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Improve your marketing and job security
Robert Half International identifies the CFE as “required … one of the most marketable credentials today” and AE Feldman, a leading executive research firm, says that “… CFE has become the point of reference for fraud.”
For example, the probability of promotional opportunities for security personnel (G4, Wells Fargo Limited, Bob Morgan Security Ltd among others) increases by 100%, for those with CFE compared to those who do not have a CFE. Auditors with CFE are 3 times more likely to get greener opportunities elsewhere. Law enforcement officers (police, CID) with CFE are 1.8 times more likely to be assigned to fact-finding missions or to be hired for private work.
NEW QUESTION 67
A shell company scheme in which actual goods or services are sold to the victim company is known as:
- A. Allocation scheme
- B. Maintenance scheme
- C. Distribution scheme
- D. Pass-through scheme
Answer: D
Explanation:
Section: Fraud Prevention and Deterrence
Explanation
NEW QUESTION 68
According to a survey, in principal perpetrator, males in a majority of cases, accounting for
___ percent of frauds versus ___ percent in which a female was the primary culprit.
- A. 62 versus 36
- B. 61 versus 39
- C. None of the above
- D. 62 versus 37
Answer: B
NEW QUESTION 69
Once the expense account is closed, it becomes a historical item and probably will never be reviewed again.
- A. False
- B. True
Answer: B
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 70
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. When the price is not contingent on some future events
- D. A service or membership fee is not subject predictable cancellation during the contract period.
Answer: B
Explanation:
Section: Financial Transactions and Fraud Schemes
Explanation/Reference:
NEW QUESTION 71
A person is said to be in ________ act, when the business which he transacts, or the money or property which he handles, is not for his own benefit, but for another person:
- A. Embezzlement
- B. Conversion
- C. None of the above
- D. Fiduciary Capacity
Answer: D
NEW QUESTION 72
A scheme is classified as a Conflict of interest:
- A. when a purchaser must have some kind of ownership or employment interest in the vendor submitting the purchase.
- B. when an employee must have some kind of ownership or employment interest in the vendor submitting the invoice.
- C. when a salesman must have some kind of ownership or employment interest in the vendor submitting the sales.
- D. when a dealer must have some kind of dealership interest in the vendor submitting the stock.
Answer: B
NEW QUESTION 73
By removing a tangible asset from the business (a debit), the books will be ___________ by the exact amount of the tangible asset misappropriated.
- A. Out-of-balance
- B. None of all
- C. Journal Entries
- D. False debits
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 74
SIMULATION
A ____________ can be very costly for an organization to undertake, both in terms of money and time spent.
Answer:
Explanation:
Civil lawsuit
NEW QUESTION 75
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 76
Collusion or bid-rigging between bidders is called
- A. To withdraw low bids
- B. Bid solicitation
- C. Contract acceptance
- D. Bribery receipt
Answer: C
NEW QUESTION 77
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. Tangible Assets
- B. Intangible Assets
- C. Forced Assets
- D. None of above
Answer: B
NEW QUESTION 78
__________ can be defined as conduct detrimental to the organization and to the employee.
- A. Employee fraud
- B. Employee theft
- C. All of the above
- D. Employee deviance
Answer: D
NEW QUESTION 79
Which of the following search is used for unusually high incidence of returns and allowances scheme?
- A. Disposals of allowances than reorders
- B. Returns and allowances
- C. None of the above
- D. Allowances by vendors
Answer: B
NEW QUESTION 80
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. Watermark backers
- C. Chrome coloring
- D. High-resolution sprays
Answer: B
NEW QUESTION 81
What is sometimes used to overcome well-designed internal controls of a victim company?
- A. Collusion
- B. Fraudulent invoices
- C. Rubber stamp supervisors
- D. Shell company
Answer: A
NEW QUESTION 82
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. Income statement and Long-term contracts
- C. Revenue and Income statement
- D. Revenue and corresponding expenses
Answer: D
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 83
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. Need recognition
- D. False specification
Answer: A
NEW QUESTION 84
When an incorrect total is carried from the journal to the ledger or from ledger to the financial statements, this method is called:
- A. Forced Balance
- B. Out-of-balance
- C. None of all
- D. False balance
Answer: A
NEW QUESTION 85
The essential elements of a ________ are an actual or constructive taking away of the goods or property of another with the without the consent and against the will of the owner and with a felonious intent.
- A. Larceny
- B. None of the above
- C. Abuse
- D. Fiduciary
Answer: A
NEW QUESTION 86
The behavior profile of employees who are involved in bribery schemes may include:
- A. Drug and/or alcohol addiction
- B. Extravagant lifestyle
- C. Gambling habit
- D. All of the above
Answer: D
Explanation:
Section: Fraud Prevention and Deterrence
Explanation
NEW QUESTION 87
Which of the following is NOT the phase of the bidding process?
- A. Postsolicitation
- B. Submission
- C. Solicitation
- D. Presolicitation
Answer: A
Explanation:
Section: Fraud Prevention and Deterrence
Explanation/Reference:
NEW QUESTION 88
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. When the price is not contingent on some future events
- D. A service or membership fee is not subject predictable cancellation during the contract period.
Answer: B
NEW QUESTION 89
Which of the following is NOT the aspect of inventory purchase?
- A. Inventory purchases purposely increase in year 1 only to be liquidated in year 2.
- B. inventory for the year 2 will be much greater than year 1.
- C. might be some fraud scheme in inventory.
- D. Increase sales in year 2 are unexpected and purchase of inventory does not keep pace with the sales.
Answer: B
NEW QUESTION 90
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. Fraudster sale
- B. Whole sale
- C. Preliminary sale
- D. Fake sale
Answer: D
NEW QUESTION 91
How many accounts are affected in fraudulent accounting entries and therefore same number of categories on the financial statement?
- A. More than two
- B. At least two
- C. One
- D. None of above
Answer: C
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 92
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How much ACFE CFE Certification Exam cost
The price of ACFE CFE exam is 400 USD.
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