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business
financial investigation and forensic accounting

Questions and Answers of Financial Investigation And Forensic Accounting

Which method is ideal for use in presenting credit cards on the Rico expenditure schedule?a. Are not presented on Rico expenditure scheduleb. Payment method showing payments for the periodc. Charge
For Tax purposes, what is the most difficult to determine?a. Distinguishing business expenses from personal expensesb. Determining the changes in liabilitiesc. Determining the amount of chargesd.
For Rico purposes, the amortization of prepaid interest should be shown as:a. Current period expenseb. As a deduction from adjusted gross incomec. Never be shown since it is a phantom figured. Be
For Rico purposes, deferred gains from installment sales should be shown as:a. Payments received as income for the periodb. Amortized over the agreement terms, regardless of whether collected or
For Tax purposes, how are IRA accounts and their earnings reflected on the expenditure schedule?a. Earnings are recognized as taxable incomeb. Earnings are not recognized but added to the IRA
For Tax purposes, how are capital loses reflected on the expenditure schedule?a. A deferred expense with balances being reduced by the loss by $3,000 and any gains for the periodb. As an expense of
For Rico and Tax purposes, how are payments on loans and mortgages present?a. As a reduction in the loan and mortgage balanceb. As an increase in the loan and mortgage balancec. Only the payments on
What is the Rico Net Worth Method based upon?a. Generally Accepted Accounting Principalsb. Internal Revenue Codec. Fund Principalsd. Court principals
What is the Rico Net Worth method formula?
Identify two ways of establishing beginning cash on hand.
Normally, costs of assets are used on the Rico Net Worth Schedule. When are market values of assets used on the Rico Net Worth?
When book balances are used for bank balances on the Rico Net Worth, why is a bank reconciliation schedule required?
What timing adjustments must be considered when the bank balances are used on the Rico Net Worth?
Why are sole proprietorship assets considered to be assets of the individual owner?
Fraud examiners cannot physically take and evaluate business inventory. What methods can the fraud examiner used to determine inventory values for the Rico Net Worth Schedule?
When the subject is constructing an asset, i.e. house, boat, building, and etc, what must the fraud examiner prepare to support the construction costs on the Rico Net Worth Schedule?
What costs should be capitalized into the purchase of real property?
What should be used on the Rico Net Worth Schedule when the cost of an item is higher than the market value?
What accounts should the fraud examiner look for in determining the net investment in a corporation by a subject?a. Stock, Paid in Surplus, Retained Earningsb. Stock, Paid in Capital, loans from & to
What accounts should the fraud examiner look for in determining the net investment in a partnership by a subject?a. Capitalb. Capital, and liabilities to partnerc. Capital, liabilities, and
How should gains and losses be recognized on the Rico Net Worth Schedule on trade-ins of automobiles?
Why are Individual Retirement Accounts and Keogh Plans recognized on the Rico Net Worth Schedule?
How are earnings from Individual Retirement Accounts and Keogh Plans recognized on the Rico Net Worth Schedule?
How should gains or losses be reflected on the Rico Net Worth Schedule when purchasing property offshore in foreign currency?
Why are finance charges for installment loans expensed during the period?
There are two ways of presenting credit card charges on the Rico Net Worth Schedule.Explain these two ways?
Why are liabilities of a sole proprietorship a personal liability of the individual owner?
Many mortgage companies require not only payment of principal and interest, but also, escrow payments for payment of property taxes and insurance. How should these escrow payments be presented on the
Why is accumulated depreciation and amortization not recognized on the RICO Net Worth Schedule?
What is the purpose of an Inventory Change account?
How should whole life insurance premiums be presented on the RICO Net Worth Schedule?
How should bad debts in a sole proprietorship be presented on the RICO Net Worth Schedule?
How should non-cash donations be presented on the RICO Net Worth Schedule?
How are gains and losses recognized on the RICO Net Worth Schedule?
What is the purpose of determining illegal income or unidentified income on the RICO Net Worth Schedule?
What is the difference between an installment loan and a mortgage loan and how should they be presented on the RICO Net Worth Schedule?
