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CFE PDF DEMO:
QUESTION NO: 1
Once the expense account is closed, it becomes a historical item and probably will never be reviewed again.
A. True
B. False
Answer: A
QUESTION NO: 2
___________ is to allow the owner, investors, creditors and others with an interest to know the appropriate book worth of the business at a particular date.
A. Equity
B. Balance sheet
C. Income statement
D. Financial record
Answer: B
QUESTION NO: 3
The most common method for billing scheme is:
A. Register
B. Tips
C. Accident
D. None of the above
Answer: B
QUESTION NO: 4
_________ assumes the business will go on indefinitely in the future.
A. Materiality
B. Going concern
C. Cost
D. Fair value
Answer: B
QUESTION NO: 5
Bid-rigging scheme occurs when:
A. an employee fraudulently assists a vendor in winning a contract through the competitive bidding process.
B. an employee does not assist a vendor in winning a contract through the competitive bidding process.
C. an employee once assists a vendor in winning a contract through a single competitive bidding process.
D. an employee once assists a vendor in winning a contract through a single competitive bidding process.
Answer: A
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Updated: May 27, 2022