Professional Services – NBC Institute

BMF – May 2023 – L1 – SA – Q7 – The Business Environment

Identify an incorrect statement about economic activities in a nation

Question

Economic activities in a nation comprise of professional services, businesses, or employment. The following statements in respect of economic activities are correct, EXCEPT:

A. Most businesses need employees to carry out their operations
B. Most employees do not contribute entrepreneurship to the economy
C. A growing economy does not need entrepreneurs and innovation to sustain its growth
D. Professionals and individuals in other specialised vocations contribute specialised skills
E. Professionals contribute value to clients and individuals by providing service of a high standard

Answer

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Tags: Business Environment, Economic Activities, Employment, Entrepreneurship, Professional Services
Level: Level 1

Topic: The Business Environment
Series: MAY 2023

AA – Nov 2019 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explaining the difference between audit and assurance engagements, with a focus on statutory requirements and value to clients.

Question

Accounting firms offer a wide range of professional services to their clients, including audit, other assurance, and related services. These services are regulated, with many jurisdictions requiring compliance with international standards and local regulations. The type of service delivered depends both on the statutory requirements and what will provide the most value to the client and users of the financial information.

Required:
Explain the difference between audit and assurance engagements. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Assurance, Audit, Engagements, Financial Statements, Professional Services
Level: Level 2

Topic: Introduction to Audit and Assurance Engagements
Series: NOV 2019

BMF – May 2023 – L1 – SA – Q7 – The Business Environment

Identify an incorrect statement about economic activities in a nation

Question

Economic activities in a nation comprise of professional services, businesses, or employment. The following statements in respect of economic activities are correct, EXCEPT:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Environment, Economic Activities, Employment, Entrepreneurship, Professional Services
Level: Level 1

Topic: The Business Environment
Series: MAY 2023

AA – Nov 2019 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explaining the difference between audit and assurance engagements, with a focus on statutory requirements and value to clients.

Question

Required:
Explain the difference between audit and assurance engagements. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Assurance, Audit, Engagements, Financial Statements, Professional Services
Level: Level 2

Topic: Introduction to Audit and Assurance Engagements
Series: NOV 2019

Question Tag: Professional Services

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BMF – May 2023 – L1 – SA – Q7 – The Business Environment

Identify an incorrect statement about economic activities in a nation

AA – Nov 2019 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explaining the difference between audit and assurance engagements, with a focus on statutory requirements and value to clients.

BMF – May 2023 – L1 – SA – Q7 – The Business Environment

Identify an incorrect statement about economic activities in a nation

AA – Nov 2019 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explaining the difference between audit and assurance engagements, with a focus on statutory requirements and value to clients.

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BMF – May 2023 – L1 – SA – Q7 – The Business Environment

Identify an incorrect statement about economic activities in a nation

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AA – Nov 2019 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explaining the difference between audit and assurance engagements, with a focus on statutory requirements and value to clients.

You're reporting an error for "AA – Nov 2019 – L2 – Q1a – Introduction to Audit and Assurance Engagements"

BMF – May 2023 – L1 – SA – Q7 – The Business Environment

Identify an incorrect statement about economic activities in a nation

You're reporting an error for "BMF – May 2023 – L1 – SA – Q7 – The Business Environment"

AA – Nov 2019 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explaining the difference between audit and assurance engagements, with a focus on statutory requirements and value to clients.

You're reporting an error for "AA – Nov 2019 – L2 – Q1a – Introduction to Audit and Assurance Engagements"

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