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NEW QUESTION # 10
Undisclosed payments made by vendors to employees of purchasing companies are referred to as:
- A. None of the above
- B. Bid-rigging
- C. Presolicitaion
- D. Kickbacks
Answer: D
Explanation:
Section: Fraud Prevention and Deterrence
Explanation/Reference:
NEW QUESTION # 11
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, segregation of duties, independent checks and inventory control
- C. Proper documentation, segregation of duties, independent checks and physical safeguards
- D. Proper documentation, physical padding, independent checks and physical safeguards
Answer: C
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 12
A fabricated name and the post office box that an employee uses to collect disbursements from false billings is called:
- A. Shell company
- B. Perpetrator check
- C. Accomplice residence
- D. Cash generator
Answer: A
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 13
SIMULATION
___________ allows the fraud examiner to inspect key attributes on a smaller portion (or sample) of those documents.
Answer:
Explanation:
Statistical sampling
NEW QUESTION # 14
_________ normally are carried on an organization's books as expenses because they tend to be consumed by the organization within a year of purchase.
- A. Assets
- B. Supplies
- C. Equity
- D. Expenses
Answer: B
Explanation:
Section: Financial Transactions and Fraud Schemes
Explanation
NEW QUESTION # 15
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. Need recognition scheme
- C. Submission scheme
- D. Presolicitation scheme
Answer: B
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 16
A ___________ occurs when an employee, manager or executive has an undisclosed economic or personal interest in a transaction that adversely affects the organization.
- A. Conflict of interest
- B. Unauthorized purchase
- C. Illegal sale
- D. Financial disclosure
Answer: A
NEW QUESTION # 17
The act of an official or fiduciary person who unlawfully and wrongfully uses his station or character to procure some benefit, contrary to duty and rights of others is called:
- A. Conflict of interest
- B. Bribery
- C. Corruption
- D. Overbilling
Answer: C
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 18
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 # 19
Theft of incoming checks usually occurs when ________ is (are) in charge of opening the mail and recording the receipt of payments.
- A. None of the above
- B. Two employees
- C. More than two employees
- D. Single employee
Answer: D
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 20
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. Usual growth in the number of days purchase in receivables
- C. A significant volume of sales to entries whose substance and ownership is not known.
- D. Slow growth or usual profitability, when not compared to other companies in the same industry.
Answer: C
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 21
_________ assumes the business will go on indefinitely in the future.
- A. Cost
- B. Materiality
- C. Fair value
- D. Going concern
Answer: D
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 22
A tangible asset is one which is:
- A. Neither A nor B
- B. Both A & B
- C. capable of being perceived
- D. capable of being appraised
Answer: B
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 23
__________ 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. Corruption
- D. Diverting business to vendors
Answer: A
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 24
The principal way to detect omitted credits from books of account is through:
- A. Trend analysis
- B. Expense account
- C. Forced Balance
- D. None of all
Answer: A
NEW QUESTION # 25
The amount of cash on hand in a register may be compared to the amount showing in the register tape in order to detect _______.
- A. Internal audits
- B. Recorded sales
- C. Employee theft
- D. Occupational frauds
Answer: C
NEW QUESTION # 26
In ____________ scheme, a supplier pays an employee of the purchasing company to write specifications that will require amendments at a later date.
- A. Bid-splitting
- B. False specification
- C. Need recognition
- D. Deliberate writing of vague specifications
Answer: D
NEW QUESTION # 27
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