CFE Exam Info and Free Practice Test All-in-One Exam Guide Jan-2025
Pass ACFE CFE Actual Free Exam Q&As Updated Dump Jan 07, 2025
NEW QUESTION # 23
The seller's price to the buyer is not fixed or determinable when:
- A. Payment terms are not extended for a substantial period.
- B. The transaction includes an option to exchange the product for others.
- C. A service or membership fee is not subject predictable cancellation during the contract period.
- D. When the price is not contingent on some future events
Answer: B
NEW QUESTION # 24
When employee 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. Concealing register disbursement
- C. Fraudulent register occurrences
- D. Registry destroying records
Answer: B
NEW QUESTION # 25
The person or persons who have access to __________ are often the targets of unethical vendors seeking an advantage in the process.
- A. Tailor specifications
- B. Bid-splitting
- C. Sealed bids
- D. General purchasing
Answer: C
NEW QUESTION # 26
Employees with the authority to grant discounts in order to skim revenues may use which authority?
- A. None of the above
- B. Recording a discount on sale procedure
- C. False discounts
- D. Internal discount sales audits
Answer: C
NEW QUESTION # 27
The fraudsters' interest lies with an employer other than a company.
- A. False
- B. True
Answer: A
NEW QUESTION # 28
Which of the following is NOT the phase of the bidding process?
- A. Postsolicitation
- B. Submission
- C. Solicitation
- D. Presolicitation
Answer: A
NEW QUESTION # 29
__________ is required if and when officers, executives or other persons in trusted positions become subjects of a criminal indictment.
- A. Turnaround sale or flip
- B. Resource diversion
- C. Disclosure
- D. Conflict of interest
Answer: C
NEW QUESTION # 30
People commit financial statement fraud to:
- A. Stand outside the accounting system
- B. Maintain personal income
- C. Conceal false business performances
- D. Preserve personal status/control
Answer: D
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 31
______________ can be detected by closely examining the documentation submitted with the cash receipts.
- A. None of the above
- B. Approved transaction
- C. Fictitious refunds
- D. Voided purchases
Answer: C
NEW QUESTION # 32
A shell company scheme in which actual goods or services are sold to the victim company is known as:
- A. Distribution scheme
- B. Pass-through scheme
- C. Maintenance scheme
- D. Allocation scheme
Answer: B
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 33
A ___________ occurs when an employee, manager or executive has an undisclosed economic or personal interest in a transaction that adversely affects the organization.
- A. Financial disclosure
- B. Conflict of interest
- C. Unauthorized purchase
- D. Illegal sale
Answer: B
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 34
The more power a person has over the bidding process, the more likely the person can influence the selection of a supplier.
- A. False
- B. True
Answer: B
NEW QUESTION # 35
A process by which several bidders conspire to split contracts up and ensure that each gets a certain amount of work is called:
- A. Bid log
- B. Fictitious Bidding
- C. Bid opening
- D. Bid pooling
Answer: D
NEW QUESTION # 36
In ___________ scheme, an employee creates false vouchers or submits false invoices to the employer.
- A. Voucher handling
- B. Purchase requisition
- C. Cash generating
- D. Sale requisition
Answer: C
NEW QUESTION # 37
CORRECT TEXT
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:
Pending
NEW QUESTION # 38
Skimming cases can more likely to be detected by:
- A. Internal audits
- B. Accidents
- C. Internal controls
- D. occupational frauds
Answer: B
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 39
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 # 40
Conflict of interest cases are more easily prevented than detected.
- A. False
- B. True
Answer: B
NEW QUESTION # 41
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