Question 1

Why would a forensic accountant want to investigate prior W-2's during a bankruptcy or divorce fraud investigation?

Accepted Answer

A)  It may show investment income from investments not previously disclosed. 
B)  It may show the purchase of assets through a business that has been written off for depreciation. 
C)  It could show contributions to Keogh plans. 
D)  It could show contributions to 401K, 403(b) and other deferred compensation plans. 
A)  It may show investment income from investments not previously disclosed. 
B)  It may show the purchase of assets through a business that has been written off for depreciation. 
C)  It could show contributions to Keogh plans. 
D)  It could show contributions to 401K, 403(b) and other deferred compensation plans. D

Question 2

Which other crimes typically coexist with identity theft?

Accepted Answer

A)  Check fraud. 
B)  Mortgage fraud. 
C)  Insurance fraud. 
D)  All of the above. 
A)  Check fraud. 
B)  Mortgage fraud. 
C)  Insurance fraud. 
D)  All of the above. D

Question 3

Which act or law created severe criminal penalties for fraud in a bankruptcy proceeding?

Accepted Answer

A)  IRC revision of 1986. 
B)  SEC ruling of 2001. 
C)  U.S. Supreme Court Rulings of 2003. 
D)  Section 802 of the Sarbanes-Oxley Act of 2002. 
A)  IRC revision of 1986. 
B)  SEC ruling of 2001. 
C)  U.S. Supreme Court Rulings of 2003. 
D)  Section 802 of the Sarbanes-Oxley Act of 2002. D

Question 4

In bankruptcy or divorce, the involved party's recent federal tax returns should be carefully examined with respect to Investment interest expense deductions. Such deductions suggest the existence of a margin-based brokerage account.

Accepted Answer

A) True 
 B)False

Question 5

If there is fraud suspected in the bankruptcy proceedings, who is the case turned over to?

Accepted Answer

A)  U.S. District Court. 
B)  Department of Justice. 
C)  U.S. Attorney's Office. 
D)  Securities and Exchange Commission. 
A)  U.S. District Court. 
B)  Department of Justice. 
C)  U.S. Attorney's Office. 
D)  Securities and Exchange Commission.

Question 6

Which two chapters are most frequently used by individuals?

Accepted Answer

A)  Chapters 7 and 9. 
B)  Chapters 13 and 15. 
C)  Chapters 11 and 13. 
D)  Chapters 7 and 13. 
A)  Chapters 7 and 9. 
B)  Chapters 13 and 15. 
C)  Chapters 11 and 13. 
D)  Chapters 7 and 13.

Question 7

What are some methods that identity thieves may use to get information?

Accepted Answer

A)  Picking information out of dumpsters. 
B)  Looking over the shoulder of someone while they fill out applications. 
C)  Stealing mail. 
D)  All of the above. 
A)  Picking information out of dumpsters. 
B)  Looking over the shoulder of someone while they fill out applications. 
C)  Stealing mail. 
D)  All of the above.

Question 8

In cases where creditors force involuntary bankruptcy, what is a factor that may deem it to be an abusive filing?

Accepted Answer

A)  If they attempt to file for more than the actual debit that is owed. 
B)  If the debtor actually has the ability to repay. 
C)  If there is only one creditor. 
D)  All of the above. 
A)  If they attempt to file for more than the actual debit that is owed. 
B)  If the debtor actually has the ability to repay. 
C)  If there is only one creditor. 
D)  All of the above.

Question 9

Section 802 of the Sarbanes-Oxley Act of 2002 creates severe criminal penalties applicable to bankruptcy proceedings. What are they?

Accepted Answer

"Whoever knowingly alters, destroys, mut

Question 10

What did the Fair and Accurate Credit Transaction Act of 2003 (FACTA) accomplish?

Accepted Answer

This act updated the Federal Fair Credit

Question 11

Which of the following is not a commonly committed fraud during bankruptcy proceedings?

Accepted Answer

A)  Conceals property from the bankruptcy proceedings. 
B)  Gives, offers, receives, or attempts to obtain money, property, reward or advantage for acting or forbearing to act in a bankruptcy case. 
C)  Withholds documents related to the debtor's property or financial affairs from the standing trustee or other officer of the court. 
D)  All of the above are commonly committed frauds. 
A)  Conceals property from the bankruptcy proceedings. 
B)  Gives, offers, receives, or attempts to obtain money, property, reward or advantage for acting or forbearing to act in a bankruptcy case. 
C)  Withholds documents related to the debtor's property or financial affairs from the standing trustee or other officer of the court. 
D)  All of the above are commonly committed frauds.

