ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam Practice Test Instant Access

Question 1

The principle behind full disclosure is:

AAny material deviation from GAAP must be explained to the reader of the financial information.

BAny material deviation from SAS must be explained to the writer oh the financial information.

CAny material deviation from GAAP must be explained to writer of the financial information.

DNone of above

Answer : A

Question 2

In which of the following process, all bidders are legally supposed to be placed on the same plane of equality, bidding on the same terms and conditions?

ABid-rigging

BKickbacks

CCompetitive bidding

DBid solicitation

Answer : C

Question 3

_________ normally are carried on an organization's books as expenses because they tend to be consumed by the organization within a year of purchase.

ASupplies

BExpenses

CAssets

DEquity

Answer : A

Question 4

According to Hollinger and Clark for Policy development, management must pay attention to:

AA clear understanding regarding theft behavior

BEnforcement of sanctions

CBoth A & B

DNeither A nor B

Answer : C

Question 5

The heart of book keeping system is the ___________.

AAsset

BLiability

CCheckbook

DJournal

Answer : C

Question 6

Statistical sampling enables the examiner to predict the occurrence rate for the population and therefore determine with some accuracy the error rate, or the potential for fraud.

ATrue

BFalse

Answer : A

Question 7

_________ is defined as a person who works for the victim organization and who is primary culprit

See Below Explanation:

Answer : A

ACFE CFE-Financial-Transactions-and-Fraud-Schemes Certified Fraud Examiner - Financial Transactions and Fraud Schemes Exam Practice Test