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While a practical understanding of the law is essential forensic professionals, clients are typically looking
sophisticated understanding of Accounting, Finance, and business in general. However – unlike Public Accounting
or Industry Accounting; forensic accountants are not involved in a comprehensive construction of financial
statements or day-to-day issues of accounting for various transactions. Instead – it is up to us to apply the relevant
professional guidance, along with the legal literature, in order to guide our investigation. We are also called upon
to explain technical accounting issues attorneys, clients, and juries.
You are to answer the following questions using the research tool of your choice. In doing so – assume you are
answering it for an attorney with no accounting background. This means that you are required to answer the
question- but also to provide him an authoritative source that he can cite as authority (ACCOUNTING TEXTBOOKS
ARE NOT AUTHORITY).
1. What is the accounting definition of an Asset?
2. According to U.S. GAAP – what is the definition of a Liability?
3. What comprises a set of financial statements?
4. What is the general rule for when a company can recognize revenue under U.S. GAAP?
5. Summarize the current rule under U.S. GAAP for accounting for a potential lawsuit against a
company?
6. Summarize the most significant differences between SFAS 121 and SFAS 144?
7. What is the “Ceiling Test” used by Oil & Gas Companies?
8. Please summarize the guidance for accounting for product returns under U.S. GAAP?
9. For Federal Income Tax purposes – what Employer provided Fringe Benefits are not included in
an Individual taxpayer’s Gross Income? (Hint: it’s in the Code)
10. What is the IRS approved mileage deduction rate for business use of vehicle applicable in
September 2008? January 2013?
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