WorksheetsBT (Mock -2 2023)
Total questions: 47
Worksheet time: 2hrs 52mins
In the context of fraud detection and prevention, who may conduct a thorough review of systems and controls during a surprise visit?
Internal audit staff
Senior management
External audit staff
Which of the following can be considered as a distinguishing mark of the accountancy professional?
The accountant 's responsibility to satisfy the needs of their individual employers
Its acceptance of its responsibility to unhold the law
The accountant's responsibility to satisfy the needs of their individual clients
Its acceptance of its responsibility to act in the public interest
Which two of the following are characteristic of a relativist approach to ethics?
1.Ethics are linked to cultural beliefs
2.There is a set of moral rules which are always right
3.what is right in one situation may not be right in another
2 & 1
2 & 3
3 & 1
According to the IESBA (IFAC) code of ethics, professional accountants are obliged to comply with relevant laws and regulations
Which fundamental principle provides this guidance?
Objectivity
Integrity
Professional behavior
Which two of the following are most likely to raise ethical problems or concerns for a company?
1.A human rights group has recently exposed that one of the company's main suppliers is using child labour and is paying it's staff very low wages
2.Recent customer surveys have voted the company's product as the worst value for money among its competitors
3.The health and safety inspector feels that the fire exits from its factory are very poorly identified and could make the factory unsafe in the event of a fire
4. It promotes diversity and equal opportunities amongst its workforce
4 & 1
4 & 2
3 & 1
2 & 3
The meaning of a message can be lost at the coding and decoding stages.
What is the name given to this process?
Feedback
Distortion
Noise
Country X has no legislation on diversity in employment but enforces highly effective equal pay laws. JKL Co has a recruitment and selection policy that explicitly commits the company to diversity in employment. PQR Co has no policy in this respect and is not committed to diversity in employment.
Are each of the following statements true or false?
1. Assuming that there is perfect knowledge of job opportunities and no barriers to movement of the workforce PQR Co will pay lower wages and salaries than JKL Co
2. PQR Co is exposed to greater risk of skills shortages than JKL Co
Both are False
Both are True
False & True
True & False
The evaluation and testing of internal controls within an organisation is referred to as which of the following?
Operational audit
Systems audit
Management audit
Transactions audit
Olivia attended a job interview where she was asked if she planned to have children in the next five years.
What type of discrimination is being shown here?
Victimisation
Indirect discrimination
Direct discrimination
Alex, Betty, Charles, Denise and Edwin are colleagues in the same team. Their team leader has sent an email to each of them attaching an agenda for a forthcoming meeting which the whole team is required to attend in order to review monthly performance.
This is an example of which type of communication pattern?
Wheel
Circle
Chain
Y
Linh runs a small consultancy firm which she established several years ago building on the contacts she made with her previous company. She has found that she delivers high quality results when the work is interesting to her and the environment is conducive to her working style. Linh encourages the six consultants that work in her firm to develop business in the same way offering a high level of discretion on work that is accepted and declined by them. She exerts little direct authority over her team provided it delivers an acceptable return to the company.
Linh's firm is an example of which of Charles Handy's cultural typologies?
Person
Power
Role
Task
Market research for product Alpha suggests that a 10% drop in price would lead to a 12% increase in quantity demanded.
Which of the following describes the demand for product Alpha?
Price inelastic
Price elastic
Charles has to manage his workload for the day.
In order to manage his time effectively what are the first TWO actions that Charles should take?
1. Decide on the relative importance of each task and prioritise them
2 . Prepare a list of all the tasks that have to be performed
3. Complete the tasks that can be performed most easily and quickly
4 . Deal with the least desirable or most complex task to ensure that it is out of the way
2 & 1
2 & 3
1 & 4
2 & 4
Which of the following cases of fraud will have the effect of reducing the profit figure shown in the financial accounts of a company?
Increasing the depreciation of an asset in order that it may be purchased later from the company for less than it is worth
Reducing the value of purchases in order to steal goods from the warehouse
Reducing the allowance for receivables to improve the statement of financial position
Increasing the value of sales in order to facilitate money laundering
Efon is a trainer with a large insurance company. He is involved in a project that will enable trainees to obtain quotations for insurance policies by inputting data from clients and other variables into a program on their laptop computers. The program also has a learning and development facility through which trainees can progress through a series of modules, all of which include structured tasks that test their problem solving abilities.
