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CFE Dumps PDF - CFE Real Exam Questions Answers
The Certified Fraud Examiner (CFE) credential is offered by the Association of Certified Fraud Examiners (ACFE). The ACFE is the world's largest anti-fraud organization and is dedicated to fighting fraud through education, training, and certification. The CFE credential is recognized globally as the standard for fraud prevention and detection professionals.
NEW QUESTION # 11
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. Kickbacks
- C. Competitive bidding
- D. Bid-rigging
Answer: C
NEW QUESTION # 12
One reason employees might be hesitant to use PO boxes in shell company schemes is that some businesses are specially vary of sending checks to vendors that have street addresses only.
- A. False
- B. True
Answer: A
NEW QUESTION # 13
Financial statement fraud is committed by:
- A. All of the above
- B. Organized criminals
- C. Mid and lower level employees
- D. Senior Management
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 14
_________ normally are carried on an organization's books as expenses because they tend to be consumed by the organization within a year of purchase.
- A. Supplies
- B. Assets
- C. Equity
- D. Expenses
Answer: A
NEW QUESTION # 15
Placing any restriction in the solicitation documents that tend to restrict competition is called prebid solicitation.
- A. False
- B. True
Answer: B
NEW QUESTION # 16
According to SAB 104, for the revenue to be typically considered realized or realizable and earned, which of the following criteria is NOT met:
- A. Persuasive evidence of an arrangement exists
- B. Services has been rendered
- C. Collectability is reasonably assured
- D. Timings have been met
Answer: D
NEW QUESTION # 17
The price of an asset on which the asset is selling at on the open market in a transaction between a willing buyer and a wiling seller is called:
- A. material value
- B. Absolute value
- C. Fair value
- D. Cost value
Answer: C
NEW QUESTION # 18
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. Employee theft
- C. Internal audits
- D. Occupational frauds
Answer: B
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 19
Financial statement fraud is committed by:
- A. All of the above
- B. Organized criminals
- C. Mid and lower level employees
- D. Senior Management
Answer: A
NEW QUESTION # 20
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 # 21
The person or persons who have access to __________ are often the targets of unethical vendors seeking an advantage in the process.
- A. Sealed bids
- B. Tailor specifications
- C. Bid-splitting
- D. General purchasing
Answer: A
NEW QUESTION # 22
Which check tampering red flag may indicate employees have embezzled cash and charged the embezzlement to expense accounts?
- A. Payable checks
- B. Missing checks
- C. Duplicate checks
- D. Voided checks
Answer: B
NEW QUESTION # 23
Bid-rigging scheme occurs when:
- A. an employee fraudulently assists a vendor in winning a contract through the competitive bidding process.
- B. an employee once assists a vendor in winning a contract through a single competitive bidding process.
- C. an employee once assists a vendor in winning a contract through a single competitive bidding process.
- D. an employee does not assist a vendor in winning a contract through the competitive bidding process.
Answer: A
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 24
In ____________ scheme, a supplier pays an employee of the purchasing company to write specifications that will require amendments at a later date.
- A. False specification
- B. Deliberate writing of vague specifications
- C. Need recognition
- D. Bid-splitting
Answer: B
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 25
Which of the following search is used for unusually high incidence of returns and allowances scheme?
- A. None of the above
- B. Returns and allowances
- C. Allowances by vendors
- D. Disposals of allowances than reorders
Answer: B
Explanation:
Section: Investigation
NEW QUESTION # 26
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 # 27
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ACFE CFE (Certified Fraud Examiner) Certification Exam is a globally recognized certification program designed for individuals who are interested in pursuing a career in fraud examination. Certified Fraud Examiner certification exam is offered by the Association of Certified Fraud Examiners (ACFE), a professional organization that aims to prevent, detect, and deter fraud. The ACFE CFE Certification Exam is a rigorous assessment that evaluates an individual's knowledge and understanding of fraud investigation, prevention, and deterrence.
The CFE certification exam covers four main areas: fraud prevention and deterrence, financial transactions and fraud schemes, investigation, and law. CFE exam is designed to test the candidate's knowledge and understanding of these areas, as well as their ability to apply this knowledge in real-world situations. CFE exam consists of 500 multiple-choice questions, which are divided into four sections, and candidates are given four hours to complete the exam.
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