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ACFE CFE Exam - Topic 4 Question 43 Discussion

____________ is a summary of the account balances carried in a ledger.
B) Income statement
A) Balance sheet
C) Financial statement
D) General journal

ACFE CFE Exam - Topic 4 Question 43 Discussion

Actual exam question for ACFE's CFE exam
Question #: 43
Topic #: 4
[All CFE Questions]

____________ is a summary of the account balances carried in a ledger.

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Suggested Answer: B

by Rasheeda at Nov 22, 2023, 12:53 AM

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Malcolm
8 months ago
Nope, balance sheet all the way!
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Chuck
8 months ago
I thought it could be a financial statement too...
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Hyman
8 months ago
Wait, is it really just that simple?
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Cassi
8 months ago
Totally agree, A is the right answer.
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Cecil
9 months ago
It's definitely a balance sheet!
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Estrella
9 months ago
I keep mixing up income statements and balance sheets; I hope I remember correctly for this one!
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Huey
9 months ago
I practiced a similar question, and I believe the balance sheet is specifically what we're looking for here.
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Christiane
9 months ago
I'm not entirely sure, but I remember something about financial statements being a broader term.
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Melinda
9 months ago
I think the answer might be A, balance sheet, since it summarizes account balances.
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Emelda
9 months ago
I think the key here is remembering the specific purpose and contents of each financial report. Time to apply that knowledge to select the best answer.
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Abraham
9 months ago
Wait, is the income statement also considered a financial statement? I want to make sure I don't get this mixed up.
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Delmy
10 months ago
Okay, I've got this. The balance sheet summarizes the account balances, so that's got to be the right answer. I'll mark that one confidently.
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Leota
10 months ago
Hmm, I'm a bit unsure about the difference between a balance sheet and a financial statement. I'll need to review those concepts before answering.
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Marg
10 months ago
This looks like a straightforward accounting question. I'll focus on recalling the key financial statements and their definitions.
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Toshia
10 months ago
I'm a bit confused by the wording here. I'll need to re-read the question a few times.
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Carri
10 months ago
Hmm, this looks tricky. I'll need to carefully consider the class and interface declarations to determine which option won't compile.
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Arlette
10 months ago
I'm feeling pretty confident about this one. The question is specifically asking about viewing the logs for all the replicas in the Deployment, so I think option A - kubectl logs [PARAM] is the way to go. That should give me the logs for all the Pods in the Deployment across all the clusters.
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Carmela
10 months ago
This is a tricky one. I'll need to think through the implications of that "application data access only" restriction and how it might limit the database's use.
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Marget
10 months ago
Okay, let me break this down. The task is prioritizing requirements, so the output should be a list of the requirements in order of priority. I'm going to go with B - Requirements (prioritized) as my final answer.
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Cathrine
1 year ago
Balance sheet? More like 'balance the stress' of taking this exam, am I right?
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Cordelia
1 year ago
Hmm, a balance sheet, huh? That's like the superhero of financial statements - it has all the powers to show the company's worth!
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Luis
1 year ago
General journal? Come on, that's just a chronological record of transactions. We're looking for a statement that summarizes the account balances.
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Phung
1 year ago
Exactly, the balance sheet shows the financial position of a company at a specific point in time.
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Paulina
1 year ago
Oh, I see. The balance sheet is the summary of the account balances.
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Arthur
1 year ago
C) Financial statement
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Edison
1 year ago
A) Balance sheet
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Vilma
1 year ago
Financial statement? That's too broad. We need a more specific term for a summary of account balances.
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Britt
1 year ago
General journal? No, that's where transactions are recorded, not a summary of account balances.
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Domonique
1 year ago
Financial statement? No, that's too broad. It includes more than just account balances.
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Gerald
1 year ago
Balance sheet? Yes, that's the specific term for a summary of account balances.
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Lisha
1 year ago
D) General journal
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An
1 year ago
C) Financial statement
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Jeff
1 year ago
B) Income statement
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Graciela
1 year ago
A) Balance sheet
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Ligia
1 year ago
Income statement? Nah, that's more about the company's performance over a period of time. This question is asking for a summary of account balances.
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Svetlana
1 year ago
A balance sheet is definitely the correct answer here. It's like a snapshot of a company's financial position at a specific point in time.
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Geoffrey
1 year ago
That's correct! A balance sheet is one of the main financial statements used by companies.
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Dick
1 year ago
C) Financial statement
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Carey
1 year ago
Yes, a balance sheet provides a summary of a company's assets, liabilities, and equity.
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Wai
1 year ago
A) Balance sheet
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Jill
1 year ago
I think it's C) Financial statement, because it includes more than just the account balances.
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Fannie
1 year ago
I agree with Andrew, the balance sheet summarizes the account balances.
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Andrew
1 year ago
The answer is A) Balance sheet.
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