FIA ACCA

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QUESTIONS 24.7 Reliability, responsibility,........................................ , courtesy and respect are the personal qualities expected of an accountant. Which of the following words correctly complete this statement? A Accountability B Social responsibility C Timeliness D Ambition (2 marks) 24.8 You have been asked to work on a major investment decision that your company will be making, and discover that your brother-in-law is the managing director of a firm that may benefit from the outcome of the decision. You have no intention of allowing this to influence the advice you give your firm, and you know that your brother-in-law will not try to influence you in any way. What professional quality would make you consider handing this task to a colleague, or otherwise raising questions with your superiors? A Scepticism B Accountability C Independence of mind D Independence in appearance (2 marks) 24.9 Which of the following would not represent an ethical objective in relation to employment practices? A Guarantee of minimum wages B Proactive health, safety and welfare promotion C Promotion of workforce diversity D Employability training (2 marks) 24.10 Of the three main sources of rules that regulate the behaviour of businesses, the minimum level of acceptable behaviour is set by which? A Non-legal rules and regulations B Ethics C The law D Society (2 marks) 24.11 The directors’ deliberations must be balanced by taking into account everyone who has a legitimate interest in the company and respecting their rights and views. This statement describes which concept? A Fairness B Openness C Probity (1 mark) 24.12 Which of the following statements is a definition of probity? A Open and clear disclosure of all relevant information B Telling the truth and not misleading stakeholders C Accepting the blame or credit for decisions D Answerable in some way for the consequences of its actions (2 marks) 24.13 Holders of public office should not place themselves under any financial or other obligation to outside individuals or organisations that might influence them in the performance of their official duties. This statement refers to which concept? A Independence B Reputation C Integrity (1 mark) http://freeaccastudymaterial.blogspot.com/ 77
78 FAB/F1 ACCOUNTANT IN BUSINESS 24.14 Which one of the following is not part of a corporate code of ethics? A Professional ethics B Organisational culture C Organisational self-interest (1 mark) 24.15 Abner is the lead partner on the audit of DEF Inc. The client often gives Abner corporate hospitality at major sporting events and small gifts, such as a bottle of spirits, on his birthday. Which threat does this represent? A Self-interest B Self-review C Advocacy D Intimidation (2 marks) 24.16 XYZ carries out the audit of Delta Products Inc. Delta Products Inc is in financial trouble and XYZ has had to qualify the audit report for the past two years. The managing director of Delta blames the qualified audit reports for her firm’s continuing problems. She is threatening to sue XYZ for poor work if they qualify the audit report for this year. What threat does this represent? A Familiarity B Intimidation C Self-interest D Self-review (2 marks) 24.17 Which of the following is not a conflict of interest? A An ACCA member is in direct competition with a client on a contract B An ACCA member is married to a director of the client C An ACCA member is an officer of the client company but does not deal with the client’s affairs D An ACCA member is part of a joint venture with a competitor of the client (2 marks) 24.18 You have been asked to prepare management accounts while a colleague is on holiday. Your supervisor tells you that the accounts should be printed out and left on each manager’s desk. You query whether the accounts should be put in an envelope marked ‘confidential’ but you are told not to bother in order to save costs. What problem does this cause you? A Confidentiality B Unprofessional behaviour C Objectivity D Integrity (2 marks) 24.19 Which of the following statements reflects a relativist view of ethics? A B C There is an unchanging set of ethical principles that apply in all situations The subject to all ethical situations is the self The ethics appropriate for a given situation will depend on the conditions at the time (1 mark) 24.20 Which one of the following statements is a criticism of absolutism? A B C D It is based on a fundamental contradiction It takes no account of changing norms in society It leads to a culture of anything goes It promotes the pursuing of short-term selfish desires (2 marks) (Total = 33 marks) http://freeaccastudymaterial.blogspot.com/
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