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essentials of accounting for governmental
Questions and Answers of
Essentials Of Accounting For Governmental
Federal Rule of Evidence 702 and the Daubert and Kumho Tire cases are examples of what aspect of proving damages?
Describe the two general kinds of damages.
Describe the general methodology to measure lost profits or lost wages.
What is the general methodology to measure an injured firm's loss of value?
Describe the distinction between the term profits as generally used by accountants and the use of the term in the law for lost profits measurements.
In terms of an injured firm's profits and length of injury, describe circumstances when its damages are best men- sured by a lost profits approach compared to a loss of value approach.
Describe before-and-after methodologies for lost profits measurements.
When would a before-and-after methodology be less appropriate for measuring an injured firm's lost profits?
When would a yardstick (or benchmark) methodology be more appropriate for measuring an injured firm's lost profits?
Describe when unjust enrichment (wrongdoer's ill-gotten profits) is an appropriate measure for business damages.
Contrast avoided costs in lost profits measurements and variable expenses as used by accountants.
When might production and financial constraints limit the magnitude of lost revenues?
Describe when the ex ante approach of discounting lost profits and calculating prejudgment interest results in substantially lower damages compared to the ex post approach.
Describe when a wrongdoer may challenge the magnitude of an injured party's lost profits damages because of mitigation.
Describe the proximate cause legal principle in terms of lost profits damages.
Describe the role of the reasonable certainty legal principle in lost profits measurements.
Describe how taxation of lost wages damages affects how one calculates but-for wages and actual wages.
Contrast the discount rates used for present-value calculations of lost profits damages and lost wages damages associated with personal injury and wrongful death.
You have been engaged as a testifying expert in a business damage case involving a breach of contract claim. In addition to measuring damages, the lawyer has asked you to testify on causation that
You have been engaged for a U.S. federal court lawsuit as a damage expert for a breach of contract claim. You determine that lost profits damages are appropriate. Because you are in a federal court,
You have received a telephone call from a lawyer asking you to be an expert on punitive damages for a plaintiff in a commercial case between two businesses. What kind of information will you likely
You are a testifying expert in a commercial damages case. What do you consider when deciding whether dam- ages will be measured as lost profits or loss of value?
You have been engaged as a testifying expert to measure damages. In a different engagement, the court had ruled that a portion of your damage opinion in that lawsuit was inadmissible in a Daubert
You are a testifying expert in a commercial damages case involving a breach of contract. Had the contract not been breached, the injured party would have constructed a new manufacturing facility to
You have been engaged as a testifying expert for the injured party in a damages case between two businesses. The injured party's attorney is claiming unjust enrichment by the wrongdoer. What kind of
You are a damages expert and have measured an injured party's lost profits damages as lost revenues minus avoided costs. At your deposition, the opposing attorney asks why you have not allocated
You have received a call from a new lawyer who has referred to the Janis Joplin yearbook story of ex ante and ex post damages. Using that story, how do you explain ex ante and ex post damage
You are a testifying damage expert giving your deposition. The opposing attorney asks, "How certain are you that your lost profits damage measurements are correct?" How would you respond to this
Which of the following is not an objective of computer forensics?a. Identifying perpetrators or other individuals of interest.b. Locating and recovering data, files, and e-mail.c. Determining guilt
With respect to computer forensic investigations and including opinions and conclusions in the practitioner's report, the practitionera. Should carefully detail all opinions and conclusions.b. Should
In a computer forensics investigation, chain of custody is the responsibility ofa. The practitioner.b. The attorney.c. Employees of the client whose interest the practitioner serves.d. None of the
The first action with respect to a computer device is a. Clone the storage device (for example, the hard drive).b. Power it down.c. Perform an online lookup of its security features.d. None of the
Encrypted data on a hard drive. a. Can always be decrypted by using a commercial-grade forensic tool kit.b. May be permanently out of reach for the practitioner.c. May be unlocked by contacting the
Once the power is off, the computer disk or storage device should be,a. Removed from the computer and then cloned.b. Kept in the computer and cloned.c. Cloned and then removed from the computer.d.
