Free ACFE CFE Exam Questions and Answer from Training Expert TestBraindump
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Apply for the CFE exam and submit all your documents one month before scheduling the CFE exam. Part 1: complete the online application form and send the payment. The online application of the CFE exam includes four qualifying sections: qualifications, experience and character, signature declaration and payment.
NEW QUESTION 32
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. Occupational frauds
- B. Internal audits
- C. Employee theft
- D. Recorded sales
Answer: C
NEW QUESTION 33
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. Matching
- B. Fraudulent statement
- C. Misappropriations
- D. Conservatism
Answer: D
NEW QUESTION 34
In which phase of competitive bidding process, fraudsters attempt to influence the selection of a contractor by restricting the pool of competitors from whom bids are sought?
- A. Solicitation
- B. Submission
- C. False specification
- D. Need recognition
Answer: A
NEW QUESTION 35
How many accounts are affected in fraudulent accounting entries and therefore same number of categories on the financial statement?
- A. None of above
- B. At least two
- C. One
- D. More than two
Answer: C
NEW QUESTION 36
Which of the following is NOT the phase of the bidding process?
- A. Presolicitation
- B. Postsolicitation
- C. Solicitation
- D. Submission
Answer: B
NEW QUESTION 37
In Fraud scale pressure, opportunity and integrity variables all results in a list of ___ possible red flags or indicators of occupational fraud and abuse.
- A. 0
- B. 1
- C. 2
- D. 3
Answer: B
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION 38
One final means of concealing a register scheme, as with many kinds of fraud, is to destroy all records of the transaction.
- A. True
- B. False
Answer: A
NEW QUESTION 39
Which sale occurs when the accomplice of the employee-fraudster "buys" merchandise, but the employee does not ring up the sale, and the accomplice takes the merchandise without making any payment?
- A. Preliminary sale
- B. Whole sale
- C. Fraudster sale
- D. Fake sale
Answer: D
NEW QUESTION 40
When an incorrect total is carried from the journal to the ledger or from ledger to the financial statements, this method is called:
- A. None of all
- B. Forced Balance
- C. Out-of-balance
- D. False balance
Answer: B
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 41
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 42
The person or persons who have access to __________ are often the targets of unethical vendors seeking an advantage in the process.
- A. Tailor specifications
- B. General purchasing
- C. Sealed bids
- D. Bid-splitting
Answer: C
NEW QUESTION 43
The heart of book keeping system is the ___________.
- A. Journal
- B. Liability
- C. Asset
- D. Checkbook
Answer: D
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 44
Delivery has not occurred or services have not been rendered when:
- A. A written order exists but contains a right of return.
- B. Both A & B
- C. Until installation and customer testing and acceptance has occurred.
- D. Neither A nor B
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
Explanation/Reference:
NEW QUESTION 45
Physical tampering prevention is a check tampering technique that is used to secure bankassisted controls.
- A. False
- B. True
Answer: A
NEW QUESTION 46
______________ can be detected by closely examining the documentation submitted with the cash receipts.
- A. None of the above
- B. Voided purchases
- C. Approved transaction
- D. Fictitious refunds
Answer: D
Explanation:
Section: Investigation
NEW QUESTION 47
A typical issue involving material and fraud would be:
- A. Misappropriations
- B. Civil lawsuit
- C. Quality control
- D. Fraudulent statement
Answer: A
NEW QUESTION 48
Larceny by Fraud or deception means that:
- A. Creates or reinforce a false impression
- B. Fails to disclose a known lien, adverse claim or other legal impediment
- C. All of the above
- D. Fails to correct a false impression
Answer: C
NEW QUESTION 49
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. material value
- C. Absolute value
- D. Fair value
Answer: D
NEW QUESTION 50
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Self-sufficiency and happiness
The CFE course is not only important for extrinsic reasons such as wage increases and promotional opportunities, but it is also important for intrinsic reasons. A professional with CFE feels more independent and this leads to a better feeling of accomplishment and purpose. In essence, this is a course that can have a positive impact on your happiness index and your health
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