[2024] Free CFE Exam Dumps to Pass Exam Easily
CFE Exam Dumps, CFE Practice Test Questions
ACFE CFE Certification Exam is a highly respected and widely recognized certification for professionals in the anti-fraud industry. CFE exam is administered by the Association of Certified Fraud Examiners (ACFE), which is the world's largest anti-fraud organization, with over 85,000 members in 160 countries. The CFE certification is considered the gold standard in the field of fraud examination, and passing the exam demonstrates a high level of expertise and knowledge in the field.
NEW QUESTION # 67
According to accounting principles, ________ and ________ should be recorded or atched in the same accounting period; failing to do so violates the matching principle of AAP.
- A. Capitalized expenses and Liabilities
- B. Income statement and Long-term contracts
- C. Revenue and corresponding expenses
- D. Revenue and Income statement
Answer: C
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 68
Larceny is the scheme in which an employee simply takes inventory from the company premises without attempting to conceal it in the books and records.
- A. False
- B. True
Answer: B
NEW QUESTION # 69
______________ can be detected by closely examining the documentation submitted with the cash receipts.
- A. None of the above
- B. Fictitious refunds
- C. Approved transaction
- D. Voided purchases
Answer: B
NEW QUESTION # 70
Assets that are long-lived and that differ from property, plant and equipment hat has been purchased outright or acquired under a capital lease are:
- A. Intangible Assets
- B. Forced Assets
- C. Tangible Assets
- D. None of above
Answer: A
NEW QUESTION # 71
When employees committing the fraud removes cash from the register and also the item allegedly being returned is debited back into the inventory, this refers to:
- A. Concealing register disbursement
- B. Register false voids
- C. Fraudulent register occurrences
- D. Registry destroying records
Answer: A
Explanation:
Section: Investigation
NEW QUESTION # 72
__________ is required if and when officers, executives or other persons in trusted positions become subjects of a criminal indictment.
- A. Turnaround sale or flip
- B. Resource diversion
- C. Conflict of interest
- D. Disclosure
Answer: D
NEW QUESTION # 73
Physical tampering prevention is a check tampering technique that is used to secure bank assisted controls.
- A. True
- B. False
Answer: B
Explanation:
Section: Investigation
Explanation/Reference:
NEW QUESTION # 74
Theft of incoming checks usually occurs when ________ is (are) in charge of opening the mail and recording the receipt of payments.
- A. None of the above
- B. More then two employees
- C. Single employee
- D. Two employees
Answer: C
NEW QUESTION # 75
A process by which several bidders conspire to split contracts up and ensure that each gets a certain amount of work is called:
- A. Bid opening
- B. Bid log
- C. Bid pooling
- D. Fictitious Bidding
Answer: C
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 76
Which of the following must be present for a fraud to exist?
- A. Knowledge that the statement was false when it was uttered
- B. Reliance on the fast statement by the victim
- C. A material false statement
- D. All of the above
Answer: D
NEW QUESTION # 77
A ___________ occurs when an employee, manager or executive has an undisclosed economic or personal interest in a transaction that adversely affects the organization.
- A. Financial disclosure
- B. Conflict of interest
- C. Illegal sale
- D. Unauthorized purchase
Answer: B
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 78
Every bribe is a two-sided transaction, in which where a vendor bribes a purchaser, there is someone on the vendor's side of the transaction who is not making an illicit payment.
- A. True
- B. False
Answer: B
NEW QUESTION # 79
Employees with the authority to grant discounts in order to skim revenues may use which authority?
- A. None of the above
- B. Internal discount sales audits
- C. Recording a discount on sale procedure
- D. False discounts
Answer: D
NEW QUESTION # 80
___________ should be examined to see that all are properly documented and that inappropriate payments have not been made to employees.
- A. Payable checks
- B. Cash advances
- C. Payable cash
- D. counterfeit checks
Answer: B
NEW QUESTION # 81
By removing a tangible asset from the business (a debit), the books will be ___________ by the exact amount of the tangible asset misappropriated.
- A. False debits
- B. None of all
- C. Journal Entries
- D. Out-of-balance
Answer: D
NEW QUESTION # 82
Forced reconciliation of the account says:
- A. to conceal shrinkage is to alter inventory record so that it matches the physical inventory count.
- B. to conceal write-offs is to change the perpetual inventory record so that it matches the physical inventory count.
- C. to conceal inventory is to alter shrinkage record so that it matches the physical inventory count.
- D. to conceal shrinkage is to change the perpetual inventory record so that it matches the physical inventory count.
Answer: D
NEW QUESTION # 83
A person is said to be in ________ act, when the business which he transacts, or the money or property which he handles, is not for his own benefit, but for another person:
- A. None of the above
- B. Fiduciary Capacity
- C. Embezzlement
- D. Conversion
Answer: B
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 84
Which of the following are the classifications for the Corruption?
- A. Overbilling, bribery, bid-ridding and illegal gratuities
- B. Corruption, bribery, economic extortion, conflicts of interest
- C. economic extortion, bribery, illegal gratuities and corruption
- D. Bribery, economic extortion, illegal gratuities and conflicts of interest
Answer: D
NEW QUESTION # 85
Skimming cases can more likely to be detected by:
- A. occupational frauds
- B. Internal controls
- C. Accidents
- D. Internal audits
Answer: C
NEW QUESTION # 86
Entering a sales total lower than the amount actually paid by the customer is called:
- A. Recording a sale procedure
- B. Underrings a sale
- C. All of the above
- D. Internal sales audits
Answer: B
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 87
Maintain the presence of a manager or supervisor near the area of the cash register as a deterrent to theft is a prevention for:
- A. Fraudulent statement scheme
- B. Register disbursement scheme
- C. Larceny scheme
- D. Asset misappropriation scheme
Answer: B
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 88
False billing scheme states that:
- A. employees cause their company to purchase merchandise that the company does not need
- B. employees do not cause their company to sale merchandise that the company does not need.
- C. employees cause their company to sale merchandise that the company does not need.
- D. employees do not cause their company to purchase merchandise that the company does not need.
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
Explanation
NEW QUESTION # 89
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