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business
financial investigation and forensic accounting

Questions and Answers of Financial Investigation And Forensic Accounting

What type of offshore records are generally not available to the public and even other governments?a. Land transfer records, and court recordsb. Bank records, and credit recordsc. Court records,
One of the problems of offshore records is what composes these records. The term commercial register has different meanings in different countries. Explain the different meanings.
What is a bookmaker?a. He keeps accounting recordsb. He operates a sports betting ringc. He operates a prostitution ringd. He operates a bingo hall.
What does the term "bolita" relate to?a. An illegal numbers gameb. A legal numbers gamec. A policy gamed. Bingo games
What are the elements of a bookmaking case? Explain.
Define the following bookmaking terms:1. Dime.2. Nickel.3. Dollar.4. Bettor Balance Sheet.5. Busted Out.6. Buy a Half Point.7. Cheese Bet.8. Dog.9. Favorite.10. Juice.11. Lay off.12. Line.13.
Sport betting encompasses which of the following.a. Professional and High school baseball, football, basket ball, andb. Collegiate baseball, football, and basketballc. Professional and collegiate
Which of the following is an example of a 10 cent line?a. Favorite -150 Bet 150 Win 100 Underdog Even Bet 100 Win 150b. Favorite -120 Bet 120 Win 100 Underdog +110 Bet 100 Win 130c. Favorite -240 Bet
Which of the following is an example of a 20-cent line?a. Favorite -150 Bet 150 Win 100 Underdog Even Bet 100 Win 150b. Favorite -120 Bet 120 Win 100 Underdog +110 Bet 100 Win 130c. Favorite -240 Bet
In baseball, the basic rule is:a. It's possible to win more on a favorite than the base bet.b. It's possible to bet less on an underdog than the bettor can win.c. It's possible to win more than the
What is a parlay bet?a. A bookmaker makes a bet with another bookmaker.b. A bettor makes a bet on two or more teams which must win.c. A bettor makes a bet on two teams, one must win the other must
What is a Round Robin?a. A round robin is a three two-team parlayb. A round robin must have three teams.c. A round robin requires all teams to wind. All of the above
When a bettor makes a dine bet on a round robin, this means that the bettor is placing a bet as follows:a. A $1,000 bet on each of the three teamsb. A $1,000 bet on two teamsc. A $1,000 bet on only
When a bettor makes a bet based upon points either over or under the line, these combinations are called?a. Over, under, and flatb. Over, under, and evenc. Flat, over, and underd. Over, under, and
Football involves which of the following?a. Point spread and totalb. A gimmick and totalc. A gimmick and a point spreadd. A ten cent line
In football, a gimmick means?a. Buying a point on the favoriteb. Buying a half pointc. Making teaser betsd. Buying a half point on the underdog.
When are teaser bets used?a. Baseballb. Basketballc. Footballd. Hockey
Bolita is a form of?a. Sports betsb. Bingoc. Slot machinesd. Numbers
Who is the banker in a lottery operation?a. The person who takes the betsb. One who directs, finances, and controls the lottery operationc. The person picks up the moneyd. The person who pays the
A banker can not make lay-offs since this only applies to sports bookmaking. T or F
What is a box bet?a. A wager placed on any permutation of a given three-digit numberb. A wager placed on three digitsc. A wager placed on two digitsd. A wager placed on six digits
Who or what is a ribbon?a. A piece of clothb. A person who receives and collects betsc. A person who supervises or receives wagers from writers, and forwards such wagers.d. A person who supervises a
What is a wall bet?a. A number placed on the wallb. A number found in the newspaperc. A wager based upon the newspaperd. A wager on a number which is repeated for an extended time
Define bingo. .
Bingo is legal in most states if they are?a. Taxable under state revenue laws.b. Profits goes to charitiesc. Profits goes to the local governmentsd. Profits goes to private individuals.
When a consumer goes to an auto dealership in response to an advertised vehicle he should do the following when the advertised model is not available?a. Purchase another vehicleb. Try to obtain a
When purchasing a current operating business, the buyer should obtain the following:a. Personal financial statements, individual income tax returns, and credit reportb. Financial statements, business
What are the guidelines for purchasing a business? Explain.
