[Mar-2023] Dumps Practice Exam Questions Study Guide for the CFE Exam
CFE Dumps with Practice Exam Questions Answers
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NEW QUESTION 45
Any expenses that are incurred but not paid by the end of the year are counted in our records of profit and loss, are called:
- A. Depreciations
- B. Expenses
- C. Financial record
- D. Accruals
Answer: D
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 46
Which of the following is NOT the phase of the bidding process?
- A. Presolicitation
- B. Solicitation
- C. Submission
- D. Postsolicitation
Answer: D
NEW QUESTION 47
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. Recorded sales
- B. Occupational frauds
- C. Employee theft
- D. Internal audits
Answer: C
NEW QUESTION 48
Larceny by Fraud or deception means that:
- A. All of the above
- B. Fails to disclose a known lien, adverse claim or other legal impediment
- C. Creates or reinforce a false impression
- D. Fails to correct a false impression
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 49
When an incorrect total is carried from the journal to the ledger or from ledger to the financial statements, this method is called:
- A. Forced Balance
- B. False balance
- C. None of all
- D. Out-of-balance
Answer: A
NEW QUESTION 50
____________ corrupt employees can cause inventory to be fraudulently delivered to themselves or accomplices.
- A. False credit slip
- B. Fraudulent inventory slip
- C. False shipping slip
- D. False packing slip
Answer: D
NEW QUESTION 51
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 52
Fraudsters use the accounting system as a tool to generate the results they want in
___________ approach:
- A. Organized accounting
- B. Playing the accounting
- C. All of the above
- D. beating accounting
Answer: B
NEW QUESTION 53
Bank cut-off statements should be requested for 10-15 days after the closing date of the balance sheet.
- A. False
- B. True
Answer: B
Explanation:
Section: Investigation
NEW QUESTION 54
Verify supporting documentation on outstanding checks written for a material amount is a test used to conduct for:
- A. Check disbursement
- B. Bank confirmation
- C. Cut-off statements
- D. Bank confirmation
Answer: D
NEW QUESTION 55
___________ and __________ are used to increase (or decrease) the equity account.
- A. Journal Entries & Debit
- B. Journal Entries & Credit
- C. None of all
- D. Journal Entries & transactions
Answer: D
NEW QUESTION 56
Which of the following are used in a short term skimming scheme?
- A. Understated sales, theft of incoming checks and check-for-currency substitutions
- B. Unrecorded sales, understated sales and theft of incoming checks
- C. Unrecorded sales, understated sales and dual endorsements
- D. False company accounts, understated sales and theft of incoming checks
Answer: B
NEW QUESTION 57
Which are check tempering frauds in which an employee prepares a fraudulent check and submits it usually along with legitimate checks to an authorized maker who signs it without a proper review?
- A. Legitimate check scheme
- B. Endorse check scheme
- C. Concealed check scheme
- D. Payable check scheme
Answer: C
NEW QUESTION 58
A special scheme in which employees know their employer is seeking to purchase a certain asset and take advantage of the situation by purchasing the asset themselves is:
- A. Turnaround sale or flip
- B. Conflict of interest in sale
- C. Written sale of unique assets
- D. Unauthorized sale
Answer: A
NEW QUESTION 59
Verify supporting documentation on outstanding checks written for a material amount is a test used to conduct for:
- A. Check disbursement
- B. Bank confirmation
- C. Cut-off statements
- D. Bank confirmation
Answer: D
NEW QUESTION 60
The principal way to detect omitted credits from books of account is through:
- A. Expense account
- B. Forced Balance
- C. None of all
- D. Trend analysis
Answer: D
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION 61
Another way to eliminate competition in the solicitation phase of the selection process is to:
- A. None of the above
- B. Solicit bid from fictitious suppliers
- C. Solicit transaction from fictitious vendors
- D. Solicit bid-splitting from fictitious vendors
Answer: B
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION 62
Which of the four basic measures, if properly installed and implemented may help prevent inventory fraud?
- A. Proper documentation, physical padding, independent checks and physical safeguards
- B. Proper documentation, segregation of duties, independent checks and physical safeguards
- C. prenumbered affiliations, segregation of duties, independent checks and physical safeguards
- D. Proper documentation, segregation of duties, independent checks and inventory control
Answer: B
Explanation:
Section: Fraud Prevention and Deterrence
Explanation/Reference:
NEW QUESTION 63
Verify supporting documentation on outstanding checks written for a material amount is a test used to conduct for:
- A. Check disbursement
- B. Bank confirmation
- C. Cut-off statements
- D. Bank confirmation
Answer: D
Explanation:
Section: Investigation
NEW QUESTION 64
Which of the following is the criterion for bid solicitation?
- A. Containing false statements
- B. To falsify the bid log
- C. To withdraw low bids
- D. Allowing the purchaser to discuss possible employment with the contractor
Answer: D
Explanation:
Section: Fraud Prevention and Deterrence
Explanation
NEW QUESTION 65
Accounting records are designed to be kept on subjective rather than objective evidence.
- A. False
- B. True
Answer: A
NEW QUESTION 66
CORRECT TEXT
___________ allows the fraud examiner to inspect key attributes on a smaller portion (or sample) of those documents.
Answer:
Explanation:
Pending
NEW QUESTION 67
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. Need recognition
- B. False specification
- C. Submission
- D. Solicitation
Answer: D
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION 68
When employees avoid detection in a refund scheme to keep the sizes of the disbursement low, is referred to:
- A. None of the above
- B. Simple disbursements
- C. Very small disbursements
- D. Small disbursements
Answer: D
Explanation:
Section: Investigation
NEW QUESTION 69
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Apply for the CFE exam and submit all your documents one month before scheduling the CFE exam. Part 1: complete the online application form and send the payment. The online application of the CFE exam includes four qualifying sections: qualifications, experience and character, signature declaration and payment.
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