[2022] Valid CFE test answers & ACFE CFE exam pdf
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NEW QUESTION 18
Which of the following is NOT the reason why senior management will overstate business statement?
- A. Show a pattern of growth to support sale of a business
- B. Comply with debit covenants
- C. Trigger performance related compensation
- D. Meet personal performance criteria
Answer: B
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION 19
Once the expense account is closed, it becomes a historical item and probably will never be reviewed again.
- A. True
- B. False
Answer: A
NEW QUESTION 20
Forced reconciliation of the account says:
- A. to conceal write-offs is to change the perpetual inventory record so that it matches the physical inventory count.
- B. to conceal shrinkage 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 alter inventory record so that it matches the physical inventory count.
Answer: B
NEW QUESTION 21
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. Fraudulent register occurrences
- B. Register false voids
- C. Concealing register disbursement
- D. Registry destroying records
Answer: C
Explanation:
Section: Investigation
NEW QUESTION 22
Which of the following is NOT the type of billing scheme?
- A. Invoicing via non-accomplice companies
- B. Personal purchases with company funds
- C. Invoicing via accomplice companies
- D. Invoicing via shell companies
Answer: C
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION 23
_________ assumes the business will go on indefinitely in the future.
- A. Cost
- B. Fair value
- C. Going concern
- D. Materiality
Answer: C
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 24
Occupational fraud and abuse is a (an) __________ of doing business, in much the same way that we pay expenses for electricity, taxes and wages.
- A. Equity
- B. Balance sheet
- C. Financial record
- D. Expense
Answer: D
NEW QUESTION 25
A tangible asset is one which is:
- A. capable of being appraised
- B. Neither A nor B
- C. capable of being perceived
- D. Both A & B
Answer: D
NEW QUESTION 26
When expenses used to produce income- all of them- should be matched in a consistent manner against that income, this is referred to:
- A. Expense
- B. Accrual basis accounting
- C. Equity
- D. Financial record
Answer: B
NEW QUESTION 27
By what accountant means that the financial figures presented by the company are at least as much as reflected in the statements, if not more.
- A. Fraudulent statement
- B. Conservatism
- C. Matching
- D. Misappropriations
Answer: B
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 28
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
Explanation:
Section: Financial Transactions and Fraud Schemes
Explanation/Reference:
NEW QUESTION 29
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. Tangible Assets
- B. None of above
- C. Forced Assets
- D. Intangible Assets
Answer: D
NEW QUESTION 30
The scheme in which the same vendor is receiving favorable treatment can be found in purchases by vendor searches.
- A. True
- B. False
Answer: A
Explanation:
Section: Investigation
NEW QUESTION 31
How many accounts are affected in fraudulent accounting entries and therefore same number of categories on the financial statement?
- A. More than two
- B. None of above
- C. At least two
- D. One
Answer: D
NEW QUESTION 32
____________ is a process by which a bookkeeper records all transactions and can adjust the books.
- A. None of all
- B. Financial statement
- C. Accounting Cycle
- D. Journal Entries
Answer: D
NEW QUESTION 33
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. Embezzlement
- C. Fiduciary Capacity
- D. Conversion
Answer: C
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 34
Delivery has not occurred or services have not been rendered when:
- A. Neither A nor B
- B. A written order exists but contains a right of return.
- C. Until installation and customer testing and acceptance has occurred.
- D. Both A & B
Answer: B
NEW QUESTION 35
__________ is required if and when officers, executives or other persons in trusted positions become subjects of a criminal indictment.
- A. Conflict of interest
- B. Turnaround sale or flip
- C. Disclosure
- D. Resource diversion
Answer: C
NEW QUESTION 36
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. Embezzlement
- C. Fiduciary Capacity
- D. Conversion
Answer: C
NEW QUESTION 37
___________ and __________ are used to increase (or decrease) the equity account.
- A. None of all
- B. Journal Entries & transactions
- C. Journal Entries & Credit
- D. Journal Entries & Debit
Answer: B
NEW QUESTION 38
What is sometimes used to overcome well-designed internal controls of a victim company?
- A. Fraudulent invoices
- B. Collusion
- C. Shell company
- D. Rubber stamp supervisors
Answer: B
NEW QUESTION 39
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. Persuasive evidence of an arrangement exists
- B. Collectability is reasonably assured
- C. Services has been rendered
- D. Timings have been met
Answer: D
NEW QUESTION 40
A journal in which all sales made on credit or cash are listed is:
- A. Accounts receivable journal
- B. General journal
- C. Accounts payable journal
- D. Disbursement journal
Answer: A
NEW QUESTION 41
When a victim company purchases unnecessary goods or services from a supplier at the direction of the corrupt employee, this results in:
- A. Presolicitation scheme
- B. Need recognition scheme
- C. False sole-source scheme
- D. Submission scheme
Answer: B
NEW QUESTION 42
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How much ACFE CFE Certification Exam cost
The price of ACFE CFE exam is 400 USD.
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