When working with a cloned copy of a hard drive, the practitioner shoulda. Not boot the cloned copy because booting it can cause changes to its data.b. Boot the cloned copy.c. Not transport the
Mounting a device on a computer running a foreign operating system has the advantage of permitting access to many operating system files that may contain cached or paged data that would normally be
Which approach is recommended when extracting data from an accounting information system?a. Use of client personnel to obtain the needed data.b. Comparing the output of an accounting information
Deleted files may be made unrecoverable by overwriting them with data by antiforensic programs that are used to securely wipe files and storage devices. Such programs can securely wipe files by
A common issue for the practitioner is locating the origin of an individual or device that has communicated in some way over the Internet. This is normally accomplished by identifying the location of
When the target is a sophisticated user, IP tracing ____________________ a. Is a surefire way to trace the person's Internet communications.b. Is a possible way to trace the person's Internet
A VPN may be used to hide a person'sa. IP address.b. Web address.c. E-mail address.d. None of the above.
Network forensics isa. An area within digital forensics.b. An area within computer forensics.c. An area outside of both digital forensics and computer forensics.d. None of the above.
In large law enforcement agencies, the computer forensic examiner is the person whoa. Works hands-on with computer devices and networks to collect digital evidence.b. Organizes and interprets digital
The U.S. National Institute of Standards and Technology Special Publication 800-86 defines. phases for the forensic process.a. Two.b. Three. c. Four.d. None of the above.
Fraud auditors are concerned with.a. Inquiry instead of interviewing.b. Confirmation instead of alternative sources.c. Observation versus surveillance.d. None of the above.
Computers store files in disk clusters but generally don't put two files in the same cluster. This leads toa. Unallocated space.b. Free space. c. Slack space.d. None of the above.
Putting together pieces of deleted files is calleda. Registry filtering.b. Registry extraction.c. Registry assembly.d. None of the above.
Wear leveling applies toa. Hard drives.b. Solid state drives.c. Both hard drives and solid state drives.d. Neither hard drives nor solid state drives.
Fraud auditors are likely to usea. CATS.b. CAATS.c. CASTS.d. None of the above.
Denial of service attacks may be againsta. Individual websites.b. Domain name servers. c. Either a orb. d. None of the above.
The computer forensics examiner may remove an entire computer from a crime scene and take it to a forensics lab. This approach involves,a. Live acquisition.b. Static acquisition.c. Network
IAFIS is an FBI system for looking upa. DNA.b. Handwriting.c. Fingerprints.d. All of the above.
FINCEN is useful ina. Terrorist. investigations. b. Money laundering.c. Both terrorist and money laundering.d. None of the above.
Which would not be included in big data?a. E-mail.b. Sales transaction data.c. Video recordings for training purposes.d. All of the above.
Tableau is software that is especially helpful fora. ETL processingb. Machine learning. c. Audio presentations.d. Visual presentations.
What is the importance to forensic accountants of maintaining objectivity with respect to their role in matrimo- nial actions, and how does this role differ from the role played by attorneys?
What are three functions a forensic accountant can perform in divorce engagements?
What are the differences and similarities between arbitration and mediation?
Is it likely that a local CPA firm will practice matrimonial forensics in many different states? Why or why not?
What is the importance of filing a counterclaim in the context of a divorce action?
What are the two standards of conduct that can exist in a marriage, and what major difference between them can affect divorce actions?
With respect to the division of property, what is the difference between community property states and states that are not community property states?
In what way can an equalization note be used in a marital dissolution?
What are the names of three assets that deserve special attention with respect to their potential tax consequences?
What are the sources of documents or resources that can be used to identify assets, liabilities, and income and expenses of spouses? (Name at least four sources.)
What is the standard of value most often used in divorce actions to value assets and liabilities? Provide a brief description of this standard.
