SOFE Exam SOFA-CFE Topic 6 Question 99 Discussion

Actual exam question for SOFE's SOFA-CFE exam

Question #: 99
Topic #: 6

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?

Aaccounting principles

Bestimates

Creporting entities

Dliability omissions

Show Suggested Answer

Suggested Answer: D

by Zona at Sep 13, 2024, 11:45 PM

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Magnolia

6 months ago

A) accounting principles? That's a bold move, Cotton. Let's see if it pays off for them. Personally, I think they're just trying to shake things up, you know, keep us on our toes.

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Anglea

5 months ago

C) Yeah, it's important for the users to have all the necessary information to make informed decisions.

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Paulina

5 months ago

B) I agree, they need to be transparent about any omissions in the financial statements.

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Bette

5 months ago

A) I think it's actually D) liability omissions that must be disclosed.

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Naomi

6 months ago

Hmm, I'm going with B) estimates. After all, who needs to be accurate when you can just 'estimate' everything? Accounting is just glorified guess-work, am I right?

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Cora

6 months ago

D) liability omissions? Really? That's like saying 'Hey, let's just forget about that whole 'liability' thing.' Sounds like a recipe for disaster to me.

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Victor

4 months ago

D) liability omissions are the type of accounting change that must be disclosed to avoid misleading the user of financial statements.

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Talia

4 months ago

C) reporting entities are also important to disclose.

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Anna

5 months ago

B) estimates must be disclosed as well.

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Eleni

5 months ago

A) accounting principles must be disclosed to avoid misleading the user of financial statements.

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Marva

6 months ago

I'm not sure about this one. Can someone explain why liability omissions must be disclosed?

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Orville

6 months ago

I agree with Kanisha. Liability omissions should be disclosed to avoid misleading users.

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Kanisha

6 months ago

I think the answer is D) liability omissions.

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Walton

6 months ago

I think the answer is C) reporting entities. I mean, who doesn't love a good reporting entity change? It's like a corporate version of 'Let's Move the Furniture Around'.

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Micaela

6 months ago

No, it's actually D) liability omissions that must be disclosed.

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Helaine

6 months ago

I think the answer is C) reporting entities.

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