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NEW QUESTION 101
By removing a tangible asset from the business (a debit), the books will be ___________ by the exact amount of the tangible asset misappropriated.
- A. Out-of-balance
- B. False debits
- C. None of all
- D. Journal Entries
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 102
Which of the following must be present for a fraud to exist?
- A. All of the above
- B. A material false statement
- C. Knowledge that the statement was false when it was uttered
- D. Reliance on the fast statement by the victim
Answer: A
NEW QUESTION 103
CORRECT TEXT
______________ is required not only for theft, but for procedures to detect errors, avoid waste and insure a proper amount of inventory is maintained.
Answer:
Explanation:
Pending
NEW QUESTION 104
Which of the following are used in a short-term skimming scheme?
- A. Understated sales, theft of incoming checks and check-for-currency substitutions
- B. Unrecorded sales, understated sales and theft of incoming checks
- C. Unrecorded sales, understated sales and dual endorsements
- D. False company accounts, understated sales and theft of incoming checks
Answer: B
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 105
The behavior profile of employees who are involved in bribery schemes may include:
- A. All of the above
- B. Extravagant lifestyle
- C. Drug and/or alcohol addiction
- D. Gambling habit
Answer: A
NEW QUESTION 106
__________ inventory and other assets is relatively common way for fraudsters to remove assets from the books before or after they are stolen.
- A. Altered
- B. False shipping slip
- C. Write-offs
- D. Perpetual
Answer: B
NEW QUESTION 107
Statistical sampling enables the examiner to predict the occurrence rate for the population and therefore determine with some accuracy the error rate, or the potential for fraud.
- A. True
- B. False
Answer: A
NEW QUESTION 108
Which are check tempering frauds in which an employee prepares a fraudulent check and submits it usually along with legitimate checks to an authorized maker who signs it without a proper review?
- A. Legitimate check scheme
- B. Concealed check scheme
- C. Payable check scheme
- D. Endorse check scheme
Answer: B
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION 109
Which of the following are not of Basic types of non-sharable problems?
- A. Larceny by Fraud
- B. Physical Isolation
- C. Business reversals
- D. Violation of ascribed obligations
Answer: A
NEW QUESTION 110
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. True
- B. False
Answer: A
NEW QUESTION 111
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
NEW QUESTION 112
Any expenses that are incurred but not paid by the end of the year are counted in our records of profit and loss, are called:
- A. Financial record
- B. Depreciations
- C. Accruals
- D. Expenses
Answer: C
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 113
One reason employees might be hesitant to use PO boxes in shell company schemes is that some businesses are specially vary of sending checks to vendors that have street addresses only.
- A. False
- B. True
Answer: A
NEW QUESTION 114
Fraudsters use the accounting system as a tool to generate the results they want in ___________ approach:
- A. beating accounting
- B. All of the above
- C. Playing the accounting
- D. Organized accounting
Answer: C
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 115
Which of the four basic measures, if properly installed and implemented may help prevent inventory fraud?
- A. Proper documentation, segregation of duties, independent checks and inventory control
- B. Proper documentation, physical padding, independent checks and physical safeguards
- C. prenumbered affiliations, segregation of duties, independent checks and physical safeguards
- D. Proper documentation, segregation of duties, independent checks and physical safeguards
Answer: D
NEW QUESTION 116
____________ corrupt employees can cause inventory to be fraudulently delivered to themselves or accomplices.
- A. False shipping slip
- B. False packing slip
- C. Fraudulent inventory slip
- D. False credit slip
Answer: B
NEW QUESTION 117
Which of the following are the classifications for the Corruption?
- A. Bribery, economic extortion, illegal gratuities and conflicts of interest
- B. Overbilling, bribery, bid-ridding and illegal gratuities
- C. economic extortion, bribery, illegal gratuities and corruption
- D. Corruption, bribery, economic extortion, conflicts of interest
Answer: A
NEW QUESTION 118
__________ may be defined as the offering, giving, receiving or soliciting anything of value to influence an official act.
- A. Corruption
- B. Bribery
- C. Diverting business to vendors
- D. Lacking approval authority
Answer: B
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION 119
According to SAB 104, for the revenue to be typically considered realized or realizable and earned, which of the following criteria is NOT met:
- A. Services has been rendered
- B. Timings have been met
- C. Persuasive evidence of an arrangement exists
- D. Collectability is reasonably assured
Answer: B
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 120
____________ is a summary of the account balances carried in a ledger.
- A. Balance sheet
- B. General journal
- C. Financial statement
- D. Income statement
Answer: C
NEW QUESTION 121
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