ACFE Exam CFE-Financial-Transactions-and-Fraud-Schemes Topic 1 Question 104 Discussion

Actual exam question for ACFE's CFE-Financial-Transactions-and-Fraud-Schemes exam

Question #: 104
Topic #: 1

[All CFE-Financial-Transactions-and-Fraud-Schemes Questions]

____________ is a summary of the account balances carried in a ledger.

ABalance sheet

BIncome statement

CFinancial statement

DGeneral journal

Show Suggested Answer

Suggested Answer: B

by Truman at Dec 04, 2024, 04:47 PM

Limited Time Offer

25%

Off

Get Premium CFE-Financial-Transactions-and-Fraud-Schemes Questions as Interactive Web-Based Practice Test or PDF

Contribute your Thoughts:

Submit Cancel

Dortha

1 months ago

General journal? What is this, accounting 101? The balance sheet is where it's at, folks.

upvoted 0 times

Loren

18 days ago

General journal

upvoted 0 times

...

James

19 days ago

Financial statement

upvoted 0 times

...

Therese

20 days ago

Income statement

upvoted 0 times

...

Curtis

22 days ago

Balance sheet

upvoted 0 times

...

Aimee

1 months ago

Financial statement? Well, that's a good catch-all, but I think the balance sheet is the specific answer they're looking for.

upvoted 0 times

Denise

1 days ago

So, the balance sheet is a type of financial statement that shows the assets, liabilities, and equity of a company at a specific point in time.

upvoted 0 times

...

Brandon

14 days ago

Financial statement is a broader term that includes the balance sheet, income statement, and cash flow statement.

upvoted 0 times

...

Talia

15 days ago

I agree, the balance sheet is the summary of the account balances in a ledger.

upvoted 0 times

...

Margarett

2 months ago

Income statement? Nah, that's about revenue and expenses, not account balances. Gotta be the balance sheet.

upvoted 0 times

Merlyn

22 days ago

Exactly, it shows what the company owns and owes at that moment.

upvoted 0 times

...

Haley

1 months ago

So, the balance sheet is like a snapshot of the company's financial position at a specific point in time.

upvoted 0 times

...

Serina

1 months ago

Yeah, I agree. The income statement is more about revenue and expenses.

upvoted 0 times

...

Heike

2 months ago

I think it's the balance sheet, that's where you find the summary of account balances.

upvoted 0 times

...

Inocencia

2 months ago

A balance sheet? That's as clear as mud to me. I'll just guess and hope for the best!

upvoted 0 times

...

Fatima

2 months ago

I agree with Frederick. The balance sheet provides a snapshot of what a company owns and owes.

upvoted 0 times

...

Frederick

3 months ago

I think it's A) Balance sheet because it shows the financial position of a company at a specific point in time.

upvoted 0 times

...

Solange

3 months ago

A) Balance sheet

upvoted 0 times

...