Question 1

What was one of the biggest changes in the SOX of 2002 that increased the usage of forensic accountants?

Accepted Answer

CEO's now had to personally sign the financial statements and could personally be held liable for any fraud within those statements.

Question 2

It is possible to hold credentials as a forensic accountant.

Accepted Answer

A) True 
 B)False  True

Question 3

What are some of the areas a forensic accountant should be knowledgeable in?

Accepted Answer

Auditing, Investigative, Criminology, Accounting, Legal, Information technology (IT) and Communication.

Question 4

How does forensic accounting differs from other types of accounting?

Accepted Answer

A)  It is a separate field that has no relation to accounting. 
B)  Forensic Accountants require at least an masters in accounting. 
C)  Forensic Accountants are more likely to be found dissecting these statements and obtaining evidence from other sources. 
D)  General Accountants must hold to subjective evidence whereas forensic accountants must use objective evidence. 
A)  It is a separate field that has no relation to accounting. 
B)  Forensic Accountants require at least an masters in accounting. 
C)  Forensic Accountants are more likely to be found dissecting these statements and obtaining evidence from other sources. 
D)  General Accountants must hold to subjective evidence whereas forensic accountants must use objective evidence.

Question 5

Which of the following is NOT a way to become a Certified Fraud Specialist (CFS)?

Accepted Answer

A)  Successfully completing a multipart examination that covers the detection, deterrence, investigation, and prosecution of white-collar crime. 
B)  A bachelor's degree in business or ten years of accounting-related experience and pass the two parts of the Certified Fraud Specialist examination. 
C)  Completing the ACFS Academy core courses and taking an examination at the end of each course. 
D)  Being grandfathered in by means of submitting information on the experience and education. 
A)  Successfully completing a multipart examination that covers the detection, deterrence, investigation, and prosecution of white-collar crime. 
B)  A bachelor's degree in business or ten years of accounting-related experience and pass the two parts of the Certified Fraud Specialist examination. 
C)  Completing the ACFS Academy core courses and taking an examination at the end of each course. 
D)  Being grandfathered in by means of submitting information on the experience and education.

Question 6

Which of the following is not a skill needed by a Forensic Accountant?

Accepted Answer

A)  Auditing Skills. 
B)  Criminology. 
C)  Sociology. 
D)  Information Technology. 
A)  Auditing Skills. 
B)  Criminology. 
C)  Sociology. 
D)  Information Technology.

Question 7

Due to the Sarbanes-Oxley Act of 2002, CEO's no longer have to sign their financial statements.

Accepted Answer

A) True 
 B)False

Question 8

If your actions are the result of misleading, intentional actions or inaction (including misleading statements and the omission of relevant information) to gain an advantage, then you have committed:

Accepted Answer

A)  Perjury. 
B)  Contempt. 
C)  Treason. 
D)  Fraud. 
A)  Perjury. 
B)  Contempt. 
C)  Treason. 
D)  Fraud.

Question 9

Misrepresentation is the act of presenting oneself in a manner that does not agree with reality. What does "presenting" mean?

Accepted Answer

A)  Actions, statements, or omissions. 
B)  Words, court judgments or opinions. 
C)  Appearance, style or function. 
D)  Both a and 
A)  Actions, statements, or omissions. 
B)  Words, court judgments or opinions. 
C)  Appearance, style or function. 
D)  Both a and

Question 10

What is the most recognized fraud credential?

Accepted Answer

A)  Certified Fraud Examiner (CF
E) . 
B)  Certified Public Accountant (CP
A) . 
C)  American Counsel of Accredited Business Accountants (ACAB
A) . 
D)  Enrolled Agent (E
A) . 
A)  Certified Fraud Examiner (CF
E) . 
B)  Certified Public Accountant (CP
A) . 
C)  American Counsel of Accredited Business Accountants (ACAB
A) . 
D)  Enrolled Agent (E
A) .

Question 11

What is the mission of the Association of Certified Fraud Specialists (ACFS)?

Accepted Answer

A)  To encourage CPAs to report potential areas that a Forensic Accountant should be used within. 
B)  To pre-screen potential Forensic Accountants who would make good FBI agents. 
C)  To encourage its members to offer pro-bono service to the communities in which its members reside. 
D)  All of the above are part of the ACFS's mission. 
A)  To encourage CPAs to report potential areas that a Forensic Accountant should be used within. 
B)  To pre-screen potential Forensic Accountants who would make good FBI agents. 
C)  To encourage its members to offer pro-bono service to the communities in which its members reside. 
D)  All of the above are part of the ACFS's mission.

Question 12

What types of organizations offer credentials to forensic accountants?

Accepted Answer

A)  Association of Certified Fraud Examiners. 
B)  American College of Forensic Examiners. 
C)  Institute of Business Appraisers. 
D)  All of the above. 
A)  Association of Certified Fraud Examiners. 
B)  American College of Forensic Examiners. 
C)  Institute of Business Appraisers. 
D)  All of the above.

Question 13

Some forensic accountants perform investigations much like financial private investigators.

Accepted Answer

A) True 
 B)False

Question 14

The Institute of Business Appraisers offers which certification?

Accepted Answer

A)  CPa. 
B)  CBA. 
C)  AICPA. 
D)  EA. 
A)  CPa. 
B)  CBA. 
C)  AICPA. 
D)  EA.

Question 15

Forensic Accounting is a part of Fraud investigation.

Accepted Answer

A) True 
 B)False

Question 16

What credential does the AICPA offer?

Accepted Answer

A)  Accredited in Business Valuation. 
B)  Accredited Business Accountant. 
C)  Forensic Accountant Accreditation. 
D)  Accounting for Forensic and Litigation. 
A)  Accredited in Business Valuation. 
B)  Accredited Business Accountant. 
C)  Forensic Accountant Accreditation. 
D)  Accounting for Forensic and Litigation.

