ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam - Topic 1 Question 126 Discussion

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

Question #: 126
Topic #: 1

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

Once the expense account is closed, it becomes a historical item and probably will never be reviewed again.

ATrue

BFalse

Show Suggested Answer

Suggested Answer: A

by Cassi at May 12, 2026, 11:34 AM

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William

10 hours ago

Wait, really? I thought they could be reviewed if needed.

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Tamra

6 days ago

I disagree, sometimes they get audited later.

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Buddy

11 days ago

A) True, once it's closed, it's done.

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Dominga

16 days ago

I’m leaning towards true, but I recall some cases where past expenses were analyzed for trends. It's confusing!

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Micheal

21 days ago

This sounds familiar; I think we had a practice question about closing accounts and their relevance. Could be true?

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Luis

26 days ago

I’m not entirely sure, but I feel like we discussed how some historical items can still be referenced for future budgeting.

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Yasuko

2 months ago

I think I remember something about expense accounts being reviewed during audits, so maybe it's false?

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