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Introduction to ACFE CFE Certification Exam
The accounting profession requires workers to become students throughout their lives, keeping up to date with the latest laws and regulations governing their field. For this reason, many accountants specialize in a sub-area, such as fraud. Fraud costs companies billions of dollars every year, and as criminals get smarter, companies must do it too. To prevent and detect fraud, companies turn to industry experts called Certified Fraud Examiners (CFE).
In the late 1980s, the Association of Certified Fraud Examiners (ACFE) launched the CFE certification. Since then, fraud examiners around the world have obtained this certification to learn about the best fraud prevention practices and advance their careers. CFEs have specialist accounting skills and a deep understanding of how criminals attempt to defraud businesses.
This article explains what a CFE is and how to become a certified fraud examiner. At the end of the article, you can read an interview with a practicing CFE.
NEW QUESTION 91
The heart of book keeping system is the ___________.
- A. Journal
- B. Asset
- C. Checkbook
- D. Liability
Answer: C
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 92
Which sale occurs when the accomplice of the employee-fraudster "buys" merchandise, but the employee does not ring up the sale, and the accomplice takes the merchandise without making any payment?
- A. Preliminary sale
- B. Whole sale
- C. Fake sale
- D. Fraudster sale
Answer: C
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 93
Which of the following is NOT standard of generally accepted accounting principles?
- A. Full disclosure
- B. Cost
- C. Quality control
- D. Conservatism
Answer: C
NEW QUESTION 94
According to a survey, in principal perpetrator, males in a majority of cases, accounting for ___ percent of frauds versus ___ percent in which a female was the primary culprit.
- A. None of the above
- B. 62 versus 37
- C. 61 versus 39
- D. 62 versus 36
Answer: C
NEW QUESTION 95
The act of an official or fiduciary person who unlawfully and wrongfully uses his station or character to procure some benefit, contrary to duty and rights of others is called:
- A. Bribery
- B. Overbilling
- C. Conflict of interest
- D. Corruption
Answer: D
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION 96
___________ should be examined to see that all are properly documented and that inappropriate payments have not been made to employees.
- A. Payable checks
- B. Cash advances
- C. counterfeit checks
- D. Payable cash
Answer: B
NEW QUESTION 97
A journal in which all sales made on credit or cash are listed is:
- A. Disbursement journal
- B. General journal
- C. Accounts payable journal
- D. Accounts receivable journal
Answer: D
NEW QUESTION 98
In Cressey's fraud triangle, its three of the legs are Opportunity, Pressure and
- A. Violation
- B. None of the above
- C. Rationalization
- D. Isolation
Answer: C
NEW QUESTION 99
Which counts sometimes can give rise to inventory theft detection?
- A. None of the above
- B. Concealment inventory counts
- C. Physical inventory counts
- D. Perpetual inventory counts
Answer: C
NEW QUESTION 100
Undisclosed payments made by vendors to employees of purchasing companies are referred to as:
- A. Kickbacks
- B. None of the above
- C. Presolicitaion
- D. Bid-rigging
Answer: A
NEW QUESTION 101
Which of the following is NOT the reason to bribe employees of the purchaser?
- A. To falsify the bid log
- B. To ensure receipt of a late bid
- C. To ensure bid-splitting
- D. To extend the bid opening date
Answer: C
NEW QUESTION 102
The prime targets for skimming schemes which are hard to monitor and predict such as late fees and parking fees, are:
- A. Revenue sources
- B. Register manipulations
- C. Recorded sales
- D. Internal audits
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
Explanation/Reference:
NEW QUESTION 103
Any expenses that are incurred but not paid by the end of the year are counted in our records of profit and loss, are called:
- A. Accruals
- B. Depreciations
- C. Expenses
- D. Financial record
Answer: A
NEW QUESTION 104
The most common method for billing scheme is:
- A. Tips
- B. None of the above
- C. Register
- D. Accident
Answer: A
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION 105
People commit financial statement fraud to:
- A. Maintain personal income
- B. Preserve personal status/control
- C. Stand outside the accounting system
- D. Conceal false business performances
Answer: B
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION 106
Which of the following is NOT the aspect of inventory purchase?
- A. Inventory purchases purposely increase in year 1 only to be liquidated in year 2.
- B. Increase sales in year 2 are unexpected and purchase of inventory does not keep pace with the sales.
- C. might be some fraud scheme in inventory.
- D. inventory for the year 2 will be much greater than year 1.
Answer: D
NEW QUESTION 107
The excess credits (or debits) on the income statement are used to decrease (or increase) the equity account.
- A. False
- B. True
Answer: A
NEW QUESTION 108
_____________ involves purposeful misreporting of financial information about the organization that is intended to mislead those who read it.
- A. Fraudulent statement
- B. Corruption
- C. None of above
- D. Asset misappropriations
Answer: A
NEW QUESTION 109
Which of the following are not of Basic types of non-sharable problems?
- A. Business reversals
- B. Physical Isolation
- C. Larceny by Fraud
- D. Violation of ascribed obligations
Answer: C
NEW QUESTION 110
A special scheme in which employees know their employer is seeking to purchase a certain asset and take advantage of the situation by purchasing the asset themselves is:
- A. Written sale of unique assets
- B. Conflict of interest in sale
- C. Unauthorized sale
- D. Turnaround sale or flip
Answer: D
NEW QUESTION 111
How many accounts are affected in fraudulent accounting entries and therefore same number of categories on the financial statement?
- A. More than two
- B. At least two
- C. None of above
- D. One
Answer: D
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 112
A shell company scheme in which actual goods or services are sold to the victim company is known as:
- A. Distribution scheme
- B. Pass-through scheme
- C. Maintenance scheme
- D. Allocation scheme
Answer: B
NEW QUESTION 113
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
Answer: D
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION 114
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