[Sep 29, 2022] 100% Pass Guarantee for CFE Dumps with Actual Exam Questions
Today Updated CFE Exam Dumps Actual Questions
ACFE CFE Certification Path
On the ACFE's You have to completely fill the CFE Exam application form online website for taking the exam. The Certified Fraud examiner exam application online comprises four sections, namely qualifications, experience and character, signature statement and payment respectively. You are also required to submit supporting documents along with it to the certification portal on ACFE's website. These supporting documents include your photo, proofs of education, proofs of experience and professional recommendations. Once this application is completed, it will take around 3-5 working days to review it and will be notified via email.
NEW QUESTION 58
_________ revenues involve the recording sales of goods or services hat did not occur.
- A. Red flag revenues
- B. Fictitious or fabricated revenues
- C. Financial revenues
- D. Concealed revenues
Answer: B
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 59
Which of the following is NOT standard of generally accepted accounting principles?
- A. Cost
- B. Full disclosure
- C. Conservatism
- D. Quality control
Answer: D
NEW QUESTION 60
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
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION 61
Once the expense account is closed, it becomes a historical item and probably will never be reviewed again.
- A. True
- B. False
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 62
False billing scheme states that:
- A. employees cause their company to sale merchandise that the company does not need.
- B. employees do not cause their company to sale merchandise that the company does not need.
- C. employees do not cause their company to purchase merchandise that the company does not need.
- D. employees cause their company to purchase merchandise that the company does not need
Answer: D
NEW QUESTION 63
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. Collectability is reasonably assured
- C. Persuasive evidence of an arrangement exists
- D. Timings have been met
Answer: D
NEW QUESTION 64
A scheme is classified as a Conflict of interest:
- A. when a salesman must have some kind of ownership or employment interest in the vendor submitting the sales.
- B. when an employee must have some kind of ownership or employment interest in the vendor submitting the invoice.
- C. when a dealer must have some kind of dealership interest in the vendor submitting the stock.
- D. when a purchaser must have some kind of ownership or employment interest in the vendor submitting the purchase.
Answer: B
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION 65
The behavior profile of employees who are involved in bribery schemes may include:
- A. Drug and/or alcohol addiction
- B. Extravagant lifestyle
- C. Gambling habit
- D. All of the above
Answer: D
NEW QUESTION 66
Which of the following is NOT the reason to bribe employees of the purchaser?
- A. To ensure receipt of a late bid
- B. To falsify the bid log
- C. To extend the bid opening date
- D. To ensure bid-splitting
Answer: D
NEW QUESTION 67
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 stakeholder, drop the stakeholder's payment and makes record of the purchase too.
- 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 customer, drop the customer's payment, but makes no record of the purchase.
Answer: A
NEW QUESTION 68
__________ inventory and other assets is relatively common way for fraudsters to remove assets from the books before or after they are stolen.
- A. False shipping slip
- B. Perpetual
- C. Altered
- D. Write-offs
Answer: A
NEW QUESTION 69
Which of the following method is NOT used to detect conflicts of interest?
- A. Tips & Complaints
- B. Underbillings of assets
- C. Interviews with purchasing personnel
- D. Review of vendor ownership files
Answer: B
NEW QUESTION 70
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. Net realizable value
- C. Fair value
- D. Going concern
Answer: B
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 71
Which of the following is NOT the aspect of inventory purchase?
- A. Inventory purchases purposely increase in year 1 only to be liquidated in year 2.
- B. inventory for the year 2 will be much greater than year 1.
- C. Increase sales in year 2 are unexpected and purchase of inventory does not keep pace with the sales.
- D. might be some fraud scheme in inventory.
Answer: B
NEW QUESTION 72
Entering a sales total lower than the amount actually paid by the customer is called:
- A. All of the above
- B. Internal sales audits
- C. Recording a sale procedure
- D. Underrings a sale
Answer: D
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 73
What is sometimes used to overcome well-designed internal controls of a victim company?
- A. Fraudulent invoices
- B. Shell company
- C. Rubber stamp supervisors
- D. Collusion
Answer: D
NEW QUESTION 74
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 75
If the assets are intentionally purchased by the company but simply misappropriated by the fraudster, this is referring to as:
- A. Asset receiving scheme
- B. Inventory larceny scheme
- C. Falsify shipping
- D. Fraudulent purchase
Answer: B
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 76
The most common method for billing scheme is:
- A. Accident
- B. Tips
- C. Register
- D. None of the above
Answer: B
NEW QUESTION 77
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 stakeholder, drop the stakeholder's payment and makes record of the purchase too.
- 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 customer, drop the customer's payment, but makes no record of the purchase.
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 78
Which of the following is NOT the example of bribery prevention policies?
- A. Reporting gifts
- B. Resource diversions
- C. Business meetings
- D. Discounts
Answer: B
NEW QUESTION 79
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