Question 12

Who causes the largest amount of identity theft in the United States?

Accepted Answer

A)  Organized Crime. 
B)  Gangs. 
C)  Individuals on the internet. 
D)  Corporations. 
A)  Organized Crime. 
B)  Gangs. 
C)  Individuals on the internet. 
D)  Corporations.

Question 13

Which chapter applies to both individuals and businesses, and is designed to completely liquidate the debtor's assets and discharge the debtor's liabilities?

Accepted Answer

A)  Chapter 7. 
B)  Chapter 9. 
C)  Chapter 11. 
D)  Chapter 13. 
A)  Chapter 7. 
B)  Chapter 9. 
C)  Chapter 11. 
D)  Chapter 13.

Question 14

The Internet False Identification Prevention Act of 2000 made it illegal to do what and what is the penalty for doing it?

Accepted Answer

This act makes it illegal to sell counte

Question 15

List at least three chapters of bankruptcy and describe who that chapter is applicable to.

Accepted Answer

Chapter 7. This chapter applies to both

Question 16

Why would a forensic accountant want to investigate all vendors listed for a business during a bankruptcy investigation?

Accepted Answer

A)  To ensure that they are not owed any money by the debtor. 
B)  To ensure that they are actually real vendors and not just fronts for hiding assets. 
C)  To see if they want to recover any assets such as inventory that the business may have on hand prior to bankruptcy disposition. 
D)  All of the above. 
A)  To ensure that they are not owed any money by the debtor. 
B)  To ensure that they are actually real vendors and not just fronts for hiding assets. 
C)  To see if they want to recover any assets such as inventory that the business may have on hand prior to bankruptcy disposition. 
D)  All of the above.

Question 17

Secretly transferring (or selling below market value) assets to others, perhaps to family or friends, in order to keep them out of the bankruptcy estate and maintain control over them is referred to as:

Accepted Answer

A)  Concealment of assets fraud. 
B)  Multiple filing scheme. 
C)  Fraudulent conveyances. 
D)  Bust-outs. 
A)  Concealment of assets fraud. 
B)  Multiple filing scheme. 
C)  Fraudulent conveyances. 
D)  Bust-outs.

Question 18

What is identity theft, how big is the problem and who is largely responsible for it?

Accepted Answer

The fastest growing crime in the United

Question 19

How does truncation of identity numbers work?

Accepted Answer

A)  Machines encode account numbers when transmitting them over the internet. 
B)  Machines can only print the last 5 digits of an account number on anything that is printed for mailing. 
C)  Clerks and telephone operators are only allowed to verify identity by the last five letters of a persons name. 
D)  Older machines that do manual imprinting of credit card numbers must be modified to only copy the last five digits of the account numbers. 
A)  Machines encode account numbers when transmitting them over the internet. 
B)  Machines can only print the last 5 digits of an account number on anything that is printed for mailing. 
C)  Clerks and telephone operators are only allowed to verify identity by the last five letters of a persons name. 
D)  Older machines that do manual imprinting of credit card numbers must be modified to only copy the last five digits of the account numbers.

Question 20

According to the U.S. Department of Justice, what percentage of bankruptcy cases involve fraud?

Accepted Answer

A)  5%. 
B)  10%. 
C)  25%. 
D)  50%. 
A)  5%. 
B)  10%. 
C)  25%. 
D)  50%.

Why would a forensic accountant want to investigate prior W-2's during a bankruptcy or divorce fraud investigation?

Which other crimes typically coexist with identity theft?

Which act or law created severe criminal penalties for fraud in a bankruptcy proceeding?

In bankruptcy or divorce, the involved party's recent federal tax returns should be carefully examined with respect to Investment interest expense deductions. Such deductions suggest the existence of a margin-based brokerage account.

If there is fraud suspected in the bankruptcy proceedings, who is the case turned over to?

Which two chapters are most frequently used by individuals?

What are some methods that identity thieves may use to get information?

In cases where creditors force involuntary bankruptcy, what is a factor that may deem it to be an abusive filing?

Section 802 of the Sarbanes-Oxley Act of 2002 creates severe criminal penalties applicable to bankruptcy proceedings. What are they?

What did the Fair and Accurate Credit Transaction Act of 2003 (FACTA) accomplish?

