FORENSIC AND INVESTIGATIVE ACCOUNTING QUESTIONS WITH CORRECT ANSWERS PACKAGE BUNDLE

Forensic Accounting Defined*** CORRECT ANSWER The science that deals with the relation and application of accounting facts to legal problems Objective of lost profit calculation CORRECT ANSWER Financially compensate the plaintiff for what the business would have done in absence of the harmful act...

Which technique is considered to be an "off-book" fraud? a. Skimming. b. Unrecorded sales. c. Understated sales. d. Theft of incoming checks. e. All of the above. CORRECT ANSWER E Building up balances in bank accounts based upon floating checks drawn against similar accounts in other banks...

Forensic accounting and fraud auditing are synonymous. CORRECT ANSWER False Forensic accountants generally look at history rather than the future. CORRECT ANSWER False The scribes of ancient Egypt were the forerunners of today's accountants. CORRECT ANSWER True Over time the definition of ...

Three M's of financial statement fraud CORRECT ANSWER Manipulation, Misrepresentation, Misapplication Six legged stool CORRECT ANSWER well-functioning system of corporate governance composed of six groups: the board of directors, the audit committee, the top management team, internal auditors, e...

Most fraud cases are tried in federal courts. CORRECT ANSWER False State courts hear bankruptcy cases. CORRECT ANSWER False Civil cases must consist of a jury of at least six jurors. CORRECT ANSWER True The prosecution usually prefers to present evidence at a grand jury because the accused ...

An operating style that shows excessive risk-taking to strengthen the balance sheet, for example, is generally a red flag for fraud. T/F CORRECT ANSWER T The Institute for Fraud Prevention (IFP) fulfills the first of its two missions with member organizations supported research by selecting pr...

An accountant especially skilled in auditing who is generally engaged in auditing with a view toward fraud discovery, documentation, and prevention. CORRECT ANSWER fraud auditor A __ __ may take on fraud auditing engagements and may be a fraud auditor, but her or she will also use accounting, con...