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business
financial investigation and forensic accounting

Questions and Answers of Financial Investigation And Forensic Accounting

The first or initial interview should ask what kind of question?a. Leading questionsb. Yes or no questions.c. Let the person talk without asking a question.d. Open ended question.
The interviewer should not do?a. Argue with the subject.b. Get involve in personal conflict.c. Consider other information.d. All of the above.
A guilty person likes to do:a. Give all the factsb. Profess their innocence.c. Give false opinions.d. Provide synonyms.
Nouns are words which give:a. Identify persons, places, and things.b. Are not objectivec. Provide an introduction.d. Is an antecedent to a pronoun.
Which of the following formulas is correct?a. First person, future tenseb. Second person, past tense.c. First person, past tense.d. Third person, past tense.
Pronouns are:a. Subjectiveb. Objectivec. Not necessaryd. Not important
The use of “We” in a statement indicates.a. There is a willing partner.b. The subject acted alone.c. Refers to another persond. Is a possessive pronoun.
The change of “my” to “the” in a sentence indicates?a. A close relationship.b. There is no relationship.c. A possible bad relationship.d. Not an indicator.
Prepositions provide the reader:a. Connect pronouns to another element in the sentence.b. Connect nouns to another element in the sentence.c. Provide a sense of location and position of a person.d.
Pronouns give which of the following:a. Responsibilityb. Possessionc. Pronouns are objective.d. All of the above.
Verbs provide the following:a. Action, existence, or occurrence.b. Tensec. Modify wordsd. Express time and degree.
A truthful verb is shown in which tense.a. Futureb. Presentc. Pastd. Any tense.
Which of the following verbs indicate missing information or time?a. Planb. Walkc. Talkd. Started
Verbs which refer to communication are very important. T or F
Changes in language can occur when?a. There are changes in pronounsb. There are changes in verbsc. In botha. and b.d. There are changes in events.
A connection can indicate which of the following:a. Missing time.b. Identify left out componentsc. Determines the cause and effect.d. All of the above.
A person can lie by using which of the following tactics.a. Strategic and tactical.b. Strategic onlyc. Tactical only.d. None of the above.
An objective time is which of the following?a. About 9:00.b. No time is objectivec. All times mentioned.d. At ten-o-clock
Explanatory terms are classified as?a. Give reason for the event.b. Unimportant information.c. Describe the event.d. Doesn’t describe the event.
Emotions described in the event are deceptive if they are?a. In the beginning of the narrativeb. In the end of the statementc. During the main event.d. Emotions don’t indicate deception.
Unimportant information in a statement is unimportant to?a. Important to the speaker.b. Unimportant to speaker and listener.c. Unimportant to the listener.d. Both a and c above.
A statement should have how many parts.a. Three parts.b. Two parts.c. One part.d. No parts.
A truthful statement should have how many parts?a. First part, middle part, and last part.b. First part and last part.c. First part and main part.d. Only the main part.
Which statement shows extreme deception.a. 55%b. 51-80%c. Higher than 80%d. 50% to 100%.
Identify five services which banks offer to their customers.
Exchange instruments consist of the following:a. Checks, savings passbooks, wire transfers, money ordersb. Cashier checks, money orders, wire transfers, certified checks.c. Money orders, wire
What must a customer (individual) provide when opening up a checking or savings account at a bank?a. Signature card and initial depositb. Corporate resolution and initial depositc. Driver's license
Banks provide customers the following items in operating their checking account.a. Signature card, ATM card, checks, statementsb. Signature card, credit card, checks, and deposit slipsc. Checks,
Which of the following items the bank customer never gets back in their monthly statements?a. Cancelled checksb. Deposit slipsc. Debit and credit memosd. Deposited items.
