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CFE Exam Questions | Real CFE Practice Dumps
The CFE certification exam covers four main areas: fraud prevention and deterrence, financial transactions and fraud schemes, investigation, and law. CFE exam is designed to test the candidate's knowledge and understanding of these areas, as well as their ability to apply this knowledge in real-world situations. CFE exam consists of 500 multiple-choice questions, which are divided into four sections, and candidates are given four hours to complete the exam.
NEW QUESTION # 67
The forms that allow noncash assets to be moved from one location in a company to another can be used to facilitate the misappropriation of those assets are called:
- A. Inventory usages
- B. Fake sales
- C. Asset requisition
- D. All of the above
Answer: C
NEW QUESTION # 68
Fill in the Blanks
__________ means that traditional bribery statutes proscribe only payments made to influence the decisions of government agents or employees.
Answer:
Explanation:
Officialact
NEW QUESTION # 69
Which of the following factors is NOT included in most financial statement schemes?
- A. Fictitious revenues
- B. Improper asset valuations
- C. Persuasive Evidence
- D. Concealed liabilities and expenses
Answer: C
NEW QUESTION # 70
Another way to eliminate competition in the solicitation phase of the selection process is to:
- A. Solicit bid-splitting from fictitious vendors
- B. Solicit bid from fictitious suppliers
- C. Solicit transaction from fictitious vendors
- D. None of the above
Answer: B
NEW QUESTION # 71
The heart of book keeping system is the ___________.
- A. Journal
- B. Asset
- C. Checkbook
- D. Liability
Answer: C
NEW QUESTION # 72
According to Hollinger and Clark for Policy development, management must pay attention to:
- A. A clear understanding regarding theft behavior
- B. Enforcement of sanctions
- C. Neither A nor B
- D. Both A & B
Answer: D
NEW QUESTION # 73
When a victim company purchases unnecessary goods or services from a supplier at the direction of the corrupt employee, this results in:
- A. Need recognition scheme
- B. Presolicitation scheme
- C. False sole-source scheme
- D. Submission scheme
Answer: A
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 74
In Fraud scale pressure, opportunity and integrity variables all results in a list of ___ possible red flags or indicators of occupational fraud and abuse.
- A. 0
- B. 1
- C. 2
- D. 3
Answer: D
NEW QUESTION # 75
Undisclosed payments made by vendors to employees of purchasing companies are referred to as:
- A. Bid-rigging
- B. Presolicitaion
- C. Kickbacks
- D. None of the above
Answer: C
NEW QUESTION # 76
According to SAB 104, for the revenue to be typically considered realized or realizable and earned, which of the following criteria is NOT met:
- A. Persuasive evidence of an arrangement exists
- B. Services has been rendered
- C. Collectability is reasonably assured
- D. Timings have been met
Answer: D
NEW QUESTION # 77
The most common method for billing scheme is:
- A. Tips
- B. Accident
- C. Register
- D. None of the above
Answer: A
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 78
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 # 79
Which of the following is true for Red flags associated with fictitious revenues?
- A. A usual surge in purchase by a majority of units within a company, or of purchase recorded by corporate headquarters.
- B. A significant volume of sales to entries whose substance and ownership is not known.
- C. Usual growth in the number of days purchase in receivables
- D. Slow growth or usual profitability, when not compared to other companies in the same industry.
Answer: B
NEW QUESTION # 80
__________ may be defined as the offering, giving, receiving or soliciting anything of value to influence an official act.
- A. Bribery
- B. Lacking approval authority
- C. Diverting business to vendors
- D. Corruption
Answer: A
NEW QUESTION # 81
The most common method for billing scheme is:
- A. Tips
- B. Accident
- C. Register
- D. None of the above
Answer: A
NEW QUESTION # 82
A shell company scheme in which actual goods or services are sold to the victim company is known as:
- A. Pass-through scheme
- B. Maintenance scheme
- C. Distribution scheme
- D. Allocation scheme
Answer: A
NEW QUESTION # 83
Which of the following is NOT the aspect of inventory purchase?
- A. Inventory purchases purposely increase in year 1 only to be liquidated in year 2.
- B. Increase sales in year 2 are unexpected and purchase of inventory does not keep pace with the sales.
- C. inventory for the year 2 will be much greater than year 1.
- D. might be some fraud scheme in inventory.
Answer: C
NEW QUESTION # 84
Larceny by Fraud or deception means that:
- A. All of the above
- B. Fails to correct a false impression
- C. Fails to disclose a known lien, adverse claim or other legal impediment
- D. Creates or reinforce a false impression
Answer: A
NEW QUESTION # 85
Forced reconciliation of the account says:
- A. to conceal inventory is to alter shrinkage record so that it matches the physical inventory count.
- B. to conceal shrinkage is to change the perpetual inventory record so that it matches the physical inventory count.
- C. to conceal shrinkage is to alter inventory record so that it matches the physical inventory count.
- D. to conceal write-offs is to change the perpetual inventory record so that it matches the physical inventory count.
Answer: B
NEW QUESTION # 86
_____________ involves purposeful misreporting of financial information about the organization that is intended to mislead those who read it.
- A. None of above
- B. Fraudulent statement
- C. Corruption
- D. Asset misappropriations
Answer: B
NEW QUESTION # 87
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 inventory control
- B. prenumbered affiliations, segregation of duties, independent checks and physical safeguards
- C. Proper documentation, segregation of duties, independent checks and physical safeguards
- D. Proper documentation, physical padding, independent checks and physical safeguards
Answer: C
NEW QUESTION # 88
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 # 89
A scheme is classified as a Conflict of interest:
- A. when a dealer must have some kind of dealership interest in the vendor submitting the stock.
- B. when a salesman must have some kind of ownership or employment interest in the vendor submitting the sales.
- C. when an employee must have some kind of ownership or employment interest in the vendor submitting the invoice.
- D. when a purchaser must have some kind of ownership or employment interest in the vendor submitting the purchase.
Answer: C
NEW QUESTION # 90
If the assets are intentionally purchased by the company but simply misappropriated by the fraudster, this is referring to as:
- A. Fraudulent purchase
- B. Falsify shipping
- C. Inventory larceny scheme
- D. Asset receiving scheme
Answer: C
NEW QUESTION # 91
Which of the following is true for Red flags associated with fictitious revenues?
- A. A usual surge in purchase by a majority of units within a company, or of purchase recorded by corporate headquarters.
- B. A significant volume of sales to entries whose substance and ownership is not known.
- C. Usual growth in the number of days purchase in receivables
- D. Slow growth or usual profitability, when not compared to other companies in the same industry.
Answer: B
NEW QUESTION # 92
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