ACFE Exam CFE-Financial-Transactions-and-Fraud-Schemes Topic 8 Question 89 Discussion

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

Question #: 89
Topic #: 8

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

Which of the following is NOT standard of generally accepted accounting principles?

AConservatism

BCost

CFull disclosure

DQuality control

Show Suggested Answer

Suggested Answer: B

by Julio at May 28, 2024, 02:46 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

Veta

1 months ago

Quality control? Really? That's a good one. Next they'll be asking about the 'generally accepted accounting dance moves.'

upvoted 0 times

Bette

19 days ago

A) Conservatism

upvoted 0 times

...

Allene

1 months ago

Wait, is 'full disclosure' really a GAAP standard? That sounds more like a regulatory requirement than an accounting principle.

upvoted 0 times

Stevie

1 days ago

Yes, 'full disclosure' is actually a standard of generally accepted accounting principles.

upvoted 0 times

...

Jenifer

9 days ago

D) Quality control

upvoted 0 times

...

Luis

10 days ago

C) Full disclosure

upvoted 0 times

...

Theodora

11 days ago

B) Cost

upvoted 0 times

...

Nieves

21 days ago

A) Conservatism

upvoted 0 times

...

Lisbeth

2 months ago

Hmm, 'cost' seems like it should be a standard, right? How can you have accounting without considering costs?

upvoted 0 times

Nancey

8 days ago

Oh, I see. So it's more about the methods of accounting for costs, rather than just the concept of costs themselves.

upvoted 0 times

...

Isabelle

9 days ago

It's more about how costs are recorded and reported, rather than just considering costs in general.

upvoted 0 times

...

Lucina

11 days ago

Cost is actually not a standard of generally accepted accounting principles.

upvoted 0 times

...

Veronica

14 days ago

D) Quality control

upvoted 0 times

...

Antione

29 days ago

C) Full disclosure

upvoted 0 times

...

Susana

1 months ago

B) Cost

upvoted 0 times

...

Tegan

2 months ago

A) Conservatism

upvoted 0 times

...

Della

2 months ago

I'm pretty sure 'quality control' is not a standard of GAAP. It's more of an operational concept, not an accounting principle.

upvoted 0 times

Tijuana

14 days ago

Definitely, it's important to understand the difference between operational concepts and accounting principles.

upvoted 0 times

...

Angella

21 days ago

Yes, 'quality control' is more related to operations than accounting principles.

upvoted 0 times

...

Harley

23 days ago

I agree, 'quality control' is not a standard of GAAP.

upvoted 0 times

...

Ernest

1 months ago

D) Quality control

upvoted 0 times

...

Johnson

1 months ago

C) Full disclosure

upvoted 0 times

...

Essie

1 months ago

B) Cost

upvoted 0 times

...

Louann

2 months ago

A) Conservatism

upvoted 0 times

...

Verlene

2 months ago

You're right, Noble. Cost is a standard principle. So, the correct answer must be D) Quality control.

upvoted 0 times

...

Noble

3 months ago

I disagree, I believe it's B) Cost because cost is actually a standard principle in accounting.

upvoted 0 times

...

Verlene

3 months ago

I think the answer is D) Quality control.

upvoted 0 times

...