WorksheetsACC5044 -Week 8
Total questions: 36
Worksheet time: 36mins
Which of the following is NOT a role of the finance function in organizations?
Planning
Forecasting
Marketing
Resource Allocation
Which of the following external environmental factors is NOT listed as impacting the finance function?
Customer expectations
Global political climate
Technological advancements
Local weather conditions
Which of the following is NOT a type of profit-seeking organisation?
Ltd
plc
Partnerships
Public Sector
What is the role of the Finance Function in an organisation?
To create and preserve value
To manage employee relations
To oversee marketing strategies
To handle legal matters
Which of the following is a key role of the Finance Function?
Enabling
Directing
Controlling
Executing
Which of the following is a function of the Finance Function for preserving value in the long term?
Planning
Forecasting
Resource Allocation
All of the above
According to the document, what are the two ways an organisation can create value in the short term and preserve value for the longer term through SHAPES function?
Financial Reporting and Control
Performance Management and Control
Financial Reporting and Corporate Reporting
Performance Management and Financial Reporting
What is NARRATES function refer to in the context of creating value in an organisation?
Financial Reporting aka Corporate Reporting
Performance Management
Control
Ethical Dilemmas
What is considered a fundamental underpinning factor in an organisation's sustained value creation?
Performance Management
Control
Ethics
Corporate Reporting
What does an ethical dilemma involve?
A situation where a decision-maker needs to decide what is the 'right' and 'wrong' thing to do.
A financial discrepancy that needs to be reported.
A marketing strategy to enhance company value.
A human resource policy that needs to be updated.
Which organization's Code of Ethics for Professional Accountants forms the basis for the ethical codes of many professional accounting bodies?
The International Federation of Accountants (IFAC)
The International Accounting Standards Board (IASB)
The Financial Accounting Standards Board (FASB)
The American Institute of Certified Public Accountants (AICPA)
What does integrity in professional and business relationships require an individual to be?
Biased and secretive
Straightforward, honest, and truthful
Indifferent and nonchalant
Manipulative and cunning
What should you avoid to maintain objectivity in professional judgment?
Avoiding conflicts of interest and bias
Sharing all information freely
Making decisions based on personal feelings
Seeking advice from many sources
What is essential for professional competence and due care?
Ignoring technical standards
Ongoing commitment to maintain professional knowledge
Completing work hastily
Working independently without any supervision
Under what condition is disclosing information from past and current employment acceptable?
When it benefits the individual disclosing the information
When it is shared among friends
When you have permission to do so
Whenever it is requested by a third party
What is expected of professional behaviour?
Ignoring laws and regulations
Taking actions that could negatively affect the reputation of the profession
Complying with relevant laws and avoiding actions that negatively affect the profession's reputation
Focusing solely on personal gain
Why are business ethics important in society?
They allow businesses to maximize profits without constraints
They ensure businesses behave properly, such as paying fair wages and being honest with customers
They are only important for maintaining a company's image
They are not important; businesses should focus solely on shareholder wealth
What is the modern view of Corporate Social Responsibility (CSR)?
Companies should focus only on making money for shareholders.
Companies should align their core values with societal values to improve reputation and ensure long-term success.
Companies should not be concerned with ethical behavior as it is seen as risky.
Companies should only collaborate with businesses to create greater opportunities.
Who are considered stakeholders in a company?
Only the business collaborators and financiers.
Groups or individuals with an interest or expectation of the organization.
Only the customers who purchase the company's products.
Only the employees who work for the company.
Which of the following is an example of an internal stakeholder?
Local community
Employees
Trade Unions
Competitors
What framework can firms use to determine which stakeholders’ needs are more important?
Internal-Interest Matrix
Connected-Interest Matrix
Mendelow’s Power-Interest Matrix
External-Interest Matrix
Who among the external stakeholders would be most interested in the firm's compliance with taxes and employment laws?
Environmental pressure groups
Government
Local community
Trade Unions
What is corporate governance?
A set of rules for financial management only
The set of processes and policies by which a company is directed, administered, and controlled
A legal structure for company taxation
A framework for managing personal investments
What is the main concern of corporate governance?
Ensuring that the company's objectives are achieved in an acceptable manner by ALL stakeholders
Maintaining the company's stock prices at a high level
Focusing solely on the interests of the shareholders
Reducing the company's environmental impact
What is the purpose of the AGM as per the UK Corporate Governance Code?
To elect the board of directors
To allow dialogue with shareholders
To review the company's financial statements
To appoint the company's auditors
What is required for the positions of chairman and Chief Executive Officer (CEO) according to the UK Corporate Governance Code?
The positions should be held by the same person
The positions should be rotated annually
The positions should be merged
The positions should be separated
How many Non-Executive Directors (NEDs) should at least be independent according to the UK Corporate Governance Code?
All of them
At least half
One-third
Two-thirds
What is the responsibility of the Nomination Committee as per the revised 2018 UK Corporate Governance Code?
To set remuneration of executive directors
To deal with appointments to the board
To conduct the annual general meeting (AGM)
To oversee the company's financial reporting
What is a limitation of external data due to it potentially not meeting the needs of the company?
It can be easily gathered
It is always up to date
It is always reliable
It might not meet the needs of the company
What is the role of 'Acumen' as described in the document?
Drawing out patterns and relevant insights
Communicating insights for decision making
Applying information for organizational value
Connecting different activities and preparing information on outcomes
What are examples of internal sources of data?
Data from market research
Data from company databases
Data from government reports
Data from social media analytics
What are examples of external sources of data?
Data from employee surveys
Data from company financial records
Data from competitor analysis
Data from internal audits
What is qualitative information?
Information that can be expressed in numerical terms.
Information that cannot normally be expressed in numerical terms.
Information that is based solely on trends.
Information that is always objective.
Which of the following is a limitation of qualitative information?
It is always based on numerical data.
It is easy to process.
It requires judgement and is subjective in nature.
It cannot be transformed into quantitative information.
How can one attempt to overcome the limitations of qualitative information?
By ignoring trends.
By making it more subjective.
By transforming it into quantitative information.
By relying solely on personal opinions.
Which of the following is a use of qualitative information in decision making?
Calculating the exact profit margin.
Determining the number of products to manufacture.
Assessing the effects on the environment.
Computing the total cost of raw materials.
