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The Association of Certified Fraud Examiners (ACFE) is a global professional organization that is dedicated to fighting fraud and white-collar crime. To achieve this goal, they have developed a certification program known as the Certified Fraud Examiner (CFE). Certified Fraud Examiner certification is highly respected in the industry and is recognized as a mark of excellence in the field of fraud examination.
To become a Certified Fraud Examiner, one must pass the CFE Certification Exam, which is a four-part exam. CFE exam covers four main areas: Fraudulent Financial Transactions, Fraud Prevention and Deterrence, Legal Elements of Fraud, and Investigation. Each part of the exam is designed to test an individual's knowledge and understanding of specific topics related to fraud examination.
NEW QUESTION # 31
_________ assumes the business will go on indefinitely in the future.
- A. Cost
- B. Materiality
- C. Going concern
- D. Fair value
Answer: C
NEW QUESTION # 32
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
Explanation:
Section: Investigation
NEW QUESTION # 33
The price of an asset on which the asset is selling at on the open market in a transaction between a willing buyer and a wiling seller is called:
- A. material value
- B. Fair value
- C. Cost value
- D. Absolute value
Answer: B
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 34
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. Whole sale
- B. Fraudster sale
- C. Fake sale
- D. Preliminary sale
Answer: C
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 35
Which check tampering red flag may indicate employees have embezzled cash and charged the embezzlement to expense accounts?
- A. Payable checks
- B. Voided checks
- C. Missing checks
- D. Duplicate checks
Answer: C
Explanation:
Section: Investigation
NEW QUESTION # 36
A fabricated name and the post office box that an employee uses to collect disbursements from false billings is called:
- A. Accomplice residence
- B. Shell company
- C. Perpetrator check
- D. Cash generator
Answer: B
NEW QUESTION # 37
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. True
- B. False
Answer: B
NEW QUESTION # 38
Maintain the presence of a manager or supervisor near the area of the cash register as a deterrent to theft is a prevention for:
- A. Asset misappropriation scheme
- B. Fraudulent statement scheme
- C. Larceny scheme
- D. Register disbursement scheme
Answer: D
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 39
If the assets are intentionally purchased by the company but simply misappropriated by the fraudster, this is referring to as:
- A. Falsify shipping
- B. Asset receiving scheme
- C. Inventory larceny scheme
- D. Fraudulent purchase
Answer: C
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 40
___________ is to allow the owner, investors, creditors and others with an interest to know the appropriate book worth of the business at a particular date.
- A. Financial record
- B. Income statement
- C. Balance sheet
- D. Equity
Answer: C
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 41
Which of the four basic measures, if properly installed and implemented may help prevent inventory fraud?
- A. Proper documentation, segregation of duties, independent checks and physical safeguards
- B. Proper documentation, physical padding, independent checks and physical safeguards
- C. prenumbered affiliations, segregation of duties, independent checks and physical safeguards
- D. Proper documentation, segregation of duties, independent checks and inventory control
Answer: A
Explanation:
Section: Fraud Prevention and Deterrence
Explanation/Reference:
NEW QUESTION # 42
What is sometimes used to overcome well-designed internal controls of a victim company?
- A. Rubber stamp supervisors
- B. Fraudulent invoices
- C. Collusion
- D. Shell company
Answer: C
NEW QUESTION # 43
____________ is a process by which a bookkeeper records all transactions and can adjust the books.
- A. Accounting Cycle
- B. Journal Entries
- C. None of all
- D. Financial statement
Answer: B
NEW QUESTION # 44
The principle behind full disclosure is:
- A. Any material deviation from GAAP must be explained to writer of the financial information.
- B. Any material deviation from SAS must be explained to the writer oh the financial information.
- C. Any material deviation from GAAP must be explained to the reader of the financial information.
- D. None of above
Answer: C
NEW QUESTION # 45
False billing scheme states that:
- A. employees cause their company to sale merchandise that the company does not need.
- B. employees do not cause their company to purchase merchandise that the company does not need.
- C. employees cause their company to purchase merchandise that the company does not need
- D. employees do not cause their company to sale merchandise that the company does not need.
Answer: C
NEW QUESTION # 46
_________ normally are carried on an organization's books as expenses because they tend to be consumed by the organization within a year of purchase.
- A. Expenses
- B. Assets
- C. Equity
- D. Supplies
Answer: D
NEW QUESTION # 47
Which counts sometimes can give rise to inventory theft detection?
- A. None of the above
- B. Perpetual inventory counts
- C. Concealment inventory counts
- D. Physical inventory counts
Answer: D
Explanation:
Section: Investigation
NEW QUESTION # 48
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 fraudulently assists a vendor in winning a contract through the competitive bidding process.
- C. an employee does not assist a vendor in winning a contract through the competitive bidding process.
- D. an employee once assists a vendor in winning a contract through a single competitive bidding process.
Answer: B
NEW QUESTION # 49
How many accounts are affected in fraudulent accounting entries and therefore same number of categories on the financial statement?
- A. More than two
- B. One
- C. At least two
- D. None of above
Answer: B
NEW QUESTION # 50
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To be eligible for the CFE certification, candidates must have a minimum of a bachelor's degree and two years of professional experience in a field related to fraud. Alternatively, candidates with an associate's degree and five years of professional experience or those without a degree but with seven years of professional experience can also apply for the certification. In addition, candidates must pass the CFE certification exam and adhere to the ACFE's code of ethics.
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