What should a person do when it comes to retaining an accountant?a. Review tax returns, ask about fees in advance, asked about professional qualifications.b. Never allow an accountant to be signatory
In dealing with personal injury cases, the consumer should have his attorney?a. Consult your own doctorb. Obtain a complete statement of all chargesc. Obtain a copy of the engagement contractd. All
A banker can always be trusted since they are in a position of customer confidence. T or F
As a credit card holder, list the precautions that one can take to protect oneself? Explain.
What are the danger sign of an irreputable contractor, whether building a house or major improvements? Explain
A consumer should check the following when obtaining a doctor or other health care professional?a. The doctor is properly licensedb. Check for any malpractice lawsuits in public recordsc. Check the
What are the three common insurance agent schemes? Explain.
Stockbrokers should be allowed to buy and sell securities on behalf of their clients. T or F
Fraudulent telemarketing practices are often called?a. Phone salesb. Boiler roomsc. Bust out artistsd. Con artist.
What steps should be consumer take in responding to mail orders?a. Compare mail order prices to local advertised pricesb. Make inquiries with state agencies about complaintsc. Consult local merchants
What are the danger signs of a fraudulent religious organization? Explain.
Businesses can be victims of fraud by what three areas?a. Customers, credit cards, and vendorsb. Shoplifters, credit cards, and ownersc. Customers, employees, and vendors & suppliers.d. Employees,
Some customers shoplift, while others will?a. Steal merchandiseb. Complain about warrantiesc. Exchange merchandised. Claim refunds for merchandise purchase at other stores
What are the three elements of employee fraud?a. Items of value, opportunity, and a perpetratorb. Items of value, a victim, and opportunityc. A victim, money, and opportunityd. Money, opportunity,
When an employer is hiring an employee for a responsible position, the employee should be screened. Explain the items that should be screened.
What are the indicators of kickbacks? Explain.
What are the indicators of worker's compensation fraud?a. Prior claims, disabled, and comes to work on timeb. Prior claims, soft tissue injuries, and works on jobs that require mobility.c. Soft
Bank frauds usually occur in which of the following areas?a. Loans, ATM machines, checking accounts, and cashier checksb. Cashier checks, wire transfers, checking accountsc. Loans, credit cards,
Businesses are targets of fraud in which of the following areas?a. Vendors, suppliers, customersb. Employees, management, customersc. Management, vendors, suppliersd. Customers, employees, vendors.
Which of the following are customer fraud schemes?a. Shoplifting, refunds, and bust out.b. Stealing, refund, shoplifting.c. Refund, stealing, carryout.d. Bust out, con artist, stealing.
What is a refund scheme. Briefly describe.
Describe two policies that a business should have to help prevent customer refund fraud.
Bust-out artists are customers who committed which type of business fraud.a. Refundb. Credit fraudc. Credit card fraudd. Return of damaged merchandise.
Describe six danger signs of a bust-out artist.
What are the three areas where a business can take steps to prevent employee fraud.a. Hiring, polygraph, drug testingb. Working environment, hiring, drug testing.c. Hiring, working environment,
Screening prospective employees should involve which of the following?a. Complete application, polygraphs, and drug testing.b. Character references, former employer references, polygraph.c.
Employment applications should have the following?a. Name, residence history, character referencesb. Full name, full identification data, and list of relatives.c. Name, relatives, work history.d.
Why should full identification data be obtained from a prospective employee?a. To celebrate a birthday.b. To mail payroll checks.c. To help employee advance.d. To trace employee in case of fraud.
A good working environment can discourage fraud. Which of the following relate to a good working environment?a. Beneficial amenitiesb. Ethical standards are promotedc. Benefit packages are providedd.
Which of the following fraud schemes involve employees.a. Kickbacksb. Payroll falsificationc. Embezzlementd. All of the above.
Which of the following fraud schemes involves vendors or suppliers?a. Kickbacks.b. Boiler room operations.c. Lapping schemesd. Check kiting.
Describe four indicators of possible kickbacks by vendors.
What are the indicators of worker's compensation fraud
Money Laundering can be defined as disguising the true source of funds. T or F
To combat money laundering, congress has passed laws that require various forms to be filed with the U.S. Treasury Department. These forms are:a. 1040, 1120, 4789, and 8232b. 4789, 8300, 4790, and
Money laundering through businesses involves which of the following methods?a. Balance sheet, skimming, and overstating expenses.b. Overstating revenue and expenses, and skimmingc. Balance sheet,
When criminal use trusts to hide assets, the fraud examiner should look for the control factor.Give five control factors.
