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ACFE CFE Exam is a rigorous and challenging certification exam that requires extensive preparation and study. CFE exam is designed to test the skills and knowledge of professionals who have experience in the field of fraud investigation and prevention. The ACFE CFE certification is highly regarded in the industry and is recognized by organizations around the world as a mark of excellence in the field of fraud investigation and prevention. Certified Fraud Examiner certification demonstrates that an individual has the knowledge, skills, and abilities to effectively prevent, detect, and investigate fraud.
NEW QUESTION # 78
The essential elements of a ________ are an actual or constructive taking away of the goods or property of another with the without the consent and against the will of the owner and with a felonious intent.
- A. Fiduciary
- B. Abuse
- C. Larceny
- D. None of the above
Answer: C
NEW QUESTION # 79
One final means of concealing a register scheme, as with many kinds of fraud, is to destroy all records of the transaction.
- A. False
- B. True
Answer: B
NEW QUESTION # 80
Entering a sales total lower than the amount actually paid by the customer is called:
- A. Internal sales audits
- B. Recording a sale procedure
- C. Underrings a sale
- D. All of the above
Answer: C
NEW QUESTION # 81
Which of the following is not the skimming scheme?
- A. Fraud & Cost
- B. Understand sales and receivables
- C. Theft of checks through the mail
- D. Unrecorded sales
Answer: A
NEW QUESTION # 82
A shell company scheme in which actual goods or services are sold to the victim company is known as:
- A. Allocation scheme
- B. Distribution scheme
- C. Maintenance scheme
- D. Pass-through scheme
Answer: D
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 83
Which of the following factors is NOT included in most financial statement schemes?
- A. Concealed liabilities and expenses
- B. Persuasive Evidence
- C. Improper asset valuations
- D. Fictitious revenues
Answer: B
NEW QUESTION # 84
Which of the following is NOT the method for stealing inventory and other assets?
- A. Purchasing and receiving schemes
- B. Asset requisition and transfer
- C. Larceny schemes
- D. Sales & Equipment handling
Answer: D
NEW QUESTION # 85
The most basic skimming scheme occurs when:
- A. An employee sells goods or services to a customer, collects the customer's payment, but makes no record of the sale.
- B. An employee buy goods or services from a customer, drop the customer's payment, but makes no record of the purchase.
- C. An employee sells goods or services to a stakeholder, collects the stakeholder's payment and makes record of the sale too.
- D. An employee buy goods or services from a stakeholder, drop the stakeholder's payment and makes record of the purchase too.
Answer: A
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. Capitalized expenses and Liabilities
- B. Revenue and corresponding expenses
- C. Revenue and Income statement
- D. Income statement and Long-term contracts
Answer: B
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 87
Theft of incoming checks usually occurs when ________ is (are) in charge of opening the mail and recording the receipt of payments.
- A. More than two employees
- B. Single employee
- C. None of the above
- D. Two employees
Answer: B
NEW QUESTION # 88
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. Accruals
- B. Depreciations
- C. Financial record
- D. Expenses
Answer: A
NEW QUESTION # 89
_________ normally are carried on an organization's books as expenses because they tend to be consumed by the organization within a year of purchase.
- A. Assets
- B. Supplies
- C. Equity
- D. Expenses
Answer: B
NEW QUESTION # 90
The most common method for billing scheme is:
- A. Register
- B. Tips
- C. Accident
- D. None of the above
Answer: B
NEW QUESTION # 91
The essential elements of a ________ are an actual or constructive taking away of the goods or property of another with the without the consent and against the will of the owner and with a felonious intent.
- A. Fiduciary
- B. Abuse
- C. Larceny
- D. None of the above
Answer: C
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 92
The most common method for billing scheme is:
- A. Register
- B. Tips
- C. Accident
- D. None of the above
Answer: B
NEW QUESTION # 93
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: D
NEW QUESTION # 94
Which of the following is NOT the reason to bribe employees of the purchaser?
- A. To extend the bid opening date
- B. To falsify the bid log
- C. To ensure bid-splitting
- D. To ensure receipt of a late bid
Answer: C
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 95
The fraudsters' interest lies with an employer other than a company.
- A. False
- B. True
Answer: A
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 96
________, one of the Fraud synonyms implies that deceiving so thoroughly as to obscure the truth:
- A. Deceive
- B. Beguile
- C. Delude
- D. Mislead
Answer: C
NEW QUESTION # 97
Perceived certainty of detection is directly related to employee theft for respondents in all industry sectors, that is the stronger the perception that theft would be detected, the more the likelihood that the employee would engage in deviant behavior.
- A. False
- B. True
Answer: A
NEW QUESTION # 98
A tangible asset is one which is:
- A. Both A & B
- B. Neither A nor B
- C. capable of being perceived
- D. capable of being appraised
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 99
Once the expense account is closed, it becomes a historical item and probably will never be reviewed again.
- A. False
- B. True
Answer: B
NEW QUESTION # 100
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To be eligible to take the ACFE CFE Exam, candidates must meet specific educational and professional requirements, including holding a bachelor's degree, working in the fraud examination field for a minimum of two years, and having a letter of recommendation from a current CFE. CFE exam is computer-based and consists of four sections, each containing 125 multiple-choice questions. Candidates have six hours to complete the exam, and must achieve a minimum passing score of 75% in each section to be awarded the CFE certification. Overall, the ACFE CFE Exam is a rigorous and comprehensive certification that is highly respected by professionals in the anti-fraud industry.
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