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Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773

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BuyFindarrow_forward

Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773
Textbook Problem
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Which of the following is not true of forensic accounting?

  1. a. Many cases are adversarial in nature.
  2. b. Excellent written and oral communications skills are required.
  3. c. The forensic accountant must be able to explain basic accounting concepts to nonaccountants.
  4. d. The forensic accountant is trained to determine the correct answer for each case.
  5. e. The forensic accountant may earn specialized certification.

To determine

Identify the fact which is not true regarding forensic accounting.

Explanation

Forensic Accounting:

Forensic accounting refers to the use of accounting knowledge to investigate frauds, disputes, and resolve other related issues within an organization.

d.

Forensic accountants may not find correct answers for each and every issue faced by them. In many cases, more persuasive and reasonable solutions are sought, due to having differences of opinion, to resolve disputes. Such solutions are not absolute and require exercise of accountant’s judgment. Therefore, this is the correct option.

a.

Forensic accounting is applied in cases that involve fraud or legal claims. Forensic accounting is thus applied that involve conflicts and differences of opinion. Therefore, this is not the correct option...

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