Little Rollo works for the First National Bank. He is vice president in charge of the installment loan department. First National Bank has had many write-offs of bad installment loans during the past
For tax net worth purposes, Subchapter S corporations should show:a. Net cash investmentb. Net cash investment plus profitsc. Net cash investment plus current profits or lossesd. Net cash investment
If the shareholder of a Subchapter S corporation has a negative balance, how should this be shown on the net worth schedule?a. The negative basis should be shownb. Only positive balances should be
How should a partner show his negative investment in a partnership?a. The negative basis should not be shownb. The negative should be shownc. Partner's negative basis plus pro-rata share of
How should prepaid interest be shown on the net worth schedule?a. The prepaid interest is capitalized and amortized over the life of the loan.b. The prepaid interest should be expensed in year that
Explain why only non-taxable sources of income are shown on the net worth schedule.
Little Rollo works for the First National Bank. He is vice president in charge of the installment loan department. First National Bank has had many write-offs of bad installment loans during the past
How are assets and liabilities presented on the expenditure schedule:a. Year-end balances for both assets and liabilitiesb. Year-end balance for assets, but changes in liabilities.c. Year end balance
Sole proprietorships are reflected on the expenditure schedule as follows:a. Income and expenses are shown along with changes in assets and liabilities.b. Income and expenses are shown along with
Partnerships and Subchapter S corporations are presented on the expenditure schedule as follows:a. Only net changes in cash investment are shownb. Only the net investment balances are shownc. Only
Little Rollo works for the First National Bank. He is vice president in charge of the installment loan department. First National Bank has had many write-offs of bad installment loans during the past
Market values are used when:a. Never usedb. Always are usedc. Only for items where receipts are not kept i.e. contra band itemsd. Only are used for asset items
Sole proprietorship are reflected on the tax expenditure schedule as follows:a. Income and expenses are not recognized, but changes in assets and liabilities are shown.b. Income is not recognized,
How is depreciation recognized on the tax expenditure schedule?a. Depreciation is not recognizedb. Current depreciation charges are recognized as a source of income for the period.c. Accumulated
The standard deduction and exemptions are shown for the purpose of:a. Cash expenditureb. To arrive at adjusted gross incomec. To arrive at taxable incomed. To arrive at the tax liability.
What is the definition of organized crime according to Federal RICO Statute?
What are the elements of a criminal group? Explain.
The following list the most common organized criminal groups operating in the United States.For each group listed below, describe briefly the organization structure or lack thereof.1. La Cosa
Tactical crimes involves which of the following crimes:a. Arson, bankruptcy, assault, and murderb. Arson, extortion, murder, robberyc. Robbery, extortion, tax evasion, and briberyd. Corruption, tax
Criminal groups operate various illegal business activities, which include the following items:a. Counterfeiting, gambling, narcotics, and loan sharkingb. Gambling, banking, credit card, and
To disguise their profits from illegal activities, organized criminal groups like what type of businesses to launder their profits.a. Gamblingb. Loan sharkingc. Legitimate businessesd. Charitable
Which of the following requires more audit techniques than investigative techniques.a. Counterfeitingb. Auto agenciesc. Trade Unionsd. Construction
Which of the following requires more investigative techniques than audit techniques.a. Laborb. Fraudsc. Insuranced. Securities
What is the definition of "forensic"?a. Examining dead bodiesb. Testifying in courtc. Conducting a seminard. Anything admissible in a court of law
What is a plaintiff?a. Prosecutorb. The person making a complaintc. Respondentd. A person defending a complaint
In a hearing, the forensic accountant will testify before the following:a. The defense attorneyb. The plaintiff attorneyc. The judged. The judge, and the victim
In a criminal trial, who is present in the courtroom?a. Plaintiff and defense attorneys, and judgeb. Judge and plaintiff and defense attorneysc. Judge, plaintiff and defense attorneysd. Judge,
Who can express an opinion in court?a. Expert witnessb. Victimc. Defendantd. Prosecutor
Forensic accountants have various responsibilities. Give five duties that are required of forensicaccountants.
Name five things that can make a fraud examiner a good witness.
Name five things that would make a forensic accountant a bad witness.
In what order should witnesses in a financial case be presented? Briefly outline.
Why is it important to get the custodian witnesses into court at the beginning?a. It helps get witnesses out quickerb. It helps get witnesses out laterc. It gives time for the fraud examiner to
What accounting methods are recognized in court?a. General Accepted Accounting Principalsb. The Federal Income Tax Law and Regulationsc. There is no accounting methods, but only methods of proof.d.
