ACFE Certified Fraud Examiner - CFE FREE EXAM DUMPS QUESTIONS & ANSWERS]

Question 1

The principle behind full disclosure is:

A. Any material deviation from SAS must be explained to the writer oh the financial information. B. Any material deviation from GAAP must be explained to the reader of the financial information. C. Any material deviation from GAAP must be explained to writer of the financial information. D. None of above

Discussion 0

Correct Answer: B Vote an answer

Question 2

Which are check tempering frauds in which an employee prepares a fraudulent check and submits it usually along with legitimate checks to an authorized maker who signs it without a proper review?

A. Legitimate check scheme B. Concealed check scheme C. Payable check scheme D. Endorse check scheme

Discussion 0

Correct Answer: B Vote an answer

Question 3

A voucher is:

A. a report that includes the purchase order that was send to the vendor, the vendor invoice listing the quality and quantity of items purchased, and the external receiving reports that verify the items have been sold. B. a file that includes the purchase order that was send to the vendor, the vendor invoice listing the cost and quantity of items purchased, and the internal receiving reports that verify the purchased items have been delivered. C. a figure that includes the sale order that was send to the dealer, the vendor invoice listing the cost and quantity of items sold, and the internal receiving reports that verify the purchased items have been delivered. D. a mammogram that includes the purchase order that was send to the purchaser, the purchaser invoice listing the benefits and quantity of items purchased, and the internal receiving reports that verify the purchased items have been sold.

Discussion 0

Correct Answer: B Vote an answer

Question 4

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. Absolute value B. Fair value C. Cost value D. material value

Discussion 0

Correct Answer: B Vote an answer

Question 5

Statistical sampling enables the examiner to predict the occurrence rate for the population and therefore determine with some accuracy the error rate, or the potential for fraud.

A. True B. False

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Correct Answer: A Vote an answer

Question 6

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. Preliminary sale B. Whole sale C. Fraudster sale D. Fake sale

Discussion 0

Correct Answer: D Vote an answer

Question 7

In ___________ scheme, an employee creates false vouchers or submits false invoices to the employer.

A. Purchase requisition B. Sale requisition C. Cash generating D. Voucher handling

Discussion 0

Correct Answer: C Vote an answer

Question 8

The most common method of detection in corruption cases is:

A. Internal controls B. By accident C. Tips D. Internal audits

Discussion 0

Correct Answer: C Vote an answer

Question 9

__________ is required if and when officers, executives or other persons in trusted positions become subjects of a criminal indictment.

A. Turnaround sale or flip B. Resource diversion C. Disclosure D. Conflict of interest

Discussion 0

Correct Answer: C Vote an answer

Question 10

Larceny is the scheme in which an employee simply takes inventory from the company premises without attempting to conceal it in the books and records.

A. True B. False

Discussion 0

Correct Answer: A Vote an answer

Question 11

Which of the following search is used for unusually high incidence of returns and allowances scheme?

A. None of the above B. Returns and allowances C. Disposals of allowances than reorders D. Allowances by vendors

Discussion 0

Correct Answer: B Vote an answer