Certified Fraud Examiner - Financial Transactions and Fraud Schemes Exam
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Exam Code
CFE-FINANCIAL-TRANSACTIONS-AND-FRAUD-SCHEMES
Exam Name
Certified Fraud Examiner - Financial Transactions and Fraud Schemes Exam
Questions
235 Questions Answers With Explanation
Update Date
04, 25, 2026
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___________ should be examined to see that all are properly documented and thatinappropriate payments have not been made to employees.
A. Payable cash B. Cash advances C. counterfeit checks D. Payable checks
Answer: B
Question # 2
According to accounting principles, ________ and ________ should be recorded or atchedin the same accounting period; failing to do so violates the matching principle of AAP.
A. Revenue and corresponding expenses B. Revenue and Income statement C. Income statement and Long-term contracts D. Capitalized expenses and Liabilities
Answer: A
Question # 3
A shell company scheme in which actual goods or services are sold to the victim companyis known as:
A. Maintenance scheme B. Allocation scheme C. Distribution scheme D. Pass-through scheme
Answer: D
Question # 4
The principle behind full disclosure is:
A. Any material deviation from GAAP must be explained to the reader of the financialinformation. B. Any material deviation from SAS must be explained to the writer oh the financialinformation. C. Any material deviation from GAAP must be explained to writer of the financialinformation. D. None of above
Answer: A
Question # 5
Which of the following is not the skimming scheme?
A. Unrecorded sales B. Fraud & Cost C. Theft of checks through the mail D. Understand sales and receivables
Answer: B
Question # 6
Every bribe is a two-sided transaction, in which where a vendor bribes a purchaser, there issomeone on the vendor’s side of the transaction who is not making an illicit payment.
A. True B. False
Answer: B
Question # 7
Maintain the presence of a manager or supervisor near the area of the cash register as adeterrent to theft is a prevention for:
A. Fraudulent statement scheme B. Asset misappropriation scheme C. Larceny scheme D. Register disbursement scheme
Answer: D
Question # 8
Physical tampering prevention is a check tampering technique that is used to securebankassisted controls.
A. True B. False
Answer: B
Question # 9
The difference between assets and liabilities is called:
A. Equity B. Expense C. Revenue D. Income statement
Answer: A
Question # 10
____________ is a summary of the account balances carried in a ledger.
A. Balance sheet B. Income statement C. Financial statement D. General journal
Answer: C
Question # 11
Bid-rigging scheme occurs when:
A. an employee fraudulently assists a vendor in winning a contract through the competitivebidding process. B. an employee does not assist a vendor in winning a contract through the competitivebidding process. C. an employee once assists a vendor in winning a contract through a single competitivebidding process. D. an employee once assists a vendor in winning a contract through a single competitivebidding process.
Answer: A
Question # 12
Bid-rigging scheme occurs when:
A. an employee fraudulently assists a vendor in winning a contract through the competitivebidding process. B. an employee does not assist a vendor in winning a contract through the competitivebidding process. C. an employee once assists a vendor in winning a contract through a single competitivebidding process. D. an employee once assists a vendor in winning a contract through a single competitivebidding process.
Answer: A
Question # 13
By what accountant means that the financial figures presented by the company are at leastas much as reflected in the statements, if not more.
A. Fraudulent statement B. Misappropriations C. Conservatism D. Matching
Answer: C
Question # 14
A scheme is classified as a Conflict of interest:
A. when an employee must have some kind of ownership or employment interest in thevendor submitting the invoice. B. when a salesman must have some kind of ownership or employment interest in thevendor submitting the sales. C. when a purchaser must have some kind of ownership or employment interest in thevendor submitting the purchase. D. when a dealer must have some kind of dealership interest in the vendor submitting thestock.
Answer: A
Question # 15
___________ should be examined to see that all are properly documented and thatinappropriate payments have not been made to employees.
A. Payable cash B. Cash advances C. counterfeit checks D. Payable checks
Answer: B
Question # 16
Larceny by Fraud or deception means that:
A. Creates or reinforce a false impression B. Fails to correct a false impression C. Fails to disclose a known lien, adverse claim or other legal impediment D. All of the above
Answer: D
Question # 17
A person is said to be in ________ act, when the business which he transacts, or themoney or property which he handles, is not for his own benefit, but for another person:
A. Fiduciary Capacity B. Embezzlement C. Conversion D. None of the above
Answer: A
Question # 18
When employees avoid detection in a refund scheme to keep the sizes of the disbursementlow, is referred to:
A. Small disbursements B. Very small disbursements C. Simple disbursements D. None of the above
Answer: A
Question # 19
________, one of the Fraud synonyms implies that deceiving so thoroughly as to obscurethe truth:
A. Deceive B. Delude C. Mislead D. Beguile
Answer: B
Question # 20
Asset misappropriation schemes were the “middle children” of the study; they were morcommon than fraudulent statements and more costly than corruption.
A. True B. False
Answer: B
Question # 21
______________ is required not only for theft, but for procedures to detect errors, avoidwaste and insure a proper amount of inventory is maintained.
Answer: Inventory control
Question # 22
Organizations that had external audits actually had higher median losses and longer lastingfraud schemes than those organizations that were not audited.
A. True B. False
Answer: A
Question # 23
Which of the following factors is NOT included in most financial statement schemes?
A. Fictitious revenues B. Persuasive Evidence C. Concealed liabilities and expenses D. Improper asset valuations
Answer: B
Question # 24
Which of the following is NOT the type of billing scheme?
A. Invoicing via shell companies B. Invoicing via non-accomplice companies C. Invoicing via accomplice companies D. Personal purchases with company funds
Answer: C
Question # 25
The seller’s price to the buyer is not fixed or determinable when:
A. When the price is not contingent on some future events B. The transaction includes an option to exchange the product for others. C. A service or membership fee is not subject predictable cancellation during the contractperiod. D. Payment terms are not extended for a substantial period.
Answer: B
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