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ACFE CFE-Law Exam
Certified Fraudiner (CFE) - Law (Page 4 )

Updated On: 30-Jan-2026
Page 4 of 34
PDF with 158 Questions

Which of the following is the amount of money that would be realized upon the sale of the asset at some point in the future, less the costs associated with owing, operating and selling it?

  1. Net realizable value
  2. Going concern
  3. Cost
  4. Fair value

Answer(s): A



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

  1. Fictitious revenues
  2. Persuasive Evidence
  3. Concealed liabilities and expenses
  4. Improper asset valuations

Answer(s): B



How many accounts are affected in fraudulent accounting entries and therefore same number of categories on the financial statement?

  1. One
  2. At least two
  3. More than two
  4. None of above

Answer(s): A



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

  1. Fictitious or fabricated revenues
  2. Financial revenues
  3. Red flag revenues
  4. Concealed revenues

Answer(s): A



Revenue is recognized when it is:

  1. Realized and Earned
  2. Fictitious and Earned
  3. Realized and Evidenced
  4. All of the above

Answer(s): A



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