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ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam - 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?

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Suggested Answer: B

by Julio at May 28, 2024, 02:46 PM

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5 months ago
I thought quality control was part of the process, but I guess not!
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Laticia
5 months ago
Yup, conservatism, cost, and full disclosure are the key ones.
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Kayleigh
5 months ago
Wait, is quality control really not a standard? That seems odd.
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Anjelica
5 months ago
Totally agree, it's all about the other three!
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Kimi
6 months ago
Quality control isn't a GAAP standard.
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Val
6 months ago
I’m a bit confused; I thought all of these were important, but I guess "Quality control" might not fit with GAAP standards.
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Lashon
6 months ago
I practiced a similar question last week, and I think "Quality control" was mentioned as not being a GAAP standard.
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Beatriz
6 months ago
I think "Conservatism," "Cost," and "Full disclosure" are definitely part of GAAP, but "Quality control" seems off.
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Leigha
6 months ago
I remember studying the principles of GAAP, but I'm not entirely sure if "Quality control" is one of them.
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Peggie
6 months ago
Quality control? Really? I would have thought that was an important part of GAAP. I'm going to have to double-check my understanding of the principles before answering this one.
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Beckie
6 months ago
Okay, let's see. Conservatism, cost, and full disclosure are all core GAAP principles, so I'm guessing the answer is D - quality control. That doesn't sound like a standard GAAP concept to me.
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Brigette
6 months ago
This seems like a straightforward accounting principles question. I'll review the key concepts and try to eliminate the options that are standard GAAP principles.
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Jarod
7 months ago
Hmm, I'm a bit unsure about this one. I know the basic GAAP principles, but I'm not 100% confident I can identify the one that's not standard. I'll have to think it through carefully.
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Audra
7 months ago
I'm a bit confused by this question. There are a lot of specific product names and I'm not entirely sure how they all fit together in a FlexPod solution. I'll need to review the supported components more carefully before answering.
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Lashawnda
7 months ago
Hmm, this seems like a tricky one. I'll need to carefully consider the possible causes and think through the logic.
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Glenn
7 months ago
Hmm, I'm a bit unsure about this one. The hybrid cloud aspect adds some complexity, and I'll need to think through the pros and cons of the different agent options. I'll make sure to read the question thoroughly and consider all the details.
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Gail
7 months ago
I remember that red usually indicates an issue. I think green is definitely the one we want here.
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Veta
11 months ago
Quality control? Really? That's a good one. Next they'll be asking about the 'generally accepted accounting dance moves.'
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Mozell
9 months ago
Definitely, it's more about ensuring accuracy and reliability in financial reporting.
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Marguerita
9 months ago
I know, right? Quality control seems out of place among those options.
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Galen
9 months ago
Haha, 'generally accepted accounting dance moves' would be quite the sight!
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Shaun
9 months ago
D) Quality control
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Latonia
9 months ago
C) Full disclosure
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Sharmaine
10 months ago
B) Cost
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Bette
11 months ago
A) Conservatism
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Allene
11 months ago
Wait, is 'full disclosure' really a GAAP standard? That sounds more like a regulatory requirement than an accounting principle.
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Alease
10 months ago
It's interesting how some principles overlap with regulations in accounting.
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Stephanie
10 months ago
Oh, I see. I always thought it was more of a regulatory requirement too.
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Stevie
10 months ago
Yes, 'full disclosure' is actually a standard of generally accepted accounting principles.
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Jenifer
10 months ago
D) Quality control
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Luis
10 months ago
C) Full disclosure
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Theodora
10 months ago
B) Cost
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Nieves
11 months ago
A) Conservatism
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Lisbeth
12 months ago
Hmm, 'cost' seems like it should be a standard, right? How can you have accounting without considering costs?
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Nancey
10 months ago
Oh, I see. So it's more about the methods of accounting for costs, rather than just the concept of costs themselves.
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Isabelle
10 months ago
It's more about how costs are recorded and reported, rather than just considering costs in general.
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Lucina
10 months ago
Cost is actually not a standard of generally accepted accounting principles.
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Veronica
10 months ago
D) Quality control
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Antione
11 months ago
C) Full disclosure
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Susana
11 months ago
B) Cost
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Tegan
12 months ago
A) Conservatism
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Della
12 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.
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Tijuana
10 months ago
Definitely, it's important to understand the difference between operational concepts and accounting principles.
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Angella
11 months ago
Yes, 'quality control' is more related to operations than accounting principles.
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Harley
11 months ago
I agree, 'quality control' is not a standard of GAAP.
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Ernest
11 months ago
D) Quality control
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Johnson
11 months ago
C) Full disclosure
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Essie
11 months ago
B) Cost
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Louann
12 months ago
A) Conservatism
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Verlene
1 year ago
You're right, Noble. Cost is a standard principle. So, the correct answer must be D) Quality control.
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Noble
1 year ago
I disagree, I believe it's B) Cost because cost is actually a standard principle in accounting.
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Verlene
1 year ago
I think the answer is D) Quality control.
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