The system that Efon is using in the training project is which of the following?
A data warehouse
An executive information system
A management information system
A decision support system
Which TWO of the following controls are aimed at the prevention of fraud rather than its detection or investigation?
1 . Segregation of duties such as cheque signing and payment authorisation
2 . Checking of work already performed by other staff
3 . Appropriate procedures for interviewing, recruitment and appraisal
3 & 2
3 & 1
1 & 2
Which TWO of the following statements about Corporate Codes of Ethics are true?
1 . They only relate to the way staff deal with colleagues and other staff within an organisation
2 . They promote respect and integrity within an organisation
3 . A company does not need them if it always complies with the relevant laws and regulations
4 . They should identify the minimum acceptable standards of behaviour and conduct of employees
3 & 1
2 & 4
3 & 4
2 & 1
Which of the following writers argued that the manager of a business has one basic function, namely economic performance?
Mayo
Drucker
Mintzberg
Which of the following would be an internal source of big data for a retail organisation?
Processed customer sales data
Sales growth data from an industry body
Customer social media interactions
Published government data
BCD Co is a listed company. Its board of directors is reviewing the composition of the audit committee.
Which of the following statements is consistent with generally accepted best practice in relation to the composition of the audit committee?
All members of the committee should have experience of financial management
The majority of members of the committee should have professional auditing experience
A minimum of one member of the committee should have expertise in financial management
The finance director should be the chairman of the committee
Positive discrimination is the process of taking active steps to encourage people from disadvantaged groups to apply for jobs and training and to compete for vacancies.
Is the above statement true or false?
True
False
An audit firm needs one of its two trainee accountants to attend an inventory count at the weekend but neither of them wants to do it and both are claiming they are busy.
They are both aware that the other one does not want to attend the count, and this is creating tension between them. The audit manager, who believes that integration and collaboration are the best responses to handling conflict, has been asked to resolve the situation.
Which of the following is the manager's approach MOST likely to be?
To arbitrarily select one of the trainees to attend the inventory count
To suggest that whichever trainee attends this count will be exempt from attending the next two with the other trainee having to attend them
To explain that the firm has to have a representative at the count so the trainees must be prepared to modify their own wishes for the benefit of the firm
To ignore the issue believing it to be trivial, in the hope that the trainees will resolve the dispute amongst themselves
A government has forecast the following future trends. Which TWO of these are social and demographic trends?
1 . Increased demand for organic and environmentally friendly products
2 . Significant increases in single person households
3 . Rapid increases in household incomes
4 . Increased revenues from personal taxation
3 & 4
2 & 1
2 & 4
1 & 3
A government has forecast the following future trends. Which TWO of these are social and demographic trends?
1 . Increased demand for organic and environmentally friendly products
2 . Significant increases in single person households
3 . Rapid increases in household incomes
4 . Increased revenues from personal taxation
3 & 4
2 & 1
2 & 4
1 & 3
According to Handy, which cultural stereotype is shaped by the interests and talents of individuals?
Role culture
Person culture
Task culture
According to Handy, which cultural stereotype is shaped by the interests and talents of individuals?
Role culture
Person culture
Task culture
Which of the following brings together individuals with different competencies and specialisms?
Multi-disciplinary teams
Virtual teams
Functional teams
The finance director of a company is concerned that the company will not have sufficient cash available at the end of the month to pay the staff's wages unless he arranges an overdraft with the bank.
Which of the following will be most useful to the finance director in working out whether he needs to arrange the overdraft?
The current month's cash flow forecast
The statement of financial position at the end of the previous month
The variance reports from the end of the previous month
The most recent statement of profit or loss
Which of the following terms best describes the measureable outcomes to be achieved within a definite time limit as part of a personal development plan?
Goals
Aims
Results
Objectives
An accountant has been approached by a company to provide it with advice. The company is not currently a client, but is in direct competition with one of the accountant's existing clients.
What should the accountant do in this instance?
Not accept the new engagement
Accept the new engagement provided they first tell their existing client about the potential new engagement
Accept the new engagement provided they tell the potential new client about their existing client
Accept the new engagement provided they feel they have sufficient professional competence to do the work required
Non-executive directors should have no business, financial or other connection with the company, apart from fees and shareholdings.
