Question 1

A ________ records,classifies and summarizes the financial transactions a company.

Accepted Answer

A)  transactional accountant 
B)  internal auditor 
C)  external auditor 
D)  management accountant 
A)  transactional accountant 
B)  internal auditor 
C)  external auditor 
D)  management accountant A

Question 2

The need or motive of the fraud is not the immediate challenge of a fraud examination.

Accepted Answer

A) True 
 B)False  True

Question 3

Forensic accounting can be defined as the application of financial facts to legal situations.

Accepted Answer

A) True 
 B)False  True

Question 4

Which of the following represents the relative importance of the three components of oral communication?

Accepted Answer

A)  body language - 55%, voice tone - 35%, and words - 10% 
B)  body language - 30%, voice tone - 50%, and words - 20% 
C)  body language - 45%, voice tone - 25%, and words - 30% 
D)  body language - 20%, voice tone - 10%, and words - 70% 
A)  body language - 55%, voice tone - 35%, and words - 10% 
B)  body language - 30%, voice tone - 50%, and words - 20% 
C)  body language - 45%, voice tone - 25%, and words - 30% 
D)  body language - 20%, voice tone - 10%, and words - 70%

Question 5

Which of the following is recognized as the first forensic accountant?

Accepted Answer

A)  Frank J. Wilson 
B)  Maurice Peloubet 
C)  Alphonse Capone 
D)  Leslie A. Shuway 
A)  Frank J. Wilson 
B)  Maurice Peloubet 
C)  Alphonse Capone 
D)  Leslie A. Shuway

Question 6

The internal auditor's functions exist to support the other three representatives of an organization:

Accepted Answer

A)  the board of directors, executive management, and the external auditor. 
B)  the board of directors, executive management, and the transactional accountant. 
C)  the transactional accountant, board of directors, and the external auditor. 
D)  the transactional accountant, executive management, and the external auditor. 
A)  the board of directors, executive management, and the external auditor. 
B)  the board of directors, executive management, and the transactional accountant. 
C)  the transactional accountant, board of directors, and the external auditor. 
D)  the transactional accountant, executive management, and the external auditor.

Question 7

Which of the following is the most significant practice component of forensic accounting As indicated by the results of a 2011 AICPA survey?

Accepted Answer

A)  bankruptcy 
B)  business valuations 
C)  insolvency and reorganization 
D)  computer forensic analysis 
A)  bankruptcy 
B)  business valuations 
C)  insolvency and reorganization 
D)  computer forensic analysis

Question 8

The purpose of the ________ is to form and express an opinion as to whether the organization's financial statements,taken as a whole,reflect its financial position on a given date and the results of its operations for a given period.

Accepted Answer

A)  forensic accountant 
B)  external auditor 
C)  transactional accountant 
D)  internal auditor 
A)  forensic accountant 
B)  external auditor 
C)  transactional accountant 
D)  internal auditor

Question 9

Which of the following best describes the term forensic accounting?

Accepted Answer

A)  It is a discipline that deals with the preparation and analysis of financial statements of companies. 
B)  It is the use of accounting principles to consolidate financial statements of foreign corporations. 
C)  It is a discipline that primarily deals with methods of preparation of financial budgets of a company. 
D)  It is the use of accounting theories, principles, or analyses in a legal action, often through expert witness testimony. 
A)  It is a discipline that deals with the preparation and analysis of financial statements of companies. 
B)  It is the use of accounting principles to consolidate financial statements of foreign corporations. 
C)  It is a discipline that primarily deals with methods of preparation of financial budgets of a company. 
D)  It is the use of accounting theories, principles, or analyses in a legal action, often through expert witness testimony.

Question 10

Which of the following are the two major components of forensic accounting services?

Accepted Answer

A)  fraud detection services and fraud deterrence services 
B)  expert services and consulting services 
C)  investigative services and litigation services 
D)  fraud examination services and business valuations services 
A)  fraud detection services and fraud deterrence services 
B)  expert services and consulting services 
C)  investigative services and litigation services 
D)  fraud examination services and business valuations services

Question 11

Which of the following organizations provide forensic accounting certifications?

Accepted Answer

A)  Institute of Certified Cost & Management Accountants 
B)  Institute of Management Accountants 
C)  American Institute of Certified Public Accountants 
D)  Chartered Financial Analyst Institute 
A)  Institute of Certified Cost & Management Accountants 
B)  Institute of Management Accountants 
C)  American Institute of Certified Public Accountants 
D)  Chartered Financial Analyst Institute

Question 12

Fraud deterrence strategies include statistical analysis.

