Forensic Accounting Mid-term Exam Practice Questions With Correct Answers

Forensic Accounting Mid-term Exam
Practice Questions With Correct Answers

In |a |federal |case |in |1931, |this |gangster |was |indicted |on |tax |evasion |after |IRS |Special |Agent |
Wilson |used |the |"net |worth" |method |to |calculate |unreported |taxable |income, |resulting |in |a |
conviction.



A. |Charles |Luciano

B. |Dean |O'Banion

C. |Al |Capone

D. |George |Moran |- |CORRECT |ANSWER✔✔-A. |Al |Capone



Which |of |the |following |attributes |are |not |important |to |a |Forensic |Accountant?



A. |SALY |Mindset

B. |Intellectually |Curious

C. |Systemic |Thinking

D. |Professional |Skepticism |- |CORRECT |ANSWER✔✔-A. |SALY |Mindset



The |term |Forensic |Accountant |was |first |used |by |Peloubet |in |1946 |in |the |Journal |of |
Accountancy.



True |or |False |- |CORRECT |ANSWER✔✔-True



Which |of |the |following |is |the |most |significant |practice |component |of |forensic |accounting?

, A. |Financial |Statement |Misrepresentation

B. |Fraud |detection, |deterrence, |and |response

C. |Bankruptcy

D. |Business |Valuations |- |CORRECT |ANSWER✔✔-C. |Business |Valuations



Forensic |accounting |services |are |commonly |divided |into |which |two |main |categories?



A. |Investigation |and |Detection

B. |Detection |and |Litigation

C. |Investigation |and |Litigation

D. |Investigation |and |Consultation |- |CORRECT |ANSWER✔✔-C. |Investigation |and |Litigation



Fraud |investigative |services |involve...



A. |Fraud |Detection

B. |Fraud |Examination

C. |Fraud |Deterrence

D. |All |of |the |above |- |CORRECT |ANSWER✔✔-D. |All |of |the |above



A |_________ |is |an |individual |with |scientifical, |technical, |or |other |specialized |knowledge |who |is
|engaged |to |assist |a |judge |or |jury |understand |evidence |or |determine |a |fact |in |issue.




A. |Fact |Witness

B. |Expert |Witness

C. |Consulting |Expert