Best Quality CFE Exam Questions ACFE Test To Gain Brilliante Result!
Preparations of CFE Exam 2021 ACFE Certification Unlimited 190 Questions
NEW QUESTION 51
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. Fair value
- C. material value
- D. Absolute value
Answer: B
NEW QUESTION 52
________, one of the Fraud synonyms implies that deceiving so thoroughly as to obscure the truth:
- A. Delude
- B. Beguile
- C. Deceive
- D. Mislead
Answer: A
NEW QUESTION 53
Which of the following is true for Red flags associated with fictitious revenues?
- A. Usual growth in the number of days purchase in receivables
- B. A usual surge in purchase by a majority of units within a company, or of purchase recorded by corporate headquarters.
- C. Slow growth or usual profitability, when not compared to other companies in the same industry.
- D. A significant volume of sales to entries whose substance and ownership is not known.
Answer: D
NEW QUESTION 54
If the assets are intentionally purchased by the company but simply misappropriated by the fraudster, this is referring to as:
- A. Fraudulent purchase
- B. Inventory larceny scheme
- C. Falsify shipping
- D. Asset receiving scheme
Answer: B
NEW QUESTION 55
How many accounts are affected in fraudulent accounting entries and therefore same number of categories on the financial statement?
- A. At least two
- B. None of above
- C. More than two
- D. One
Answer: D
NEW QUESTION 56
The heart of book keeping system is the ___________.
- A. Asset
- B. Journal
- C. Liability
- D. Checkbook
Answer: D
NEW QUESTION 57
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. Financial record
- C. Equity
- D. Accrual basis accounting
Answer: D
NEW QUESTION 58
In physical tampering prevention technique, hidden images can be seen only when the check is held at an angle through:
- A. Holographic safety inks
- B. Chrome coloring
- C. High-resolution sprays
- D. Watermark backers
Answer: D
NEW QUESTION 59
According to a survey, in principal perpetrator, males in a majority of cases, accounting for
___ percent of frauds versus ___ percent in which a female was the primary culprit.
- A. 62 versus 37
- B. 61 versus 39
- C. None of the above
- D. 62 versus 36
Answer: B
NEW QUESTION 60
A running count that records how much inventory should be on hand is referred to:
- A. Altered inventory
- B. Shrinking inventory
- C. Perpetual inventory
- D. Fictitious inventory
Answer: C
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 61
A typical issue involving material and fraud would be:
- A. Misappropriations
- B. Fraudulent statement
- C. Quality control
- D. Civil lawsuit
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 62
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. Services has been rendered
- B. Timings have been met
- C. Persuasive evidence of an arrangement exists
- D. Collectability is reasonably assured
Answer: B
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 63
Asset misappropriations have an effect on the liabilities and do also have an indirect effect on the equity account.
- A. False
- B. True
Answer: A
NEW QUESTION 64
Persuasive evidence of an arrangement does not exist when:
- A. Revenue and corresponding expenses doesn't match each other.
- B. No written or verbal agreement exists.
- C. Capitalized expenses and Liabilities will not be up to satisfied level
- D. Timings not meet properly
Answer: B
NEW QUESTION 65
"Anticipate possible losses and omit potential profits", this results in:
- A. Bearing accounting
- B. Playing accounting
- C. Asymmetrical accounting
- D. Symmetrical accounting
Answer: C
NEW QUESTION 66
Skimming cases can more likely to be detected by:
- A. occupational frauds
- B. Internal audits
- C. Accidents
- D. Internal controls
Answer: C
NEW QUESTION 67
_________ revenues involve the recording sales of goods or services hat did not occur.
- A. Fictitious or fabricated revenues
- B. Red flag revenues
- C. Financial revenues
- D. Concealed revenues
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 68
Which of the following method is NOT used to detect conflicts of interest?
- A. Tips & Complaints
- B. Review of vendor ownership files
- C. Interviews with purchasing personnel
- D. Underbillings of assets
Answer: D
NEW QUESTION 69
Which of the following are used in a short term skimming scheme?
- A. Understated sales, theft of incoming checks and check-for-currency substitutions
- B. Unrecorded sales, understated sales and theft of incoming checks
- C. Unrecorded sales, understated sales and dual endorsements
- D. False company accounts, understated sales and theft of incoming checks
Answer: B
NEW QUESTION 70
A scheme is classified as a Conflict of interest:
- A. when an employee must have some kind of ownership or employment interest in the vendor submitting the invoice.
- B. when a purchaser must have some kind of ownership or employment interest in the vendor submitting the purchase.
- 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: A
NEW QUESTION 71
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. False
- B. True
Answer: A
NEW QUESTION 72
Theft of incoming checks usually occurs when ________ is (are) in charge of opening the mail and recording the receipt of payments.
- A. Two employees
- B. Single employee
- C. None of the above
- D. More than two employees
Answer: B
NEW QUESTION 73
The seller's price to the buyer is not fixed or determinable when:
- A. Payment terms are not extended for a substantial period.
- B. A service or membership fee is not subject predictable cancellation during the contract period.
- C. When the price is not contingent on some future events
- D. The transaction includes an option to exchange the product for others.
Answer: D
NEW QUESTION 74
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