ACFE ACFE-CFE Online Practice Questions and Exam Preparation

ACFE ACFE-CFE Online Questions & Answers

• Question 111:

  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. Timings have been met
  D. Collectability is reasonably assured
  C. Timings have been met

• Question 112:

  Financial statement fraud is committed by:

  A. Organized criminals
  B. Mid and lower level employees
  C. Senior Management
  D. All of the above
  D. All of the above

• Question 113:

  The behavior profile of employees who are involved in bribery schemes may include:

  A. Gambling habit
  B. Extravagant lifestyle
  C. Drug and/or alcohol addiction
  D. All of the above
  D. All of the above

• Question 114:

  Statistical sampling enables the examiner to predict the occurrence rate for the population and therefore determine with some accuracy the error rate, or the potential for fraud.

  A. True
  B. False
  A. True

• Question 115:

  The scheme which reduces victim companies to issue fraudulent payments for goods or services that they have not received is called:

  A. Bogus claims
  B. Billing scheme
  C. Reliance billing
  D. Misappropriate claims
  A. Bogus claims

• Question 116:

  People commit financial statement fraud to:

  A. Conceal false business performances
  B. Preserve personal status/control
  C. Maintain personal income
  D. Stand outside the accounting system
  B. Preserve personal status/control

• Question 117:

  A typical issue involving material and fraud would be:

  A. Fraudulent statement
  B. Misappropriations
  C. Civil lawsuit
  D. Quality control
  B. Misappropriations

• Question 118:

  _____________ involves purposeful misreporting of financial information about the organization that is intended to mislead those who read it.

  A. Fraudulent statement
  B. Corruption
  C. Asset misappropriations
  D. None of above
  A. Fraudulent statement

• Question 119:

  CORRECT TEXT ___________ allows the fraud examiner to inspect key attributes on a smaller portion (or sample) of those documents.

  Statistical sampling

• Question 120:

  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. True
  B. False
  B. False