Latest Apr-2024 ACFE CFE Dumps Updated 190 Questions

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ACFE CFE Certification Path

On the ACFE’s You have to completely fill the CFE Exam application form online website for taking the exam. The Certified Fraud examiner exam application online comprises four sections, namely qualifications, experience and character, signature statement and payment respectively. You are also required to submit supporting documents along with it to the certification portal on ACFE’s website. These supporting documents include your photo, proofs of education, proofs of experience and professional recommendations. Once this application is completed, it will take around 3-5 working days to review it and will be notified via email.

Achieving the ACFE CFE certification is a significant accomplishment for professionals in the field of fraud examination. It demonstrates that the individual has the knowledge and skills necessary to conduct effective fraud investigations and prevent fraud from occurring. The CFE certification is highly valued by employers and can lead to career advancement opportunities. Additionally, the ACFE offers a range of resources and networking opportunities to certified fraud examiners, providing ongoing support and professional development. Overall, the ACFE CFE certification exam is an important step for professionals who wish to excel in the field of fraud investigation and prevention.

QUESTION 36
Occupational fraud and abuse is a (an) __________ of doing business, in much the same way that we pay expenses for electricity, taxes and wages.

 Equity

 Balance sheet

 Expense

 Financial record

Section: Financial Transactions and Fraud Schemes

QUESTION 37
When expenses used to produce income- all of them- should be matched in a consistent manner against that income, this is referred to:

 Equity

 Accrual basis accounting

 Expense

 Financial record

QUESTION 38
Theft of incoming checks usually occurs when ________ is (are) in charge of opening the mail and recording the receipt of payments.

 Single employee

 Two employees

 More than two employees

 None of the above

Section: Financial Transactions and Fraud Schemes
Explanation/Reference:

QUESTION 39
Skimming is:

 The removal of cash from a victim entity prior to its entry in an accounting system.

 The addition of cash from a victim entity prior to its entry in an accounting system.

 The removal of cash from a victim entity after its entry in an accounting system.

 None of above

QUESTION 40
Occupational fraud and abuse is a (an) __________ of doing business, in much the same way that we pay expenses for electricity, taxes and wages.

 Equity

 Balance sheet

 Expense

 Financial record

QUESTION 41
Which of the following is the criterion for bid solicitation?

 Containing false statements

 Allowing the purchaser to discuss possible employment with the contractor

 To withdraw low bids

 To falsify the bid log

QUESTION 42
Which of the following is not the skimming scheme?

 Unrecorded sales

 Fraud & Cost

 Theft of checks through the mail

 Understand sales and receivables

QUESTION 43
The person or persons who have access to __________ are often the targets of unethical vendors seeking an advantage in the process.

 Bid-splitting

 Sealed bids

 General purchasing

 Tailor specifications

Section: Fraud Prevention and Deterrence

QUESTION 44
Once the expense account is closed, it becomes a historical item and probably will never be reviewed again.

 True

 False

Section: Financial Transactions and Fraud Schemes

QUESTION 45
The seller’s price to the buyer is not fixed or determinable when:

 When the price is not contingent on some future events

 The transaction includes an option to exchange the product for others.

 A service or membership fee is not subject predictable cancellation during the contract period.

 Payment terms are not extended for a substantial period.

Section: Financial Transactions and Fraud Schemes

QUESTION 46
Fraudsters use the accounting system as a tool to generate the results they want in ___________ approach:

 Organized accounting

 Playing the accounting

 beating accounting

 All of the above

Section: Financial Transactions and Fraud Schemes

QUESTION 47
False billing scheme states that:

 employees do not cause their company to purchase merchandise that the company does not need.

 employees cause their company to sale merchandise that the company does not need.

 employees do not cause their company to sale merchandise that the company does not need.

 employees cause their company to purchase merchandise that the company does not need

Section: Financial Transactions and Fraud Schemes
Explanation

QUESTION 48
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?

 Whole sale

 Fake sale

 Fraudster sale

 Preliminary sale

QUESTION 49
________ increase assets and expenses and/or decrease liabilities and/or equity

 Journal Entries

 Debit

 Credit

 None of all

Section: Financial Transactions and Fraud Schemes

QUESTION 50
Which of the following must be present for a fraud to exist?

 A material false statement

 Knowledge that the statement was false when it was uttered

 Reliance on the fast statement by the victim

 All of the above

QUESTION 51
Undisclosed payments made by vendors to employees of purchasing companies are referred to as:

 Bid-rigging

 Kickbacks

 Presolicitaion

 None of the above

Section: Fraud Prevention and Deterrence

QUESTION 52
When a victim company purchases unnecessary goods or services from a supplier at the direction of the corrupt employee, this results in:

 Presolicitation scheme

 Need recognition scheme

 False sole-source scheme

 Submission scheme

QUESTION 53
According to Hollinger and Clark for Policy development, management must pay attention to:

 A clear understanding regarding theft behavior

 Enforcement of sanctions

 Both A & B

 Neither A nor B

QUESTION 54
When a victim company purchases unnecessary goods or services from a supplier at the direction of the corrupt employee, this results in:

 Presolicitation scheme

 Need recognition scheme

 False sole-source scheme

 Submission scheme

QUESTION 55
Which of the following is NOT standard of generally accepted accounting principles?

 Conservatism

 Cost

 Full disclosure

 Quality control

Section: Financial Transactions and Fraud Schemes

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To become a Certified Fraud Examiner, individuals must meet certain eligibility requirements, including a minimum of two years of professional experience in a related field, a clean criminal record, and adherence to the ACFE Code of Ethics. CFE exam itself consists of four sections, including Financial Transactions and Fraud Schemes, Fraud Investigation, Legal Elements of Fraud, and Fraud Prevention and Deterrence. Each section contains multiple-choice questions that test the candidate’s knowledge and understanding of various fraud-related topics, as well as their ability to apply that knowledge in real-world scenarios. Successfully passing the exam requires a thorough understanding of fraud examination practices, including investigation techniques, accounting principles, and legal regulations.

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