Case StudiesTest Your Forensic IQ #1

1. Which of the following categories commonly includes discretionary owner’s expenses? 

A. Travel 
B. Automotive 
C. Entertainment 
D. All of the Above 

2. Which document best substantiates the validity of a business expense? 

A. Cash Disbursements Journal 
B. Invoices 
C. General Ledger 
D. Cancelled Check 

3. Which method(s) should be considered in valuing a closely held business:

A. Asset Approach 
B. Market Approach 
C. Income Approach 
D. All of the above 

4. Fraudulent financial activity commonly occurs:

A. Just within a specified month 
B. Equally over a period of time 
C. Frequently over more than one accounting period 
D. Only when the owner of the business is on vacation 

5. A Forensic Accountant specializing in litigation support can assist in which of the following:

A. Assist in developing document requests 
B. Help prepare interrogatories, conduct interviews, assist in depositions 
C. Analyze financial & tax documents 
D. All of the above

Answer Key: 
1) D; 2)B, 3)D, 4)C, 5)D 

If you had difficulty with one or more of the questions in this test, please feel free to contact our office.

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