Which of the following is not a commonly committed fraud during bankruptcy proceedings?

Who causes the largest amount of identity theft in the United States?

Which chapter applies to both individuals and businesses, and is designed to completely liquidate the debtor's assets and discharge the debtor's liabilities?

The Internet False Identification Prevention Act of 2000 made it illegal to do what and what is the penalty for doing it?

List at least three chapters of bankruptcy and describe who that chapter is applicable to.

Why would a forensic accountant want to investigate all vendors listed for a business during a bankruptcy investigation?

Secretly transferring (or selling below market value) assets to others, perhaps to family or friends, in order to keep them out of the bankruptcy estate and maintain control over them is referred to as:

What is identity theft, how big is the problem and who is largely responsible for it?

How does truncation of identity numbers work?

According to the U.S. Department of Justice, what percentage of bankruptcy cases involve fraud?

Introduction to Forensic Accounting and Fraud Examination

The Forensic Accounting Legal Environment

Fundamentals I: Accounting Information Systems

Fundamentals II: The Auditing Environment

Fraud Prevention and Risk Management

Fraud Detection

The Fraud Investigation and Engagement Processes

The Evidence Collection Process

Fraud Examination Evidence I: Physical, Documentary, and Observational Evidence

Fraud Examination Evidence II: Interview and Interrogation Methods

Fraud Examination Evidence III: Forensic Science and Computer Forensics

The Fraud Report, Litigation, and the Recovery Process

Employee, Vendor, and Other Frauds Against the Organization

Financial Statement Fraud

Fraud and Sox Compliance

Tax Fraud

Organized Crime, Counterterrorism, and Anti-Money Laundering

Business Valuation

Dispute Resolution Services

Filters

Exam 17: Bankruptcy, Divorce, Identity Theft

Why would a forensic accountant want to investigate prior W-2's during a bankruptcy or divorce fraud investigation?

Which other crimes typically coexist with identity theft?

Which act or law created severe criminal penalties for fraud in a bankruptcy proceeding?

In bankruptcy or divorce, the involved party's recent federal tax returns should be carefully examined with respect to Investment interest expense deductions. Such deductions suggest the existence of a margin-based brokerage account.

If there is fraud suspected in the bankruptcy proceedings, who is the case turned over to?

Which two chapters are most frequently used by individuals?

What are some methods that identity thieves may use to get information?

In cases where creditors force involuntary bankruptcy, what is a factor that may deem it to be an abusive filing?

Section 802 of the Sarbanes-Oxley Act of 2002 creates severe criminal penalties applicable to bankruptcy proceedings. What are they?

What did the Fair and Accurate Credit Transaction Act of 2003 (FACTA) accomplish?

Which of the following is not a commonly committed fraud during bankruptcy proceedings?

Who causes the largest amount of identity theft in the United States?

Which chapter applies to both individuals and businesses, and is designed to completely liquidate the debtor's assets and discharge the debtor's liabilities?

The Internet False Identification Prevention Act of 2000 made it illegal to do what and what is the penalty for doing it?

List at least three chapters of bankruptcy and describe who that chapter is applicable to.

Why would a forensic accountant want to investigate all vendors listed for a business during a bankruptcy investigation?

Secretly transferring (or selling below market value) assets to others, perhaps to family or friends, in order to keep them out of the bankruptcy estate and maintain control over them is referred to as:

What is identity theft, how big is the problem and who is largely responsible for it?

How does truncation of identity numbers work?

According to the U.S. Department of Justice, what percentage of bankruptcy cases involve fraud?

Introduction to Forensic Accounting and Fraud Examination

The Forensic Accounting Legal Environment

Fundamentals I: Accounting Information Systems

Fundamentals II: The Auditing Environment

Fraud Prevention and Risk Management

Fraud Detection

The Fraud Investigation and Engagement Processes

The Evidence Collection Process

Fraud Examination Evidence I: Physical, Documentary, and Observational Evidence

Fraud Examination Evidence II: Interview and Interrogation Methods

Fraud Examination Evidence III: Forensic Science and Computer Forensics

The Fraud Report, Litigation, and the Recovery Process

Employee, Vendor, and Other Frauds Against the Organization

Financial Statement Fraud

Fraud and Sox Compliance

Tax Fraud

Organized Crime, Counterterrorism, and Anti-Money Laundering

Business Valuation

Dispute Resolution Services

Filters