Free Access ACFE.CFE.v2024-05-20.q124 Practice Test (Page 7)

____________ corrupt employees can cause inventory to be fraudulently delivered to themselves or accomplices.

A.False credit slip

B.False shipping slip

C.Fraudulent inventory slip

D.False packing slip

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.Payment terms are not extended for a substantial period.

D.A service or membership fee is not subject predictable cancellation during the contract period.

The principle behind full disclosure is:

A.Any material deviation from GAAP must be explained to the reader of the financial information.

B.None of above

C.Any material deviation from SAS must be explained to the writer oh the financial information.

D.Any material deviation from GAAP must be explained to writer of the financial information.

The principal way to detect omitted credits from books of account is through:

A.Trend analysis

B.Expense account

C.None of all

D.Forced Balance

Revenue is recognized when it is:

A.Realized and Evidenced

B.Realized and Earned

C.All of the above

D.Fictitious and Earned

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