Question 17

Which of the following two are types of auditors?

Accepted Answer

A)  External and Internal 
B)  Internal and Forensic 
C)  Forensic and International 
D)  External and Forensic 
A)  External and Internal 
B)  Internal and Forensic 
C)  Forensic and International 
D)  External and Forensic

Question 18

In which way does the AICPA support Forensic Accountants?

Accepted Answer

A)  Through its Forensic Accountants division. 
B)  Through its Business Valuation and Forensic & Litigation Services section. 
C)  Through its credentialing of Forensic Accountants. 
D)  The AICPA does not support Forensic Accountants. 
A)  Through its Forensic Accountants division. 
B)  Through its Business Valuation and Forensic & Litigation Services section. 
C)  Through its credentialing of Forensic Accountants. 
D)  The AICPA does not support Forensic Accountants.

Question 19

You are attempting to get two parties to compromise on a situation. This means that you are engaged in:

Accepted Answer

A)  Litigation. 
B)  Mediation. 
C)  Plea Bargaining. 
D)  Grand Jury testimony. 
A)  Litigation. 
B)  Mediation. 
C)  Plea Bargaining. 
D)  Grand Jury testimony.

Question 20

How is defalcation different from misrepresentation?

Accepted Answer

The appropriation of assets fo

What was one of the biggest changes in the SOX of 2002 that increased the usage of forensic accountants?

It is possible to hold credentials as a forensic accountant.

What are some of the areas a forensic accountant should be knowledgeable in?

How does forensic accounting differs from other types of accounting?

Which of the following is NOT a way to become a Certified Fraud Specialist (CFS)?

Which of the following is not a skill needed by a Forensic Accountant?

Due to the Sarbanes-Oxley Act of 2002, CEO's no longer have to sign their financial statements.

If your actions are the result of misleading, intentional actions or inaction (including misleading statements and the omission of relevant information) to gain an advantage, then you have committed:

Misrepresentation is the act of presenting oneself in a manner that does not agree with reality. What does "presenting" mean?

What is the most recognized fraud credential?

What is the mission of the Association of Certified Fraud Specialists (ACFS)?

What types of organizations offer credentials to forensic accountants?

Some forensic accountants perform investigations much like financial private investigators.

The Institute of Business Appraisers offers which certification?

Forensic Accounting is a part of Fraud investigation.

What credential does the AICPA offer?

Which of the following two are types of auditors?

In which way does the AICPA support Forensic Accountants?

You are attempting to get two parties to compromise on a situation. This means that you are engaged in:

How is defalcation different from misrepresentation?

The Forensic Accounting Legal Environment

Fundamentals I: Accounting Information Systems

Fundamentals II: The Auditing Environment

Fraud Prevention and Risk Management

Fraud Detection

The Fraud Investigation and Engagement Processes

The Evidence Collection Process

Fraud Examination Evidence I: Physical, Documentary, and Observational Evidence

Fraud Examination Evidence II: Interview and Interrogation Methods

Fraud Examination Evidence III: Forensic Science and Computer Forensics

The Fraud Report, Litigation, and the Recovery Process

Employee, Vendor, and Other Frauds Against the Organization

Financial Statement Fraud

Fraud and Sox Compliance

Tax Fraud

Bankruptcy, Divorce, Identity Theft

Organized Crime, Counterterrorism, and Anti-Money Laundering

Business Valuation

Dispute Resolution Services

Filters

Exam 1: Introduction to Forensic Accounting and Fraud Examination

What was one of the biggest changes in the SOX of 2002 that increased the usage of forensic accountants?

It is possible to hold credentials as a forensic accountant.

What are some of the areas a forensic accountant should be knowledgeable in?

How does forensic accounting differs from other types of accounting?

Which of the following is NOT a way to become a Certified Fraud Specialist (CFS)?

Which of the following is not a skill needed by a Forensic Accountant?

Due to the Sarbanes-Oxley Act of 2002, CEO's no longer have to sign their financial statements.

If your actions are the result of misleading, intentional actions or inaction (including misleading statements and the omission of relevant information) to gain an advantage, then you have committed:

Misrepresentation is the act of presenting oneself in a manner that does not agree with reality. What does "presenting" mean?

What is the most recognized fraud credential?

What is the mission of the Association of Certified Fraud Specialists (ACFS)?

What types of organizations offer credentials to forensic accountants?

Some forensic accountants perform investigations much like financial private investigators.

The Institute of Business Appraisers offers which certification?

Forensic Accounting is a part of Fraud investigation.

What credential does the AICPA offer?

Which of the following two are types of auditors?

In which way does the AICPA support Forensic Accountants?

You are attempting to get two parties to compromise on a situation. This means that you are engaged in:

How is defalcation different from misrepresentation?

The Forensic Accounting Legal Environment

Fundamentals I: Accounting Information Systems

Fundamentals II: The Auditing Environment

Fraud Prevention and Risk Management

Fraud Detection

The Fraud Investigation and Engagement Processes

The Evidence Collection Process

Fraud Examination Evidence I: Physical, Documentary, and Observational Evidence

Fraud Examination Evidence II: Interview and Interrogation Methods

Fraud Examination Evidence III: Forensic Science and Computer Forensics

The Fraud Report, Litigation, and the Recovery Process

Employee, Vendor, and Other Frauds Against the Organization

Financial Statement Fraud

Fraud and Sox Compliance

Tax Fraud

Bankruptcy, Divorce, Identity Theft

Organized Crime, Counterterrorism, and Anti-Money Laundering

Business Valuation

Dispute Resolution Services

Filters