Accepted Answer

A) True 
 B)False

Question 13

Fact witnesses can express opinions but expert witnesses cannot.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following is a primary responsibility of a testifying expert?

Accepted Answer

A)  to render an opinion that will assist the judge in understanding the evidence 
B)  to render an opinion that will assist the attorney in advocating for the client 
C)  to render an opinion that will assist the attorney in understanding the evidence 
D)  to render an opinion that will assist the trier of fact in reaching a judgment 
A)  to render an opinion that will assist the judge in understanding the evidence 
B)  to render an opinion that will assist the attorney in advocating for the client 
C)  to render an opinion that will assist the attorney in understanding the evidence 
D)  to render an opinion that will assist the trier of fact in reaching a judgment

Question 15

Which of the following is a difference between an internal auditor and an external auditor?

Accepted Answer

A)  An internal auditor conducts the audit because a deficiency has been identified, whereas an external auditor conducts audits on a recurring basis. 
B)  An internal auditor manages accounting and internal control of an organization, whereas an external auditor examines the financial data of an organization. 
C)  An internal auditor's reports are used by the users of the financial statements, whereas the external auditor's reports are used by the management and internal auditor. 
D)  An internal auditor reports on the level of compliance with a company's internal policies, whereas the external auditor reports on the level of compliance with external laws and regulations. 
A)  An internal auditor conducts the audit because a deficiency has been identified, whereas an external auditor conducts audits on a recurring basis. 
B)  An internal auditor manages accounting and internal control of an organization, whereas an external auditor examines the financial data of an organization. 
C)  An internal auditor's reports are used by the users of the financial statements, whereas the external auditor's reports are used by the management and internal auditor. 
D)  An internal auditor reports on the level of compliance with a company's internal policies, whereas the external auditor reports on the level of compliance with external laws and regulations.

Question 16

Which of the following exemplifies the role of an internal auditor?

Accepted Answer

A)  Chloe classifies the transactions of Pole Star, Inc. and records it in the books of accounts. 
B)  Chloe reports on the sufficiency of the insurance policies taken out on the assets of Pole Star, Inc. 
C)  Chloe reports on the financial position of Pole Star, Inc. at the end of the accounting period. 
D)  Chloe assists the management of Pole Star, Inc. to determine the taxes and tax benefits.. 
A)  Chloe classifies the transactions of Pole Star, Inc. and records it in the books of accounts. 
B)  Chloe reports on the sufficiency of the insurance policies taken out on the assets of Pole Star, Inc. 
C)  Chloe reports on the financial position of Pole Star, Inc. at the end of the accounting period. 
D)  Chloe assists the management of Pole Star, Inc. to determine the taxes and tax benefits..

Question 17

Which of the following best describes a whistle blower complaint?

Accepted Answer

A)  It is an informal disclosure of personal issues of an employee with other employees within an organization. 
B)  It is a disclosure by a person of wrong doing or misconduct within an organization. 
C)  It is an annual complaint forum designed to discuss issues of an organization. 
D)  It is a complaint raised by the SEC toward an organization. 
A)  It is an informal disclosure of personal issues of an employee with other employees within an organization. 
B)  It is a disclosure by a person of wrong doing or misconduct within an organization. 
C)  It is an annual complaint forum designed to discuss issues of an organization. 
D)  It is a complaint raised by the SEC toward an organization.

Question 18

Which of the following is the objective of an external auditor?

Accepted Answer

A)  form an opinion on the overall financial statements taken as a whole 
B)  capture and record all economic transactions of the organization 
C)  ensure compliance with policy and procedures; offer recommendations for improvement of internal controls 
D)  address a specific question/issue 
A)  form an opinion on the overall financial statements taken as a whole 
B)  capture and record all economic transactions of the organization 
C)  ensure compliance with policy and procedures; offer recommendations for improvement of internal controls 
D)  address a specific question/issue

Question 19

Which of the following shows Paul,a forensic accountant,indicating an intellectually curious mindset?

Accepted Answer

A)  He relies on the reports given by the management to form an opinion on the financial viability of the business. 
B)  He bases his judgments on the existing industry standards and not on the environment in which the organization operates. 
C)  He gives room for the possibility that mistakes maybe attributable to negligence. 
D)  He questions his understanding of an issue, in spite of being an expert in the field. 
A)  He relies on the reports given by the management to form an opinion on the financial viability of the business. 
B)  He bases his judgments on the existing industry standards and not on the environment in which the organization operates. 
C)  He gives room for the possibility that mistakes maybe attributable to negligence. 
D)  He questions his understanding of an issue, in spite of being an expert in the field.

