Forensic Accounting primarily deals with: MCQ with Answer and Explanation

Question
Forensic Accounting primarily deals with:
A. Tax planning
B. Calculating depreciation
C. Preparing routine financial statements
D. Investigating financial fraud and providing evidence for legal proceedings
Answer: Option D
Solution (By JKSSB Mock Tests)
Forensic accountants utilize accounting, auditing, and investigative skills to analyze financial records in conjunction with dispute resolution and litigation.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
If a Trial Balance tallies, it indicates:
A. No errors exist
B. Books are complete
C. Only arithmetical accuracy, errors may still exist
D. All transactions are recorded correctly
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Correct Answer: Option C

Explanation:
Agreed trial balance is not conclusive proof of accuracy; errors of principle, omission, commission may still be present.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Rights Issue' is offered to:
A. Employees
B. Promoters
C. Public
D. Existing shareholders in proportion to their holding
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Correct Answer: Option D

Explanation:
Rights shares are offered to existing equity shareholders on a pro-rata basis.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Which of the following is not a financial statement?
A. Balance Sheet
B. Trial Balance
C. Profit & Loss Account
D. Cash Flow Statement
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Correct Answer: Option B

Explanation:
Trial balance is a working paper, not a financial statement.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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