[Nov-2024 Newly Released] CFE Exam Questions For You To Pass
ACFE CFE Exam: Basic Questions With Answers
In addition to the prestige that comes with holding a CFE certification, professionals who hold this credential also have access to a variety of resources and continuing education opportunities through the ACFE. These resources can help them stay up-to-date on the latest trends and best practices in fraud detection and prevention, and can help them advance their careers in this field.
NEW QUESTION # 74
When expenses used to produce income- all of them- should be matched in a consistent manner against that income, this is referred to:
- A. Equity
- B. Financial record
- C. Accrual basis accounting
- D. Expense
Answer: C
NEW QUESTION # 75
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 inventory is to alter shrinkage record so that it matches the physical inventory count.
- C. to conceal write-offs is to change the perpetual inventory 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 # 76
A typical issue involving material and fraud would be:
- A. Civil lawsuit
- B. Fraudulent statement
- C. Quality control
- D. Misappropriations
Answer: D
NEW QUESTION # 77
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. Embezzlement
- B. Fiduciary Capacity
- C. None of the above
- D. Conversion
Answer: B
NEW QUESTION # 78
______________ can be detected by closely examining the documentation submitted with the cash receipts.
- A. Fictitious refunds
- B. Approved transaction
- C. Voided purchases
- D. None of the above
Answer: A
Explanation:
Section: Investigation
NEW QUESTION # 79
Delivery has not occurred or services have not been rendered when:
- A. Both A & B
- B. Neither A nor B
- C. A written order exists but contains a right of return.
- D. Until installation and customer testing and acceptance has occurred.
Answer: C
NEW QUESTION # 80
A shell company scheme in which actual goods or services are sold to the victim company is known as:
- A. Allocation scheme
- B. Pass-through scheme
- C. Maintenance scheme
- D. Distribution scheme
Answer: B
NEW QUESTION # 81
Which of the following is the amount of money that would be realized upon the sale of the asset at some point in the future, less the costs associated with owing, operating and selling it?
- A. Cost
- B. Fair value
- C. Going concern
- D. Net realizable value
Answer: D
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 82
__________ inventory and other assets is relatively common way for fraudsters to remove assets from the books before or after they are stolen.
- A. Write-offs
- B. Perpetual
- C. Altered
- D. False shipping slip
Answer: D
NEW QUESTION # 83
The price of an asset on which the asset is selling at on the open market in a transaction between a willing buyer and a wiling seller is called:
- A. Cost value
- B. Fair value
- C. Absolute value
- D. material value
Answer: B
NEW QUESTION # 84
Undisclosed payments made by vendors to employees of purchasing companies are referred to as:
- A. Bid-rigging
- B. Presolicitaion
- C. Kickbacks
- D. None of the above
Answer: C
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 85
Which of the following must be present for a fraud to exist?
- A. Reliance on the fast statement by the victim
- B. Knowledge that the statement was false when it was uttered
- C. A material false statement
- D. All of the above
Answer: D
NEW QUESTION # 86
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. Revenue and corresponding expenses
- C. Capitalized expenses and Liabilities
- D. Revenue and Income statement
Answer: B
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 87
Which of the following is NOT the aspect of inventory purchase?
- A. Inventory purchases purposely increase in year 1 only to be liquidated in year 2.
- B. might be some fraud scheme in inventory.
- C. inventory for the year 2 will be much greater than year 1.
- D. Increase sales in year 2 are unexpected and purchase of inventory does not keep pace with the sales.
Answer: C
NEW QUESTION # 88
Which counts sometimes can give rise to inventory theft detection?
- A. Perpetual inventory counts
- B. Physical inventory counts
- C. Concealment inventory counts
- D. None of the above
Answer: B
NEW QUESTION # 89
Which of the following can constitute a bribe, even if the illicit payment is never actually made?
- A. Corruption in payment
- B. Overbilling in payment
- C. kickback payment
- D. Offering a payment
Answer: D
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 90
False billing scheme states that:
- A. employees do not cause their company to sale merchandise that the company does not need.
- B. employees cause their company to purchase 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: B
NEW QUESTION # 91
Which of the following is the criterion for bid solicitation?
- A. Containing false statements
- B. Allowing the purchaser to discuss possible employment with the contractor
- C. To falsify the bid log
- D. To withdraw low bids
Answer: B
NEW QUESTION # 92
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