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NEW QUESTION 73
Persuasive evidence of an arrangement does not exist when:
- A. Timings not meet properly
- B. Revenue and corresponding expenses doesn't match each other.
- C. No written or verbal agreement exists.
- D. Capitalized expenses and Liabilities will not be up to satisfied level
Answer: C
NEW QUESTION 74
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. None of the above
- C. Embezzlement
- D. Conversion
Answer: A
NEW QUESTION 75
The most basic skimming scheme occurs when:
- A. An employee buy goods or services from a stakeholder, drop the stakeholder's payment and makes record of the purchase too.
- B. An employee buy goods or services from a customer, drop the customer's payment, but makes no record of the purchase.
- C. An employee sells goods or services to a customer, collects the customer's payment, but makes no record of the sale.
- D. An employee sells goods or services to a stakeholder, collects the stakeholder's payment and makes record of the sale too.
Answer: C
NEW QUESTION 76
____________ is a summary of the account balances carried in a ledger.
- A. Income statement
- B. General journal
- C. Financial statement
- D. Balance sheet
Answer: C
NEW QUESTION 77
According to Marshall, ______ are probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events.
- A. None of above
- B. Assets
- C. Credentials
- D. Liabilities
Answer: B
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 78
Which of the following is NOT the example of bribery prevention policies?
- A. Reporting gifts
- B. Business meetings
- C. Discounts
- D. Resource diversions
Answer: D
NEW QUESTION 79
Verify supporting documentation on outstanding checks written for a material amount is a test used to conduct for:
- A. Cut-off statements
- B. Check disbursement
- C. Bank confirmation
- D. Bank confirmation
Answer: D
NEW QUESTION 80
A fabricated name and the post office box that an employee uses to collect disbursements from false billings is called:
- A. Cash generator
- B. Accomplice residence
- C. Shell company
- D. Perpetrator check
Answer: C
NEW QUESTION 81
Which counts sometimes can give rise to inventory theft detection?
- A. Concealment inventory counts
- B. Physical inventory counts
- C. None of the above
- D. Perpetual inventory counts
Answer: B
NEW QUESTION 82
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. Bid solicitation
- B. Competitive bidding
- C. Kickbacks
- D. Bid-rigging
Answer: B
NEW QUESTION 83
Verify supporting documentation on outstanding checks written for a material amount is a test used to conduct for:
- A. Cut-off statements
- B. Check disbursement
- C. Bank confirmation
- D. Bank confirmation
Answer: D
NEW QUESTION 84
The heart of book keeping system is the ___________.
- A. Journal
- B. Checkbook
- C. Liability
- D. Asset
Answer: B
NEW QUESTION 85
Employees with the authority to grant discounts in order to skim revenues may use which authority?
- A. False discounts
- B. Internal discount sales audits
- C. Recording a discount on sale procedure
- D. None of the above
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 86
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 87
Which sale occurs when the accomplice of the employee-fraudster "buys" merchandise, but the employee does not ring up the sale, and the accomplice takes the merchandise without making any payment?
- A. Fake sale
- B. Fraudster sale
- C. Preliminary sale
- D. Whole sale
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 88
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. Slow growth or usual profitability, when not compared to other companies in the same industry.
- C. A significant volume of sales to entries whose substance and ownership is not known.
- D. Usual growth in the number of days purchase in receivables
Answer: C
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 89
Delivery has not occurred or services have not been rendered when:
- A. Neither A nor B
- B. A written order exists but contains a right of return.
- C. Until installation and customer testing and acceptance has occurred.
- D. Both A & B
Answer: B
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 90
____________ is a process by which a bookkeeper records all transactions and can adjust the books.
- A. Financial statement
- B. Journal Entries
- C. None of all
- D. Accounting Cycle
Answer: B
NEW QUESTION 91
When employees committing the fraud removes cash from the register and also the item allegedly being returned is debited back into the inventory, this refers to:
- A. Register false voids
- B. Registry destroying records
- C. Fraudulent register occurrences
- D. Concealing register disbursement
Answer: D
Explanation:
Section: Investigation
NEW QUESTION 92
Fraudsters use the accounting system as a tool to generate the results they want in
___________ approach:
- A. Playing the accounting
- B. Organized accounting
- C. All of the above
- D. beating accounting
Answer: A
NEW QUESTION 93
Which of the following is NOT the reason to bribe employees of the purchaser?
- A. To extend the bid opening date
- B. To ensure receipt of a late bid
- C. To falsify the bid log
- D. To ensure bid-splitting
Answer: D
Explanation:
Section: Fraud Prevention and Deterrence
Explanation/Reference:
NEW QUESTION 94
Most of the shell company schemes involve the purchase of goods rather than services.
- A. False
- B. True
Answer: A
NEW QUESTION 95
___________ is to allow the owner, investors, creditors and others with an interest to know the appropriate book worth of the business at a particular date.
- A. Balance sheet
- B. Income statement
- C. Equity
- D. Financial record
Answer: A
NEW QUESTION 96
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ACFE CFE Certified Professional Salary
The average Salary of a Certified Fraud Examiners Salary in
- United States: 91,000 USD
- India: 1,00,000 to 6,00,000 INR
- Europe: 81,718 Euro
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