Latest [Oct 01, 2021] ACFE CFE Exam Practice Test To Gain Brilliante Result
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NEW QUESTION 84
The most basic skimming scheme occurs when:
- A. An employee buy goods or services from a stakeholder, drop the stakeholder's payment and makes record of the purchase too.
- B. An employee buy goods or services from a customer, drop the customer's payment, but makes no record of the purchase.
- 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 sells goods or services to a customer, collects the customer's payment, but makes no record of the sale.
Answer: D
NEW QUESTION 85
Forced reconciliation of the account says:
- A. to conceal shrinkage is to change the perpetual inventory record so that it matches the physical inventory count.
- B. to conceal inventory is to alter shrinkage record so that it matches the physical inventory count.
- C. to conceal write-offs is to change the perpetual inventory record so that it matches the physical inventory count.
- D. to conceal shrinkage is to alter inventory record so that it matches the physical inventory count.
Answer: A
NEW QUESTION 86
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. Capitalized expenses and Liabilities
- B. Revenue and Income statement
- C. Income statement and Long-term contracts
- D. Revenue and corresponding expenses
Answer: D
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 87
Employees steal an incoming payment and then place the incoming funds in an interest bearing account for:
- A. Short-term skimming
- B. Concealing the fraud
- C. All of the above
- D. Converting stolen checks
Answer: A
NEW QUESTION 88
Which of the following is not the skimming scheme?
- A. Understand sales and receivables
- B. Unrecorded sales
- C. Theft of checks through the mail
- D. Fraud & Cost
Answer: D
NEW QUESTION 89
Statistical sampling enables the examiner to predict the occurrence rate for the population and therefore determine with some accuracy the error rate, or the potential for fraud.
- A. True
- B. False
Answer: A
NEW QUESTION 90
The amount of cash on hand in a register may be compared to the amount showing in the register tape in order to detect _______.
- A. Employee theft
- B. Internal audits
- C. Recorded sales
- D. Occupational frauds
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 91
The scheme which reduces victim companies to issue fraudulent payments for goods or services that they have not received is called:
- A. Reliance billing
- B. Bogus claims
- C. Misappropriate claims
- D. Billing scheme
Answer: B
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION 92
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 sale merchandise that the company does not need.
- C. employees cause their company to sale merchandise that the company does not need.
- D. employees do not cause their company to purchase merchandise that the company does not need.
Answer: A
NEW QUESTION 93
__________ is required if and when officers, executives or other persons in trusted positions become subjects of a criminal indictment.
- A. Resource diversion
- B. Conflict of interest
- C. Disclosure
- D. Turnaround sale or flip
Answer: C
NEW QUESTION 94
____________ corrupt employees can cause inventory to be fraudulently delivered to themselves or accomplices.
- A. False shipping slip
- B. False packing slip
- C. Fraudulent inventory slip
- D. False credit slip
Answer: B
NEW QUESTION 95
The more power a person has over the bidding process, the more likely the person can influence the selection of a supplier.
- A. True
- B. False
Answer: A
NEW QUESTION 96
A process by which several bidders conspire to split contracts up and ensure that each gets a certain amount of work is called:
- A. Bid opening
- B. Bid pooling
- C. Fictitious Bidding
- D. Bid log
Answer: B
NEW QUESTION 97
The most basic skimming scheme occurs when:
- A. An employee buy goods or services from a stakeholder, drop the stakeholder's payment and makes record of the purchase too.
- B. An employee buy goods or services from a customer, drop the customer's payment, but makes no record of the purchase.
- 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 sells goods or services to a customer, collects the customer's payment, but makes no record of the sale.
Answer: D
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 98
Bank statement are diligently reviewed to ensure that amounts and signature have not been altered, is an activity for:
- A. Check disbursement controls
- B. Bank reconciliation
- C. Account analysis
- D. Check tampering
Answer: A
NEW QUESTION 99
Which check tampering red flag may indicate employees have embezzled cash and charged the embezzlement to expense accounts?
- A. Duplicate checks
- B. Voided checks
- C. Missing checks
- D. Payable checks
Answer: C
NEW QUESTION 100
__________ can be defined as conduct detrimental to the organization and to the employee.
- A. Employee fraud
- B. All of the above
- C. Employee theft
- D. Employee deviance
Answer: D
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION 101
A journal in which all sales made on credit or cash are listed is:
- A. Accounts payable journal
- B. General journal
- C. Accounts receivable journal
- D. Disbursement journal
Answer: C
Explanation:
Section: Investigation
NEW QUESTION 102
________ increase assets and expenses and/or decrease liabilities and/or equity
- A. Debit
- B. None of all
- C. Credit
- D. Journal Entries
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 103
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
Explanation:
Section: Investigation
NEW QUESTION 104
__________ are the amounts which are owned to other entities:
- A. Liabilities
- B. Supplies
- C. Assets
- D. Expenses
Answer: A
NEW QUESTION 105
Which of the following are not of Basic types of non-sharable problems?
- A. Larceny by Fraud
- B. Physical Isolation
- C. Business reversals
- D. Violation of ascribed obligations
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 106
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