ACFE ACFE-CFE Online Practice Questions and Exam Preparation

ACFE ACFE-CFE Online Questions & Answers

• Question 101:

  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. Bank confirmation
  D. Cut-off statements
  C. Bank confirmation

• Question 102:

  Which of the following is NOT the reason why senior management will overstate business statement?

  A. Comply with debit covenants
  B. Meet personal performance criteria
  C. Trigger performance related compensation
  D. Show a pattern of growth to support sale of a business
  A. Comply with debit covenants

• Question 103:

  ______________ can be detected by closely examining the documentation submitted with the cash receipts.

  A. Voided purchases
  B. Fictitious refunds
  C. Approved transaction
  D. None of the above
  B. Fictitious refunds

• Question 104:

  One final means of concealing a register scheme, as with many kinds of fraud, is to destroy all records of the transaction.

  A. True
  B. False
  A. True

• Question 105:

  Which of the following is true for Red flags associated with fictitious revenues?

  A. Slow growth or usual profitability, when not compared to other companies in the same industry.
  B. Usual growth in the number of days purchase in receivables
  C. A significant volume of sales to entries whose substance and ownership is not known.
  D. A usual surge in purchase by a majority of units within a company, or of purchase recorded by corporate headquarters.
  C. A significant volume of sales to entries whose substance and ownership is not known.

• Question 106:

  A shell company scheme in which actual goods or services are sold to the victim company is known as:

  A. Maintenance scheme
  B. Allocation scheme
  C. Distribution scheme
  D. Pass-through scheme
  D. Pass-through scheme

• Question 107:

  What can make it easy for an employee to skim sales or receivables?

  A. Revenue sources and recording procedures
  B. Poor collection and recording procedures
  C. Internal audits and recording procedures
  D. Register manipulations and recording procedures
  B. Poor collection and recording procedures

• Question 108:

  Placing any restriction in the solicitation documents that tend to restrict competition is called prebid solicitation.

  A. True
  B. False
  A. True

• Question 109:

  Which of the following factors is NOT included in most financial statement schemes?

  A. Fictitious revenues
  B. Persuasive Evidence
  C. Concealed liabilities and expenses
  D. Improper asset valuations
  B. Persuasive Evidence

• Question 110:

  The most basic skimming scheme occurs when:

  A. An employee sells goods or services to a customer, collects the customer's payment, but makes no record of the sale.
  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 stakeholder, collects the stakeholder's payment and makes record of the sale too.
  D. An employee buy goods or services from a stakeholder, drop the stakeholder's payment and makes record of the purchase too.
  A. An employee sells goods or services to a customer, collects the customer's payment, but makes no record of the sale.