A check requires the customer to complete which of the following items?a. Date, payee, signature, endorsementb. Date, payee, amounts (numerical and written), and signaturec. Date, signature, payee,
Banks compute interest on installment loans based upon which of the following?a. Simpleb. Compoundc. Add-ond. Present value
Banks rebate interest on installment loans based upon which of the following?a. Rule of 78b. Straight linec. Sum of the years digitsd. Simple interest method
Accountants should reconcile bank accounts using the figures shown as follows:a. The numerical amount shown on the checkb. The written amount shown on the checkc. The bank encoded amount shown on the
Visa and Mastercard customers send their charge slips to the clearing house. T or F
Visa and Mastercard credit card holders will find their account numbers consist normally of how many digits?a. 8b. 10c. 12d. 16
The first digit of credit card numbers identify which of the following?a. The customerb. The type of credit cardc. The bankd. The clearing house
Banks provide trust services. They service trusts consisting of?a. Simple and complex trust administrationb. Decedent's and Intervivos Trustsc. Revocable and Irrevocable trustsd. All of the above
When checks are processed for payment, they are encoded with magnetic ink character recognition symbols which was developed by:a. The Federal Reserve Boardb. The American Bankers Associationc. The
There are three basic fields of information contained in the Magnetic Ink Character Recognition. They are:a. Date, amount, and account numberb. Date, ABA transit number, and account numberc. ABA
In the 1980's, banks began adding another field on the check which is?a. Dateb. Check numberc. Payeed. Tax number
For banks to issue a letter of credit, the customer must have?a. Approved credit line or funds on accountb. Good credit standingc. Funds available to cover the line of creditd. Approval by bank
Banks are not allowed to exchange foreign currency. T or F
The following bank account must be reconciled. You have discovered the following data. 1. Beginning book balance is $2,000 2. Ending book balance is $5,000 3. Total deposits made is $50,000 4. Total
Securities exchanges neither buy nor sell securities themselves but act as a marketplace for members to execute orders. T or F
Brokers and dealers trade over-the-counter securities across the country. T or F
Coupon bonds are often referred to as:a. Registered bondsb. Bearer bondsc. Municipal bondsd. Government securities
There are two types of security transactions. They are:a. Bought or soldb. Position or longc. Long or shortd. Short or position
A long position means that the purchaser holds a liability position. T or F
When a customer purchases securities on margin, this means:a. Purchased on creditb. Purchased in cashc. Borrowed funds to purchase the securitiesd. Purchased the securities in street name
List four reasons why reports and files are important. Explain.
The fraud examiner's report should have what characteristics?a. Accuracy and clarityb. Relevant and material informationc. Should not contain opinions or prejudices of fraud examiner.d. All of the
The fraud examiner's notes is not privileged information when an attorney retains him. T or F
The fraud examiner's report should contain certain information. Identify and briefly describe the basic information that should be in a fraud examiner's report.
Confidential informants should be identified in the fraud examiner's report. T or F
The fraud examiner should keep a file on confidential informants that contain:a. Informants information, identifiers, and financial data.b. Informants information, identifiers, financial data, and
Discovery means:a. Providing the defense copies of evidenceb. Locating new evidencec. Discarding old evidenced. Providing the plaintiff copies of evidence.
Disclosure to the press is permissible in grand jury cases. T or F
Grand jury information can only be released by:a. The state/federal attorneyb. Chairman of the Grand Juryc. By the Courtd. By the fraud examiner
The witness list should contain?a. Name, address, and telephone numberb. Title or capacity, and company or firmc. Summary of physical evidence the witness can provided. All of the above
Original documents and evidence should be maintained in a secured place by:a. Chronological orderb. Alphabetical order by witnessc. By the financial method being usedd. Numerical order
Witness statements and interviews should be kept with all other physical evidence. T or F
Fraud examiners should never:a. Express any recommendationsb. Express any opinionsc. Express any opinion on guilt or innocence of the subjectd. Express any conclusions
Brady material refers to:a. Not disclosing evidence to the juryb. Failure to disclose evidence to defense that could be favorable to the defendantc. Failure to disclose evidence in courtd. Not
When a case is closed, an addendum should be attached to the fraud examiner's report, which should show what information. Explain briefly.
Give the general outline of a fraud examiner's engagement.
