Pass ACFE CFE exam questions - convert Test Engine to PDF
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NEW QUESTION 36
Delivery has not occurred or services have not been rendered when:
- A. Neither A nor B
- B. Until installation and customer testing and acceptance has occurred.
- C. A written order exists but contains a right of return.
- D. Both A & B
Answer: C
NEW QUESTION 37
The person or persons who have access to __________ are often the targets of unethical vendors seeking an advantage in the process.
- A. Bid-splitting
- B. General purchasing
- C. Sealed bids
- D. Tailor specifications
Answer: C
NEW QUESTION 38
Which of the following is NOT the example of bribery prevention policies?
- A. Resource diversions
- B. Reporting gifts
- C. Discounts
- D. Business meetings
Answer: A
NEW QUESTION 39
The difference between assets and liabilities is called:
- A. Equity
- B. Income statement
- C. Revenue
- D. Expense
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 40
The scheme in which the same vendor is receiving favorable treatment van be found in purchases by vendor searches.
- A. False
- B. True
Answer: B
NEW QUESTION 41
Assets that are long-lived and that differ from property, plant and equipment hat has been purchased outright or acquired under a capital lease are:
- A. Forced Assets
- B. None of above
- C. Tangible Assets
- D. Intangible Assets
Answer: D
NEW QUESTION 42
Revenue is recognized when it is:
- A. All of the above
- B. Realized and Evidenced
- C. Realized and Earned
- D. Fictitious and Earned
Answer: C
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 43
When employees avoid detection in a refund scheme to keep the sizes of the disbursement low, is referred to:
- A. None of the above
- B. Simple disbursements
- C. Very small disbursements
- D. Small disbursements
Answer: D
NEW QUESTION 44
Employees with the authority to grant discounts in order to skim revenues may use which authority?
- A. Recording a discount on sale procedure
- B. None of the above
- C. False discounts
- D. Internal discount sales audits
Answer: C
NEW QUESTION 45
According to Hollinger and Clark for Policy development, management must pay attention to:
- A. Enforcement of sanctions
- B. Neither A nor B
- C. Both A & B
- D. A clear understanding regarding theft behavior
Answer: C
Explanation:
Section: Investigation
NEW QUESTION 46
Which sale occurs when the accomplice of the employee-fraudster "buys" merchandise, but the employee does not ring up the sale, and the accomplice takes the merchandise without making any payment?
- A. Fake sale
- B. Whole sale
- C. Fraudster sale
- D. Preliminary sale
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 47
Bank statement are diligently reviewed to ensure that amounts and signature have not been altered, is an activity for:
- A. Bank reconciliation
- B. Check tampering
- C. Account analysis
- D. Check disbursement controls
Answer: D
NEW QUESTION 48
The act of an official or fiduciary person who unlawfully and wrongfully uses his station or character to procure some benefit, contrary to duty and rights of others is called:
- A. Corruption
- B. Conflict of interest
- C. Bribery
- D. Overbilling
Answer: A
NEW QUESTION 49
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 50
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
Explanation:
Section: Investigation
NEW QUESTION 51
_________ revenues involve the recording sales of goods or services hat did not occur.
- A. Red flag revenues
- B. Financial revenues
- C. Fictitious or fabricated revenues
- D. Concealed revenues
Answer: C
NEW QUESTION 52
Skimming is:
- A. The removal of cash from a victim entity after its entry in an accounting system.
- B. The addition of cash from a victim entity prior to its entry in an accounting system.
- C. The removal of cash from a victim entity prior to its entry in an accounting system.
- D. None of above
Answer: C
NEW QUESTION 53
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. False
- B. True
Answer: B
NEW QUESTION 54
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. Single employee
- C. More than two employees
- D. Two employees
Answer: B
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 55
A journal in which all sales made on credit or cash are listed is:
- A. Accounts payable journal
- B. General journal
- C. Disbursement journal
- D. Accounts receivable journal
Answer: D
NEW QUESTION 56
A typical issue involving material and fraud would be:
- A. Fraudulent statement
- B. Quality control
- C. Misappropriations
- D. Civil lawsuit
Answer: C
NEW QUESTION 57
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. Collectability is reasonably assured
- B. Services has been rendered
- C. Persuasive evidence of an arrangement exists
- D. Timings have been met
Answer: D
NEW QUESTION 58
__________ 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. Resource diversion
- D. Disclosure
Answer: D
NEW QUESTION 59
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