Ultimate Guide to Prepare CFE Certification Exam for ACFE Certification in 2024
Use Real CFE Dumps - ACFE Correct Answers updated on 2024
ACFE CFE Exam is highly regarded in the industry and is recognized globally as a leading certification for fraud prevention and detection professionals. Certified Fraud Examiner certification is designed for individuals who are looking to advance their careers in the field of fraud prevention and detection, and is especially valuable for those who work in the fields of accounting, auditing, law enforcement, and risk management. By earning the CFE certification, professionals can demonstrate their knowledge, skills, and commitment to ethical and effective fraud prevention and detection practices.
NEW QUESTION # 102
Conflict of interest cases are more easily prevented than detected.
- A. True
- B. False
Answer: A
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 103
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 # 104
Physical assets including _________ and ________ are the most commonly
misappropriated noncash asset in our study.
- A. Inventory & Equipment
- B. Sales & Equipment
- C. Inventory & Purchase
- D. Interest & Collusion
Answer: A
NEW QUESTION # 105
A fabricated name and the post office box that an employee uses to collect disbursements from false billings is called:
- A. Perpetrator check
- B. Shell company
- C. Accomplice residence
- D. Cash generator
Answer: B
NEW QUESTION # 106
Employees with the authority to grant discounts in order to skim revenues may use which authority?
- A. Internal discount sales audits
- B. Recording a discount on sale procedure
- C. False discounts
- D. None of the above
Answer: C
NEW QUESTION # 107
__________ 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
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 108
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. Fictitious Bidding
- C. Bid log
- D. Bid pooling
Answer: D
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 109
__________ can be defined as conduct detrimental to the organization and to the employee.
- A. All of the above
- B. Employee theft
- C. Employee deviance
- D. Employee fraud
Answer: C
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 110
The most common method of detection in corruption cases is:
- A. Tips
- B. By accident
- C. Internal audits
- D. Internal controls
Answer: A
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 111
When a victim company purchases unnecessary goods or services from a supplier at the direction of the corrupt employee, this results in:
- A. Presolicitation scheme
- B. False sole-source scheme
- C. Submission scheme
- D. Need recognition scheme
Answer: D
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 112
Bid-rigging scheme occurs when:
- A. an employee once assists a vendor in winning a contract through a single competitive bidding process.
- B. an employee does not assist a vendor in winning a contract through the competitive bidding process.
- C. an employee fraudulently assists a vendor in winning a contract through the competitive bidding process.
- D. an employee once assists a vendor in winning a contract through a single competitive bidding process.
Answer: C
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 113
Which of the following is NOT the phase of the bidding process?
- A. Postsolicitation
- B. Solicitation
- C. Presolicitation
- D. Submission
Answer: A
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 114
A shell company scheme in which actual goods or services are sold to the victim company is known as:
- A. Allocation scheme
- B. Distribution scheme
- C. Pass-through scheme
- D. Maintenance scheme
Answer: C
NEW QUESTION # 115
Occupational fraud and abuse is a (an) __________ of doing business, in much the same way that we pay expenses for electricity, taxes and wages.
- A. Expense
- B. Balance sheet
- C. Equity
- D. Financial record
Answer: A
NEW QUESTION # 116
The behavior profile of employees who are involved in bribery schemes may include:
- A. Drug and/or alcohol addiction
- B. Gambling habit
- C. Extravagant lifestyle
- D. All of the above
Answer: D
NEW QUESTION # 117
The excess credits (or debits) on the income statement are used to decrease (or increase) the equity account.
- A. False
- B. True
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
Explanation/Reference:
NEW QUESTION # 118
Which of the following is NOT the type of billing scheme?
- A. Personal purchases with company funds
- B. Invoicing via accomplice companies
- C. Invoicing via shell companies
- D. Invoicing via non-accomplice companies
Answer: B
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 119
Which of the following factors is NOT included in most financial statement schemes?
- A. Fictitious revenues
- B. Persuasive Evidence
- C. Improper asset valuations
- D. Concealed liabilities and expenses
Answer: B
NEW QUESTION # 120
Which of the following is NOT the type of billing scheme?
- A. Personal purchases with company funds
- B. Invoicing via accomplice companies
- C. Invoicing via shell companies
- D. Invoicing via non-accomplice companies
Answer: B
NEW QUESTION # 121
The heart of book keeping system is the ___________.
- A. Liability
- B. Checkbook
- C. Asset
- D. Journal
Answer: B
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 122
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. Abuse
- C. None of the above
- D. Fiduciary
Answer: A
NEW QUESTION # 123
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