| Exam Code | CFE-FINANCIAL-TRANSACTIONS-AND-FRAUD-SCHEMES |
| Exam Name | Certified Fraud Examiner - Financial Transactions and Fraud Schemes Exam |
| Update Date | 30 Aug, 2026 |
| Total Questions | 242 Questions Answers With Explanation |
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Which of the following is true for Red flags associated with fictitious revenues?
A. Slow growth or usual profitability, when not compared to other companies in the sameindustry.
B. Usual growth in the number of days purchase in receivables
C. A significant volume of sales to entries whose substance and ownership is not known.
D. A usual surge in purchase by a majority of units within a company, or of purchaserecorded by corporate headquarters.
Which of the following is the amount of money that would be realized upon the sale of theasset at some point in the future, less the costs associated with owing, operating andselling it?
A. Net realizable value
B. Going concern
C. Cost
D. Fair value
Accounting records are designed to be kept on subjective rather than objective evidence.
A. True
B. False
Accounting records are designed to be kept on subjective rather than objective evidence.
A. True
B. False
What can make it easy for an employee to skim sales or receivables?
A. Revenue sources and recording procedures
B. Poor collection and recording procedures
C. Internal audits and recording procedures
D. Register manipulations and recording procedures
The heart of book keeping system is the ___________.
A. Asset
B. Liability
C. Checkbook
D. Journal
Forced reconciliation of the account says:
A. to conceal shrinkage is to alter inventory record so that it matches the physical inventorycount.
B. to conceal inventory is to alter shrinkage record so that it matches the physical inventorycount.
C. to conceal shrinkage is to change the perpetual inventory record so that it matches thephysical inventory count.
D. to conceal write-offs is to change the perpetual inventory record so that it matches thephysical inventory count.
__________ is required if and when officers, executives or other persons in trustedpositions become subjects of a criminal indictment.
A. Conflict of interest
B. Turnaround sale or flip
C. Disclosure
D. Resource diversion
Which sale occurs when the accomplice of the employee-fraudster “buys” merchandise, but the employee does not ring up the sale, and the accomplice takes the merchandise withoutmaking any payment?
A. Whole sale
B. Fake sale
C. Fraudster sale
D. Preliminary sale
Which of the following is the criterion for bid solicitation?
A. Containing false statements
B. Allowing the purchaser to discuss possible employment with the contractor
C. To withdraw low bids
D. To falsify the bid log
In which approach, fraudsters produce whatever financial statements they wish, perhapsusing just a typewriter or a personal computer.
A. Organized accounting
B. Playing the accounting
C. Beating accounting
D. Outside accounting system
Which of the following is NOT standard of generally accepted accounting principles?
A. Conservatism
B. Cost
C. Full disclosure
D. Quality control
Which of the following are not of Basic types of non-sharable problems?
A. Violation of ascribed obligations
B. Business reversals
C. Physical Isolation
D. Larceny by Fraud
The most common method of detection in corruption cases is:
A. Internal audits
B. Internal controls
C. Tips
D. By accident
Financial statement fraud is committed by:
A. Organized criminals
B. Mid and lower level employees
C. Senior Management
D. All of the above
Inventory shrinkage is the unaccounted-for reduction in the company’s inventory that doesnot results from theft.
A. True
B. False
Any expenses that are incurred but not paid by the end of the year are counted in ourrecords of profit and loss, are called:
A. Accruals
B. Depreciations
C. Expenses
D. Financial record
When expenses used to produce income- all of them- should be matched in a consistentmanner against that income, this is referred to:
A. Equity
B. Accrual basis accounting
C. Expense
D. Financial record
The prime targets for skimming schemes which are hard to monitor and predict such aslate fees and parking fees, are:
A. Revenue sources
B. Recorded sales
C. Internal audits
D. Register manipulations
Theft of incoming checks usually occurs when ________ is (are) in charge of opening themail and recording the receipt of payments.
A. Single employee
B. Two employees
C. More then two employees
D. None of the above
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