[Aug 04, 2023] Fully Updated ACFE Certification (CFE) Certification Sample Questions
Latest ACFE CFE Real Exam Dumps PDF
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.
ACFE CFE Exam is highly regarded in the industry and is recognized globally as a leading certification for fraud prevention and detection professionals. Certified Fraud Examiner certification is designed for individuals who are looking to advance their careers in the field of fraud prevention and detection, and is especially valuable for those who work in the fields of accounting, auditing, law enforcement, and risk management. By earning the CFE certification, professionals can demonstrate their knowledge, skills, and commitment to ethical and effective fraud prevention and detection practices.
To be eligible for the ACFE CFE Exam, individuals must meet certain educational and professional requirements. These requirements include a bachelor's degree or equivalent, two years of professional experience in fraud examination or a related field, and adherence to the ACFE Code of Ethics. Once an individual has met these requirements and passed the exam, they become a Certified Fraud Examiner (CFE) and are recognized as experts in the field of fraud examination.
NEW QUESTION # 16
The scheme which reduces victim companies to issue fraudulent payments for goods or services that they have not received is called:
- A. Bogus claims
- B. Reliance billing
- C. Billing scheme
- D. Misappropriate claims
Answer: A
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 17
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. Fiduciary Capacity
- D. None of the above
Answer: C
NEW QUESTION # 18
The most common method of detection in corruption cases is:
- A. Internal audits
- B. Internal controls
- C. Tips
- D. By accident
Answer: C
NEW QUESTION # 19
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
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 20
A tangible asset is one which is:
- A. Both A & B
- B. capable of being appraised
- C. Neither A nor B
- D. capable of being perceived
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 21
Financial statement fraud is committed by:
- A. Mid and lower level employees
- B. All of the above
- C. Organized criminals
- D. Senior Management
Answer: B
NEW QUESTION # 22
By what accountant means that the financial figures presented by the company are at least as much as reflected in the statements, if not more.
- A. Misappropriations
- B. Conservatism
- C. Matching
- D. Fraudulent statement
Answer: B
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 23
SIMULATION
The _______________ cost method of pricing would carry an asset's value on the financial statements as what it would currently cost, considering inflation.
Answer:
Explanation:
Price-level adjusted historical cost
NEW QUESTION # 24
The most basic skimming scheme occurs when:
- A. An employee sells goods or services to a customer, collects the customer's payment, but makes no record of the sale.
- B. An employee sells goods or services to a stakeholder, collects the stakeholder's payment and makes record of the sale too.
- C. An employee buy goods or services from a stakeholder, drop the stakeholder's payment and makes record of the purchase too.
- D. An employee buy goods or services from a customer, drop the customer's payment, but makes no record of the purchase.
Answer: A
NEW QUESTION # 25
____________ is a process by which a bookkeeper records all transactions and can adjust the books.
- A. Accounting Cycle
- B. None of all
- C. Journal Entries
- D. Financial statement
Answer: C
NEW QUESTION # 26
_________ revenues involve the recording sales of goods or services hat did not occur.
- A. Financial revenues
- B. Concealed revenues
- C. Fictitious or fabricated revenues
- D. Red flag revenues
Answer: C
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 27
Which of the following is NOT the reason to bribe employees of the purchaser?
- A. To ensure bid-splitting
- B. To extend the bid opening date
- C. To ensure receipt of a late bid
- D. To falsify the bid log
Answer: A
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 28
Asset misappropriations have an effect on the liabilities and do also have an indirect effect on the equity account.
- A. False
- B. True
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 29
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. False debits
- D. Journal Entries
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 30
The behavior profile of employees who are involved in bribery schemes may include:
- A. Extravagant lifestyle
- B. Drug and/or alcohol addiction
- C. Gambling habit
- D. All of the above
Answer: D
Explanation:
Section: Fraud Prevention and Deterrence
Explanation
NEW QUESTION # 31
Every bribe is a two-sided transaction, in which where a vendor bribes a purchaser, there is someone on the vendor's side of the transaction who is not making an illicit payment.
- A. False
- B. True
Answer: A
NEW QUESTION # 32
A typical issue involving material and fraud would be:
- A. Misappropriations
- B. Civil lawsuit
- C. Quality control
- D. Fraudulent statement
Answer: A
NEW QUESTION # 33
___________ and __________ are used to increase (or decrease) the equity account.
- A. Journal Entries & Credit
- B. Journal Entries & Debit
- C. Journal Entries & transactions
- D. None of all
Answer: C
NEW QUESTION # 34
Occupational fraud and abuse is a (an) __________ of doing business, in much the same way that we pay expenses for electricity, taxes and wages.
- A. Expense
- B. Equity
- C. Financial record
- D. Balance sheet
Answer: A
NEW QUESTION # 35
Delivery has not occurred or services have not been rendered when:
- A. Until installation and customer testing and acceptance has occurred.
- B. Neither A nor B
- C. Both A & B
- D. A written order exists but contains a right of return.
Answer: D
NEW QUESTION # 36
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