NEW 2023 Certification Sample Questions CFE Dumps & Practice Exam
CFE Deluxe Study Guide with Online Test Engine
ACFE CFE certification exam is a rigorous and comprehensive test of knowledge and skills in the field of fraud examination. Achieving the certification demonstrates a commitment to professionalism and a dedication to the fight against fraud, and can open doors to new opportunities and career advancement.
To become a Certified Fraud Examiner, candidates must meet certain eligibility requirements, which include a minimum of two years of professional experience in a fraud-related field, a bachelor's degree or equivalent, and adherence to the ACFE's Code of Ethics. Once the eligibility requirements are met, candidates must pass the ACFE CFE certification exam to obtain their certification. The ACFE CFE certification is valid for two years and requires ongoing professional education to maintain.
NEW QUESTION # 13
Depreciation is especially applicable when companies try to overvalue their assets and net worth; the lower their depreciation expense, the higher the company's profits.
- A. False
- B. True
Answer: B
NEW QUESTION # 14
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
NEW QUESTION # 15
__________ can be defined as conduct detrimental to the organization and to the employee.
- A. Employee theft
- B. All of the above
- C. Employee deviance
- D. Employee fraud
Answer: C
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 16
According to accounting principles, ________ and ________ should be recorded or atched in the same accounting period; failing to do so violates the matching principle of AAP.
- A. Capitalized expenses and Liabilities
- B. Revenue and Income statement
- C. Revenue and corresponding expenses
- D. Income statement and Long-term contracts
Answer: C
NEW QUESTION # 17
A ___________ occurs when an employee, manager or executive has an undisclosed economic or personal interest in a transaction that adversely affects the organization.
- A. Illegal sale
- B. Financial disclosure
- C. Unauthorized purchase
- D. Conflict of interest
Answer: D
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 18
According to Hollinger and Clark for Policy development, management must pay attention to:
- A. Enforcement of sanctions
- B. A clear understanding regarding theft behavior
- C. Both A & B
- D. Neither A nor B
Answer: C
Explanation:
Section: Investigation
NEW QUESTION # 19
__________ are the amounts which are owned to other entities:
- A. Expenses
- B. Supplies
- C. Assets
- D. Liabilities
Answer: D
NEW QUESTION # 20
Which of the following are not of Basic types of non-sharable problems?
- A. Physical Isolation
- B. Business reversals
- C. Larceny by Fraud
- D. Violation of ascribed obligations
Answer: C
NEW QUESTION # 21
According to fraud tree, cash has three following schemes:
- A. Fraud analysis, skimming and cash misappropriations
- B. Skimming, cash larceny and fraudulent disbursements
- C. Cash larceny, cash distribution and fraudulent disbursements
- D. Cash distribution, skimming and fraud analysis
Answer: B
NEW QUESTION # 22
______________ can be detected by closely examining the documentation submitted with the cash receipts.
- A. None of the above
- B. Voided purchases
- C. Approved transaction
- D. Fictitious refunds
Answer: D
NEW QUESTION # 23
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
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 24
When employees avoid detection in a refund scheme to keep the sizes of the disbursement low, is referred to:
- A. Simple disbursements
- B. Small disbursements
- C. None of the above
- D. Very small disbursements
Answer: B
NEW QUESTION # 25
Employees with the authority to grant discounts in order to skim revenues may use which authority?
- A. None of the above
- B. Recording a discount on sale procedure
- C. False discounts
- D. Internal discount sales audits
Answer: C
NEW QUESTION # 26
The seller's price to the buyer is not fixed or determinable when:
- A. A service or membership fee is not subject predictable cancellation during the contract period.
- B. When the price is not contingent on some future events
- C. Payment terms are not extended for a substantial period.
- D. The transaction includes an option to exchange the product for others.
Answer: D
NEW QUESTION # 27
In which phase of competitive bidding process, fraudsters attempt to influence the selection of a contractor by restricting the pool of competitors from whom bids are sought?
- A. False specification
- B. Need recognition
- C. Submission
- D. Solicitation
Answer: D
NEW QUESTION # 28
CORRECT TEXT
A ____________ can be very costly for an organization to undertake, both in terms of money and time spent.
Answer:
Explanation:
Pending
NEW QUESTION # 29
__________ may be defined as the offering, giving, receiving or soliciting anything of value to influence an official act.
- A. Lacking approval authority
- B. Corruption
- C. Bribery
- D. Diverting business to vendors
Answer: C
NEW QUESTION # 30
Which of the following is not the skimming scheme?
- A. Unrecorded sales
- B. Fraud & Cost
- C. Understand sales and receivables
- D. Theft of checks through the mail
Answer: B
NEW QUESTION # 31
________ increase assets and expenses and/or decrease liabilities and/or equity
- A. Debit
- B. None of all
- C. Credit
- D. Journal Entries
Answer: A
NEW QUESTION # 32
Physical assets including _________ and ________ are the most commonly misappropriated noncash asset in our study.
- A. Inventory & Purchase
- B. Interest & Collusion
- C. Sales & Equipment
- D. Inventory & Equipment
Answer: D
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 33
Which of the following is NOT the reason why senior management will overstate business statement?
- A. Trigger performance related compensation
- B. Comply with debit covenants
- C. Show a pattern of growth to support sale of a business
- D. Meet personal performance criteria
Answer: B
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 34
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ACFE CFE Certification Exam is administered by the Association of Certified Fraud Examiners (ACFE), which is the world's largest anti-fraud organization. The ACFE was founded in 1988 and has since then been committed to providing anti-fraud education and resources to professionals around the world. The ACFE CFE Certification Exam is one of the most prestigious certifications in the field of fraud examination and is highly respected by employers and clients alike.
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