Real ACFE CFE Exam Dumps with Correct 190 Questions and Answers
Valid CFE Test Answers & ACFE CFE Exam PDF
Introduction to ACFE CFE Certification Exam
The accounting profession requires workers to become students throughout their lives, keeping up to date with the latest laws and regulations governing their field. For this reason, many accountants specialize in a sub-area, such as fraud. Fraud costs companies billions of dollars every year, and as criminals get smarter, companies must do it too. To prevent and detect fraud, companies turn to industry experts called Certified Fraud Examiners (CFE).
In the late 1980s, the Association of Certified Fraud Examiners (ACFE) launched the CFE certification. Since then, fraud examiners around the world have obtained this certification to learn about the best fraud prevention practices and advance their careers. CFEs have specialist accounting skills and a deep understanding of how criminals attempt to defraud businesses.
This article explains what a CFE is and how to become a certified fraud examiner. At the end of the article, you can read an interview with a practicing CFE.
NEW QUESTION 40
Which of the following are the classifications for the Corruption?
- A. Bribery, economic extortion, illegal gratuities and conflicts of interest
- B. Corruption, bribery, economic extortion, conflicts of interest
- C. economic extortion, bribery, illegal gratuities and corruption
- D. Overbilling, bribery, bid-ridding and illegal gratuities
Answer: A
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION 41
The principle behind full disclosure is:
- A. None of above
- B. Any material deviation from GAAP must be explained to writer of the financial information.
- C. Any material deviation from SAS must be explained to the writer oh the financial information.
- D. Any material deviation from GAAP must be explained to the reader of the financial information.
Answer: D
NEW QUESTION 42
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. None of the above
- B. 62 versus 37
- C. 61 versus 39
- D. 62 versus 36
Answer: C
NEW QUESTION 43
Perceived certainty of detection is directly related to employee theft for respondents in all industry sectors, that is the stronger the perception that theft would be detected, the more the likelihood that the employee would engage in deviant behavior.
- A. False
- B. True
Answer: A
NEW QUESTION 44
Once the expense account is closed, it becomes a historical item and probably will never be reviewed again.
- A. True
- B. False
Answer: A
NEW QUESTION 45
Bid-rigging scheme occurs when:
- A. an employee once assists a vendor in winning a contract through a single competitive bidding process.
- B. an employee does not assist a vendor in winning a contract through the competitive bidding process.
- C. an employee once assists a vendor in winning a contract through a single competitive bidding process.
- D. an employee fraudulently assists a vendor in winning a contract through the competitive bidding process.
Answer: D
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION 46
When situational pressures and perceived opportunities are low and personal integrity is high, occupational fraud is much more likely to occur than when the opposite is true.
- A. False
- B. True
Answer: A
NEW QUESTION 47
"Anticipate possible losses and omit potential profits", this results in:
- A. Asymmetrical accounting
- B. Bearing accounting
- C. Symmetrical accounting
- D. Playing accounting
Answer: A
NEW QUESTION 48
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. None of the above
- B. 62 versus 37
- C. 61 versus 39
- D. 62 versus 36
Answer: C
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION 49
_________ assumes the business will go on indefinitely in the future.
- A. Going concern
- B. Materiality
- C. Fair value
- D. Cost
Answer: A
NEW QUESTION 50
Any expenses that are incurred but not paid by the end of the year are counted in our records of profit and loss, are called:
- A. Depreciations
- B. Accruals
- C. Financial record
- D. Expenses
Answer: B
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 51
A variation between the physical inventory and the perpetual inventory totals is called:
- A. Shrinkage
- B. Write-offs
- C. Account receivable
- D. Altered inventory
Answer: A
NEW QUESTION 52
Employees with the authority to grant discounts in order to skim revenues may use which authority?
- A. None of the above
- B. Recording a discount on sale procedure
- C. False discounts
- D. Internal discount sales audits
Answer: C
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 53
Which counts sometimes can give rise to inventory theft detection?
- A. Physical inventory counts
- B. Perpetual inventory counts
- C. None of the above
- D. Concealment inventory counts
Answer: A
NEW QUESTION 54
______________ can be detected by closely examining the documentation submitted with the cash receipts.
- A. None of the above
- B. Voided purchases
- C. Approved transaction
- D. Fictitious refunds
Answer: D
Explanation:
Section: Investigation
NEW QUESTION 55
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 56
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
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION 57
The behavior profile of employees who are involved in bribery schemes may include:
- A. Drug and/or alcohol addiction
- B. All of the above
- C. Gambling habit
- D. Extravagant lifestyle
Answer: B
Explanation:
Section: Fraud Prevention and Deterrence
Explanation
NEW QUESTION 58
__________ is required if and when officers, executives or other persons in trusted positions become subjects of a criminal indictment.
- A. Conflict of interest
- B. Resource diversion
- C. Disclosure
- D. Turnaround sale or flip
Answer: C
NEW QUESTION 59
Which of the following method is NOT used to detect conflicts of interest?
- A. Interviews with purchasing personnel
- B. Tips & Complaints
- C. Review of vendor ownership files
- D. Underbillings of assets
Answer: D
Explanation:
Section: Fraud Prevention and Deterrence
Explanation/Reference:
NEW QUESTION 60
In which of the following process, all bidders are legally supposed to be placed on the same plane of equality, bidding on the same terms and conditions?
- A. Kickbacks
- B. Competitive bidding
- C. Bid solicitation
- D. Bid-rigging
Answer: B
NEW QUESTION 61
A fabricated name and the post office box that an employee uses to collect disbursements from false billings is called:
- A. Cash generator
- B. Perpetrator check
- C. Shell company
- D. Accomplice residence
Answer: C
NEW QUESTION 62
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CFE Exam Questions and Valid PMP Dumps PDF: https://www.exam4docs.com/CFE-study-questions.html
ACFE CFE Certification Real 2022 Mock Exam: https://drive.google.com/open?id=1bt64InrpTJWGcVYvjqd8dV7BnxjPkEAo
