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The CFE exam is designed to test a candidate's knowledge and understanding of various aspects of fraud detection and prevention, including financial transactions, fraud schemes, and investigative techniques. CFE exam consists of four sections, which cover fraud types and schemes, investigation techniques, financial transactions, and legal elements of fraud.
NEW QUESTION # 86
__________ are the amounts which are owned to other entities:
- A. Supplies
- B. Liabilities
- C. Expenses
- D. Assets
Answer: B
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 87
The prime targets for skimming schemes which are hard to monitor and predict such as late fees and parking fees, are:
- A. Recorded sales
- B. Register manipulations
- C. Internal audits
- D. Revenue sources
Answer: D
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 88
False billing scheme states that:
- A. employees cause their company to purchase merchandise that the company does not need
- B. employees do not cause their company to purchase merchandise that the company does not need.
- C. employees do not cause their company to sale merchandise that the company does not need.
- D. employees cause their company to sale merchandise that the company does not need.
Answer: A
NEW QUESTION # 89
Which of the following is the criterion for bid solicitation?
- A. To falsify the bid log
- B. Allowing the purchaser to discuss possible employment with the contractor
- C. To withdraw low bids
- D. Containing false statements
Answer: B
NEW QUESTION # 90
Entering a sales total lower than the amount actually paid by the customer is called:
- A. Underrings a sale
- B. All of the above
- C. Internal sales audits
- D. Recording a sale procedure
Answer: A
NEW QUESTION # 91
The scheme in which the same vendor is receiving favorable treatment can be found in purchases by vendor searches.
- A. False
- B. True
Answer: B
NEW QUESTION # 92
The most common method of detection in corruption cases is:
- A. By accident
- B. Internal audits
- C. Internal controls
- D. Tips
Answer: D
NEW QUESTION # 93
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. False
- B. True
Answer: B
Explanation:
Section: Financial Transactions and Fraud Schemes
Explanation/Reference:
NEW QUESTION # 94
When a victim company purchases unnecessary goods or services from a supplier at the direction of the corrupt employee, this results in:
- A. False sole-source scheme
- B. Submission scheme
- C. Need recognition scheme
- D. Presolicitation scheme
Answer: C
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 95
Persuasive evidence of an arrangement does not exist when:
- A. No written or verbal agreement exists.
- B. Capitalized expenses and Liabilities will not be up to satisfied level
- C. Timings not meet properly
- D. Revenue and corresponding expenses doesn't match each other.
Answer: A
NEW QUESTION # 96
__________ is required if and when officers, executives or other persons in trusted positions become subjects of a criminal indictment.
- A. Turnaround sale or flip
- B. Conflict of interest
- C. Disclosure
- D. Resource diversion
Answer: C
NEW QUESTION # 97
Which of the following is NOT the example of bribery prevention policies?
- A. Discounts
- B. Business meetings
- C. Reporting gifts
- D. Resource diversions
Answer: D
NEW QUESTION # 98
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: B
NEW QUESTION # 99
Conflict of interest cases are more easily prevented than detected.
- A. False
- B. True
Answer: B
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 100
In which approach, fraudsters produce whatever financial statements they wish, perhaps using just a typewriter or a personal computer.
- A. Outside accounting system
- B. Beating accounting
- C. Playing the accounting
- D. Organized accounting
Answer: A
NEW QUESTION # 101
Which of the following is NOT the reason to bribe employees of the purchaser?
- A. To ensure bid-splitting
- B. To falsify the bid log
- C. To extend the bid opening date
- D. To ensure receipt of a late bid
Answer: A
NEW QUESTION # 102
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 inventory control
- C. Proper documentation, segregation of duties, independent checks and physical safeguards
- D. prenumbered affiliations, segregation of duties, independent checks and physical safeguards
Answer: C
Explanation:
Section: Fraud Prevention and Deterrence
Explanation/Reference:
NEW QUESTION # 103
The behavior profile of employees who are involved in bribery schemes may include:
- A. Extravagant lifestyle
- B. All of the above
- C. Drug and/or alcohol addiction
- D. Gambling habit
Answer: B
NEW QUESTION # 104
When an incorrect total is carried from the journal to the ledger or from ledger to the financial statements, this method is called:
- A. Forced Balance
- B. None of all
- C. Out-of-balance
- D. False balance
Answer: A
NEW QUESTION # 105
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The CFE certification is highly respected in the anti-fraud community and is recognized by employers, government agencies, and law enforcement organizations around the world. Holding the CFE certification demonstrates a commitment to the anti-fraud profession and a dedication to ethical behavior and professional standards. CFEs are also required to maintain their certification through continuing education and must adhere to the ACFE's Code of Professional Ethics.
ACFE CFE certification exam is a comprehensive test that covers a wide range of topics related to fraud investigation and prevention. CFE exam is divided into four sections, including Fraud Prevention and Deterrence, Financial Transactions and Fraud Schemes, Investigation, and Legal Elements of Fraud. Each section of the exam is designed to test the candidate's knowledge and skills in a specific area of fraud examination. CFE exam consists of 125 multiple-choice questions, and candidates are given four hours to complete the exam.
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