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SOFE SOFA-CFE Exam - Topic 7 Question 9 Discussion

Actual exam question for SOFE's SOFA-CFE exam
Question #: 9
Topic #: 7
[All SOFA-CFE Questions]

According to Accounting Changes and Errors Corrections, which of the following is NOT the type accounting change that must be disclosed to avoid misleading the user of financial statements?

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Suggested Answer: D

by Markus at May 05, 2022, 09:38 PM

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Wilda
4 months ago
Estimates (B) are often overlooked, but they should be disclosed too!
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Lilli
4 months ago
Reporting entities (C) can be tricky, but I think they still need disclosure.
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Allene
4 months ago
Wait, are liability omissions really not a change? That seems off.
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Una
4 months ago
I agree, A is the right choice!
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Angella
4 months ago
Definitely A, accounting principles need to be disclosed.
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Paris
5 months ago
From what I studied, I believe that liability omissions are not considered a type of accounting change that requires disclosure.
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Tina
5 months ago
I’m a bit confused; I thought all changes had to be disclosed. I need to remember the specifics about liability omissions.
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Paris
5 months ago
I remember practicing a question similar to this, and I think reporting entities might not require disclosure like the others do.
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Nadine
5 months ago
I think accounting principles and estimates are definitely types of changes that need disclosure, but I'm not sure about liability omissions.
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Leanna
5 months ago
No problem, I've got this. The business analysis plan lays out the change control process, so I'll make sure to follow that to the letter.
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Charlene
5 months ago
The key here is to think about the purpose and design of a loading bay versus a staff entrance. A dedicated staff entrance is likely the best approach to ensure smooth access and avoid any potential issues.
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Lenna
5 months ago
No problem, this is a classic finance question. I'll just need to remember the compound interest formula and plug in the growth rate and time period. Should be a quick calculation.
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Tien
5 months ago
I remember that using tokens is definitely a security best practice after authenticating clients, but I'm not sure about the second option.
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Kyoko
5 months ago
I'm a bit confused by this one. I'm not sure which of these pieces of information would actually be stored in the Address Book. I'll need to think it through carefully.
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