New Year Sale 2026! Hurry Up, Grab the Special Discount - Save 25% - Ends In 00:00:00 Coupon code: SAVE25
Welcome to Pass4Success

- Free Preparation Discussions
Mail Us support@pass4success.com
Location US
Mob_nav_barsMENU

ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam - Topic 3 Question 113 Discussion

Actual exam question for ACFE's CFE-Financial-Transactions-and-Fraud-Schemes exam
Question #: 113
Topic #: 3
[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.

Show Suggested Answer Hide Answer
Suggested Answer: A

by Marya at Jul 06, 2025, 07:31 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:

0/2000 characters
Submit Cancel
Jarod
3 months ago
Sounds a bit too final, what if there's a dispute later?
upvoted 0 times
...
Sheron
3 months ago
Really? I thought they might look back sometimes.
upvoted 0 times
...
Michael
3 months ago
I disagree, some companies review past expenses for audits.
upvoted 0 times
...
Felice
3 months ago
Definitely true, unless there's a reason to revisit it.
upvoted 0 times
...
Buck
3 months ago
True, once it's closed, it's pretty much forgotten.
upvoted 0 times
...
Buffy
4 months ago
I recall something about how closed accounts might be referenced for trend analysis, so I would say false.
upvoted 0 times
...
Jutta
4 months ago
This reminds me of a practice question we did about closing entries. I think the answer is true, but I could be mistaken.
upvoted 0 times
...
Sabine
4 months ago
I’m not entirely sure, but I feel like we discussed how historical data can still be relevant for future budgeting.
upvoted 0 times
...
Carma
4 months ago
I think I remember that expense accounts can sometimes be reviewed during audits, so I'm leaning towards false.
upvoted 0 times
...
Selma
4 months ago
Easy peasy! Once an expense account is closed, it's done. No way they're going to dig that up again. I'm confident this is a true statement.
upvoted 0 times
...
Taryn
5 months ago
Okay, I think I've got a strategy for this. I'll need to weigh the meaning of "historical item" and whether that necessarily means it will never be reviewed again. Gotta think this through.
upvoted 0 times
...
Nakisha
5 months ago
I'm not sure about this one. I'll have to consider the implications of an expense account being a "historical item" and what that might mean for its future review.
upvoted 0 times
...
Rima
5 months ago
Hmm, this seems like a tricky one. I'll need to think carefully about whether expense accounts are truly never reviewed again once closed.
upvoted 0 times
...
Tom
7 months ago
I agree with Samira. Just because it's closed doesn't mean it won't be looked at again.
upvoted 0 times
...
Socorro
7 months ago
True, true. It's like the Bermuda Triangle of financial records. Once it's in, it's lost to the world.
upvoted 0 times
Jules
6 months ago
True, true. It's like the Bermuda Triangle of financial records. Once it's in, it's lost to the world.
upvoted 0 times
...
Ligia
7 months ago
B) False
upvoted 0 times
...
Amie
7 months ago
A) True
upvoted 0 times
...
...
Samira
7 months ago
I think it's false because even though the expense account is closed, it can still be reviewed for auditing purposes.
upvoted 0 times
...
Tamar
7 months ago
False, are you kidding? I've seen those expense reports come back to haunt people years later. Never underestimate the power of a good audit!
upvoted 0 times
Grover
5 months ago
I agree, you never know when those old expense reports will resurface.
upvoted 0 times
...
Lourdes
6 months ago
True
upvoted 0 times
...
...
Johnson
8 months ago
The expense account is like a black hole - once it's closed, it's gone forever! No one's gonna dig that up again.
upvoted 0 times
Verlene
6 months ago
B) False
upvoted 0 times
...
Cassie
6 months ago
Exactly! Once it's closed, it's in the past.
upvoted 0 times
...
Graham
7 months ago
A) True
upvoted 0 times
...
...
Mollie
8 months ago
True
upvoted 0 times
...
Samira
8 months ago
False
upvoted 0 times
...

Save Cancel