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Financial CFE Exam Questions
Certified Financial Examiner (CFE) (Page 22 )

Updated On: 24-Feb-2026
Page 7 of 39
PDF with 416 Questions

_________ normally are carried on an organization's books as expenses because they tend to be consumed by the organization within a year of purchase.

  1. Supplies
  2. Expenses
  3. Assets
  4. Equity

Answer(s): A



__________ are the amounts which are owned to other entities:

  1. Supplies
  2. Expenses
  3. Assets
  4. Liabilities

Answer(s): D



Asset misappropriations have an effect on the liabilities and do also have an indirect effect on the equity account.

  1. True
  2. False

Answer(s): B



The seller's price to the buyer is not fixed or determinable when:

  1. When the price is not contingent on some future events
  2. The transaction includes an option to exchange the product for others.
  3. A service or membership fee is not subject predictable cancellation during the contract period.
  4. Payment terms are not extended for a substantial period.

Answer(s): B



The difference between assets and liabilities is called:

  1. Equity
  2. Expense
  3. Revenue
  4. Income statement

Answer(s): A






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