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SOFE-CFE : SOFE Certified Financial Examiner (CFE)

Financial SOFE-CFE Questions & Answers

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SOFE Certified Financial Examiner (CFE)


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QUESTION: 394

The costs that provide a benefit to a company over more than one accounting period are

called:


  1. Capital expenses

  2. Revenue expenses

  3. Asset expenses

  4. Manufacturing equipments expenses


Answer: A


QUESTION: 395

are potential obligations that will materialize only if certain events

occur in future.


  1. Warranties returns

  2. Liability omissions

  3. Contingent liabilities

  4. 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?


  1. accounting principles

  2. estimates

  3. reporting entities

  4. liability omissions


Answer: D


QUESTION: 397

Improper asset valuations usually fall into which of the following category?


  1. Inventory valuation

  2. Accounts receivable

  3. Business combinations

  4. All of the above


Answer: D


QUESTION: 398

To debit accounts receivables and credit sales is the typical entry under:


  1. Fictitious account payables

  2. Fictitious account receivables

  3. Failure to write off account receivables

  4. 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?


  1. Related party transactions

  2. Booking fictitious assets

  3. Misrepresentation asset valuation

  4. Improperly capitalizing inventory and start-up costs


Answer: A


QUESTION: 400

Which type of misstatements are considered relevant fro audit purpose?


  1. Misstatements arising from fraudulent financial reporting

  2. Misstatements arising from misappropriation of assets

  3. Both A and B

  4. Neither A nor B


Answer: C


QUESTION: 401

In identifying risks that may result in material misstatements sue to fraud, auditors should consider:


  1. type of risk

  2. significance of risk

  3. pervasiveness of risk


  4. 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?


  1. Assignment of personnel and supervision

  2. Accounting principles

  3. Predictability of auditing procedures

  4. All of the above


Answer: D


QUESTION: 403

Which of the following is NOT included in financial statement analysis?


  1. Vertical analysis

  2. Horizontal analysis

  3. Fraction analysis

  4. 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:


  1. Vertical analysis

  2. Horizontal analysis

  3. Fraction analysis

  4. 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:


  1. Vertical analysis

  2. Horizontal analysis

  3. Fraction analysis

  4. Ratio analysis


Answer: B


QUESTION: 406

A fraction analysis is a means of measuring the relationship between two different financial statement amounts.


  1. True

  2. False


Answer: B


QUESTION: 407

The formula to calculate quick ratio is:


  1. Quick ratio = (Credit + Securities + Receivables) / Current liabilities

  2. Quick ratio = (Cash + Securities + Payables) / Final liabilities

  3. Quick ratio = (Credit + Securities + Payables) / Final liabilities

  4. Quick ratio = (Cash + Securities + Receivables) / Current liabilities


Answer: D


QUESTION: 408

The receivable turnover can be calculated by which of the following formula:


  1. Receivable turnover = Net Sales on Account / Average Net Receivables

  2. Receivable turnover = Gross Sales on Account / Average Gross Receivables

  3. Receivable turnover = Net Sales on Receivables / Average Net Account

  4. Receivable turnover = Gross Sales on Receivables / Average Gross Account


Answer: A


QUESTION: 409

Collection ratio can be calculated by the formula:


  1. Collection Ratio = 365 / Payable Turnover

  2. Collection Ratio = 365 + Net Income / Receivable Turnover


  3. Collection Ratio = 365 / Receivable Turnover

  4. Collection Ratio = 365 + Net Sales / Receivable Turnover


Answer: C


QUESTION: 410

Which of the following is the formula for the inventory turnover?


  1. Inventory turnover = Cost of Goods Purchased / Average Inventory

  2. Inventory turnover = Cost of Goods Sold / Average Inventory

  3. Inventory turnover = Cost of Goods Sold / Total Inventory

  4. Inventory turnover = Cost of Goods Purchased / Total Inventory


Answer: B


QUESTION: 411

The modification of behavior through the perception of negative sanctions is called:


  1. Endorsement

  2. Deterrence

  3. Consent

  4. Authorization


Answer: B


QUESTION: 412

What is considered by most professionals to be the cornerstone of an employee reporting program?


  1. Focus line

  2. Report Foundation

  3. Hotline

  4. Imputed Reports


Answer: C


QUESTION: 413

Which of the following is NOT the type of hotline?


  1. Part-time hotline

  2. Full-time hotline


  3. Third-party hotline

  4. 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:


  1. Ethics

  2. Morality

  3. Legality

  4. Saintliness


Answer: A


QUESTION: 415

What advocates that there are concrete ethical principles that cannot be violated?


  1. Utilitarian principle

  2. Imperative principle

  3. Functional activity

  4. 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:


  1. Situational ethics

  2. Situational behavior

  3. Situational principle

  4. Situational hotline


Answer: A


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