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ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam - Topic 10 Question 49 Discussion

According to accounting principles, ________ and ________ should be recorded or atched in the same accounting period; failing to do so violates the matching principle of AAP.
A) Revenue and corresponding expenses
B) Revenue and Income statement
C) Income statement and Long-term contracts
D) Capitalized expenses and Liabilities

ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam - Topic 10 Question 49 Discussion

Actual exam question for ACFE's CFE-Financial-Transactions-and-Fraud-Schemes exam
Question #: 49
Topic #: 10
[All CFE-Financial-Transactions-and-Fraud-Schemes Questions]

According to accounting principles, ________ and ________ should be recorded or atched in the same accounting period; failing to do so violates the matching principle of AAP.

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Suggested Answer: A

by Micaela at May 08, 2022, 06:36 AM

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Keena
7 months ago
I thought capitalized expenses were more important, but I guess not!
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Ming
7 months ago
Nope, it's not about the income statement, that's a common misconception.
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Clorinda
8 months ago
Wait, is it really that strict? Seems a bit much!
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Florencia
8 months ago
I agree, matching principle is key for accurate reporting.
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Giovanna
8 months ago
Revenue and corresponding expenses are definitely the right pair!
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Leslie
8 months ago
Hmm, this looks like it's testing my knowledge of how inventory updates work in the system. I'll need to think carefully about which entities are directly linked to the warehouse inventory.
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Helga
8 months ago
Okay, I think I've got this. Since there's no payment in the first year, I'll need to recognize an accrual for that year's expense. Then the subsequent four years of $50,000 payments will be the recognized expense. I'll double-check my work, but I'm feeling confident about this.
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Mariko
8 months ago
500 respondents per group sounds like a good sample size to me. As long as the survey questions are well-designed, I think this should give a pretty accurate measure of the campaign's impact on brand favorability.
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Melvin
8 months ago
The time-consuming nature of ZBB is concerning. I'm not sure if the benefits truly outweigh the costs, especially for a charity with limited resources.
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Barney
8 months ago
That reminds me of a practice question about feedback loops. If Problem Management doesn't communicate effectively, it hampers the Incident Management process.
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