaluate the bids
2. Discuss and negotiate
3. Give bidders the opportunity to revise their proposals
4. Select the winning bid
POST-AWARD/ADMINISTRATION phase of the contracting process - CORRECT
ANSWERS Contracting parties fulfill their respective obligations under the K
