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SOFE Certified Financial Examiner Practice Test

SOFE-CFE exam Format | Course Contents | Course Outline | exam Syllabus | exam Objectives

1. CFE designation requirement
To qualify for the CFE designation- you must have obtained the AFE designation or be applying for the AFE designation concurrently with the application for the CFE designation. A CFE designation will not be granted until the AFE designation is obtained. This may occur on the same day- but the AFE designation requirements must be met before the CFE can be obtained.

2. Education requirements
To qualify for the CFE designation- you must have:

Successfully completed three semester hours of a Management course from an accredited college or university or its demonstrable equivalent- and you must provide evidence of the successful completion of this course by either a certificate of completion or a college transcript.

Note that the Management courses offered by CPCU- LOMA- and CLU will satisfy this requirement. For more information about their courses in Management- visit their websites at www.aicpcu.org- www.loma.org- and www.theamericancollege.edu.

To qualify for the CFE designation- you must successfully complete the three CFE examinations administered by the Society of Financial Examiners. The three CFE exams are:

CFE1 - Examination Methods and Management
CFE2 - Enterprise Risk Management
CFE3 - Reinsurance

The information about registering for these examinations is provided at http://www.sofe.org/testing/. To assist in studying for these examinations- the Society provides study guides and textbook materials. A description of these study items is also provided at http://www.sofe.org/testing/. You are welcome to take CFE exams prior to receiving the AFE designation but must receive the AFE designation prior to receiving the CFE designation.

Conditional Credit Policy - Effective January 1- 2012- a candidate for the CFE designation will be subject to the conditional credit policy as stated below:

The passing grade for each of the tests of the CFE is 66 prior to July 1- 2014; thereafter it is 74. A candidate who passes any test of the CFE will earn conditional credit for that test. This conditional credit expires 36 months after the testing date. If a candidate does not successfully pass the remaining tests within the 36 months- the test associated with the conditional credit must be retaken.

An application reflecting fulfillment of all requirements for a designation must be submitted within thirty-eight months following the month in which the applicant passed his/her first exam for that designation track.

4. Work-related experience requirements
To qualify for the CFE designation- you must be an insurance department employee- or self-employed with a contract for services directly with an insurance department- or be employed with a company that has a contract with a state insurance department and have three (3) years of continuous- responsible insurance department examination experience as a financial examiner. Note that the two years required for the AFE designation- qualify as the first two years of the requirement for the CFE- therefore- you only need to obtain one additional year.

5. Membership requirements
To qualify for the CFE designation- you must be an Accredited Member in good standing of the Society of Financial Examiners.

6. Application approval requirements
To receive the CFE designation- you must submit an application to SOFE headquarters and it must be approved first by the Membership Committee- who will then recommend it for approval by the Executive Committee of the Society. Upon approval by the Executive Committee- the designation will become effective.

Deadlines — The approval process of a properly completed designation application is typically between six to eight weeks- as follows: The completed application- with all required information and documentation must be submitted to SOFE by email- fax or mail- for arrival by the 3rd week of the month for inclusion in the next months Membership Committee review. Applicants recommended for approval by the Membership Committee are then submitted for vote by the Executive Committee- generally within 30 days of Membership Committee approval. Applications may be found on the Society's website at www.sofe.org under the link for SOFE Forms or under the Resource tab.

