Which of the Following Is True of the Last Step

question 8

Multiple Choice

Which of the following is true of the last step of the scientific process?

• A) It requires the use of inductive and deductive reasoning to arrive at conclusions.
• B) It involves an objective evaluation of all evidence collected in a case followed by an estimation of the probability that the hypothesis is valid.
• C) It involves use of techniques such as financial statements analysis.
• D) It requires the forensic accountant to form a working hypothesis.

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Definitions:

Fair Value

The amount one would get from selling an asset or the cost to transfer a liability during a structured exchange between participants in the market.

Net Income

The total profit of a company after all expenses and taxes have been subtracted from total revenue.

Proportionately Adjusted Balance Sheet

A financial statement showing assets, liabilities, and equity after adjustments have been made to reflect a fair proportionate value based on ownership interests or specific conditions.

Inventory

The raw materials, work-in-process products, and finished goods that a company holds for the purpose of sale in the near future.