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Exam Code: CFE Practice exam 2022 by Killexams.com team
CFE Certified Financial Examiner (CFE)

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.

Certified Financial Examiner (CFE)
Financial Certified book
Killexams : Financial Certified book - BingNews https://killexams.com/pass4sure/exam-detail/CFE Search results Killexams : Financial Certified book - BingNews https://killexams.com/pass4sure/exam-detail/CFE https://killexams.com/exam_list/Financial Killexams : Cash Book

What Is a Cash Book?

A cash book is a financial journal that contains all cash receipts and disbursements, including bank deposits and withdrawals. Entries in the cash book are then posted into the general ledger.

Key Takeaways

  • A cash book is a subsidiary of the general ledger in which all cash transactions during a period are recorded.
  • The cash book is recorded in chronological order, and the balance is updated and Tested on a continuous basis.
  • Larger organizations usually divide the cash book into two parts: the cash disbursement journal and the cash receipts journal.
  • A cash book differs from a cash account in that it is a separate ledger in which cash transactions are recorded, whereas a cash account is an account within a general ledger.
  • There are three common types of cash books: single column, double column, and triple column.

How a Cash Book Works

A cash book is set up as a subsidiary to the general ledger in which all cash transactions made during an accounting period are recorded in chronological order. Larger organizations usually divide the cash book into two parts: the cash disbursement journal, which records all cash payments, and the cash receipts journal, which records all cash received into the business.

The cash disbursement journal would include items such as payments made to vendors to reduce accounts payable, and the cash receipts journal would include items such as payments made by customers on outstanding accounts receivable or cash sales.

The primary goal of a cash book is to manage cash efficiently, making it easy to determine cash balances at any point in time, allowing managers and company accountants to budget their cash effectively when needed. It is also much faster to access cash information in a cash book than by following the cash through a ledger.

Cash Book vs. Cash Account

A cash book and a cash account differ in a few ways. A cash book is a separate ledger in which cash transactions are recorded, whereas a cash account is an account within a general ledger. A cash book serves the purpose of both the journal and ledger, whereas a cash account is structured like a ledger. Details or narration about the source or use of funds are required in a cash book but not in a cash account.

There are numerous reasons why a business might record transactions using a cash book instead of a cash account. Daily cash balances are easy to access and determine. Mistakes can be detected easily through verification, and entries are kept up to date, as the balance is Tested daily. By contrast, balances in cash accounts are commonly reconciled at the end of the month after the issuance of the monthly bank statement.

Recording in a Cash Book

All transactions in a cash book have two sides: debit and credit. All cash receipts are recorded on the left-hand side as a debit, and all cash payments are recorded by date on the right-hand side as a credit. The difference between the left and right sides shows the balance of cash on hand, which should be a net debit balance if cash flow is positive.

The cash book is set up in columns. There are three common versions of the cash book: single column, double column, and triple column. The single-column cash book shows only receipts and payments of cash. The double-column cash book shows cash receipts and payments as well as details about bank transactions. The triple column cash book shows all of the above plus information about purchase or sales discounts.

A typical single column cash book will have these four column headers: “date,” “description,” “reference” (or “folio number”), and “amount.” These headers are present for both the left side showing receipts and the right side showing payments. The date column is the date of the transaction.

Because the cash book is updated continuously, it will be in chronological order by transaction. In the description column, the accountant writes a short description or narration of the transaction. In the reference or ledger folio column, the accountant inputs the account number for the related general ledger account. The amount of the transaction is recorded in the final column.

Examples of Cash Book Format

Single Column Cash Book
Date Description Folio Number Amount Received Date Description Folio Number Amount Paid
Double Column Cash Book
 Date Description Folio Number Amount Received Bank Date Description Folio Number Amount Paid Bank
                   
Triple Column Cash Book
 Date  Description Folio Number Amount Received Bank Discount Date Description Folio Number Amount Paid Bank Discount
                       

What Is the Purpose of a Cash Book?

A cash book is set up as a subsidiary to the general ledger in which all cash transactions made during an accounting period are recorded in chronological order. The primary goal of a cash book is to manage cash efficiently, making it easy to determine cash balances at any point in time, allowing managers and company accountants to budget their cash effectively. It is also much faster to access cash information in a cash book than by following the cash through a ledger.

What Are the Two Components of a Cash Book?

Larger organizations usually divide the cash book into two parts: the cash disbursement journal, which records all cash payments, and the cash receipts journal, which records all cash received into the business. The cash disbursement journal would include items such as payments made to vendors to reduce accounts payable, and the cash receipts journal would include items such as payments made by customers on outstanding accounts receivable or cash sales.

What Is the Difference Between a Cash Book and a Cash Account?

A cash book and a cash account differ in a few ways. A cash book is a separate ledger in which cash transactions are recorded, whereas a cash account is an account within a general ledger. A cash book serves the purpose of both the journal and ledger, whereas a cash account is structured like a ledger. Details or narration about the source or use of funds are required in a cash book but not in a cash account.

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Killexams : 5 ways to feel richer (even if you’re not)

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Killexams : GTE Financial Certified as a Most Loved Workplace

Most Loved Workplaces employees are happiest and most satisfied at work.

TAMPA, FL (August 4, 2022) — GTE Financial has become certified as a Most Loved Workplace®, backed by Best Practice Institute (BPI) research and analysis. Most Loved Workplace® validation provides the most comprehensive look at workplace sentiment for organizations today.

“GTE is honored to have achieved this national recognition for the first time! This fantastic milestone achievement shows our level of employee engagement, including the level of respect, collaboration, support, and sense of belonging at GTE,” comments Brian Best, President and CEO of GTE Financial. “We are lucky enough to experience the GTE culture every day, but it makes it even more special when it’s recognized as an amazing place to work not just in Tampa Bay but nationwide,” he continued.

GTE Financial has been certified as a Most Loved Workplace® because of the contributions each of the GTE employees makes daily in delivering on the credit union’s core values and dedication to their members.

Most Loved Workplaces® certify companies where employees are the happiest and most satisfied at work. GTE Financial became certified as a Most Loved Workplace based on its scores on the Love of Workplace Index™, which surveyed employees on various elements around employee satisfaction and sentiment they feel inside the Company.

“I started Most Loved Workplaces out of inspiration from my community of people who consciously place love for their employees at the center of their business model,” said Louis Carter, founder and CEO of BPI.

In addition to his role, Carter is a social/organizational psychologist, thought leader, entrepreneur, and author. His book, “In Great Company: How to Spark Peak Performance by Creating an Emotionally Connected Workplace,” outlines the requirements for any organization to become a respected, reputable place people love to work (A Most Loved Workplace.)

Most Loved Workplace® surveyed more than 175 companies and more than 3,000 executives across the United States, the Middle East/Northern Africa, and Southeast Asia. They found a correlation between productivity and employee sentiment, with 94 percent of responders saying they did three to four times more work for a company they loved; and 95 percent staying at companies they loved three to four times longer. The Most Loved Workplaces certification is a sure sign of employee satisfaction and a great environment.

To apply for a Most Loved Workplace certification and be considered for next year’s Newsweek list, visit mostlovedworkplace.com.

To learn more about the Best Practice Institute, visit bestpracticeinstitute.org.

To view America’s Top 100 Most Loved Workplaces in Newsweek, visit newsweek.com/americas-most-loved-workplaces-2021.

To learn more about job opportunities available at GTE Financial, please visit gtefinancial.org/careers.