ACFE ACFE-CFE Online Practice Questions and Exam Preparation

ACFE ACFE-CFE Online Questions & Answers

• Question 21:

  A __________ is a day-by-day, or chronological, record of transactions

  A. Asset
  B. Journal
  C. Checkbook
  D. Ledger
  B. Journal

• Question 22:

  The most common method of detection in corruption cases is:

  A. Internal audits
  B. Internal controls
  C. Tips
  D. By accident
  C. Tips

• Question 23:

  The excess credits (or debits) on the income statement are used to decrease (or increase) the equity account.

  A. True
  B. False
  B. False

• Question 24:

  False billing scheme states that:

  A. employees do not cause their company to purchase merchandise that the company does not need.
  B. employees cause their company to sale merchandise that the company does not need.
  C. employees do not cause their company to sale merchandise that the company does not need.
  D. employees cause their company to purchase merchandise that the company does not need
  D. employees cause their company to purchase merchandise that the company does not need

• Question 25:

  Collusion or bid-rigging between bidders is called

  A. Bribery receipt
  B. Bid solicitation
  C. To withdraw low bids
  D. Contract acceptance
  D. Contract acceptance

• Question 26:

  Persuasive evidence of an arrangement does not exist when:

  A. Revenue and corresponding expenses doesn't match each other.
  B. No written or verbal agreement exists.
  C. Timings not meet properly
  D. Capitalized expenses and Liabilities will not be up to satisfied level
  B. No written or verbal agreement exists.

• Question 27:

  Bank cut-off statements should be requested for 10-15 days after the closing date of the balance sheet.

  A. True
  B. False
  A. True

• Question 28:

  Which of the following are not of Basic types of non-sharable problems?

  A. Violation of ascribed obligations
  B. Business reversals
  C. Physical Isolation
  D. Larceny by Fraud
  D. Larceny by Fraud

• Question 29:

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

  A. True
  B. False
  B. False

• Question 30:

  ___________ should be examined to see that all are properly documented and that inappropriate payments have not been made to employees.

  A. Payable cash
  B. Cash advances
  C. counterfeit checks
  D. Payable checks
  B. Cash advances