The Net Worth Method is recognized by the U.S. Supreme Court as:a. Is not allowable and can't be used.b. As a method of proof and allowable in both civil and criminal casesc. Should always be used in
A Tracing Schedule is useful in the following type of cases.a. Money laundering, to show the flow of funds and end receiverb. Racketeering, to show the use of fundsc. Tax, to show how funds are
What is the difference between a check spread and a check register or cash disbursements journal?a. There is no differenceb. They contain the same information but used differentlyc. A check spread
What is the difference between a deposit spread and a cash receipts journal?a. There is no differenceb. The deposit spread has less data than a cash receipts journalc. They have the same data but is
Credit card spreads have two basic purposes, which are:a. Show dates and amounts of purchasesb. Identify both purchase and location datac. Identify purchasesd. Identify the person's location
What is the purpose of a gross profit analysis?a. To determine the amount of funds either skimmed or money laundered through a businessb. To determine the gross salesc. To determine the cost of
In order to perform a gross profit analysis, what two elements must be obtained?a. The gross profit and salesb. The sales and cost of salesc. The actual purchases and an actual composite cost of
What is the purpose of a witness list?a. Identify name, address, and telephone numbers of witnessesb. Identify the exhibits that the witness will introduce into court.c. Identify the type of
An indirect method, which is used in tax cases, is called the Bank Deposit and Expenditure method. When should this method be used? Explain.
Briefly outline the bank deposit method.
How should cashed checks be reflected on the bank deposit method?a. Ignoredb. Added to the total checks writtenc. Reduce depositsd. Adjust the accruals at both beginning and end of year.
What is the purpose of preparing a telephone analysis?a. To identify callersb. To identify receiversc. To provide leads to potential witnessesd. All of the above
An organizational flow chart has what purpose?a. Identify the chain of command or lines of authorityb. Identify members of the organizationc. Identify the criminal organization headd. Organizational
What is the purpose of an operational flowchart?a. Identify the lines of authorityb. Identify members of the organizationc. Identify the flow of operationsd. Identify document evidence
The percentage method of determining income is used primarily in what type of cases?a. Racketeeringb. Bookmakingc. Continuing Criminal Enterprise casesd. Tax evasion
The percentage method of determining income is based upon?a. The gross bets received by the bookmakerb. The gross bets received plus the vigorish received by the bookmakerc. The gross bets and
Which of the following items is a ready source of information for the fraud examiner at the local level?a. Federal Income Tax Returnsb. County public recordsc. Credit bureau reportsd. Public Library
Bank records usually require one of the following items before they will release records to third parties.a. Permission from the bank presidentb. The Police Department must approve the releasec. A
Which of the following records are open to the public?a. Police intelligence reportsb. Government employee recordsc. Records of FBI investigationsd. Federal and State court records - civil and
Federal Income tax returns can be obtained by:a. Federal Court order or by the taxpayer himselfb. Subpoena the Internal Revenue Servicec. Make a formal request to the Internal Revenue Serviced. They
Information about stock and bonds that are traded on the national exchanges can be obtained from:a. The stock brokerb. The Interstate Commerce Commissionc. The U.S. Department of Commerced. The
Who investigates crimes on the high seas?a. Coast Guardb. The Federal Bureau of Investigationc. The Central Intelligence Agencyd. The State Police
Who should you contract to find if your doctor is really a doctor?a. The local Occupational License Bureaub. The state Department of Professional Regulationc. The American Medical Associationd. Ask
Which of the following is open to the public?a. Division of Corporationsb. Department of Revenuec. Bank loansd. Grand Jury testimony
The Division of Corporations can supply which of the following information about a corporation?a. Name of corporation and addressb. The Officers and Directors of the Corporationc. The registered
Which of the following is public records at the county or municipal level?a. Building permitsb. Marriage licensec. Real Property assessment rolesd. All of the above
If you want to find the address of an individual, where would be the most likely place to look first?a. The telephone directoryb. County public recordsc. The county real property recordsd. The
Which of the following records can be found at the public library?a. Telephone yellow pagesb. Directories of Insurance companies, Banks, manufacturing companies, and associationsc. Real estate
If you want to find out how many complaints there are against a company, which of the following is the first source to contract?a. Public recordsb. The local news mediac. The Better Business Bureaud.
What offshore records are generally available to the public in mosta. Court records, Corporate charter, land transfer records, birth, death, and marriageb. Bank records, corporate records,

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