What is the difference between defined benefit and defined contribution pension plans? Identify the plan that provides the greater amount of risk for the spouse receiving benefits (assuming continued
Why would a spouse who owns a business and who is a party to a divorce prepay business expenses and deduct them immediately, rather than not prepay them or, if paid early, properly treat them as a
Sally and Jim are thinking of separating but want to go to court only as a last resort. They've been told by their attorneys about alternative dispute resolution (ADR). List three approaches of ADR
John Smith, a forensic accountant, is assisting counsel in a matrimonial engagement. One of John's duties is to determine whether adequate documents are requested during discovery. Name and discuss
Tom and Jenny are divorcing. Tom is the sole owner of a corporation that has expensed what Jenny's attorney believes is excess compensation. Jenny's attorney insists that the excess compensation
When determining the level of alimony to be paid to his client, attorney Jack Diamond recommended that amounts shown on Form 1040, U.S. Individual Income Tax Return. for last year be used. Are there
Ann Lively, a CPA, has established a working relationship with a number of attorneys in her area. One attorney, Jim Jeffries, is one for whom Ann has done a lot of work. Recently, Jim called Ann and
Joe and Carla have been married for 11 years. Joe brought to the marriage an apartment complex that the couple rents to others. Joe and Carla have actively managed this property during their
Linda and Justin have been contemplating divorce during the last year. This year, after they filed for divorce, a forensic accountant was engaged to value Linda's architectural firm, a medium-sized
Joanna and Edward are divorcing after 12 years of marriage. Joanna had inherited a condominium from her father six years before she and Edward were married. At the time of inheritance, the
Gary and Martha have been married for seven years but have agreed to divorce. Their assets include cash, certifi- cates of deposits, personal residence, stocks in start-up companies, and a parcel of
Greg has been the accountant for Tom and Deanne for the last five years. During that time, he has performed ac- counting and consulting services for Deanne's business, Kennel Haven, a thriving
Find the state statute pertaining to divorce for your state of residence (use search terms such as dissolution of marriage, support, and alimony). Try to locate the section that addresses the
Compare and contrast your findings in question I with information you find on the Internet for another state.
Visit the American Bar Association (ABA) Section of Family Law at www.americanbar.org/groups/family_law .html for resources available to practitioners (Note: If you are not a member of the ABA,
Visit the Journal of Accountancy online at www.journalofaccountancy.com and use its search engine to search for articles on divorce and related issues.
Visit the state bar association site and the state CPA society for your state of residence and use their search en- gines to search the term divorce to become familiar with resources that are
Jerry is the sole stockholder in a C corporation that operates a chain of retail stores that specializes in selling home furnishings, such as furniture, curtains, rugs, and garden ornaments. He
Allen and Rebecca have been married for 20 years. Allen is a salesman for a large clothing retailer, and Rebecca is CEO of a medium-sized, publicly-held company. Within the last few months, Rebecca
Don and Cheryl have not been happy with their relationship for years. Now, their discontent has led to Cheryl filing for divorce. Cheryl has been immensely successful in her career as a corporate
Debra and Andrew are getting divorced after 16 years of marriage. One of the assets to be distributed is their principal residence, which they have owned for 15 years. Assume that the federal tax law
Kevin, who has been dissatisfied with his marriage to Lisa for years, owns an automotive repair shop that has been very profitable over the years due to the reputable work that Kevin does. In
Tom and Mandy live in a state that is not a community property state. They married five years ago after having known each other for about nine months. When Tom met Mandy, he was an owner of four
Mary and Derrick had been married for 10 years when they were assessed additional income tax of \($10,500\) for the prior calendar year for an understatement of a self-employment activity conducted
All of the following are true about arbitration in a marital setting except.a. Arbitration can be bindingb. Arbitration can be nonbinding.c. Most arbitration is nonbinding.d. Most arbitration cannot
Before a practitioner accepts a matrimonial forensics engagement, he or she considers whether he or shea. Can be objective.b. Is competent in the area of matrimonial forensics. c. Is a good
In divorce, state law.a. Always takes precedence over federal law.b. Usually takes precedence over federal law.c. Never takes precedence over federal law.d. Does not take precedence over federal law,
Debt secured by an asset and considered a marital asset in a non-community state will be divideda. Equally.b. According to the proportion of assets that are divided.c. According to the distribution
The valuation date in a divorce engagement can be any of the following except. a. Date of separation.b. Date of trial. c. Date of marriage.d. All of the above dates are dates on which assets can be
If an equalization note does not have a stated interest rate..a. A rate must be imputed.b. A rate need not be imputed for equalization notes used in divorce actions.c. A rate must be imputed only if
In which of the following settings is the intrinsic value standard most likely to be applied?a. Local ownership of a national restaurant franchise.b. Automobile repair shop.c. Physician.d. Computer
A court order has been issued to divide retirement benefits in the divorce action of Pam and Jerry. The court order has not yet been approved by the trustee of the retirement plan. The court order,
The reason tax consequences related to subsequent events (for example, exercise of options) are considered is that.a. Receipt of these assets pursuant to a distribution of the marital estate should
According to federal income tax laws, to be includible in the income of the recipient and deductible by the payer, alimony payments pursuant to a divorce or separation agreement executed prior to
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