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How to Prepare For ACFE CFE Certification Exam
Preparation Guide for ACFE CFE Certification Exam
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A certified fraud examiner (CFE) is an authority in the professional anti-fraud world. He stands out as a professional in the prevention, deterrence, and investigation of fraudulent practices. CFEs have skills that no other professional in the anti-fraud community can boast of. They combine complex accounting operations with a thorough understanding of legal issues, investigative skills and how to further discourage and prevent fraud. Therefore, these are the main criteria used by ACFE. ACFE provides the training and education necessary for an individual to become a certified fraud examiner.
The aim of these training courses and exams is to provide the CFE with the initial skills to detect signs of fraud, defend the global economy by discovering fraudulent practices and devise methods to avoid fraud. No organization in the world, regardless of its size, is safe from fraudulent practices. These workplace frauds are universal and destructive in nature.
According to a study conducted by the Report to Nations in 2016, small organizations tend to suffer extremely high losses compared to large organizations because they employ fewer anti-fraud professionals, which makes them vulnerable to the risks of fraud. Indeed, it is estimated that around 5% of the revenue lost due to fraud per year is due to fraud and work-related abuse.
NEW QUESTION # 17
Employees steal an incoming payment and then place the incoming funds in an interest bearing account for:
- A. Converting stolen checks
- B. All of the above
- C. Short-term skimming
- D. Concealing the fraud
Answer: C
NEW QUESTION # 18
The person or persons who have access to __________ are often the targets of unethical vendors seeking an advantage in the process.
- A. Bid-splitting
- B. General purchasing
- C. Tailor specifications
- D. Sealed bids
Answer: D
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 19
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. Solicitation
- B. Submission
- C. False specification
- D. Need recognition
Answer: A
NEW QUESTION # 20
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. Going concern
- B. Fair value
- C. Net realizable value
- D. Cost
Answer: C
Explanation:
Section: Financial Transactions and Fraud Schemes
Explanation
NEW QUESTION # 21
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. 61 versus 39
- C. 62 versus 37
- D. 62 versus 36
Answer: B
NEW QUESTION # 22
Which of the following is NOT the reason to bribe employees of the purchaser?
- A. To ensure bid-splitting
- B. To extend the bid opening date
- C. To ensure receipt of a late bid
- D. To falsify the bid log
Answer: A
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 23
CORRECT TEXT
__________ means that traditional bribery statutes proscribe only payments made to influence the decisions of government agents or employees.
Answer:
Explanation:
Pending
NEW QUESTION # 24
If the assets are intentionally purchased by the company but simply misappropriated by the fraudster, this is referring to as:
- A. Inventory larceny scheme
- B. Asset receiving scheme
- C. Falsify shipping
- D. Fraudulent purchase
Answer: A
NEW QUESTION # 25
In which approach, fraudsters produce whatever financial statements they wish, perhaps using just a typewriter or a personal computer.
- A. Outside accounting system
- B. Organized accounting
- C. Beating accounting
- D. Playing the accounting
Answer: A
NEW QUESTION # 26
Fraudsters use the accounting system as a tool to generate the results they want in ___________ approach:
- A. Organized accounting
- B. Playing the accounting
- C. beating accounting
- D. All of the above
Answer: B
NEW QUESTION # 27
By what accountant means that the financial figures presented by the company are at least as much as reflected in the statements, if not more.
- A. Matching
- B. Fraudulent statement
- C. Misappropriations
- D. Conservatism
Answer: D
NEW QUESTION # 28
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. 0
- B. 1
- C. 2
- D. 3
Answer: B
NEW QUESTION # 29
Which of the following is NOT the reason to bribe employees of the purchaser?
- A. To ensure bid-splitting
- B. To extend the bid opening date
- C. To ensure receipt of a late bid
- D. To falsify the bid log
Answer: A
NEW QUESTION # 30
If the assets are intentionally purchased by the company but simply misappropriated by the fraudster, this is referring to as:
- A. Inventory larceny scheme
- B. Asset receiving scheme
- C. Falsify shipping
- D. Fraudulent purchase
Answer: A
NEW QUESTION # 31
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. None of the above
- B. Fiduciary Capacity
- C. Embezzlement
- D. Conversion
Answer: B
NEW QUESTION # 32
According to Marshall, ______ are probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events.
- A. None of above
- B. Assets
- C. Credentials
- D. Liabilities
Answer: B
Explanation:
Section: Financial Transactions and Fraud Schemes
Explanation/Reference:
NEW QUESTION # 33
Multiple cashiers operate from a single cash drawer without separate access codes is a red flag for:
- A. Fraudulent scheme
- B. Register scheme
- C. Force inventory scheme
- D. Disbursement scheme
Answer: B
NEW QUESTION # 34
Fill in the Blanks
__________ means that traditional bribery statutes proscribe only payments made to influence the decisions of government agents or employees.
Answer:
Explanation:
Officialact
NEW QUESTION # 35
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