Practice Quiz

Forensic Accounting

Category - Specialized Forensic Knowledge

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Which of the following is correct?
  1. Ex Ante method has become outdated
  2. Ex post uses all information available, including information related to subsequent events.
  3. Ex ante is rarely practiced
  4. All of the above
  5. Fraud detection and prevention are the same concepts
  6. Fraud detection and prevention are fundamentally different
  7. Fraud prevention is more important than fraud detection
  8. Fraud detection is important than fraud prevention
  9. Fair market value often exceeds the investment value
  10. Fair market value and investment values are the same
  11. Investment value often exceeds the fair market value
  12. None of the above
  13. Valuation is used to gauge the true value of an asset
  14. Valuation for an asset is optional
  15. Valuation can only be made based on fair market value
  16. Valuation is not required in business litigation cases
Explanation
Answer: A - Valuation is used to gauge the true value of an asset. It is an important concept in terms of business litigation. It is imperative to gauge the true and fair value of an asset; otherwise, the financial statements can be misstated.
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