There were fireworks between Rep. Dick Cheney and Chairman Daniel K. Inouye yesterday over statements made on CBS News' "Face the Nation" Sunday. Excerpts from the program and the Cheney-Inouye interchange follow.

FACE THE NATION, SUNDAY

Inouye: "There's an important document in which {Poindexter} says:

I briefed the president, the president agrees on the use of these residuals . . .

for other purposes.

Did he or did he not brief the president, and did the president approve or disapprove?"

Lesley Stahl: "You have a document saying he did brief the president on the use of these residuals?"

Inouye: "{To Sen. Warren B. Rudman} You saw it."

Rudman: "Generally."

Inouye: "We all saw it."

Rudman: "The question is, in what detail? And that is what we will talk about."

Stahl: "Well, if he briefed the president on the residuals . . . why isn't that memo the smoking gun?"

Inouye: ". . . . Because that memo does not speak of diverting the residual for the use of the contras; it says using the residual for other covert activities." IRAN-CONTRA HEARINGS, YESTERDAY

Cheney: "I would like to take this opportunity . . . to express a concern that I have about statements that were made yesterday on the Sunday talk shows that have become headlines overnight. And I refer specifically to The New York Times: . . . "Inouye Asserts Admiral Told of Plan to Use Profits for Non-Contra Projects," The Washington Post: "Inouye: Reagan Told of Covert 'Initiatives' -- Poindexter Gave Briefing on Arms Profits," or The Washington Times which states, "Committee holds a smoking gun, chairman reveals."

"I've read that memo very carefully this morning and I don't find any reference in there at all to the notion of generating profits from selling arms to Iran, nor do I find any reference to the use of those profits in the memo that allegedly went to the president . . . . "

Inouye: "For those who watched 'Face the Nation,' I'm certain they would have gotten my message that . . . {this document} indicated, according to {North}, that the admiral had briefed the president. At least the notation said so. {North} also testified that the covert initiatives set forth in this document were to be financed from the residuals . . . of the sale of arms to Iran.

"I did not say that the president was briefed. I said, 'We will have to ask the admiral.' First, did he or did he not put his initial on this document saying that 'I approve the recommendation of Col. North'? Second, when he put the word 'done,' did that mean that the president was briefed?"