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SOFE Certified Financial Examiner (CFE)
https://killexams.com/pass4sure/exam-detailSOFE-CFE
QUESTION: 394
The costs that provide a benefit to a company over more than one accounting period are
called:
A. Capital expenses
B. Revenue expenses
C. Asset expenses
D. Manufacturing equipments expenses
Answer: A
QUESTION: 395
_________________ are potential obligations that will materialize only if certain events
occur in future.
A. Warranties returns
B. Liability omissions
C. Contingent liabilities
D. Concealed expenses
Answer: C
QUESTION: 396
According to Accounting Changes and Errors Corrections, which of the following is
NOT the type accounting change that must be disclosed to avoid misleading the user of
financial statements?
A. accounting principles
B. estimates
C. reporting entities
D. liability omissions
Answer: D
QUESTION: 397
Improper asset valuations usually fall into which of the following category?
A. Inventory valuation
B. Accounts receivable
C. Business combinations
D. All of the above
Answer: D
QUESTION: 398
To debit accounts receivables and credit sales is the typical entry under:
A. Fictitious account payables
B. Fictitious account receivables
C. Failure to write off account receivables
D. Failure to write off account payables
Answer: B
QUESTION: 399
Which of the following is NOT the scheme of fixed assets that are subject to
manipulation?
A. Related party transactions
B. Booking fictitious assets
C. Misrepresentation asset valuation
D. Improperly capitalizing inventory and start-up costs
Answer: A
QUESTION: 400
Which type of misstatements are considered relevant fro audit purpose?
A. Misstatements arising from fraudulent financial reporting
B. Misstatements arising from misappropriation of assets
C. Both A and B
D. Neither A nor B
Answer: C
QUESTION: 401
In identifying risks that may result in material misstatements sue to fraud, auditors should
consider:
A. type of risk
B. significance of risk
C. pervasiveness of risk
D. All of the above
Answer: D
QUESTION: 402
Judgments about the risk of material misstatement due to fraud have an overall effect on
how the audit is concluded in what ways?
A. Assignment of personnel and supervision
B. Accounting principles
C. Predictability of auditing procedures
D. All of the above
Answer: D
QUESTION: 403
Which of the following is NOT included in financial statement analysis?
A. Vertical analysis
B. Horizontal analysis
C. Fraction analysis
D. Ratio analysis
Answer: C
QUESTION: 404
A technique for analyzing the relationships between the items on an income statement,
balance sheet, or statement of cash flows by expressing components as percentages is
called:
A. Vertical analysis
B. Horizontal analysis
C. Fraction analysis
D. Ratio analysis
Answer: A
QUESTION: 405
A technique for analyzing the percentage change in individual financial statement items
from one year to the next in known as:
A. Vertical analysis
B. Horizontal analysis
C. Fraction analysis
D. Ratio analysis
Answer: B
QUESTION: 406
A fraction analysis is a means of measuring the relationship between two different
financial statement amounts.
A. True
B. False
Answer: B
QUESTION: 407
The formula to calculate quick ratio is:
A. Quick ratio = (Credit + Securities + Receivables) / Current liabilities
B. Quick ratio = (Cash + Securities + Payables) / Final liabilities
C. Quick ratio = (Credit + Securities + Payables) / Final liabilities
D. Quick ratio = (Cash + Securities + Receivables) / Current liabilities
Answer: D
QUESTION: 408
The receivable turnover can be calculated by which of the following formula:
A. Receivable turnover = Net Sales on Account / Average Net Receivables
B. Receivable turnover = Gross Sales on Account / Average Gross Receivables
C. Receivable turnover = Net Sales on Receivables / Average Net Account
D. Receivable turnover = Gross Sales on Receivables / Average Gross Account
Answer: A
QUESTION: 409
Collection ratio can be calculated by the formula:
A. Collection Ratio = 365 / Payable Turnover
B. Collection Ratio = 365 + Net Income / Receivable Turnover
C. Collection Ratio = 365 / Receivable Turnover
D. Collection Ratio = 365 + Net Sales / Receivable Turnover
Answer: C
QUESTION: 410
Which of the following is the formula for the inventory turnover?
A. Inventory turnover = Cost of Goods Purchased / Average Inventory
B. Inventory turnover = Cost of Goods Sold / Average Inventory
C. Inventory turnover = Cost of Goods Sold / Total Inventory
D. Inventory turnover = Cost of Goods Purchased / Total Inventory
Answer: B
QUESTION: 411
The modification of behavior through the perception of negative sanctions is called:
A. Endorsement
B. Deterrence
C. Consent
D. Authorization
Answer: B
QUESTION: 412
What is considered by most professionals to be the cornerstone of an employee reporting
program?
A. Focus line
B. Report Foundation
C. Hotline
D. Imputed Reports
Answer: C
QUESTION: 413
Which of the following is NOT the type of hotline?
A. Part-time hotline
B. Full-time hotline
C. Third-party hotline
D. Detective hotline
Answer: D
QUESTION: 414
According to Wheelwright; branch of philosophy which is the systematic study of
reflective choice, of the standards of right and wrong by which a person is to be guided,
and of the goods toward which it may ultimately be directed id called:
A. Ethics
B. Morality
C. Legality
D. Saintliness
Answer: A
QUESTION: 415
What advocates that there are concrete ethical principles that cannot be violated?
A. Utilitarian principle
B. Imperative principle
C. Functional activity
D. Serviceable principle
Answer: B
QUESTION: 416
When each situation must be evaluated on its own, in essence, the end can justify the
means, this is referred to as:
A. Situational ethics
B. Situational behavior
C. Situational principle
D. Situational hotline
Answer: A
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