Authentic ACFE CFE Exam Dumps PDF - 2024 Updated
Get Prepared for Your CFE Exam With Actual 190 Questions
The Association of Certified Fraud Examiners (ACFE) is a global professional organization that is dedicated to fighting fraud and white-collar crime. To achieve this goal, they have developed a certification program known as the Certified Fraud Examiner (CFE). Certified Fraud Examiner certification is highly respected in the industry and is recognized as a mark of excellence in the field of fraud examination.
NEW QUESTION # 54
Revenue is recognized when it is:
- A. Realized and Evidenced
- B. Fictitious and Earned
- C. Realized and Earned
- D. All of the above
Answer: C
NEW QUESTION # 55
A technique by which checks are numbered using a new technique that is revealed by a colored highlighter pen or by a bright light held behind the check is called:
- A. Embossed pearlescent numbering
- B. None of the above
- C. Holographic safety border
- D. Microline numbering
Answer: C
NEW QUESTION # 56
______________ can be detected by closely examining the documentation submitted with the cash receipts.
- A. Fictitious refunds
- B. Voided purchases
- C. None of the above
- D. Approved transaction
Answer: A
NEW QUESTION # 57
Placing any restriction in the solicitation documents that tend to restrict competition is called prebid solicitation.
- A. True
- B. False
Answer: A
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 58
Which of the following method is NOT used to detect conflicts of interest?
- A. Review of vendor ownership files
- B. Interviews with purchasing personnel
- C. Underbillings of assets
- D. Tips & Complaints
Answer: C
NEW QUESTION # 59
Which of the following method is NOT used to detect conflicts of interest?
- A. Review of vendor ownership files
- B. Interviews with purchasing personnel
- C. Underbillings of assets
- D. Tips & Complaints
Answer: C
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 60
Employees with the authority to grant discounts in order to skim revenues may use which authority?
- A. Internal discount sales audits
- B. False discounts
- C. Recording a discount on sale procedure
- D. None of the above
Answer: B
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 61
___________ is to allow the owner, investors, creditors and others with an interest to know the appropriate book worth of the business at a particular date.
- A. Balance sheet
- B. Financial record
- C. Equity
- D. Income statement
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 62
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. False specification
- B. Solicitation
- C. Need recognition
- D. Submission
Answer: B
NEW QUESTION # 63
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: C
NEW QUESTION # 64
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. Submission scheme
- C. Need recognition scheme
- D. False sole-source scheme
Answer: C
NEW QUESTION # 65
Placing any restriction in the solicitation documents that tend to restrict competition is called prebid solicitation.
- A. True
- B. False
Answer: A
NEW QUESTION # 66
The seller's price to the buyer is not fixed or determinable when:
- A. When the price is not contingent on some future events
- B. A service or membership fee is not subject predictable cancellation during the contract period.
- C. Payment terms are not extended for a substantial period.
- D. The transaction includes an option to exchange the product for others.
Answer: D
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 67
One reason employees might be hesitant to use PO boxes in shell company schemes is that some businesses are specially vary of sending checks to vendors that have street addresses only.
- A. True
- B. False
Answer: B
NEW QUESTION # 68
Inventory shrinkage is the unaccounted-for reduction in the company's inventory that does not results from theft.
- A. True
- B. False
Answer: B
NEW QUESTION # 69
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. Expense
- B. Financial record
- C. Equity
- D. Balance sheet
Answer: A
NEW QUESTION # 70
__________ can be defined as conduct detrimental to the organization and to the employee.
- A. Employee fraud
- B. All of the above
- C. Employee deviance
- D. Employee theft
Answer: C
NEW QUESTION # 71
Undisclosed payments made by vendors to employees of purchasing companies are referred to as:
- A. Bid-rigging
- B. Kickbacks
- C. None of the above
- D. Presolicitaion
Answer: B
NEW QUESTION # 72
Which of the four basic measures, if properly installed and implemented may help prevent inventory fraud?
- A. Proper documentation, physical padding, independent checks and physical safeguards
- B. Proper documentation, segregation of duties, independent checks and physical safeguards
- C. prenumbered affiliations, segregation of duties, independent checks and physical safeguards
- D. Proper documentation, segregation of duties, independent checks and inventory control
Answer: B
Explanation:
Section: Fraud Prevention and Deterrence
Explanation/Reference:
NEW QUESTION # 73
Which of the following is NOT standard of generally accepted accounting principles?
- A. Conservatism
- B. Full disclosure
- C. Quality control
- D. Cost
Answer: C
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 74
Physical tampering prevention is a check tampering technique that is used to secure bank assisted controls.
- A. True
- B. False
Answer: B
Explanation:
Section: Investigation
Explanation/Reference:
NEW QUESTION # 75
Skimming cases can more likely to be detected by:
- A. Internal audits
- B. occupational frauds
- C. Accidents
- D. Internal controls
Answer: C
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 76
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
NEW QUESTION # 77
___________ and __________ are used to increase (or decrease) the equity account.
- A. None of all
- B. Journal Entries & Debit
- C. Journal Entries & transactions
- D. Journal Entries & Credit
Answer: C
NEW QUESTION # 78
________ increase assets and expenses and/or decrease liabilities and/or equity
- A. None of all
- B. Debit
- C. Credit
- D. Journal Entries
Answer: B
NEW QUESTION # 79
......
The Certified Fraud Examiner (CFE) Certification Exam is a globally recognized certification program that is designed to help individuals and organizations fight fraud. Certified Fraud Examiner certification is offered by the Association of Certified Fraud Examiners (ACFE), which is the world's largest anti-fraud organization. The CFE Certification Exam is designed to test an individual's knowledge and understanding of fraud prevention, detection, investigation, and deterrence.
The CFE Certification Exam is highly respected in the fraud investigation field and is recognized by employers worldwide. Individuals who hold the CFE Certification have demonstrated a commitment to fighting fraud and have the knowledge and skills needed to identify and prevent fraud in their organizations. Certified Fraud Examiner certification is especially important for those in accounting, law enforcement, and other professions related to fraud investigation.
Accurate & Verified New CFE Answers As Experienced in the Actual Test!: https://actual4test.exam4labs.com/CFE-practice-torrent.html