Topic: The Role of Professional Accountants in Business and Society

Search 500 + past questions and counting.

BMF – Nov 2020 – L1 – SB – Q4 – The Role of Professional Accountants in Business and

Explanation of ethical dilemmas, powers of professional bodies, and methods for resolving ethical dilemmas.

Question

(a) Distinguish between ethical dilemma and conflict of interest. (4 Marks)
(b) Globally, professional bodies are backed by law, consequently, a measure of authority is conferred upon them which they regularly exercise whenever the situation or circumstance demands.
State THREE powers of a professional body. (6 Marks)
(c) State FIVE possible ways of resolving ethical dilemma in a business environment. (10 Marks)

(Total 20 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Ethics, Conflict of Interest, Conflict Resolution, Ethical dilemma, Professional Body Powers
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: NOV 2020

BMF – Nov 2020 – L1 – SA – Q14 – The Role of Professional Accountants in Business and Society

Identify the item that is NOT considered an agency cost.

Question

Agency costs are the costs that the shareholders incur when professional managers run their company. Which of the following is NOT part of agency costs?
A. Costs of auditing accounts of the company
B. Remuneration paid to managers of the company
C. Cash bonuses paid to managers for meeting specified targets
D. Costs incurred paying too much for the acquisition of a subsidiary
E. Award of free shares to management of the company

Answer

Find Related Questions by Tags, levels, etc.

Tags: Agency Costs, Management Compensation, Shareholders
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: NOV 2020

BMF – Nov 2020 – L1 – SA – Q11 – The Role of Professional Accountants in Business and Society

Identify the term for reporting suspicions of illegal or improper behavior.

Question

Reporting suspicions of illegal or improper behavior to a person in authority is termed:
A. Business ethics
B.
C.
D.
E. Whistle blowing

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ethics, Professional Conduct, Whistleblowing
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: NOV 2020

BMF – MAY 2016 – L1 – SA – Q13 – The Role of Professional Accountants in Business and Society

Multiple choice question on matters not typically associated with public interest in accountancy.

Question

It is usual for accountants to associate public interest with the following matters EXCEPT

A. Detecting and reporting any serious misdemeanour or crime
B. Protecting health and public safety
C. Preventing the public from being misled by a statement or action of an individual or an organisation
D. Protecting health and personal safety
E. Revealing the existence of any conflict of interests of those individuals who are in a position of power or influence

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accountancy, Professional Ethics, Public Interest
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: MAY 2016

BMF – May 2016 – L1 – SA – Q3 – The Role of Professional Accountants in Business and Society

This question tests the student's understanding of characteristics and objectives of not-for-profit organizations.

Question

The following are TRUE about Not-For-Profit Organisations EXCEPT:
A. They exist for purposes other than making profit
B. They operate within the funding and cash available
C. They are wholly or partly funded from non-government sources
D. The operating surplus is retained for the organisation
E. They will aim to operate at a surplus

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting, Business Objectives, Not-for-profit organizations
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: MAY 2016

BMF – Nov 2014 – L1 – SA – Q20 – The Role of Professional Accountants in Business and Society

Identify the individual regarded as the father of "Scientific Management."

Question

Which of these management writers is regarded as the father of “Scientific Management”?

A. Charles Babbage
B. Robert Katz
C. Henry Mintzberg
D. Frederick Taylor
E. Henri Fayol

Answer

Find Related Questions by Tags, levels, etc.

Tags: Frederick Taylor, Management Theory, Scientific Management
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: NOV 2014

BMF – Nov 2014 – L1 – SA – Q16 – The Role of Professional Accountants in Business and Society

Identify an example of an agency relationship in a typical business organization.

Question

Which of the following provides a good example of an agency relationship in a typical business organization?

A. Employees and Employer
B. Employees and Creditors
C. Creditors and Shareholders
D. Creditors and Governments
E. Debtors and Creditors

Answer

Find Related Questions by Tags, levels, etc.

Tags: Agency Relationship, Business Governance, Employer-Employee
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: NOV 2014

BMF – Nov 2014 – L1 – SA – Q15 – The Role of Professional Accountants in Business and Society

Identify the main objective of a not-for-profit organization.

