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ACFE CFE - Certified Fraud Examiner

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Total 186 questions

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.

Whole sale

B.

Fake sale

C.

Fraudster sale

D.

Preliminary sale

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.

inventory for the year 2 will be much greater than year 1.

C.

Increase sales in year 2 are unexpected and purchase of inventory does not keep pace with the sales.

D.

might be some fraud scheme in inventory.

A typical issue involving material and fraud would be:

A.

Fraudulent statement

B.

Misappropriations

C.

Civil lawsuit

D.

Quality control

Which are check tempering frauds in which an employee prepares a fraudulent check and submits it usually along with legitimate checks to an authorized maker who signs it without a proper review?

A.

Endorse check scheme

B.

Legitimate check scheme

C.

Payable check scheme

D.

Concealed check scheme

The _______________ cost method of pricing would carry an asset’s value on the financial statements as what it would currently cost, considering inflation.

Depreciation is especially applicable when companies try to overvalue their assets and net worth; the lower their depreciation expense, the higher the company’s profits.

A.

True

B.

False

Bank statement are diligently reviewed to ensure that amounts and signature have not been altered, is an activity for:

A.

Account analysis

B.

Bank reconciliation

C.

Check disbursement controls

D.

Check tampering

Which of the four basic measures, if properly installed and implemented may help prevent inventory fraud?

A.

Proper documentation, segregation of duties, independent checks and physical safeguards

B.

Proper documentation, segregation of duties, independent checks and inventory control

C.

Proper documentation, physical padding, independent checks and physical safeguards

D.

prenumbered affiliations, segregation of duties, independent checks and physical safeguards

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.

Sealed bids

C.

General purchasing

D.

Tailor specifications

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