2024 CFE dumps review - Professional Quiz Study Materials
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The Certified Fraud Examiner (CFE) Certification Exam is a globally recognized certification program that is designed to help individuals and organizations fight fraud. Certified Fraud Examiner certification is offered by the Association of Certified Fraud Examiners (ACFE), which is the world's largest anti-fraud organization. The CFE Certification Exam is designed to test an individual's knowledge and understanding of fraud prevention, detection, investigation, and deterrence.
The Association of Certified Fraud Examiners (ACFE) is a professional organization that offers a certification program for individuals who are interested in becoming Certified Fraud Examiners (CFE). Certified Fraud Examiner certification program is designed to provide individuals with the knowledge and skills necessary to identify and prevent fraud. The ACFE CFE certification is recognized globally as the standard for excellence in fraud prevention and detection.
ACFE CFE certification is highly regarded in the industry and is recognized by employers, government agencies, and law enforcement organizations worldwide. Certified Fraud Examiner certification signifies that the holder has a deep understanding of fraud prevention and detection techniques, as well as the ability to investigate and analyze financial data. The CFE credential is particularly beneficial for professionals in the fields of accounting, auditing, law enforcement, and risk management, as it provides them with the necessary knowledge and skills to effectively combat fraud in their respective organizations.
NEW QUESTION # 77
Fraudsters use the accounting system as a tool to generate the results they want in ___________ approach:
- A. beating accounting
- B. Playing the accounting
- C. All of the above
- D. Organized accounting
Answer: B
NEW QUESTION # 78
Which of the following is NOT the phase of the bidding process?
- A. Submission
- B. Postsolicitation
- C. Presolicitation
- D. Solicitation
Answer: B
NEW QUESTION # 79
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. Conservatism
- B. Misappropriations
- C. Fraudulent statement
- D. Matching
Answer: A
NEW QUESTION # 80
Financial statement fraud is committed by:
- A. Mid and lower level employees
- B. Organized criminals
- C. All of the above
- D. Senior Management
Answer: C
NEW QUESTION # 81
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. Fake sale
- C. Fraudster sale
- D. Preliminary sale
Answer: B
NEW QUESTION # 82
Which counts sometimes can give rise to inventory theft detection?
- A. Perpetual inventory counts
- B. None of the above
- C. Concealment inventory counts
- D. Physical inventory counts
Answer: D
NEW QUESTION # 83
___________ 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. Balance sheet
- C. Income statement
- D. Equity
Answer: B
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 84
The most basic skimming scheme occurs when:
- A. An employee buy goods or services from a stakeholder, drop the stakeholder's payment and makes record of the purchase too.
- B. An employee sells goods or services to a customer, collects the customer's payment, but makes no record of the sale.
- C. An employee buy goods or services from a customer, drop the customer's payment, but makes no record of the purchase.
- D. An employee sells goods or services to a stakeholder, collects the stakeholder's payment and makes record of the sale too.
Answer: B
NEW QUESTION # 85
Which of the following is NOT standard of generally accepted accounting principles?
- A. Conservatism
- B. Cost
- C. Quality control
- D. Full disclosure
Answer: C
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 86
In ____________ scheme, a supplier pays an employee of the purchasing company to write specifications that will require amendments at a later date.
- A. Need recognition
- B. Deliberate writing of vague specifications
- C. False specification
- D. Bid-splitting
Answer: B
NEW QUESTION # 87
A special scheme in which employees know their employer is seeking to purchase a certain asset and take advantage of the situation by purchasing the asset themselves is:
- A. Written sale of unique assets
- B. Turnaround sale or flip
- C. Conflict of interest in sale
- D. Unauthorized sale
Answer: B
NEW QUESTION # 88
According to fraud tree, cash has three following schemes:
- A. Fraud analysis, skimming and cash misappropriations
- B. Cash larceny, cash distribution and fraudulent disbursements
- C. Skimming, cash larceny and fraudulent disbursements
- D. Cash distribution, skimming and fraud analysis
Answer: C
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 89
A special scheme in which employees know their employer is seeking to purchase a certain asset and take advantage of the situation by purchasing the asset themselves is:
- A. Written sale of unique assets
- B. Turnaround sale or flip
- C. Conflict of interest in sale
- D. Unauthorized sale
Answer: B
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 90
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. False
- B. True
Answer: B
NEW QUESTION # 91
The fraudsters' interest lies with an employer other than a company.
- A. False
- B. True
Answer: A
Explanation:
Section: Fraud Prevention and Deterrence
Explanation/Reference:
NEW QUESTION # 92
Which of the four basic measures, if properly installed and implemented may help prevent inventory fraud?
- A. prenumbered affiliations, segregation of duties, independent checks and physical safeguards
- B. Proper documentation, physical padding, independent checks and physical safeguards
- C. Proper documentation, segregation of duties, independent checks and physical safeguards
- D. Proper documentation, segregation of duties, independent checks and inventory control
Answer: C
Explanation:
Section: Fraud Prevention and Deterrence
Explanation/Reference:
NEW QUESTION # 93
In ____________ scheme, a supplier pays an employee of the purchasing company to write specifications that will require amendments at a later date.
- A. Need recognition
- B. Deliberate writing of vague specifications
- C. False specification
- D. Bid-splitting
Answer: B
NEW QUESTION # 94
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 sale 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 purchase merchandise that the company does not need.
Answer: C
NEW QUESTION # 95
Which of the following is NOT the example of bribery prevention policies?
- A. Business meetings
- B. Reporting gifts
- C. Discounts
- D. Resource diversions
Answer: D
NEW QUESTION # 96
Larceny by Fraud or deception means that:
- A. Fails to disclose a known lien, adverse claim or other legal impediment
- B. Fails to correct a false impression
- C. Creates or reinforce a false impression
- D. All of the above
Answer: D
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 97
Any expenses that are incurred but not paid by the end of the year are counted in our records of profit and loss, are called:
- A. Accruals
- B. Expenses
- C. Depreciations
- D. Financial record
Answer: A
NEW QUESTION # 98
Which of the following is the criterion for bid solicitation?
- A. Allowing the purchaser to discuss possible employment with the contractor
- B. To withdraw low bids
- C. Containing false statements
- D. To falsify the bid log
Answer: A
Explanation:
Section: Fraud Prevention and Deterrence
Explanation
NEW QUESTION # 99
When a victim company purchases unnecessary goods or services from a supplier at the direction of the corrupt employee, this results in:
- A. False sole-source scheme
- B. Presolicitation scheme
- C. Need recognition scheme
- D. Submission scheme
Answer: C
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 100
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