ACFE Exam CFE 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.

ABalance sheet

BIncome statement

CFinancial statement

DGeneral journal

Show Suggested Answer

Suggested Answer: B

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

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Cathrine

1 months ago

Balance sheet? More like 'balance the stress' of taking this exam, am I right?

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Cordelia

1 months 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

2 months 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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Arthur

7 days ago

C) Financial statement

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Edison

11 days ago

A) Balance sheet

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Vilma

2 months ago

Financial statement? That's too broad. We need a more specific term for a summary of account balances.

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Britt

2 days ago

General journal? No, that's where transactions are recorded, not a summary of account balances.

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Domonique

3 days ago

Financial statement? No, that's too broad. It includes more than just account balances.

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Gerald

4 days ago

Balance sheet? Yes, that's the specific term for a summary of account balances.

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Lisha

6 days ago

D) General journal

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An

8 days ago

C) Financial statement

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Jeff

10 days ago

B) Income statement

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Graciela

14 days ago

A) Balance sheet

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Ligia

2 months 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

2 months 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

15 days ago

That's correct! A balance sheet is one of the main financial statements used by companies.

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Dick

24 days ago

C) Financial statement

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Carey

28 days ago

Yes, a balance sheet provides a summary of a company's assets, liabilities, and equity.

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Wai

1 months ago

A) Balance sheet

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Jill

2 months ago

I think it's C) Financial statement, because it includes more than just the account balances.

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Fannie

2 months ago

I agree with Andrew, the balance sheet summarizes the account balances.

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Andrew

2 months ago

The answer is A) Balance sheet.

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