ACFE Exam Practice Test Instant Access - No Installation Required

Question 1

The excess credits (or debits) on the income statement are used to decrease (or increase) the equity account.

ATrue

BFalse

Answer : B

Question 2

Which of the following is NOT the type of billing scheme?

AInvoicing via shell companies

BInvoicing via non-accomplice companies

CInvoicing via accomplice companies

DPersonal purchases with company funds

Answer : C

Question 3

Bid-rigging scheme occurs when:

Aan employee fraudulently assists a vendor in winning a contract through the competitive bidding process.

Ban employee does not assist a vendor in winning a contract through the competitive bidding process.

Can employee once assists a vendor in winning a contract through a single competitive bidding process.

Dan employee once assists a vendor in winning a contract through a single competitive bidding process.

Answer : A

Question 4

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

ATrue

BFalse

Answer : B

Question 5

A voucher is:

Aa file that includes the purchase order that was send to the vendor, the vendor invoice listing the cost and quantity of items purchased, and the internal receiving reports that verify the purchased items have been delivered.

Ba figure that includes the sale order that was send to the dealer, the vendor invoice listing the cost and quantity of items sold, and the internal receiving reports that verify the purchased items have been delivered.

Ca report that includes the purchase order that was send to the vendor, the vendor invoice listing the quality and quantity of items purchased, and the external receiving reports that verify the items have been sold.

Da mammogram that includes the purchase order that was send to the purchaser, the purchaser invoice listing the benefits and quantity of items purchased, and the internal receiving reports that verify the purchased items have been sold.

Answer : A

Question 6

____________ is a summary of the account balances carried in a ledger.

ABalance sheet

BIncome statement

CFinancial statement

DGeneral journal

Answer : C

Question 7

A voucher is:

Answer : A

ACFE Certified Fraud examiner CFE Exam Practice Test