CFE Practice Exam Tests Latest Updated on Oct-2024
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To be eligible to take the ACFE CFE exam, candidates must have at least a bachelor’s degree from an accredited institution, as well as two years of professional experience in a field related to fraud detection and prevention. Candidates must also agree to adhere to a strict code of ethics and conduct.
NEW QUESTION # 32
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. None of the above
- B. Conversion
- C. Fiduciary Capacity
- D. Embezzlement
Answer: C
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 33
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
Explanation:
Section: Investigation
NEW QUESTION # 34
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 a dealer must have some kind of dealership interest in the vendor submitting the stock.
- C. when a salesman must have some kind of ownership or employment interest in the vendor submitting the sales.
- D. when an employee must have some kind of ownership or employment interest in the vendor submitting the invoice.
Answer: D
NEW QUESTION # 35
________ decrease assets and expenses and/or increase liabilities and/or equity
- A. None of all
- B. Journal Entries
- C. Debit
- D. Credit
Answer: D
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 36
Most of the shell company schemes involve the purchase of goods rather than services.
- A. True
- B. False
Answer: B
NEW QUESTION # 37
Which of the following is NOT the reason to bribe employees of the purchaser?
- A. To ensure receipt of a late bid
- B. To ensure bid-splitting
- C. To falsify the bid log
- D. To extend the bid opening date
Answer: B
NEW QUESTION # 38
Maintain the presence of a manager or supervisor near the area of the cash register as a deterrent to theft is a prevention for:
- A. Fraudulent statement scheme
- B. Asset misappropriation scheme
- C. Register disbursement scheme
- D. Larceny scheme
Answer: C
NEW QUESTION # 39
Which of the following are not of Basic types of non-sharable problems?
- A. Violation of ascribed obligations
- B. Business reversals
- C. Larceny by Fraud
- D. Physical Isolation
Answer: C
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 40
__________ are the amounts which are owned to other entities:
- A. Expenses
- B. Liabilities
- C. Assets
- D. Supplies
Answer: B
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 41
Which counts sometimes can give rise to inventory theft detection?
- A. None of the above
- B. Perpetual inventory counts
- C. Concealment inventory counts
- D. Physical inventory counts
Answer: D
NEW QUESTION # 42
The fraudsters' interest lies with an employer other than a company.
- A. True
- B. False
Answer: B
NEW QUESTION # 43
Theft of incoming checks usually occurs when ________ is (are) in charge of opening the mail and recording the receipt of payments.
- A. None of the above
- B. More then two employees
- C. Two employees
- D. Single employee
Answer: D
NEW QUESTION # 44
According to fraud tree, cash has three following schemes:
- A. Skimming, cash larceny and fraudulent disbursements
- B. Cash distribution, skimming and fraud analysis
- C. Fraud analysis, skimming and cash misappropriations
- D. Cash larceny, cash distribution and fraudulent disbursements
Answer: A
NEW QUESTION # 45
Employees steal an incoming payment and then place the incoming funds in an interest bearing account for:
- A. Short-term skimming
- B. All of the above
- C. Concealing the fraud
- D. Converting stolen checks
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 46
Which of the following is NOT the aspect of inventory purchase?
- A. inventory for the year 2 will be much greater than year 1.
- B. Increase sales in year 2 are unexpected and purchase of inventory does not keep pace with the sales.
- C. Inventory purchases purposely increase in year 1 only to be liquidated in year 2.
- D. might be some fraud scheme in inventory.
Answer: A
NEW QUESTION # 47
What can make it easy for an employee to skim sales or receivables?
- A. Internal audits and recording procedures
- B. Register manipulations and recording procedures
- C. Poor collection and recording procedures
- D. Revenue sources and recording procedures
Answer: C
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 48
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