ACFE Exam Questions Instant Access - No Installation Required

Question 1

The difference between assets and liabilities is called:

AEquity

BExpense

CRevenue

DIncome statement

Answer : A

Question 2

Which of the following factors is NOT included in most financial statement schemes?

AFictitious revenues

BPersuasive Evidence

CConcealed liabilities and expenses

DImproper asset valuations

Answer : B

Question 3

The most basic skimming scheme occurs when:

AAn employee sells goods or services to a customer, collects the customer's payment, but makes no record of the sale.

BAn employee buy goods or services from a customer, drop the customer's payment, but makes no record of the purchase.

CAn employee sells goods or services to a stakeholder, collects the stakeholder's payment and makes record of the sale too.

DAn employee buy goods or services from a stakeholder, drop the stakeholder's payment and makes record of the purchase too.

Answer : A

Question 4

In which approach, fraudsters produce whatever financial statements they wish, perhaps using just a typewriter or a personal computer.

AOrganized accounting

BPlaying the accounting

CBeating accounting

DOutside accounting system

Answer : D

Question 5

In which phase of competitive bidding process, fraudsters attempt to influence the selection of a contractor by restricting the pool of competitors from whom bids are sought?

ANeed recognition

BSolicitation

CFalse specification

DSubmission

Answer : B

Question 6

________, one of the Fraud synonyms implies that deceiving so thoroughly as to obscure the truth:

ADeceive

BDelude

CMislead

DBeguile

Answer : B

Question 7

A tangible asset is one which is:

Acapable of being perceived

Bcapable of being appraised

CBoth A & B

DNeither A nor B

Answer : C

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