Question 1

When dealing with the issue of asset concealment in divorce cases, the forensic accountant must keep in mind that:

Accepted Answer

A)  one or both parties will always be trying to conceal assets from the other party. 
B)  lawyers from either party may be employing the forensic accountant in order to drain marital assets. 
C)  assets may be accidentally concealed as some individuals are not good at financial record keeping. 
D)  All of the above. 
A)  one or both parties will always be trying to conceal assets from the other party. 
B)  lawyers from either party may be employing the forensic accountant in order to drain marital assets. 
C)  assets may be accidentally concealed as some individuals are not good at financial record keeping. 
D)  All of the above.

Question 2

Multiple-filing schemes are when:

Accepted Answer

A)  An individual takes on multiple identities in multiple states, acquires debt under those identities and then files bankruptcy under all of them. 
B)  An individual takes on debt from multiple states and then files bankruptcy in each state under their own name. 
C)  Multiple individuals take on the same debt and then file bankruptcy under each persons name for the same debt. 
D)  Multiple individuals take on multiple names in several states and acquire debt under all those names, then file bankruptcy in one state attempting to flood the courts with cases and confuse the court system. 
A)  An individual takes on multiple identities in multiple states, acquires debt under those identities and then files bankruptcy under all of them. 
B)  An individual takes on debt from multiple states and then files bankruptcy in each state under their own name. 
C)  Multiple individuals take on the same debt and then file bankruptcy under each persons name for the same debt. 
D)  Multiple individuals take on multiple names in several states and acquire debt under all those names, then file bankruptcy in one state attempting to flood the courts with cases and confuse the court system.

Question 3

What is a concealment of assets fraud?

Accepted Answer

A)  It is when a business physically hides assets from investigators during an inventory of assets. 
B)  It is when debtors move large amounts of cash or other assets out of the business in anticipation of filing for bankruptcy. 
C)  It is when creditors move large amounts of cash or other assets out of the business in anticipation of filing for bankruptcy. 
D)  It is the selling of assets in order to increase cash reserves during a bankruptcy filing. 
A)  It is when a business physically hides assets from investigators during an inventory of assets. 
B)  It is when debtors move large amounts of cash or other assets out of the business in anticipation of filing for bankruptcy. 
C)  It is when creditors move large amounts of cash or other assets out of the business in anticipation of filing for bankruptcy. 
D)  It is the selling of assets in order to increase cash reserves during a bankruptcy filing.

Question 4

What is typically one of the first signs that an individual's identity has been stolen?

Accepted Answer

A)  Unauthorized change in address. 
B)  Bill collectors begin calling for accounts the individual is not aware of. 
C)  Incorrect information appearing on credit reports. 
D)  Unauthorized charges appear on statements. 
A)  Unauthorized change in address. 
B)  Bill collectors begin calling for accounts the individual is not aware of. 
C)  Incorrect information appearing on credit reports. 
D)  Unauthorized charges appear on statements.

Question 5

What is a controlled delivery?

Accepted Answer

A)  When individuals control when their personal information is delivered to creditors. 
B)  When law enforcement catches thieves doing something like receiving mail or withdrawing banks funds using a stolen identity. 
C)  When individuals control when their mail is delivered to their mailboxes to prevent mail theft. 
D)  The act of delivering controlled amounts of personal information to thieves that think its legitimate. 
A)  When individuals control when their personal information is delivered to creditors. 
B)  When law enforcement catches thieves doing something like receiving mail or withdrawing banks funds using a stolen identity. 
C)  When individuals control when their mail is delivered to their mailboxes to prevent mail theft. 
D)  The act of delivering controlled amounts of personal information to thieves that think its legitimate.

Question 6

How can individuals repair their credit if it has been stolen by thieves?

Accepted Answer

A)  Hire an attorney. 
B)  Contact their local representative to the U.S. Congress. 
C)  Hire one of many private agencies that specialize in identity theft repair. 
D)  All of the above. 
A)  Hire an attorney. 
B)  Contact their local representative to the U.S. Congress. 
C)  Hire one of many private agencies that specialize in identity theft repair. 
D)  All of the above.

