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Exam CFE - Financial Transactions and Fraud Schemes All Questions

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Exam CFE - Financial Transactions and Fraud Schemes topic 1 question 19 discussion

Actual exam question from ACFE's CFE - Financial Transactions and Fraud Schemes
Question #: 19
Topic #: 1
[All CFE - Financial Transactions and Fraud Schemes Questions]

Which of the following statements is TRUE with regard to the income statement?

  • A. Gross profit is equal to revenues less operating expenses.
  • B. Net profit is the difference between total sales and the cost of goods sold.
  • C. A company’s cash balance is usually the first line item listed.
  • D. Gross revenue is the total amount of sales before deductions are applied.
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Suggested Answer: B 🗳️
by FraudQueen at Dec. 8, 2024, 12:24 a.m.

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FraudQueen
4 days, 20 hours ago
Selected Answer: D
Gross Sales = Total Sales before deductions
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