Free Access ACFE.CFE.v2022-02-03.q138 Practice Test (Page 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 contract period.

D.Payment terms are not extended for a substantial period.

______________ can be detected by closely examining the documentation submitted with the cash receipts.

A.Fictitious refunds

B.Voided purchases

C.Approved transaction

D.None of the above

Financial statement fraud is committed by:

A.Senior Management

B.Mid and lower level employees

C.All of the above

D.Organized criminals

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

A.Fictitious revenues

B.Improper asset valuations

C.Persuasive Evidence

D.Concealed liabilities and expenses

False billing scheme states that:

A.employees do not cause their company to sale merchandise that the company does not need.

B.employees do not cause their company to purchase merchandise that the company does not need.

C.employees cause their company to purchase merchandise that the company does not need

D.employees cause their company to sale merchandise that the company does not need.

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