Free CFE-Financial-Transactions-and-Fraud-Schemes: Certified Fraud Examiner - Financial Transactions and Fraud Schemes Exam Questions and Answers
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Last updated: September 19, 2026
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Question #1
Which of the following offender types in which people who take the money and run away?
Please select an optionIncorrectCorrect answer: A
Absconders are the offender type that take the money and simply run away, unlike long-term violators who steal steadily over time.
Was this answer correct?Question #2
Bank cut-off statements should be requested for 10-15 days after the closing date of the balance sheet.
Please select an optionIncorrectCorrect answer: A
Cut-off statements covering the 10 to 15 days after the balance sheet date let the examiner verify reconciling items such as outstanding checks and deposits in transit.
Was this answer correct?Question #3
______ can be detected by closely examining the documentation submitted with the cash receipts.
Please select an optionIncorrectCorrect answer: B
Fictitious refunds leave a paper trail of refund slips and receipts with no genuine returned goods, so examining the documentation attached to cash receipts exposes them.
Was this answer correct?Question #4
The principle behind full disclosure is:
Please select an optionIncorrectCorrect answer: A
Full disclosure requires that any material departure from GAAP be explained to the reader of the financial statements so the information is not misleading.
Was this answer correct?Question #5
Once the expense account is closed, it becomes a historical item and probably will never be reviewed again.
Please select an optionIncorrectCorrect answer: A
Expense accounts are rarely re-examined after period-end closing, which is why expense reimbursement fraud often goes undetected once the account is closed.
Was this answer correct?Question #6
The seller's price to the buyer is not fixed or determinable when:
Please select an optionIncorrectCorrect answer: B
A price is not fixed or determinable when the buyer can exchange the product for other goods; the price depends on future events, a cancellable fee, or extended payment terms.
Was this answer correct?Question #7
Organizations that had external audits actually had higher median losses and longer lasting fraud schemes than those organizations that were not audited.
Please select an optionIncorrectCorrect answer: A
The ACFE Report to the Nations found audited organizations actually had higher median losses and longer-running schemes, showing external audits are not a primary fraud control.
Was this answer correct?Question #8
What can make it easy for an employee to skim sales or receivables?
Please select an optionIncorrectCorrect answer: B
Weak collection and recording procedures leave gaps in the audit trail, making it easy for an employee to divert sales or receivables before they are recorded.
Was this answer correct?Question #9
Verify supporting documentation on outstanding checks written for a material amount is a test used to conduct for:
Please select an optionIncorrectCorrect answer: D
Verifying supporting documentation for material outstanding checks is one of the tests performed along with the bank confirmation procedures to detect check disbursement fraud.
Was this answer correct?Question #10
The most common method of detection in corruption cases is:
Please select an optionIncorrectCorrect answer: C
Tips are consistently the most common detection method for occupational fraud, including corruption cases.
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FAQ
Learn More: https://www.acfe.com/myexam
- Q1: What are ACFE Certification Exams?
- A: ACFE (Association of Certified Fraud Examiners) Certification Exams validate your expertise in fraud prevention, detection, and investigation, showcasing your skills in maintaining ethical standards and compliance with financial regulations.
- Q2: Why should I pursue ACFE Certification?
- A: ACFE Certification enhances your professional credibility, demonstrating your knowledge in fraud examination and financial crime prevention. This can lead to better job opportunities, higher salaries, and career advancement.
- Q3: What are the benefits of ACFE Certification?
- A: Benefits include recognition as a Certified Fraud Examiner (CFE), improved job performance, access to exclusive resources, networking opportunities, and the ability to stay current with the latest fraud prevention strategies and regulatory changes.
- Q4: Who should take ACFE Certification Exams?
- A: Financial professionals, auditors, compliance officers, risk managers, law enforcement personnel, and anyone involved in fraud detection and prevention should consider these certifications to validate their expertise and advance their careers.
- Q5: What types of ACFE Certification Exams are available?
- A: ACFE offers the Certified Fraud Examiner (CFE) certification, which is comprehensive and covers various aspects of fraud prevention, detection, and investigation.
- Q6: How do I prepare for ACFE Certification Exams?
- A: Preparation can include official ACFE training programs, study guides, practice exams, webinars, and hands-on experience in fraud examination and financial crime prevention.
- Q7: Where can I take ACFE Certification Exams?
- A: ACFE Certification Exams can be taken online, providing flexibility to fit your schedule and location.
- Q8: How do ACFE Certifications impact my career?
- A: ACFE Certifications significantly boost your career by demonstrating your expertise to employers, making you a more competitive candidate for advanced roles and promotions in fraud examination and compliance sectors.
- Q9: Are there any prerequisites for ACFE Certification Exams?
- A: Some exams may have prerequisites, such as foundational knowledge or prior certifications. Check the specific requirements for the CFE certification on the ACFE website.
- Q10: How often do I need to recertify for ACFE Certifications?
- A: ACFE Certifications typically require continuing education and recertification every two years to ensure that certified professionals stay updated with the latest fraud prevention and financial crime investigation practices.