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CFE Dumps Full Questions - Exam Study Guide
NEW QUESTION 25
___________ should be examined to see that all are properly documented and that inappropriate payments have not been made to employees.
- A. Cash advances
- B. Payable checks
- C. counterfeit checks
- D. Payable cash
Answer: A
NEW QUESTION 26
Which check tampering red flag may indicate employees have embezzled cash and charged the embezzlement to expense accounts?
- A. Duplicate checks
- B. Voided checks
- C. Missing checks
- D. Payable checks
Answer: C
NEW QUESTION 27
Skimming is:
- A. The removal of cash from a victim entity after its entry in an accounting system.
- B. None of above
- C. The removal of cash from a victim entity prior to its entry in an accounting system.
- D. The addition of cash from a victim entity prior to its entry in an accounting system.
Answer: C
NEW QUESTION 28
A typical issue involving material and fraud would be:
- A. Misappropriations
- B. Fraudulent statement
- C. Quality control
- D. Civil lawsuit
Answer: A
NEW QUESTION 29
CORRECT TEXT
______________ is required not only for theft, but for procedures to detect errors, avoid waste and insure a proper amount of inventory is maintained.
Answer:
Explanation:
Pending
NEW QUESTION 30
Verify supporting documentation on outstanding checks written for a material amount is a test used to conduct for:
- A. Bank confirmation
- B. Check disbursement
- C. Bank confirmation
- D. Cut-off statements
Answer: C
NEW QUESTION 31
Inventory shrinkage is the unaccounted-for reduction in the company's inventory that does not results from theft.
- A. False
- B. True
Answer: A
NEW QUESTION 32
SIMULATION
______________ is required not only for theft, but for procedures to detect errors, avoid waste and insure a proper amount of inventory is maintained.
Answer:
Explanation:
Inventory control
NEW QUESTION 33
A scheme is classified as a Conflict of interest:
- A. when an employee must have some kind of ownership or employment interest in the vendor submitting the invoice.
- B. when a purchaser must have some kind of ownership or employment interest in the vendor submitting the purchase.
- C. when a salesman must have some kind of ownership or employment interest in the vendor submitting the sales.
- D. when a dealer must have some kind of dealership interest in the vendor submitting the stock.
Answer: A
NEW QUESTION 34
Every bribe is a two-sided transaction, in which where a vendor bribes a purchaser, there is someone on the vendor's side of the transaction who is not making an illicit payment.
- A. False
- B. True
Answer: A
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION 35
A person is said to be in ________ act, when the business which he transacts, or the money or property which he handles, is not for his own benefit, but for another person:
- A. Fiduciary Capacity
- B. Embezzlement
- C. Conversion
- D. None of the above
Answer: A
NEW QUESTION 36
Organizations that had external audits actually had higher median losses and longer lasting fraud schemes than those organizations that were not audited.
- A. True
- B. False
Answer: A
NEW QUESTION 37
In physical tampering prevention technique, hidden images can be seen only when the check is held at an angle through:
- A. Holographic safety inks
- B. Chrome coloring
- C. High-resolution sprays
- D. Watermark backers
Answer: D
NEW QUESTION 38
A person is said to be in ________ act, when the business which he transacts, or the money or property which he handles, is not for his own benefit, but for another person:
- A. Fiduciary Capacity
- B. Embezzlement
- C. Conversion
- D. None of the above
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 39
Asset misappropriation schemes were the "middle children" of the study; they were more common than fraudulent statements and more costly than corruption.
- A. False
- B. True
Answer: A
NEW QUESTION 40
Which of the following is NOT standard of generally accepted accounting principles?
- A. Full disclosure
- B. Cost
- C. Quality control
- D. Conservatism
Answer: C
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 41
________, 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 42
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