Question 7

The Fair and Accurate Credit Transaction Act of 2003 replaced the Federal Fair Credit Reporting Act by adding laws directed towards helping consumers protect themselves against identity theft.

Accepted Answer

A) True 
 B)False

Question 8

For divorce cases, why might the level of scrutiny be considerably less that in bankruptcy cases?

Accepted Answer

A)  Divorce attorneys don't always have the financial expertise that many bankruptcy attorneys have. 
B)  In bankruptcy cases there tend to be creditors with experience in asset concealment, and who are in possession of information-rich credit applications from debtors. 
C)  In bankruptcy cases there is more of a tendency for fraudulent conveyances and the hiding of assets to take place immediately prior to the filing. 
D)  All of the above. 
A)  Divorce attorneys don't always have the financial expertise that many bankruptcy attorneys have. 
B)  In bankruptcy cases there tend to be creditors with experience in asset concealment, and who are in possession of information-rich credit applications from debtors. 
C)  In bankruptcy cases there is more of a tendency for fraudulent conveyances and the hiding of assets to take place immediately prior to the filing. 
D)  All of the above.

Question 9

Due to its complexity, the forensic accountant cannot perform a complete cash flow analysis for the individual or entity under investigation.

Accepted Answer

A) True 
 B)False

Question 10

The Congressional act that created stiffer penalties for identity theft, and even harsher penalties for terrorist related identity theft, was called:

Accepted Answer

A)  The Identity Terrorism Protection Act. 
B)  Identity Terrorism Penalty Enhancement Act. 
C)  United States Identity Penalty Enhancement Act. 
D)  Identity Theft Penalty Enhancement Act. 
A)  The Identity Terrorism Protection Act. 
B)  Identity Terrorism Penalty Enhancement Act. 
C)  United States Identity Penalty Enhancement Act. 
D)  Identity Theft Penalty Enhancement Act.

Question 11

The largest part of identity theft is caused by individuals on the internet stealing information.

Accepted Answer

A) True 
 B)False

Question 12

What is a typical penalty for committing a bankruptcy fraud crime?

Accepted Answer

A)  5 years in prison; $250,000 fine or both. 
B)  10 years in prison; $250,000 fine or both. 
C)  5 years in prison; $500,000 fine or both. 
D)  10 years in prison; $500,000 fine or both. 
A)  5 years in prison; $250,000 fine or both. 
B)  10 years in prison; $250,000 fine or both. 
C)  5 years in prison; $500,000 fine or both. 
D)  10 years in prison; $500,000 fine or both.

Question 13

How are loan applications helpful in the asset discovery process?

Accepted Answer

Through studying tax returns, bank state

Question 14

Over 90% of bankruptcy cases involve fraud.

Accepted Answer

A) True 
 B)False

Question 15

Why is trying to catch identity thieves in the act not generally helpful?

Accepted Answer

A)  They lie so well that you cannot know their true identity. 
B)  Only amateur identity thieves are sloppy enough to get caught in the act. 
C)  Immediate arrests don't normally take place unless a law-enforcement officer happens to be at the scene of the crime. 
D)  All of the above. 
A)  They lie so well that you cannot know their true identity. 
B)  Only amateur identity thieves are sloppy enough to get caught in the act. 
C)  Immediate arrests don't normally take place unless a law-enforcement officer happens to be at the scene of the crime. 
D)  All of the above.

Question 16

What is a problem with the free annual credit report web site?

Accepted Answer

A)  Free reports are typically 12-18 months old. 
B)  Free reports only give you the credit rating, not if someone has used your identity to get credit. 
C)  The web site requires you to subscribe to an annual subscription to a financial magazine. 
D)  The web site has many impostors with similar names that actually take consumer information and steal their identities. 
A)  Free reports are typically 12-18 months old. 
B)  Free reports only give you the credit rating, not if someone has used your identity to get credit. 
C)  The web site requires you to subscribe to an annual subscription to a financial magazine. 
D)  The web site has many impostors with similar names that actually take consumer information and steal their identities.