Financial analysis of a business consist of three techniques which are:a. Ratio, Vertical, and Horizontal analysisb. Balance sheet, income statement, and funds statement analysisc. Ratio, balance
Identify six ratios that the fraud examiner can use:
Vertical analysis is used in comparing?a. Data from one period to anotherb. Balance sheet with income statementc. Percentages of assets for balance sheet and percentages of net sales for the income
Horizontal analysis is used in comparing?a. Data from one period to another for fluctuationsb. Cash flow from one period to the nextc. Balance sheet with income statementd. Assets with liabilities
What non-financial information should be investigated?a. Corporate minute bookb. Federal and state tax returnsc. Observe the physical existence of assets and inventoryd. Accountants audit report
The fraud examiner should know the interrelationships between items on financial statements.Describe five of these interrelationships.
Cash flow statements can be useful to shows?a. How a company uses its fundsb. The interrelationships between the balance sheet and the income statementc. Identify fraudulent areas on financial
What are the objectives of internal controls? Explain.
What are the four phases of forensic auditing?
What are the evidence gathering techniques used by fraud examiners? Give an outline and briefly explain.
What are the two type of fraud indicators?a. Employee and employerb. Environmental and personal symptomsc. Personal symptoms and employerd. Employer and environmental
What are the most common environmental symptoms that encourage employee fraud? Briefly explain.
What are the three employee symptoms of possible fraud?a. Poor financial position, good habits, and excellent feelings about the managerb. Good financial position, bad habits, and poor feelings about
Kiting involves the following?a. Two or more bank accountsb. One bank account and a brokerage accountc. Two or more classes of stockd. Two or more bond accounts
Lapping involves an embezzlement of:a. Cashb. Loan paymentsc. Payments on receivablesd. Slush funds.
Ghost employees are persons who are?a. Fictitious employeesb. Former employeesc. Non-working employeesd. All of the above
Businesses that are ideal for money laundering by criminals are?a. Construction and labor unionsb. Credit cards and bankingc. Cash receipt businessesd. Credit oriented businesses
Which of the following will help the fraud examiner to focus his examination and investigation?a. Intelligenceb. Officer's life stylec. Employee's life styled. History of the company
The fraud examiner must examine a company's books to determine?a. Compliance with General Accept Accounting Principlesb. Compliance with Income Tax lawsc. Potential areas of fraudd. Identify the
Seizure and forfeiture laws in the United States have been designed to:a. Obtain revenue for the governmentb. Deprive criminals of their illegal gainsc. Deprive citizens of their assetsd. Lower
Property subject to seizure and forfeiture are:a. Real propertyb. Personal propertyc. Intangible propertyd. All of the above.
What kind of property is subject to immediate seizure and forfeiture?a. Contraband propertyb. Personal property used in a criminal offensec. Real property used in a criminal offensed. Bank accounts
For legal property to be immediately seized and forfeited, there must be shown?a. Property was purchased with illegal gainsb. Nexus - connection between the illegal activity and the assets being used
Legal property can be seized and forfeited indirectly when it can be shown that?a. The property is used in illegal activities.b. The property was obtained from illegal gainsc. Illegal income was
Civil forfeitures are legal actions against?a. Property called "in rem" actionsb. A person and his propertyc. Victim of crime called "in rem"d. Law enforcement personnel
Criminal forfeitures are made against?a. The propertyb. The victimc. The sellerd. The criminal or "in personam"
An innocent owner can recover seized property if he/she can prove? Explain.
Federal and state government has guidelines for the disposition of forfeited property. They provide that forfeited property must be:a. Sold and proceeds retained by the governmentb. Kept and used by
Unsecured creditors of seized and forfeited property are usually not entitled to payment. T or F
The De Minimis rule refers to which of the following:a. The minimum amount the IRS must collect to give out rewardsb. The maximum amount the IRS will reward an informantc. The minimum amount the
When a legal operating business is seized, the government can:a. Shut down the businessb. Sell the business immediatelyc. Let the business operate as normal, but without the principals or others
Civil law is based upon which of the following?a. British lawb. U.S. Supreme Court Decisionsc. Roman Code and Customsd. British Supreme Court
Common law is based upon which of the following?a. Roman Codeb. British lawc. U.S. Supreme Court Decisionsd. State Court Decisions
When did common law begin in England?a. 400 ADb. 1066 ADc. 1100 ADd. 1492 AD
What is the most significant difference between common law and civil law?a. Reliance on precedentb. Equity lawc. System of Digestsc. System of writs

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