[2024] CFE Actual Exam Dumps, CFE Practice Test
DumpsActual CFE dumps & ACFE Certification sure practice dumps
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CFEs earn 31% more than their colleagues who are not certified according to the 2017/2018 Remuneration Guide for anti-fraud professionals. There are many institutions in Kenya that employ certified fraud examiners and actually pay CFEs between 150,000 and 300,000 kes per month. Confirmed and experienced fraud examiners earn more than 700,000 kes per month.
The question here is not whether a CFE certification will get a job, but rather which organization will pay you best. As soon as you finish the course, you will receive several offers from many potential employers; because it is a very popular course. If you want to enter the field of forensic medicine and high level auditing and investigations, the CFE is the course to pursue
ACFE CFE Certification Exam is administered by the Association of Certified Fraud Examiners (ACFE), which is the world's largest anti-fraud organization. The ACFE was founded in 1988 and has since then been committed to providing anti-fraud education and resources to professionals around the world. The ACFE CFE Certification Exam is one of the most prestigious certifications in the field of fraud examination and is highly respected by employers and clients alike.
Passing the CFE Exam is a significant accomplishment that demonstrates an individual's commitment and expertise in the field of fraud examination. It is also a valuable asset for professionals in various fields such as accounting, law enforcement, government, and auditing. The CFE credential is recognized by employers, clients, and peers as a mark of excellence in the anti-fraud profession, providing individuals with a competitive advantage in the job market and enhancing their professional reputation.
NEW QUESTION # 82
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. Corruption
- B. Bribery
- C. Overbilling
- D. Conflict of interest
Answer: A
NEW QUESTION # 83
The heart of book keeping system is the ___________.
- A. Checkbook
- B. Journal
- C. Asset
- D. Liability
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 84
A typical issue involving material and fraud would be:
- A. Misappropriations
- B. Civil lawsuit
- C. Fraudulent statement
- D. Quality control
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 85
Which of the following is not the skimming scheme?
- A. Unrecorded sales
- B. Theft of checks through the mail
- C. Understand sales and receivables
- D. Fraud & Cost
Answer: D
NEW QUESTION # 86
___________ and __________ are used to increase (or decrease) the equity account.
- A. None of all
- B. Journal Entries & Credit
- C. Journal Entries & transactions
- D. Journal Entries & Debit
Answer: C
NEW QUESTION # 87
________ increase assets and expenses and/or decrease liabilities and/or equity
- A. Debit
- B. None of all
- C. Credit
- D. Journal Entries
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 88
The essential elements of a ________ are an actual or constructive taking away of the goods or property of another with the without the consent and against the will of the owner and with a felonious intent.
- A. Abuse
- B. Fiduciary
- C. Larceny
- D. None of the above
Answer: C
NEW QUESTION # 89
The fraudsters' interest lies with an employer other than a company.
- A. True
- B. False
Answer: B
NEW QUESTION # 90
Inventory shrinkage is the unaccounted-for reduction in the company's inventory that does not results from theft.
- A. True
- B. False
Answer: B
NEW QUESTION # 91
_____________ involves purposeful misreporting of financial information about the organization that is intended to mislead those who read it.
- A. Fraudulent statement
- B. Asset misappropriations
- C. Corruption
- D. None of above
Answer: A
NEW QUESTION # 92
Fill in the Blanks
_________ is defined as a person who works for the victim organization and who is primary culprit
Answer:
Explanation:
Principalperpetrator
NEW QUESTION # 93
The principle behind full disclosure is:
- A. Any material deviation from GAAP must be explained to writer of the financial information.
- B. None of above
- C. Any material deviation from GAAP must be explained to the reader of the financial information.
- D. Any material deviation from SAS must be explained to the writer oh the financial information.
Answer: C
NEW QUESTION # 94
Placing any restriction in the solicitation documents that tend to restrict competition is called prebid solicitation.
- A. True
- B. False
Answer: A
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 95
Fraudsters use the accounting system as a tool to generate the results they want in ___________ approach:
- A. Playing the accounting
- B. beating accounting
- C. Organized accounting
- D. All of the above
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 96
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
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
Explanation/Reference:
NEW QUESTION # 97
What can make it easy for an employee to skim sales or receivables?
- A. Register manipulations and recording procedures
- B. Poor collection and recording procedures
- C. Revenue sources and recording procedures
- D. Internal audits and recording procedures
Answer: B
NEW QUESTION # 98
SIMULATION
A ____________ can be very costly for an organization to undertake, both in terms of money and time spent.
Answer:
Explanation:
Civil lawsuit
NEW QUESTION # 99
Which of the following are used in a short-term skimming scheme?
- A. False company accounts, understated sales and theft of incoming checks
- B. Unrecorded sales, understated sales and theft of incoming checks
- C. Understated sales, theft of incoming checks and check-for-currency substitutions
- D. Unrecorded sales, understated sales and dual endorsements
Answer: B
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 100
Undisclosed payments made by vendors to employees of purchasing companies are referred to as:
- A. Bid-rigging
- B. Presolicitaion
- C. Kickbacks
- D. None of the above
Answer: C
NEW QUESTION # 101
Asset misappropriation schemes were the "middle children" of the study; they were more common than fraudulent statements and more costly than corruption.
- A. True
- B. False
Answer: B
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 102
Which of the following is the amount of money that would be realized upon the sale of the asset at some point in the future, less the costs associated with owing, operating and selling it?
- A. Cost
- B. Going concern
- C. Net realizable value
- D. Fair value
Answer: C
Explanation:
Section: Financial Transactions and Fraud Schemes
Explanation
NEW QUESTION # 103
__________ are the amounts which are owned to other entities:
- A. Liabilities
- B. Expenses
- C. Assets
- D. Supplies
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 104
How many accounts are affected in fraudulent accounting entries and therefore same number of categories on the financial statement?
- A. At least two
- B. One
- C. More than two
- D. None of above
Answer: B
NEW QUESTION # 105
A variation between the physical inventory and the perpetual inventory totals is called:
- A. Write-offs
- B. Account receivable
- C. Shrinkage
- D. Altered inventory
Answer: C
NEW QUESTION # 106
When expenses used to produce income- all of them- should be matched in a consistent manner against that income, this is referred to:
- A. Expense
- B. Accrual basis accounting
- C. Equity
- D. Financial record
Answer: B
NEW QUESTION # 107
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