Online Access Free CFE Practice Test

A variation between the physical inventory and the perpetual inventory totals is called:

• A.Write-offs
• B.Shrinkage
• C.Altered inventory
• D.Account receivable

Accounting records are designed to be kept on subjective rather than objective evidence.

• A.True
• B.False

The principle behind full disclosure is:

• A.Any material deviation from GAAP must be explained to the reader of the financial information.
• B.Any material deviation from SAS must be explained to the writer oh the financial information.
• C.Any material deviation from GAAP must be explained to writer of the financial information.
• D.None of above

By what accountant means that the financial figures presented by the company are at least as much as reflected in the statements, if not more.

• A.Misappropriations
• B.Matching
• C.Fraudulent statement
• D.Conservatism

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

• A.Improper asset valuations
• B.Persuasive Evidence
• C.Concealed liabilities and expenses
• D.Fictitious revenues