ACFE ACFE-CFE Online Practice Questions and Exam Preparation

ACFE ACFE-CFE Online Questions & Answers

• Question 121:

  Which of the following is the criterion for bid solicitation?

  A. Containing false statements
  B. Allowing the purchaser to discuss possible employment with the contractor
  C. To withdraw low bids
  D. To falsify the bid log
  B. Allowing the purchaser to discuss possible employment with the contractor

• Question 122:

  Organizations that had external audits actually had higher median losses and longer lasting fraud schemes than those organizations that were not audited.

  A. True
  B. False
  A. True

• Question 123:

  Which of the four basic measures, if properly installed and implemented may help prevent inventory fraud?

  A. Proper documentation, segregation of duties, independent checks and physical safeguards
  B. Proper documentation, segregation of duties, independent checks and inventory control
  C. Proper documentation, physical padding, independent checks and physical safeguards
  D. prenumbered affiliations, segregation of duties, independent checks and physical safeguards
  A. Proper documentation, segregation of duties, independent checks and physical safeguards

• Question 124:

  In which phase of competitive bidding process, fraudsters attempt to influence the selection of a contractor by restricting the pool of competitors from whom bids are sought?

  A. Need recognition
  B. Solicitation
  C. False specification
  D. Submission
  B. Solicitation

• Question 125:

  A fabricated name and the post office box that an employee uses to collect disbursements from false billings is called:

  A. Accomplice residence
  B. Shell company
  C. Perpetrator check
  D. Cash generator
  B. Shell company

• Question 126:

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

  A. Equity
  B. Accrual basis accounting
  C. Expense
  D. Financial record
  B. Accrual basis accounting

• Question 127:

  Most of the shell company schemes involve the purchase of goods rather than services.

  A. True
  B. False
  B. False

• Question 128:

  A person is said to be in ________ act, when the business which he transacts, or the money or property which he handles, is not for his own benefit, but for another person:

  A. Fiduciary Capacity
  B. Embezzlement
  C. Conversion
  D. None of the above
  A. Fiduciary Capacity

• Question 129:

  Larceny by Fraud or deception means that:

  A. Creates or reinforce a false impression
  B. Fails to correct a false impression
  C. Fails to disclose a known lien, adverse claim or other legal impediment
  D. All of the above
  D. All of the above

• Question 130:

  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. Registry destroying records
  B. Register false voids
  C. Fraudulent register occurrences
  D. Concealing register disbursement
  D. Concealing register disbursement