Updated Dec 23, 2023 Certification Exam CFE Dumps - Practice Test Questions
Updated Verified CFE dumps Q&As - Pass Guarantee or Full Refund
In order to be eligible to sit for the CFE Exam, candidates must meet certain educational and professional requirements. They must have a bachelor's degree or equivalent, and at least two years of professional experience in a field related to fraud examination. They must also adhere to the ACFE Code of Ethics and Professional Standards.
ACFE CFE Certification Exam is administered by the Association of Certified Fraud Examiners (ACFE), which is the world's largest anti-fraud organization. The ACFE was founded in 1988 and has since then been committed to providing anti-fraud education and resources to professionals around the world. The ACFE CFE Certification Exam is one of the most prestigious certifications in the field of fraud examination and is highly respected by employers and clients alike.
NEW QUESTION # 22
A technique by which checks are numbered using a new technique that is revealed by a colored highlighter pen or by a bright light held behind the check is called:
- A. Microline numbering
- B. None of the above
- C. Holographic safety border
- D. Embossed pearlescent numbering
Answer: C
NEW QUESTION # 23
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
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 24
The most common method for billing scheme is:
- A. Register
- B. None of the above
- C. Tips
- D. Accident
Answer: C
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 25
Which of the following is NOT standard of generally accepted accounting principles?
- A. Quality control
- B. Cost
- C. Conservatism
- D. Full disclosure
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 26
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 # 27
Conflict of interest cases are more easily prevented than detected.
- A. False
- B. True
Answer: B
NEW QUESTION # 28
Which of the four basic measures, if properly installed and implemented may help prevent inventory fraud?
- A. Proper documentation, physical padding, independent checks and physical safeguards
- B. Proper documentation, segregation of duties, independent checks and physical safeguards
- C. Proper documentation, segregation of duties, independent checks and inventory control
- D. prenumbered affiliations, segregation of duties, independent checks and physical safeguards
Answer: B
NEW QUESTION # 29
False billing scheme states that:
- A. employees do not cause their company to sale merchandise that the company does not need.
- B. employees cause their company to purchase merchandise that the company does not need
- C. employees do not cause their company to purchase merchandise that the company does not need.
- D. employees cause their company to sale merchandise that the company does not need.
Answer: B
NEW QUESTION # 30
Organizations that had external audits actually had higher median losses and longer lasting fraud schemes than those organizations that were not audited.
- A. False
- B. True
Answer: B
NEW QUESTION # 31
Another way to eliminate competition in the solicitation phase of the selection process is to:
- A. Solicit bid-splitting from fictitious vendors
- B. Solicit transaction from fictitious vendors
- C. None of the above
- D. Solicit bid from fictitious suppliers
Answer: D
NEW QUESTION # 32
Skimming is:
- A. None of above
- B. The removal of cash from a victim entity after its entry in an accounting system.
- C. The addition of cash from a victim entity prior to its entry in an accounting system.
- D. The removal of cash from a victim entity prior to its entry in an accounting system.
Answer: D
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 33
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
NEW QUESTION # 34
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. False
- B. True
Answer: B
NEW QUESTION # 35
Employees with the authority to grant discounts in order to skim revenues may use which authority?
- A. None of the above
- B. Internal discount sales audits
- C. Recording a discount on sale procedure
- D. False discounts
Answer: D
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 36
Which of the following is NOT the phase of the bidding process?
- A. Solicitation
- B. Postsolicitation
- C. Presolicitation
- D. Submission
Answer: B
NEW QUESTION # 37
Delivery has not occurred or services have not been rendered when:
- A. Both A & B
- B. Neither A nor B
- C. A written order exists but contains a right of return.
- D. Until installation and customer testing and acceptance has occurred.
Answer: C
Explanation:
Section: Financial Transactions and Fraud Schemes
Explanation/Reference:
NEW QUESTION # 38
Collusion or bid-rigging between bidders is called
- A. Bribery receipt
- B. Bid solicitation
- C. To withdraw low bids
- D. Contract acceptance
Answer: D
NEW QUESTION # 39
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. High-resolution sprays
- C. Chrome coloring
- D. Watermark backers
Answer: D
NEW QUESTION # 40
When expenses used to produce income- all of them- should be matched in a consistent manner against that income, this is referred to:
- A. Accrual basis accounting
- B. Expense
- C. Equity
- D. Financial record
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 41
Inventory shrinkage is the unaccounted-for reduction in the company's inventory that does not results from theft.
- A. True
- B. False
Answer: B
NEW QUESTION # 42
Which of the following is NOT the type of billing scheme?
- A. Invoicing via accomplice companies
- B. Personal purchases with company funds
- C. Invoicing via shell companies
- D. Invoicing via non-accomplice companies
Answer: A
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 43
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. True
- B. False
Answer: B
NEW QUESTION # 44
Asset misappropriations have an effect on the liabilities and do also have an indirect effect on the equity account.
- A. True
- B. False
Answer: B
NEW QUESTION # 45
Financial statement fraud is committed by:
- A. Senior Management
- B. Mid and lower level employees
- C. Organized criminals
- D. All of the above
Answer: D
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 46
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. None of the above
- C. Conversion
- D. Fiduciary Capacity
Answer: D
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 47
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The CFE certification is highly respected in the industry and can help professionals advance their careers. It demonstrates a commitment to ethical standards and a dedication to the fight against fraud. In addition, CFEs have access to a network of other professionals in the field and resources to continue their education and stay up-to-date on industry developments.
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