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NEW QUESTION # 84
A typical issue involving material and fraud would be:
- A. Misappropriations
- B. Fraudulent statement
- C. Quality control
- D. Civil lawsuit
Answer: A
NEW QUESTION # 85
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. Net realizable value
- D. Going concern
Answer: C
Explanation:
Section: Financial Transactions and Fraud Schemes
Explanation
NEW QUESTION # 86
Which of the following search is used for unusually high incidence of returns and allowances scheme?
- A. None of the above
- B. Allowances by vendors
- C. Disposals of allowances than reorders
- D. Returns and allowances
Answer: D
Explanation:
Section: Investigation
NEW QUESTION # 87
__________ are the amounts which are owned to other entities:
- A. Liabilities
- B. Assets
- C. Expenses
- D. Supplies
Answer: A
NEW QUESTION # 88
__________ may be defined as the offering, giving, receiving or soliciting anything of value to influence an official act.
- A. Corruption
- B. Lacking approval authority
- C. Diverting business to vendors
- D. Bribery
Answer: D
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 89
The act of an official or fiduciary person who unlawfully and wrongfully uses his station or character to procure some benefit, contrary to duty and rights of others is called:
- A. Conflict of interest
- B. Bribery
- C. Corruption
- D. Overbilling
Answer: C
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 90
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. Conversion
- B. Fiduciary Capacity
- C. None of the above
- D. Embezzlement
Answer: B
NEW QUESTION # 91
Skimming is:
- A. None of above
- B. The addition of cash from a victim entity prior to its entry in an accounting system.
- C. The removal of cash from a victim entity prior to its entry in an accounting system.
- D. The removal of cash from a victim entity after its entry in an accounting system.
Answer: C
NEW QUESTION # 92
When employees avoid detection in a refund scheme to keep the sizes of the disbursement law, is referred to:
- A. Small disbursements
- B. None of the above
- C. Simple disbursements
- D. Very small disbursements
Answer: A
NEW QUESTION # 93
Which of the four basic measures, if properly installed and implemented may help prevent inventory fraud?
- A. Proper documentation, segregation of duties, independent checks and physical safeguards
- B. prenumbered affiliations, segregation of duties, independent checks and physical safeguards
- C. Proper documentation, physical padding, independent checks and physical safeguards
- D. Proper documentation, segregation of duties, independent checks and inventory control
Answer: A
NEW QUESTION # 94
Multiple cashiers operate from a single cash drawer without separate access codes is a red flag for:
- A. Register scheme
- B. Force inventory scheme
- C. Fraudulent scheme
- D. Disbursement scheme
Answer: A
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 95
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. Expenses
- C. Depreciations
- D. Financial record
Answer: A
NEW QUESTION # 96
In Cressey's fraud triangle, its three of the legs are Opportunity, Pressure and
- A. Violation
- B. None of the above
- C. Rationalization
- D. Isolation
Answer: C
NEW QUESTION # 97
Which of the following is NOT the type of billing scheme?
- A. Invoicing via shell companies
- B. Invoicing via accomplice companies
- C. Invoicing via non-accomplice companies
- D. Personal purchases with company funds
Answer: B
NEW QUESTION # 98
A scheme is classified as a Conflict of interest:
- A. when a purchaser must have some kind of ownership or employment interest in the vendor submitting the purchase.
- B. when an employee must have some kind of ownership or employment interest in the vendor submitting the invoice.
- C. when a salesman must have some kind of ownership or employment interest in the vendor submitting the sales.
- D. when a dealer must have some kind of dealership interest in the vendor submitting the stock.
Answer: B
NEW QUESTION # 99
Which check tampering red flag may indicate employees have embezzled cash and charged the embezzlement to expense accounts?
- A. Voided checks
- B. Missing checks
- C. Payable checks
- D. Duplicate checks
Answer: B
Explanation:
Section: Investigation
NEW QUESTION # 100
Financial statement fraud is committed by:
- A. Organized criminals
- B. Senior Management
- C. Mid and lower level employees
- D. All of the above
Answer: D
NEW QUESTION # 101
People commit financial statement fraud to:
- A. Conceal false business performances
- B. Preserve personal status/control
- C. Maintain personal income
- D. Stand outside the accounting system
Answer: B
NEW QUESTION # 102
According to Hollinger and Clark for Policy development, management must pay attention to:
- A. A clear understanding regarding theft behavior
- B. Both A & B
- C. Neither A nor B
- D. Enforcement of sanctions
Answer: B
NEW QUESTION # 103
Which of the following are the classifications for the Corruption?
- A. Corruption, bribery, economic extortion, conflicts of interest
- B. Overbilling, bribery, bid-ridding and illegal gratuities
- C. economic extortion, bribery, illegal gratuities and corruption
- D. Bribery, economic extortion, illegal gratuities and conflicts of interest
Answer: D
NEW QUESTION # 104
Inventory shrinkage is the unaccounted-for reduction in the company's inventory that does not results from theft.
- A. False
- B. True
Answer: A
NEW QUESTION # 105
CORRECT TEXT
One of the simplest ways to justify unacceptable conduct and avoid guilt feelings is to invent a good reason for ________.
Answer:
Explanation:
Pending
NEW QUESTION # 106
Which of the four basic measures, if properly installed and implemented may help prevent inventory fraud?
- A. Proper documentation, segregation of duties, independent checks and physical safeguards
- B. prenumbered affiliations, segregation of duties, independent checks and physical safeguards
- C. Proper documentation, physical padding, independent checks and physical safeguards
- D. Proper documentation, segregation of duties, independent checks and inventory control
Answer: A
NEW QUESTION # 107
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