2023 Updated Verified CFE Q&As - Pass Guarantee or Full Refund
[Aug-2023] CFE Certification with Actual Questions from ITCertMagic
NEW QUESTION # 46
The difference between assets and liabilities is called:
- A. Expense
- B. Revenue
- C. Equity
- D. Income statement
Answer: C
NEW QUESTION # 47
The seller's price to the buyer is not fixed or determinable when:
- A. Payment terms are not extended for a substantial period.
- B. The transaction includes an option to exchange the product for others.
- C. A service or membership fee is not subject predictable cancellation during the contract period.
- D. When the price is not contingent on some future events
Answer: B
NEW QUESTION # 48
CORRECT TEXT
__________ means that traditional bribery statutes proscribe only payments made to influence the decisions of government agents or employees.
Answer:
Explanation:
Pending
NEW QUESTION # 49
False billing scheme states that:
- A. employees do not cause their company to sale merchandise that the company does not need.
- B. employees cause their company to sale merchandise that the company does not need.
- C. employees cause their company to purchase merchandise that the company does not need
- D. employees do not cause their company to purchase merchandise that the company does not need.
Answer: C
Explanation:
Section: Financial Transactions and Fraud Schemes
Explanation
NEW QUESTION # 50
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. Microline numbering
- B. None of the above
- C. Embossed pearlescent numbering
- D. Holographic safety border
Answer: D
NEW QUESTION # 51
_________ normally are carried on an organization's books as expenses because they tend to be consumed by the organization within a year of purchase.
- A. Expenses
- B. Assets
- C. Supplies
- D. Equity
Answer: C
Explanation:
Section: Financial Transactions and Fraud Schemes
Explanation
NEW QUESTION # 52
In ___________ scheme, an employee creates false vouchers or submits false invoices to the employer.
- A. Voucher handling
- B. Sale requisition
- C. Cash generating
- D. Purchase requisition
Answer: C
NEW QUESTION # 53
According to Hollinger and Clark for Policy development, management must pay attention to:
- A. Both A & B
- B. Enforcement of sanctions
- C. Neither A nor B
- D. A clear understanding regarding theft behavior
Answer: A
NEW QUESTION # 54
__________ may be defined as the offering, giving, receiving or soliciting anything of value to influence an official act.
- A. Diverting business to vendors
- B. Bribery
- C. Lacking approval authority
- D. Corruption
Answer: B
NEW QUESTION # 55
____________ is a process by which a bookkeeper records all transactions and can adjust the books.
- A. Financial statement
- B. None of all
- C. Journal Entries
- D. Accounting Cycle
Answer: C
NEW QUESTION # 56
Which of the following is the criterion for bid solicitation?
- A. To withdraw low bids
- B. Allowing the purchaser to discuss possible employment with the contractor
- C. To falsify the bid log
- D. Containing false statements
Answer: B
NEW QUESTION # 57
_____________ involves purposeful misreporting of financial information about the organization that is intended to mislead those who read it.
- A. None of above
- B. Fraudulent statement
- C. Asset misappropriations
- D. Corruption
Answer: B
NEW QUESTION # 58
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. Net realizable value
- B. Fair value
- C. Cost
- D. Going concern
Answer: A
NEW QUESTION # 59
Skimming cases can more likely to be detected by:
- A. Internal controls
- B. occupational frauds
- C. Accidents
- D. Internal audits
Answer: C
NEW QUESTION # 60
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 buy goods or services from a customer, drop the customer's payment, but makes no record of the purchase.
- D. An employee sells goods or services to a stakeholder, collects the stakeholder's payment and makes record of the sale too.
Answer: A
NEW QUESTION # 61
SIMULATION
______________ is required not only for theft, but for procedures to detect errors, avoid waste and insure a proper amount of inventory is maintained.
Answer:
Explanation:
Inventory control
NEW QUESTION # 62
According to accounting principles, ________ and ________ should be recorded or atched in the same accounting period; failing to do so violates the matching principle of AAP.
- A. Revenue and corresponding expenses
- B. Revenue and Income statement
- C. Capitalized expenses and Liabilities
- D. Income statement and Long-term contracts
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 63
__________ may be defined as the offering, giving, receiving or soliciting anything of value to influence an official act.
- A. Diverting business to vendors
- B. Bribery
- C. Lacking approval authority
- D. Corruption
Answer: B
NEW QUESTION # 64
Any expenses that are incurred but not paid by the end of the year are counted in our records of profit and loss, are called:
- A. Expenses
- B. Depreciations
- C. Accruals
- D. Financial record
Answer: C
NEW QUESTION # 65
"Anticipate possible losses and omit potential profits", this results in:
- A. Asymmetrical accounting
- B. Playing accounting
- C. Bearing accounting
- D. Symmetrical accounting
Answer: A
NEW QUESTION # 66
_________ revenues involve the recording sales of goods or services hat did not occur.
- A. Fictitious or fabricated revenues
- B. Financial revenues
- C. Red flag revenues
- D. Concealed revenues
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 67
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. Fair value
- B. Absolute value
- C. Cost value
- D. material value
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 68
Once the expense account is closed, it becomes a historical item and probably will never be reviewed again.
- A. False
- B. True
Answer: B
NEW QUESTION # 69
......
CFE Real Valid Brain Dumps With 190 Questions: https://www.itcertmagic.com/ACFE/real-CFE-exam-prep-dumps.html
Updated CFE Dumps PDF: https://drive.google.com/open?id=1lKjNHA_3SnGqfkg_fQM1AHClRz7GNoRT