Sep 12, 2021 Step by Step Guide to Prepare for CFE Exam BrainDumps
ACFE Certification CFE Real Exam Questions and Answers FREE Updated on 2021
NEW QUESTION 61
Physical assets including _________ and ________ are the most commonly
misappropriated noncash asset in our study.
- A. Inventory & Purchase
- B. Interest & Collusion
- C. Inventory & Equipment
- D. Sales & Equipment
Answer: C
NEW QUESTION 62
Assets that are long-lived and that differ from property, plant and equipment hat has been purchased outright or acquired under a capital lease are:
- A. Forced Assets
- B. Tangible Assets
- C. None of above
- D. Intangible Assets
Answer: D
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 63
The most common method of detection in corruption cases is:
- A. Internal audits
- B. By accident
- C. Tips
- D. Internal controls
Answer: C
NEW QUESTION 64
Which of the following is the criterion for bid solicitation?
- A. To withdraw low bids
- B. Allowing the purchaser to discuss possible employment with the contractor
- C. Containing false statements
- D. To falsify the bid log
Answer: B
Explanation:
Section: Fraud Prevention and Deterrence
Explanation
NEW QUESTION 65
________, one of the Fraud synonyms implies that deceiving so thoroughly as to obscure the truth:
- A. Delude
- B. Beguile
- C. Deceive
- D. Mislead
Answer: A
NEW QUESTION 66
Delivery has not occurred or services have not been rendered when:
- A. Both A & B
- B. A written order exists but contains a right of return.
- C. Neither A nor B
- D. Until installation and customer testing and acceptance has occurred.
Answer: B
Explanation:
Section: Financial Transactions and Fraud Schemes
Explanation/Reference:
NEW QUESTION 67
The essential elements of a ________ are an actual or constructive taking away of the goods or property of another with the without the consent and against the will of the owner and with a felonious intent.
- A. Larceny
- B. None of the above
- C. Abuse
- D. Fiduciary
Answer: A
NEW QUESTION 68
"Anticipate possible losses and omit potential profits", this results in:
- A. Bearing accounting
- B. Playing accounting
- C. Asymmetrical accounting
- D. Symmetrical accounting
Answer: C
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 69
Which of the following is NOT the phase of the bidding process?
- A. Presolicitation
- B. Postsolicitation
- C. Solicitation
- D. Submission
Answer: B
NEW QUESTION 70
In ____________ scheme, a supplier pays an employee of the purchasing company to write specifications that will require amendments at a later date.
- A. Deliberate writing of vague specifications
- B. Bid-splitting
- C. False specification
- D. Need recognition
Answer: A
NEW QUESTION 71
According to a survey, in principal perpetrator, males in a majority of cases, accounting for ___ percent of frauds versus ___ percent in which a female was the primary culprit.
- A. 62 versus 37
- B. 61 versus 39
- C. None of the above
- D. 62 versus 36
Answer: B
NEW QUESTION 72
A process by which several bidders conspire to split contracts up and ensure that each gets a certain amount of work is called:
- A. Bid opening
- B. Bid pooling
- C. Fictitious Bidding
- D. Bid log
Answer: B
NEW QUESTION 73
The difference between assets and liabilities is called:
- A. Expense
- B. Revenue
- C. Equity
- D. Income statement
Answer: C
NEW QUESTION 74
Skimming cases can more likely to be detected by:
- A. occupational frauds
- B. Internal audits
- C. Accidents
- D. Internal controls
Answer: C
NEW QUESTION 75
Multiple cashiers operate from a single cash drawer without separate access codes is a red flag for:
- A. Register scheme
- B. Force inventory scheme
- C. Fraudulent scheme
- D. Disbursement scheme
Answer: A
NEW QUESTION 76
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. Cost value
- B. Fair value
- C. material value
- D. Absolute value
Answer: B
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 77
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