[CFE] CFE EXAM sample questions

시험에대해 정식으로 등록이 끝나면 주기적으로 ACFE 협회에서는 EXAM COACH라는 이메일을 발송해준다..

 

여기에서 보내주는 샘플문제를 실어보았다.

 

 

IQ #1 - The Identity Theft Red Flag regulations (commonly called the Red Flag Rules) require financial institutions and creditors to develop and implement a written theft prevention program to detect, prevent, and mitigate the risk of identity theft for their customers
A. True
B. False

On January 1, 2008, the Identity Theft Red Flag regulations (Red Flag Rules), which update sections of the Fair and Accurate Credit Transactions Act of 2003, became effective. Issued by the Federal Trade Commission (FTC) and five federal bank regulatory agencies, the Red Flag Rules require financial institutions and creditors (i.e., banking institutions, retailers, utilities, car dealers, etc.) to develop and implement a written identity theft prevention program to detect, prevent, and mitigate the risk of identity theft for both new and existing accounts in numerous industries, including financial services, utilities, health care, and telecommunications. Correct answer: (A)

IQ #2 - All BUT which of the following red flags are indicators of bid-rigging schemes?
A. Other qualified vendors fail to submit proposals
B. Wide disparity in bid prices
C. Joint ventures by firms who could have bid individually
D. Successful bidder consulting with buyer in need recognition

To detect bid-rigging schemes, the examiner must be alert for the following red flags: (1) wide disparity in bid prices; (2) other qualified vendors who fail to submit bids; and (3) joint venture bids by firms which could have bid individually. Correct answer: (A)

 

 

IQ #3 -  Fisher, a Certified Fraud Examiner, was hired to look at certain assets of ABC Company, which may be fraudulently overvalued by management. Fisher determined that the building cost $11.5 million, has a tax value of $11,250,000, and a recent appraisal for $14 million. What generally accepted accounting principle governs how this land should be carried on ABC Company's books?
A. The historical cost principle
B. The market-to-market principle
c. The first-in-first out principle
D. The value-added principle

The historical cost principle states that historical cost is the proper basis for the recording of most assets, expenses, equities, etc. For example, a piece of operational machinery should be shown on the balance sheet at initial acquisition cost and not at current market value or an estimated replacement value. If a building is purchased at a cost of $11.5 million, that is the amount that should be recorded in the buyer's accounting records. The seller may have been asking $14 million for the building up to the time of sale; the buyer may have offered $13 million for it; the building may have been assessed at $11,250,000 for property tax purposes and insured for $13.5 million; and the buyer may have received an offer of $17.5 million for the building the day after it was acquired. However, these latter amounts have no effect on the accounting records because they do not originate from an exchange. The exchange price, or cost, of $11.5 million determines the monetary amount used in the records for the building. Correct answer: (A)