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NEW QUESTION 50
___________ should be examined to see that all are properly documented and that inappropriate payments have not been made to employees.
- A. Payable cash
- B. Cash advances
- C. counterfeit checks
- D. Payable checks
Answer: B
NEW QUESTION 51
____________ corrupt employees can cause inventory to be fraudulently delivered to themselves or accomplices.
- A. False shipping slip
- B. False packing slip
- C. Fraudulent inventory slip
- D. False credit slip
Answer: B
NEW QUESTION 52
False billing scheme states that:
- A. employees cause their company to sale merchandise that the company does not need.
- B. employees cause their company to purchase merchandise that the company does not need
- C. employees do not cause their company to sale merchandise that the company does not need.
- D. employees do not cause their company to purchase merchandise that the company does not need.
Answer: B
NEW QUESTION 53
The seller's price to the buyer is not fixed or determinable when:
- A. When the price is not contingent on some future events
- B. Payment terms are not extended for a substantial period.
- C. A service or membership fee is not subject predictable cancellation during the contract period.
- D. The transaction includes an option to exchange the product for others.
Answer: D
NEW QUESTION 54
By what accountant means that the financial figures presented by the company are at least as much as reflected in the statements, if not more.
- A. Matching
- B. Misappropriations
- C. Fraudulent statement
- D. Conservatism
Answer: D
NEW QUESTION 55
_________ assumes the business will go on indefinitely in the future.
- A. Materiality
- B. Cost
- C. Fair value
- D. Going concern
Answer: D
NEW QUESTION 56
If the assets are intentionally purchased by the company but simply misappropriated by the fraudster, this is referring to as:
- A. Asset receiving scheme
- B. Falsify shipping
- C. Fraudulent purchase
- D. Inventory larceny scheme
Answer: D
NEW QUESTION 57
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. True
- B. False
Answer: B
NEW QUESTION 58
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. Employee theft
- B. Recorded sales
- C. Occupational frauds
- D. Internal audits
Answer: A
NEW QUESTION 59
Maintain the presence of a manager or supervisor near the area of the cash register as a deterrent to theft is a prevention for:
- A. Larceny scheme
- B. Asset misappropriation scheme
- C. Register disbursement scheme
- D. Fraudulent statement scheme
Answer: C
NEW QUESTION 60
SIMULATION
The _______________ cost method of pricing would carry an asset's value on the financial statements as what it would currently cost, considering inflation.
Answer:
Explanation:
Price-level adjusted historical cost
NEW QUESTION 61
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. Maintenance scheme
- D. Pass-through scheme
Answer: D
NEW QUESTION 62
In which of the following process, all bidders are legally supposed to be placed on the same plane of equality, bidding on the same terms and conditions?
- A. Competitive bidding
- B. Kickbacks
- C. Bid solicitation
- D. Bid-rigging
Answer: A
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION 63
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 36
- B. 62 versus 37
- C. None of the above
- D. 61 versus 39
Answer: D
NEW QUESTION 64
Employees with the authority to grant discounts in order to skim revenues may use which authority?
- A. False discounts
- B. Recording a discount on sale procedure
- C. Internal discount sales audits
- D. None of the above
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 65
The most common method of detection in corruption cases is:
- A. Internal controls
- B. Tips
- C. By accident
- D. Internal audits
Answer: B
NEW QUESTION 66
Which of the following are not of Basic types of non-sharable problems?
- A. Larceny by Fraud
- B. Violation of ascribed obligations
- C. Physical Isolation
- D. Business reversals
Answer: A
NEW QUESTION 67
Which of the following is not the skimming scheme?
- A. Understand sales and receivables
- B. Unrecorded sales
- C. Fraud & Cost
- D. Theft of checks through the mail
Answer: C
NEW QUESTION 68
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