SOFE SOFA-CFE Exam Practice Test Instant Access

Question 1

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

AReceivable turnover = Net Sales on Account / Average Net Receivables

BReceivable turnover = Gross Sales on Account / Average Gross Receivables

CReceivable turnover = Net Sales on Receivables / Average Net Account

DReceivable turnover = Gross Sales on Receivables / Average Gross Account

Answer : A

Question 2

_____________ is a more difficult problem when the ghost is a former employee who was simply not removed from the payroll.

ADistribution

BDisbursement

CCash out

DPaycheck

Answer : A

Question 3

The heart of which scheme is in the falsification of payroll records and timekeeping information?

AFalsified hour's scheme

Btimekeeping scheme

Cghost employee scheme

Dcommission disbursement scheme

Answer : C

Question 4

In order for a ghost employee scheme to work, which thing must NOT happen?

Aghost must be added to the payroll

Btimekeeping and wage rate information must be collected

Cpaycheck must be issued to the ghost

Dcheck must be delivered to the payroll company

Answer : D

Question 5

______________ refers to someone on the payroll who does not actually work for the victim company.

AGhost employee

BFalsified employee

CChange delivery for terminated employee

DPaychecks employees

Answer : A

Question 6

Which of the following is NOT the category of payroll fraud?

AGhost employee schemes

BFalsified hours

CInvoicing noncompliance vendors' schemes

DCommission schemes

Answer : C

Question 7

Payroll fraud schemes are significantly more likely to be detected by:

AMeasurement

BAccident

CPlanning

DHypothesis

Answer : B

SOFE Certified Financial Examiner Exam Practice Test