All Obstacles During CFE Exam Preparation with CFE Real Test Questions
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NEW QUESTION # 47
________ increase assets and expenses and/or decrease liabilities and/or equity
- A. None of all
- B. Journal Entries
- C. Debit
- D. Credit
Answer: C
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 48
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. Fraudulent statement
- B. Misappropriations
- C. Matching
- D. Conservatism
Answer: D
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 49
A tangible asset is one which is:
- A. Both A & B
- B. capable of being appraised
- C. capable of being perceived
- D. Neither A nor B
Answer: A
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 50
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. Fiduciary Capacity
- B. Conversion
- C. None of the above
- D. Embezzlement
Answer: A
NEW QUESTION # 51
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
NEW QUESTION # 52
Another way to eliminate competition in the solicitation phase of the selection process is to:
- A. Solicit bid-splitting from fictitious vendors
- B. Solicit transaction from fictitious vendors
- C. None of the above
- D. Solicit bid from fictitious suppliers
Answer: D
NEW QUESTION # 53
Assets that are long-lived and that differ from property, plant and equipment hat has been purchased outright or acquired under a capital lease are:
- A. None of above
- B. Tangible Assets
- C. Forced Assets
- D. Intangible Assets
Answer: D
NEW QUESTION # 54
A shell company scheme in which actual goods or services are sold to the victim company is known as:
- A. Pass-through scheme
- B. Maintenance scheme
- C. Allocation scheme
- D. Distribution scheme
Answer: A
Explanation:
Section: Fraud Prevention and Deterrence
Explanation
NEW QUESTION # 55
One final means of concealing a register scheme, as with many kinds of fraud, is to destroy all records of the transaction.
- A. False
- B. True
Answer: B
Explanation:
Section: Investigation
NEW QUESTION # 56
Persuasive evidence of an arrangement does not exist when:
- A. Revenue and corresponding expenses doesn't match each other.
- B. Timings not meet properly
- C. No written or verbal agreement exists.
- D. Capitalized expenses and Liabilities will not be up to satisfied level
Answer: C
NEW QUESTION # 57
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. Fair value
- B. Net realizable value
- C. Going concern
- D. Cost
Answer: B
NEW QUESTION # 58
Which check tampering red flag may indicate employees have embezzled cash and charged the embezzlement to expense accounts?
- A. Payable checks
- B. Missing checks
- C. Voided checks
- D. Duplicate checks
Answer: B
NEW QUESTION # 59
Occupational fraud and abuse is a (an) __________ of doing business, in much the same way that we pay expenses for electricity, taxes and wages.
- A. Balance sheet
- B. Equity
- C. Financial record
- D. Expense
Answer: D
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 60
____________ is a process by which a bookkeeper records all transactions and can adjust the books.
- A. Financial statement
- B. None of all
- C. Journal Entries
- D. Accounting Cycle
Answer: C
Explanation:
Section: Financial Transactions and Fraud Schemes
NEW QUESTION # 61
A shell company scheme in which actual goods or services are sold to the victim company is known as:
- A. Pass-through scheme
- B. Maintenance scheme
- C. Allocation scheme
- D. Distribution scheme
Answer: A
NEW QUESTION # 62
Physical tampering prevention is a check tampering technique that is used to secure bank assisted controls.
- A. False
- B. True
Answer: A
Explanation:
Section: Investigation
Explanation/Reference:
NEW QUESTION # 63
Financial statement fraud is committed by:
- A. Organized criminals
- B. Senior Management
- C. Mid and lower level employees
- D. All of the above
Answer: D
NEW QUESTION # 64
Employees with the authority to grant discounts in order to skim revenues may use which authority?
- A. False discounts
- B. None of the above
- C. Recording a discount on sale procedure
- D. Internal discount sales audits
Answer: A
NEW QUESTION # 65
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. Liabilities
- D. Credentials
Answer: B
Explanation:
Section: Financial Transactions and Fraud Schemes
Explanation/Reference:
NEW QUESTION # 66
The person or persons who have access to __________ are often the targets of unethical vendors seeking an advantage in the process.
- A. General purchasing
- B. Bid-splitting
- C. Tailor specifications
- D. Sealed bids
Answer: D
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 67
One reason employees might be hesitant to use PO boxes in shell company schemes is that some businesses are specially vary of sending checks to vendors that have street addresses only.
- A. False
- B. True
Answer: A
NEW QUESTION # 68
SIMULATION
__________ means that traditional bribery statutes proscribe only payments made to influence the decisions of government agents or employees.
Answer:
Explanation:
Official act
NEW QUESTION # 69
Bank cut-off statements should be requested for 10-15 days after the closing date of the balance sheet.
- A. False
- B. True
Answer: B
NEW QUESTION # 70
Skimming cases can more likely to be detected by:
- A. Internal controls
- B. Accidents
- C. occupational frauds
- D. Internal audits
Answer: B
NEW QUESTION # 71
Which of the following are the classifications for the Corruption?
- A. Overbilling, bribery, bid-ridding and illegal gratuities
- B. economic extortion, bribery, illegal gratuities and corruption
- C. Corruption, bribery, economic extortion, conflicts of interest
- D. Bribery, economic extortion, illegal gratuities and conflicts of interest
Answer: D
Explanation:
Section: Fraud Prevention and Deterrence
NEW QUESTION # 72
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