Question 20

Which of the following is true of an internal auditor?

Accepted Answer

A)  The responsibilities of an internal auditor extend beyond the processing functions of a transactional accountant. 
B)  A qualified opinion from the internal auditor adds credibility to the organization and its financial statements. 
C)  The internal auditor issues reports that are used by the stakeholders and other users to understand the financial statements of an organization. 
D)  The budgets, cash flow statements, income statement, and balance sheet of an organization is prepared by the internal auditor. 
A)  The responsibilities of an internal auditor extend beyond the processing functions of a transactional accountant. 
B)  A qualified opinion from the internal auditor adds credibility to the organization and its financial statements. 
C)  The internal auditor issues reports that are used by the stakeholders and other users to understand the financial statements of an organization. 
D)  The budgets, cash flow statements, income statement, and balance sheet of an organization is prepared by the internal auditor.

A ________ records,classifies and summarizes the financial transactions a company.

The need or motive of the fraud is not the immediate challenge of a fraud examination.

Forensic accounting can be defined as the application of financial facts to legal situations.

Which of the following represents the relative importance of the three components of oral communication?

Which of the following is recognized as the first forensic accountant?

The internal auditor's functions exist to support the other three representatives of an organization:

Which of the following is the most significant practice component of forensic accounting As indicated by the results of a 2011 AICPA survey?

The purpose of the ________ is to form and express an opinion as to whether the organization's financial statements,taken as a whole,reflect its financial position on a given date and the results of its operations for a given period.

Which of the following best describes the term forensic accounting?

Which of the following are the two major components of forensic accounting services?

Which of the following organizations provide forensic accounting certifications?

Fraud deterrence strategies include statistical analysis.

Fact witnesses can express opinions but expert witnesses cannot.

Which of the following is a primary responsibility of a testifying expert?

Which of the following is a difference between an internal auditor and an external auditor?

Which of the following exemplifies the role of an internal auditor?

Which of the following best describes a whistle blower complaint?

Which of the following is the objective of an external auditor?

Which of the following shows Paul,a forensic accountant,indicating an intellectually curious mindset?

Which of the following is true of an internal auditor?

The Legal Environment of Forensic Accounting

Screening and Staging Engagements

Gathering Evidence Interviews and Observations

Financial Statements Analysis Reading Between the Lines

Fraud and White-Collar Crime

Conducting a Fraud Investigation

Transforming Data Into Evidence

Transforming Data Into Evidence

Professional Responsibilities

Fundamentals of Business Valuation

Special Topics

Filters

Exam 1: Introduction to the World of Forensic Accounting

A ________ records,classifies and summarizes the financial transactions a company.

The need or motive of the fraud is not the immediate challenge of a fraud examination.

Forensic accounting can be defined as the application of financial facts to legal situations.

Which of the following represents the relative importance of the three components of oral communication?

Which of the following is recognized as the first forensic accountant?

The internal auditor's functions exist to support the other three representatives of an organization:

Which of the following is the most significant practice component of forensic accounting As indicated by the results of a 2011 AICPA survey?

The purpose of the ________ is to form and express an opinion as to whether the organization's financial statements,taken as a whole,reflect its financial position on a given date and the results of its operations for a given period.

Which of the following best describes the term forensic accounting?

Which of the following are the two major components of forensic accounting services?

Which of the following organizations provide forensic accounting certifications?

Fraud deterrence strategies include statistical analysis.

Fact witnesses can express opinions but expert witnesses cannot.

Which of the following is a primary responsibility of a testifying expert?

Which of the following is a difference between an internal auditor and an external auditor?

Which of the following exemplifies the role of an internal auditor?

Which of the following best describes a whistle blower complaint?

Which of the following is the objective of an external auditor?

Which of the following shows Paul,a forensic accountant,indicating an intellectually curious mindset?

Which of the following is true of an internal auditor?

The Legal Environment of Forensic Accounting

Screening and Staging Engagements

Gathering Evidence Interviews and Observations

Financial Statements Analysis Reading Between the Lines

Fraud and White-Collar Crime

Conducting a Fraud Investigation

Transforming Data Into Evidence

Transforming Data Into Evidence

Professional Responsibilities

Fundamentals of Business Valuation

Special Topics

Filters