Free ACFE CFE-Financial-Transactions-and-Fraud-Schemes Practice Test & Real Exam Questions
Which of the following factors is NOT included in most financial statement schemes?
Correct Answer: D
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The difference between assets and liabilities is called:
Correct Answer: A
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Which of the following would be helpful in detecting a cash larceny scheme?
Correct Answer: A
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Which of the following is TRUE regarding accrual-basis accounting?
Correct Answer: C
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The excess credits (or debits) on the income statement are used to decrease (or increase) the equity account.
Correct Answer: B
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___________ allows the fraud examiner to inspect key attributes on a smaller portion (or sample) of those documents.
Correct Answer:
Sampling
* Rationale for Correct Answer:Sampling is a fraud examination technique that enables investigators to review a subset of documents rather than all records. Properly designed sampling provides reasonable assurance and allows focus on anomalies or red flags.
* Key Concept:Sampling in fraud examination and audit testing.
Reference:ACFE Fraud Examiners Manual (2020 International Edition), Fraud Examination Techniques - Sampling and Document Review.
* Rationale for Correct Answer:Sampling is a fraud examination technique that enables investigators to review a subset of documents rather than all records. Properly designed sampling provides reasonable assurance and allows focus on anomalies or red flags.
* Key Concept:Sampling in fraud examination and audit testing.
Reference:ACFE Fraud Examiners Manual (2020 International Edition), Fraud Examination Techniques - Sampling and Document Review.
Which of the following is NOT the reason to bribe employees of the purchaser?
Correct Answer: A
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Which of the following is a TRUE statement about counterfeit payment cards?
Correct Answer: B
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Larceny by fraud or deception means that:
Correct Answer: D
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According to accounting principles, ________ and ________ should be recorded or matched in the same accounting period; failing to do so violates the matching principle of GAAP.
Correct Answer: A
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White used a company vehicle for unauthorized, personal purposes while working in a different city. He provided false written and oral information regarding the use of the vehicle. The vehicle was returned without damages. What type of fraud did White commit?
Correct Answer: B
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The principal way to detect omitted credits from books of account is through:
Correct Answer: D
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To detect fraud committed by a health care provider, a fraud examiner should look for which of the following red flags?
Correct Answer: B
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