ACFE Exam CFE Topic 2 Question 32 Discussion

Actual exam question for ACFE's CFE exam

Question #: 32
Topic #: 2

[All CFE Questions]

_________ assumes the business will go on indefinitely in the future.

AMateriality

BGoing concern

CCost

DFair value

Show Suggested Answer

Suggested Answer: D

by Cristy at Feb 27, 2023, 07:39 PM

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Broderick

2 months ago

Going concern? More like 'going, going, gone' if you ask me! But hey, at least we can dream, right?

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Alaine

18 days ago

D) Fair value

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Kenda

21 days ago

C) Cost

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Rosendo

23 days ago

B) Going concern

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Helene

23 days ago

A) Materiality

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Taryn

2 months ago

B) Going concern. Isn't that the one where we pretend the business will keep running forever, no matter what? Sounds like a great strategy to me!

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Lawrence

2 months ago

B) Going concern. Anything else would be like trying to predict the future - good luck with that, am I right? I'd rather just assume everything's going to be peachy.

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Enola

9 days ago

D) Fair value

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Francine

10 days ago

C) Cost

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Cordie

10 days ago

B) Going concern

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Maryann

12 days ago

A) Materiality

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Dahlia

13 days ago

B) Going concern. Anything else would be like trying to predict the future - good luck with that, am I right? I'd rather just assume everything's going to be peachy.

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Murray

17 days ago

D) Fair value

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Edmond

19 days ago

C) Cost

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Daniel

20 days ago

B) Going concern

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Carey

29 days ago

A) Materiality

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Sharan

2 months ago

Hmm, I'd have to say B) Going concern. Isn't that the one where we assume the business will keep chugging along like the Energizer Bunny? I hope my boss feels the same way!

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Kristian

5 days ago

I hope my boss believes in the going concern assumption too, it's crucial for the business's success.

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Nohemi

15 days ago

That's correct! Going concern is an important concept in accounting to consider the future of the business.

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Shawn

1 months ago

I agree, it's like assuming the business will keep going and going, just like the Energizer Bunny.

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Alexia

1 months ago

Yes, you're right! Going concern is the assumption that the business will continue operating in the future.

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Ashlyn

1 months ago

Going concern is definitely a key concept in accounting to ensure the business can sustain its operations in the long run.

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Ciara

1 months ago

I think it's crucial for businesses to assess their ability to continue operating before making any financial decisions.

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Ernestine

2 months ago

I agree, it's important to consider the going concern assumption when evaluating a company's financial statements.

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Dahlia

2 months ago

Yes, you're right! Going concern is all about assuming the business will continue operating in the future.

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Joni

2 months ago

But what about materiality? Doesn't that also play a role in financial reporting?

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Olive

2 months ago

I agree with Lisbeth, businesses are expected to continue operating in the future.

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Gilberto

3 months ago

Going concern, of course! That's the foundation of our financial reporting, right? Anything else would be like building a house on quicksand.

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Whitley

25 days ago

Agreed, it's like the backbone of financial reporting.

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Francoise

2 months ago

Without the going concern assumption, financial statements would not reflect the true picture of the business.

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Jaime

2 months ago

It's definitely important to assume the business will continue operating in the future.

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Leslie

2 months ago

Yes, going concern is crucial for accurate financial reporting.

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Lisbeth

3 months ago

I think the answer is B) Going concern.

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