Free Access ACFE.CFE.v2022-05-27.q112 Practice Test (Page 17)

____________ is a process by which a bookkeeper records all transactions and can adjust the books.

A.None of all

B.Journal Entries

C.Accounting Cycle

D.Financial statement

Delivery has not occurred or services have not been rendered when:

A.Neither A nor B

B.Until installation and customer testing and acceptance has occurred.

C.Both A & B

D.A written order exists but contains a right of return.

Which of the following is NOT the aspect of inventory purchase?

A.Inventory purchases purposely increase in year 1 only to be liquidated in year 2.

B.inventory for the year 2 will be much greater than year 1.

C.might be some fraud scheme in inventory.

D.Increase sales in year 2 are unexpected and purchase of inventory does not keep pace with the sales.

_________ revenues involve the recording sales of goods or services hat did not occur.

A.Concealed revenues

B.Red flag revenues

C.Financial revenues

D.Fictitious or fabricated revenues

When employees avoid detection in a refund scheme to keep the sizes of the disbursement low, is referred to:

A.Small disbursements

B.Simple disbursements

C.None of the above

D.Very small disbursements

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