Ace CFE Certification with 165 Actual Questions
PASS ACFE CFE EXAM WITH UPDATED DUMPS
The CFE exam is a comprehensive, four-part test that covers all aspects of fraud examination. Part one of the exam covers fraud prevention and deterrence, while part two focuses on financial transactions and fraud schemes. Part three of the exam covers investigation, and part four covers law. CFE exam is computer-based and consists of multiple-choice questions.
NEW QUESTION # 44
Larceny by Fraud or deception means that:
- A. All of the above
- B. Creates or reinforce a false impression
- C. Fails to disclose a known lien, adverse claim or other legal impediment
- D. Fails to correct a false impression
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 45
Which of the following factors is NOT included in most financial statement schemes?
- A. Persuasive Evidence
- B. Concealed liabilities and expenses
- C. Improper asset valuations
- D. Fictitious revenues
Answer: A
NEW QUESTION # 46
The prime targets for skimming schemes which are hard to monitor and predict such as late fees and parking fees, are:
- A. Internal audits
- B. Recorded sales
- C. Revenue sources
- D. Register manipulations
Answer: C
NEW QUESTION # 47
Which of the following search is used for unusually high incidence of returns and allowances scheme?
- A. Allowances by vendors
- B. Disposals of allowances than reorders
- C. Returns and allowances
- D. None of the above
Answer: C
Explanation:
Section: Investigation
NEW QUESTION # 48
How many accounts are affected in fraudulent accounting entries and therefore same number of categories on the financial statement?
- A. One
- B. More than two
- C. None of above
- D. At least two
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 49
Fill in the Blanks
The _______________ cost method of pricing would carry an asset's value on the financial statements as what it would currently cost, considering inflation.
Answer:
Explanation:
Priceleveladjustedhistoricalcost
NEW QUESTION # 50
Verify supporting documentation on outstanding checks written for a material amount is a test used to conduct for:
- A. Cut-off statements
- B. Check disbursement
- C. Bank confirmation
- D. Bank confirmation
Answer: D
NEW QUESTION # 51
Fill in the Blanks
One of the simplest ways to justify unacceptable conduct and avoid guilt feelings is to invent a good reason for ________.
Answer:
Explanation:
Embezzling
NEW QUESTION # 52
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. Income statement and Long-term contracts
- B. Capitalized expenses and Liabilities
- C. Revenue and Income statement
- D. Revenue and corresponding expenses
Answer: D
NEW QUESTION # 53
Which of the following are not of Basic types of non-sharable problems?
- A. Larceny by Fraud
- B. Business reversals
- C. Violation of ascribed obligations
- D. Physical Isolation
Answer: A
NEW QUESTION # 54
A special scheme in which employees know their employer is seeking to purchase a certain asset and take advantage of the situation by purchasing the asset themselves is:
- A. Turnaround sale or flip
- B. Unauthorized sale
- C. Written sale of unique assets
- D. Conflict of interest in sale
Answer: A
NEW QUESTION # 55
False billing scheme states that:
- A. employees cause their company to purchase merchandise that the company does not need
- B. employees cause their company to sale merchandise that the company does not need.
- C. employees do not 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 # 56
A scheme is classified as a Conflict of interest:
- A. when an employee must have some kind of ownership or employment interest in the vendor submitting the invoice.
- B. when a purchaser must have some kind of ownership or employment interest in the vendor submitting the purchase.
- C. when a dealer must have some kind of dealership interest in the vendor submitting the stock.
- D. when a salesman must have some kind of ownership or employment interest in the vendor submitting the sales.
Answer: A
NEW QUESTION # 57
In Cressey's fraud triangle, its three of the legs are Opportunity, Pressure and
- A. Rationalization
- B. Isolation
- C. Violation
- D. None of the above
Answer: A
NEW QUESTION # 58
The heart of book keeping system is the ___________.
- A. Liability
- B. Asset
- C. Journal
- D. Checkbook
Answer: D
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 59
Which of the following is the criterion for bid solicitation?
- A. Containing false statements
- B. To withdraw low bids
- C. Allowing the purchaser to discuss possible employment with the contractor
- D. To falsify the bid log
Answer: C
NEW QUESTION # 60
Delivery has not occurred or services have not been rendered when:
- A. Until installation and customer testing and acceptance has occurred.
- B. A written order exists but contains a right of return.
- C. Both A & B
- D. Neither A nor B
Answer: B
NEW QUESTION # 61
The most common method of detection in corruption cases is:
- A. Internal controls
- B. Internal audits
- C. Tips
- D. By accident
Answer: C
NEW QUESTION # 62
When employee 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. Fraudulent register occurrences
- C. Registry destroying records
- D. Register false voids
Answer: A
NEW QUESTION # 63
The amount of cash on hand in a register may be compared to the amount showing in the register tape in order to detect _______.
- A. Employee theft
- B. Internal audits
- C. Recorded sales
- D. Occupational frauds
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 64
According to fraud tree, cash has three following schemes:
- A. Cash larceny, cash distribution and fraudulent disbursements
- B. Skimming, cash larceny and fraudulent disbursements
- C. Cash distribution, skimming and fraud analysis
- D. Fraud analysis, skimming and cash misappropriations
Answer: B
NEW QUESTION # 65
A running count that records how much inventory should be on hand is referred to:
- A. Fictitious inventory
- B. Altered inventory
- C. Shrinking inventory
- D. Perpetual inventory
Answer: D
NEW QUESTION # 66
Larceny by Fraud or deception means that:
- A. All of the above
- B. Creates or reinforce a false impression
- C. Fails to disclose a known lien, adverse claim or other legal impediment
- D. Fails to correct a false impression
Answer: A
NEW QUESTION # 67
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The Association of Certified Fraud Examiners (ACFE) is a professional organization dedicated to the prevention, detection, and deterrence of fraud. One of the key offerings of the ACFE is the Certified Fraud Examiner (CFE) certification. The CFE credential is recognized globally as a standard for excellence in the field of fraud examination.
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