Forensic Accounting Is a Term Used Solely to Describe Work

question 35

True/False

Forensic accounting is a term used solely to describe work that is performed when evidence of fraud exists in an organization.
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Definitions:

Accounts

Records within financial accounting that track financial transactions of a specific type, such as assets, liabilities, equity, expenses, and revenues.

Trial Balance Totals

The sum of all debit and credit balances in a trial balance, used to verify that the total debits equal total credits in double-entry bookkeeping.

Salary Expense

The total amount paid by a company to its employees as wages or salaries before any deductions.

Errors

Mistakes or inaccuracies in the accounting process that can affect financial records and statements.