ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam Questions Instant Access

Question 1

Which of the following must be present for a fraud to exist?

AA material false statement

BKnowledge that the statement was false when it was uttered

CReliance on the fast statement by the victim

DAll of the above

Answer : D

Question 2

The seller's price to the buyer is not fixed or determinable when:

AWhen the price is not contingent on some future events

BThe transaction includes an option to exchange the product for others.

CA service or membership fee is not subject predictable cancellation during the contract period.

DPayment terms are not extended for a substantial period.

Answer : B

Question 3

People commit financial statement fraud to:

AConceal false business performances

BPreserve personal status/control

CMaintain personal income

DStand outside the accounting system

Answer : B

Question 4

Physical assets including _________ and ________ are the most commonly misappropriated noncash asset in our study.

AInterest & Collusion

BInventory & Equipment

CInventory & Purchase

DSales & Equipment

Answer : B

Question 5

Organizations that had external audits actually had higher median losses and longer lasting fraud schemes than those organizations that were not audited.

ATrue

BFalse

Answer : A

Question 6

The price of an asset on which the asset is selling at on the open market in a transaction between a willing buyer and a wiling seller is called:

AAbsolute value

BFair value

CCost value

Dmaterial value

Answer : B

Question 7

Asset misappropriation schemes were the ''middle children'' of the study; they were more common than fraudulent statements and more costly than corruption.

ATrue

BFalse

Answer : B

ACFE Certified Fraud Examiner - Financial Transactions and Fraud Schemes CFE-Financial-Transactions-and-Fraud-Schemes Exam Questions