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Financial CFE Exam
Certified Financial Examiner (CFE) (Page 20 )

Updated On: 1-Feb-2026
Page 7 of 39
PDF with 416 Questions

Forced reconciliation of the account says:

  1. to conceal shrinkage is to alter inventory record so that it matches the physical inventory count.
  2. to conceal inventory is to alter shrinkage record so that it matches the physical inventory count.
  3. to conceal shrinkage is to change the perpetual inventory record so that it matches the physical inventory count.
  4. to conceal write-offs is to change the perpetual inventory record so that it matches the physical inventory count.

Answer(s): C



__________ inventory and other assets is relatively common way for fraudsters to remove assets from the books before or after they are stolen.

  1. Altered
  2. Perpetual
  3. False shipping slip
  4. Write-offs

Answer(s): C



CORRECT TEXT
___________ allows the fraud examiner to inspect key attributes on a smaller portion (or sample) of those documents.

  1. Statistical sampling

Answer(s): A



Statistical sampling enables the examiner to predict the occurrence rate for the population and therefore determine with some accuracy the error rate, or the potential for fraud.

  1. True
  2. False

Answer(s): A



Which counts sometimes can give rise to inventory theft detection?

  1. Perpetual inventory counts
  2. Physical inventory counts
  3. Concealment inventory counts
  4. None of the above

Answer(s): B



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Viewing questions 96 - 100 out of 416 questions



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