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

Question 1

Which of the following is not the skimming scheme?

AUnrecorded sales

BFraud & Cost

CTheft of checks through the mail

DUnderstand sales and receivables

Answer : B

Question 2

Financial statement fraud is committed by:

AOrganized criminals

BMid and lower level employees

CSenior Management

DAll of the above

Answer : D

Question 3

Accounting records are designed to be kept on subjective rather than objective evidence.

ATrue

BFalse

Answer : B

Question 4

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 5

Asset misappropriations have an effect on the liabilities and do also have an indirect effect on the equity account.

ATrue

BFalse

Answer : B

Question 6

Any expenses that are incurred but not paid by the end of the year are counted in our records of profit and loss, are called:

AAccruals

BDepreciations

CExpenses

DFinancial record

Answer : A

Question 7

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

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