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Free CFE - Financial Transactions and Fraud Schemes Exam Braindumps (page: 12)

Page 11 of 47
PDF with 192 Questions

________ increase assets and expenses and/or decrease liabilities and/or equity

  1. Journal Entries
  2. Debit
  3. Credit
  4. None of all

Answer(s): B



________ decrease assets and expenses and/or increase liabilities and/or equity

  1. Journal Entries
  2. Debit
  3. Credit
  4. None of all

Answer(s): C



The excess credits (or debits) on the income statement are used to decrease (or increase) the equity account.

  1. True
  2. False

Answer(s): B



Delivery has not occurred or services have not been rendered when:

  1. Until installation and customer testing and acceptance has occurred.
  2. A written order exists but contains a right of return.
  3. Both A & B
  4. Neither A nor B

Answer(s): B






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