What is the difference between an alter ego and a nominee?a. Nominee is a person, while alter ego refers to corporate and business entities that are intermixed.b. Nominee is a business entity, while
Give five indicators of nominee and alter ego?
Describe five characteristics of a Tax Haven country.
What are the four indicators of an alter ego offshore entity?
Define the following money laundering terms? 1. Structuring. 2. Smurfing. 3. Layering. 4. Integration.
The purpose of interviewing is to do which of the following?a. Identify the criminal and obtain evidenceb. Obtain leads and testimonyc. Identify witnesses for triald. All of the above.
What are the three types of witnesses?a. Cooperative, neutral, and hostileb. Criminal, victim, and neutralc. Criminal, hostile, and victimd. Neutral, cooperative, and victim
An interview outline should cover at least seven items. Describe at least four of these items.
In conducting an interview, the fraud examiner should avoid which of the following?a. Using long questions that require yes or no answersb. Leading questionsc. Allow the witness to confuse the issue
What are the methods used for recording and documenting interviews?a. Tape recorder, videotape, and photographsb. Affidavit, Memorandum of interview, Question and Answer statement, and sworn
Why are interviews important for a fraud examiner? Explain.
Which of the following items requires a court reporter?a. Sworn statementb. Affidavitc. Question and Answer Statementd. Memorandum of Interview
A deposition is a formal form of:a. Sworn statementb. Question and Answer Statementc. Affidavitd. Memorandum of Interview
Which of the following methods is the most informal?a. Memorandum of Interviewb. Affidavitc. Sworn statementd. Deposition
Hostile witnesses should be interviewed when?a. Setup an appointmentb. Talk to the witness over the telephonec. Approach the witness unannouncedd. Don't approach the witness at all.
Which of the following is probably the most cooperative witness?a. The subjectb. The victimc. Records custodiand. The police
Which of the following should the fraud examiner never do when interviewing a hostile witness?a. Make promises or guaranteesb. Offer an excuse for their conductc. Point out any rewardsd. Point out
Good interviews require the fraud examiner to do which of the following?a. Have a good interview outlineb. Get witnesses to turn over documentsc. Get witnesses to talk about their business dealingsd.
The fraud examiner should encourage the witness to talk about?a. Dealings with the subjectb. About himself and familyc. Hobbies and financial historyd. All of the above.
The witness should have completely answered the following basic questions?a. Who, What, Where, When, and Howb. All facts and evidence in the casec. All document evidence as to what and where
The fraud examiner has to differentiate between?a. Truth and factb. Fact and opinionc. Opinion and truthd. Fact and truth.
Cooperative witnesses should be evaluated as to their suitability and lack of objectivity. T or F
The fraud examiner should maintain a witness file for information that is already documented and need not be discussed with the witness. T or F
Which of the following are interview techniques?a. Kinesic interviewing, polygraph, and statement analysis.b. Polygraph, sworn statement, deposition.c. Deposition, affidavit, sworn statement.d.
The uses of pronouns in a statement are important for what major reason?a. Introductionb. Rude and impolitec. They are objective.d. They are personal.
Which of the following is a connection?a. Sometime laterb. Later onc. Afterwardsd. All of the above
What is out of sequence information?a. The person didn't say it.b. Information which has no connection to question.c. The person said it.d. Unimportant information.
Kinesic interviewing is a technique used to study which of the following:a. A person's attitude.b. Structure of sentences.c. Content of statement.d. Observing body movements.
Interviewers should not ask which type of the following questions.a. Open ended questionsb. Leading questionsc. The witness named. Opinions
A statement analysis is concerned with:a. Obtaining informationb. Analyzing a statementc. Conducting an interviewd. Obtaining a confession.
Investigative statement analysis is:a. Cost effectiveb. Effective about 95%c. Does not require expensive equipmentd. All of the above
The purpose of an interview is to:a. Tell a storyb. Give opinionsc. Describe what has happened.d. Describe what has not happened.
Content is more important than structure. T OR F
Statements are given at:a. Before the event.b. During the event.c. After the event.d. Can’t be given.
Which stage of interviewing is most important?a. The first interview.b. The subsequent interviews.c. The interrogation stage.d. All stages are important.

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