[Mar-2022] ACFE Certification CFE Exam Practice Dumps
2022 CFE Premium Files Test pdf - Free Dumps Collection
How to book ACFE CFE Certification Exams
Apply for the CFE exam and submit all your documents one month before scheduling the CFE exam. Part 1: complete the online application form and send the payment. The online application of the CFE exam includes four qualifying sections: qualifications, experience and character, signature declaration and payment.
ACFE CFE Certification Path
On the ACFE's You have to completely fill the CFE Exam application form online website for taking the exam. The Certified Fraud examiner exam application online comprises four sections, namely qualifications, experience and character, signature statement and payment respectively. You are also required to submit supporting documents along with it to the certification portal on ACFE's website. These supporting documents include your photo, proofs of education, proofs of experience and professional recommendations. Once this application is completed, it will take around 3-5 working days to review it and will be notified via email.
ACFE CFE Exam Syllabus Topics:
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NEW QUESTION 63
A running count that records how much inventory should be on hand is referred to:
- A. Fictitious inventory
- B. Perpetual inventory
- C. Altered inventory
- D. Shrinking inventory
Answer: B
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 64
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
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 65
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. Very small disbursements
- C. Small disbursements
- D. Simple disbursements
Answer: C
NEW QUESTION 66
Multiple cashiers operate from a single cash drawer without separate access codes is a red flag for:
- A. Register scheme
- B. Force inventory scheme
- C. Fraudulent scheme
- D. Disbursement scheme
Answer: A
NEW QUESTION 67
The seller's price to the buyer is not fixed or determinable when:
- A. The transaction includes an option to exchange the product for others.
- B. A service or membership fee is not subject predictable cancellation during the contract period.
- C. Payment terms are not extended for a substantial period.
- D. When the price is not contingent on some future events
Answer: A
NEW QUESTION 68
__________ may be defined as the offering, giving, receiving or soliciting anything of value to influence an official act.
- A. Diverting business to vendors
- B. Lacking approval authority
- C. Corruption
- D. Bribery
Answer: D
NEW QUESTION 69
The forms that allow noncash assets to be moved from one location in a company to another can be used to facilitate the misappropriation of those assets are called:
- A. Fake sales
- B. All of the above
- C. Asset requisition
- D. Inventory usages
Answer: C
NEW QUESTION 70
In which phase of competitive bidding process, fraudsters attempt to influence the selection of a contractor by restricting the pool of competitors from whom bids are sought?
- A. Solicitation
- B. Submission
- C. False specification
- D. Need recognition
Answer: A
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION 71
The prime targets for skimming schemes which are hard to monitor and predict such as late fees and parking fees, are:
- A. Internal audits
- B. Revenue sources
- C. Recorded sales
- D. Register manipulations
Answer: B
Explanation:
Section: Financial Transactions and Fraud Schemes
Explanation/Reference:
NEW QUESTION 72
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. Need recognition scheme
- C. Submission scheme
- D. Presolicitation scheme
Answer: B
NEW QUESTION 73
Another way to eliminate competition in the solicitation phase of the selection process is to:
- A. None of the above
- B. Solicit bid from fictitious suppliers
- C. Solicit bid-splitting from fictitious vendors
- D. Solicit transaction from fictitious vendors
Answer: B
NEW QUESTION 74
Physical tampering prevention is a check tampering technique that is used to secure bank assisted controls.
- A. False
- B. True
Answer: A
Explanation:
Section: Investigation
Explanation/Reference:
NEW QUESTION 75
____________ is a process by which a bookkeeper records all transactions and can adjust the books.
- A. Financial statement
- B. Accounting Cycle
- C. None of all
- D. Journal Entries
Answer: D
NEW QUESTION 76
In ____________ scheme, a supplier pays an employee of the purchasing company to write specifications that will require amendments at a later date.
- A. Deliberate writing of vague specifications
- B. Bid-splitting
- C. False specification
- D. Need recognition
Answer: A
NEW QUESTION 77
The excess credits (or debits) on the income statement are used to decrease (or increase) the equity account.
- A. False
- B. True
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
Explanation/Reference:
NEW QUESTION 78
By what accountant means that the financial figures presented by the company are at least as much as reflected in the statements, if not more.
- A. Matching
- B. Fraudulent statement
- C. Misappropriations
- D. Conservatism
Answer: D
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 79
The seller's price to the buyer is not fixed or determinable when:
- A. The transaction includes an option to exchange the product for others.
- B. A service or membership fee is not subject predictable cancellation during the contract period.
- C. Payment terms are not extended for a substantial period.
- D. When the price is not contingent on some future events
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
Explanation/Reference:
NEW QUESTION 80
Which check tampering red flag may indicate employees have embezzled cash and charged the embezzlement to expense accounts?
- A. Missing checks
- B. Duplicate checks
- C. Payable checks
- D. Voided checks
Answer: A
NEW QUESTION 81
CORRECT TEXT
_________ is defined as a person who works for the victim organization and who is primary culprit
Answer:
Explanation:
Pending
NEW QUESTION 82
Another way to eliminate competition in the solicitation phase of the selection process is to:
- A. None of the above
- B. Solicit bid from fictitious suppliers
- C. Solicit bid-splitting from fictitious vendors
- D. Solicit transaction from fictitious vendors
Answer: B
NEW QUESTION 83
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