ACFE ACFE-CFE Online Practice Questions and Exam Preparation

ACFE ACFE-CFE Online Questions & Answers

• Question 61:

  Which counts sometimes can give rise to inventory theft detection?

  A. Perpetual inventory counts
  B. Physical inventory counts
  C. Concealment inventory counts
  D. None of the above
  B. Physical inventory counts

• Question 62:

  Physical tampering prevention is a check tampering technique that is used to secure bank assisted controls.

  A. True
  B. False
  B. False

• Question 63:

  Every bribe is a two-sided transaction, in which where a vendor bribes a purchaser, there is someone on the vendor's side of the transaction who is not making an illicit payment.

  A. True
  B. False
  B. False

• Question 64:

  Larceny is the scheme in which an employee simply takes inventory from the company premises without attempting to conceal it in the books and records.

  A. True
  B. False
  A. True

• Question 65:

  The seller's price to the buyer is not fixed or determinable when:

  A. When the price is not contingent on some future events
  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. Payment terms are not extended for a substantial period.
  B. The transaction includes an option to exchange the product for others.

• Question 66:

  A scheme is classified as a Conflict of interest:

  A. when an employee must have some kind of ownership or employment interest in the vendor submitting the invoice.
  B. when a salesman must have some kind of ownership or employment interest in the vendor submitting the sales.
  C. when a purchaser must have some kind of ownership or employment interest in the vendor submitting the purchase.
  D. when a dealer must have some kind of dealership interest in the vendor submitting the stock.
  A. when an employee must have some kind of ownership or employment interest in the vendor submitting the invoice.

• Question 67:

  The difference between assets and liabilities is called:

  A. Equity
  B. Expense
  C. Revenue
  D. Income statement
  A. Equity

• Question 68:

  In Fraud scale pressure, opportunity and integrity variables all results in a list of ___ possible red flags or indicators of occupational fraud and abuse.

  A. 81
  B. 82
  C. 83
  D. 84
  B. 82

• Question 69:

  ____________ is a summary of the account balances carried in a ledger.

  A. Balance sheet
  B. Income statement
  C. Financial statement
  D. General journal
  C. Financial statement

• Question 70:

  ___________ 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