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

Which of the following is NOT standard of generally accepted accounting principles?
B) Cost
A) Conservatism
C) Full disclosure
D) Quality control

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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9 months ago
I thought quality control was part of the process, but I guess not!
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Laticia
9 months ago
Yup, conservatism, cost, and full disclosure are the key ones.
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Kayleigh
10 months ago
Wait, is quality control really not a standard? That seems odd.
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Anjelica
10 months ago
Totally agree, it's all about the other three!
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Kimi
10 months ago
Quality control isn't a GAAP standard.
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Val
10 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
11 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
11 months ago
I think "Conservatism," "Cost," and "Full disclosure" are definitely part of GAAP, but "Quality control" seems off.
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Leigha
11 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
11 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
11 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
11 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
11 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
11 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
11 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
11 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
11 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
1 year 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
1 year ago
Definitely, it's more about ensuring accuracy and reliability in financial reporting.
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Marguerita
1 year ago
I know, right? Quality control seems out of place among those options.
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Galen
1 year ago
Haha, 'generally accepted accounting dance moves' would be quite the sight!
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Shaun
1 year ago
D) Quality control
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Latonia
1 year ago
C) Full disclosure
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Sharmaine
1 year ago
B) Cost
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Bette
1 year ago
A) Conservatism
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Allene
1 year 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
1 year ago
It's interesting how some principles overlap with regulations in accounting.
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Stephanie
1 year ago
Oh, I see. I always thought it was more of a regulatory requirement too.
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Stevie
1 year ago
Yes, 'full disclosure' is actually a standard of generally accepted accounting principles.
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Jenifer
1 year ago
D) Quality control
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Luis
1 year ago
C) Full disclosure
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Theodora
1 year ago
B) Cost
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Nieves
1 year ago
A) Conservatism
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Lisbeth
1 year ago
Hmm, 'cost' seems like it should be a standard, right? How can you have accounting without considering costs?
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Nancey
1 year 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
1 year ago
It's more about how costs are recorded and reported, rather than just considering costs in general.
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Lucina
1 year ago
Cost is actually not a standard of generally accepted accounting principles.
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Veronica
1 year ago
D) Quality control
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Antione
1 year ago
C) Full disclosure
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Susana
1 year ago
B) Cost
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Tegan
1 year ago
A) Conservatism
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Della
1 year 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
1 year ago
Definitely, it's important to understand the difference between operational concepts and accounting principles.
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Angella
1 year ago
Yes, 'quality control' is more related to operations than accounting principles.
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Harley
1 year ago
I agree, 'quality control' is not a standard of GAAP.
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Ernest
1 year ago
D) Quality control
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Johnson
1 year ago
C) Full disclosure
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Essie
1 year ago
B) Cost
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Louann
1 year 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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