What are the answers to the following questions about Forensic Accounting?

Here are the answers to the Forensic Accounting questions: 1. Financial frauds are also known as economic crimes or white-collar crimes. 2. The Economic and Financial Crimes Commission (EFCC) is the body that was established in 2002 with the responsibility of investigation and enforcement of all Laws against financial crimes in Nigeria. 3. Two major components of Forensic Accounting are litigation support and investigation. 4. When businesses change and grow, their fraud risks increase or evolve. 5. In corruption studies, when money is demanded rather than offered to secure a particular outcome the act is called extortion. 6. What type of evidence is inadmissible in a Court? Hearsay evidence or irrelevant evidence. 7. A Forensic Accountant may be called upon during litigation and investigations. 8. Data analysis or analytical techniques are required to interpret and get the meaning of any data. 9. Palshikar classifies Data Analysis Techniques into three categories. 10. The act of writing a Cheque with the intent of accessing funds that have not yet been deposited in the Cheque account is called cheque kiting or check fraud. 11. The processes whereby an investigator identifies, tracks and locates proceeds of crime is known as asset tracing or money laundering investigation. 12. White-collar jobs are performed by highly skilled employees who earn relatively high wages but not involved in manual labour instead wear shirt and tie and never get their hands dirty. 13. The Crimes committed by Government Officials and Professionals are known as corruption or white-collar crimes. 14. Prediction is not a condition that indicates occurrence of frauds. False. 15. Forensic science or Forensics is the act of utilizing science to establish facts or evidence which is to be used for crime based on trials or proceedings. 16. It is important to note that there are two fundamental aspects of an audit: one is to establish the facts and the second is to interpret the facts or form an opinion. 17. Forensic entomology is a branch of science that applies the study of insect to matters of the Law. True. 18. People with substantial Net worth are called High Net Worth Individuals (HNWIs). 19. Expert systems or knowledge-based systems tools utilize decision rules that are distilled from expert knowledge using structured data. 20. Operating Profit Margin can be calculated by: Operating ProfitRevenue × 100\% Last free one today — make it count tomorrow, or type /upgrade for unlimited.