Is this statement true or false?
False
True
Martin is the management accountant of a large company.
Which of Martin's duties is concerned with work relating to the management of the working capital cycle?
Forecasting returns on surplus funds investments
Reporting on the quality of alternative nominal ledger packages
Producing summary data in respect of trade receivables
Analysing variance reports from a standard cost reconciliation statement
Which TWO of the following would cause a good's demand curve to shift to the right?
1 . A rise in household income
2 . An expected fall in the price of the goods
3 . A fall in the price of complements
4 . A decrease in the population
4 & 2
3 & 1
3 & 4
4 & 1
Which of the following statements is correct in relation to the informal organisation?
Individuals may communicate horizontally more effectively through the informal organisation
The informal organisation has only a negative effect on the organisation and its objectives
Communications through the informal organisation will always be slower than through formal communication channels
Rumours do not circulate through the informal organisation
Frida has attended a personal development programme on which she participated in an exercise based on the Blake and Mouton managerial grid. One conclusion of the exercise is that she demonstrates a '5.5' leadership style.
What does the outcome of the exercise demonstrate?
Frida balances the need to get the job done with the need to maintain the team morale
Frida is a team player and achieves a high level of harmony in the working group sometimes at the expense of achieving results
Frida optimises the effectiveness of her team by achieving the highest level of morale and task accomplishment
Frida is entirely focused on getting the job done and pays minimal attention to team maintenance needs
Which of the following should take place first when implementing a performance appraisal system?
Setting the criteria for appraisal
Deciding on a common approach to appraisal interviews
Agreeing on how performance and rewards will be linked
Training managers in effective interpersonal skills to be used in appraisal interviews
The economic forecast produced by the government of Ruritania predicts that the total aggregate demand in the country will be $200 billion by the end of the current year. The Ministry of Finance has now received the following revised figures that will affect the original forecast:Which of the following is the level of aggregate demand when adjusted for these figures?
$207 billion
$210 billion
$214 billion
$251 billion
Charles, an accountant, suspects Lin, a client, of money laundering. By warning Lin that he intends making a report to the appropriate authority, Charles is committing an offence.
Is the statement that Charles is committing an offence true or false?
False
True
Which of the following supports the marketing function by analysing and projecting the costs and revenues of a new product and assessing the overall implications of introducing the product for the organisation?
Financial controller
Treasury manager
Financial accountant
Management accountant
Which of the following is the correct definition of Artificial Intelligence?
A program within a system designed to independently solve complex problems and make decisions
The automation and replication of physical human capabilities by a machine
A system which collects, processes and analyses information which an organisation can use for decision-making
The ability of computer applications to perform routine activities and processing of data without the input of a human
Which of the following is an advantage of a matrix structure in an organisation?
Less difficulty in coordinating work activities
Consistency in decision taking
Greater flexibility in deployment of skills
Precise definition of roles in individual jobs
Which TWO of the following are examples of connected stakeholders?
1 . Lenders
2 . Employees
3 . Shareholders
4 . Executive directors
3 & 1
4 & 2
2 & 1
3 & 2
Using the mnemonic SPAMSOAP, which financial control procedure involves an analysis and review of the accounts?
Organisation
Organisation
Management
Janet is a member of a project group. She is highly knowledgeable and considered by her colleagues to be rather intellectual and strategic in her approach. Janet demonstrates great intuition when dealing with problems sometimes adopting unorthodox but effective methods. However some of the team regard her as detached and uncommunicative, and she can sometimes disregard practical details without explanation.
According to Belbin's team roles theory Janet is an example of which of the following?
Shaper
Plant
Monitor-evaluator
Resource investigator
43 Which of the following organisations would be best able to adopt a wide span of control in its structure?
A factory in which many workers are employed to carry out homogeneous tasks
A call centre in which multi-skilled workers are employed to carry out a wide variety of tasks
A university offering degree programmes in all arts and science disciplines
A hospital offering general care, outpatient services and accident and emergency services
Kolb's learning cycle comprises active experimentation, experience, reflective observation and which other element?
Positive reinforcement
Abstract conceptualisation
Application
Assimilation
What type of unemployment arises when there are jobs available, but information on job opportunities is not available to all those who are unemployed?
Structural
Frictional
Seasonal
