Final answer:
The statement is false because behavioral forensic accounting mainly involves investigating financial crimes, not studying individual lifestyles, which falls under the domain of behavioral economics.
Step-by-step explanation:
The statement "Looking at the lifestyles of an individual is called behavioral forensic accounting" is false. Behavioral forensic accounting is an area that combines elements of finance, auditing, psychology, and investigative skills to assist in legal matters, which includes looking into fraudulent behavior and complex financial transactions. However, analyzing individual lifestyles in depth is much more aligned with the field of behavioral economics, which explores decision-making and the impact of psychological factors on economic choices.
Behavioral economics studies how given dollar amounts can mean different things to different individuals, considering their mental health, values, social influences, and more. Social Disorganization Theory often used by geographers in crime research can also be related, but it focuses on crime trends within groups and communities rather than individual behaviors. Therefore, while lifestyle examination can certainly intersect with these areas of study, it is not the principal function of behavioral forensic accounting.