Question 17

How many different chapters for bankruptcy are there?

Accepted Answer

A)  2. 
B)  4. 
C)  6. 
D)  11. 
A)  2. 
B)  4. 
C)  6. 
D)  11.

Question 18

The typical penalty for committing bankruptcy fraud crimes has a maximum of 5 years in prison or a maximum fine of $250,000, or both, per offense.

Accepted Answer

A) True 
 B)False

Question 19

Chapter 13 bankruptcy is less desirable for the debtor, since it requires debt repayment from the debtor's future income.

Accepted Answer

A) True 
 B)False

Question 20

Who administers bankruptcy proceedings?

Accepted Answer

A)  Lawyers 
B)  U.S. District Courts. 
C)  Department of Justice. 
D)  U.S. Attorney's Office. 
A)  Lawyers 
B)  U.S. District Courts. 
C)  Department of Justice. 
D)  U.S. Attorney's Office.

When dealing with the issue of asset concealment in divorce cases, the forensic accountant must keep in mind that:

Multiple-filing schemes are when:

What is a concealment of assets fraud?

What is typically one of the first signs that an individual's identity has been stolen?

What is a controlled delivery?

How can individuals repair their credit if it has been stolen by thieves?

The Fair and Accurate Credit Transaction Act of 2003 replaced the Federal Fair Credit Reporting Act by adding laws directed towards helping consumers protect themselves against identity theft.

For divorce cases, why might the level of scrutiny be considerably less that in bankruptcy cases?

Due to its complexity, the forensic accountant cannot perform a complete cash flow analysis for the individual or entity under investigation.

The Congressional act that created stiffer penalties for identity theft, and even harsher penalties for terrorist related identity theft, was called:

The largest part of identity theft is caused by individuals on the internet stealing information.

What is a typical penalty for committing a bankruptcy fraud crime?

How are loan applications helpful in the asset discovery process?

Over 90% of bankruptcy cases involve fraud.

Why is trying to catch identity thieves in the act not generally helpful?

What is a problem with the free annual credit report web site?

How many different chapters for bankruptcy are there?

The typical penalty for committing bankruptcy fraud crimes has a maximum of 5 years in prison or a maximum fine of $250,000, or both, per offense.

Chapter 13 bankruptcy is less desirable for the debtor, since it requires debt repayment from the debtor's future income.

Who administers bankruptcy proceedings?

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

When dealing with the issue of asset concealment in divorce cases, the forensic accountant must keep in mind that:

Multiple-filing schemes are when:

What is a concealment of assets fraud?

What is typically one of the first signs that an individual's identity has been stolen?

What is a controlled delivery?

How can individuals repair their credit if it has been stolen by thieves?

The Fair and Accurate Credit Transaction Act of 2003 replaced the Federal Fair Credit Reporting Act by adding laws directed towards helping consumers protect themselves against identity theft.

For divorce cases, why might the level of scrutiny be considerably less that in bankruptcy cases?

Due to its complexity, the forensic accountant cannot perform a complete cash flow analysis for the individual or entity under investigation.

The Congressional act that created stiffer penalties for identity theft, and even harsher penalties for terrorist related identity theft, was called:

The largest part of identity theft is caused by individuals on the internet stealing information.

What is a typical penalty for committing a bankruptcy fraud crime?

How are loan applications helpful in the asset discovery process?

Over 90% of bankruptcy cases involve fraud.

Why is trying to catch identity thieves in the act not generally helpful?

What is a problem with the free annual credit report web site?

How many different chapters for bankruptcy are there?

The typical penalty for committing bankruptcy fraud crimes has a maximum of 5 years in prison or a maximum fine of $250,000, or both, per offense.

Chapter 13 bankruptcy is less desirable for the debtor, since it requires debt repayment from the debtor's future income.

Who administers bankruptcy proceedings?

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