Question

The objective of a not-for-profit organization should be the pursuit of:

A. Cost effectiveness
B. Profit minimization
C. Shareholders’ wealth maximization
D. Value for money
E. Market position

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cost Effectiveness, Not-for-profit, Value for Money
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: NOV 2014

BMF – Nov 2014 – L1 – SA – Q13 – The Role of Professional Accountants in Business and Society

Identify the type of group that manages its own work and practices.

Question

A work group that manages its own work practices and job allocation within the group is known as:

A. Team group
B. Operative work group
C. Autonomous work group
D. Cooperative work group
E. Joint work group

Answer

Find Related Questions by Tags, levels, etc.

Tags: Autonomous Group, Team Management, Work Group
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: NOV 2014

BMF – Nov 2014 – L1 – SA – Q10 – The Role of Professional Accountants in Business and Society

Identifies the field that ethics as a science belongs to.

Question

Ethics is a science of
A. Religion
B. Philosophy
C. Psychology
D. Physiology
E. Morals

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ethics, Morals, Philosophy
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: NOV 2014

BMF – Nov 2021 – L1 – SA – Q4 – The Role of Professional Accountants in Business and Society

Question about identifying which scenario is not an agency conflict.

Question

Which of the following is NOT an example of agency conflicts?

A. Moral hazard
B. Risk aversion
C. Earnings retention
D. Maturity transformation
E. Effort level

Answer

Find Related Questions by Tags, levels, etc.

Tags: Agency Conflicts, Corporate Governance, Risk Management
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: NOV 2021

BMF – Nov 2021 – L1 – SA – Q3 – The Role of Professional Accountants in Business and Society

Question on Theory Y approach to management.

Question

Theory Y approach to management can be described as:

A. Deliberate management style
B. Participative management style
C. Emergent management style
D. Prescriptive management style
E. Transformational management style

Answer

Find Related Questions by Tags, levels, etc.

Tags: Management Theory, Organizational Behavior, Theory Y
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: NOV 2021

BMF – Nov 2021 – L1 – SA – Q1 – The Role of Professional Accountants in Business and Society

Question on the concept of authority and its application in an organization.

Question

A situation where an individual gives orders or guidance to others in an organization and expects the orders to be obeyed or the guidance to be followed is known as:

A. Delegation
B. Power
C. Militancy
D. Authority
E. Coercion

Answer

Find Related Questions by Tags, levels, etc.

Tags: Authority, Leadership, Organizational Management
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: NOV 2021

BMF – May 2022 – L1 – SB – Q5c – The Role of Professional Accountants in Business and Society

Roles of professional accountants and accountancy bodies in promoting ethical behaviour.

Question

It is a common assertion that the general public has high expectations of the accountancy profession. State TWO roles each that are expected of professional accountants and accountancy bodies in promoting ethical behaviour.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accountancy Bodies, Ethical Behaviour, Professional Accountants
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: MAY 2022

BMF – May 2022 – L1 – SB – Q5b – The Role of Professional Accountants in Business and Society

Reasons why companies develop a code of ethics.

Question

State and explain TWO reasons why companies develop a code of ethics.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Ethics, Code of Ethics, Corporate Governance
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: MAY 2022

BMF – May 2022 – L1 – SB – Q5a – The Role of Professional Accountants in Business and Society

Explaining key business ethics terms and concepts.

Question

Explain the following terms:
i. Business ethics
ii. Whistle blowing
iii. Ethical dilemma
iv. Conflict of interests
v. Corporate code of ethics
vi. Principles-based code of ethics

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Ethics, Conflict of Interests, Corporate Code of Ethics, Ethical dilemma, Whistleblowing
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: MAY 2022

BMF – May 2022 – L1 – SB – Q2 – The Role of Professional Accountants in Business and Society

Explain stakeholder mapping and communication style in employment.

Question

The main stakeholders in a business organisation, internal or external, are those who exercise the greatest influence.

Required:
a. Briefly explain the concept of “stakeholder mapping” and state FIVE main features of employment.
(10 Marks)
b. Define the term “communication style” and explain briefly THREE components of communication style.
(10 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Communication Style, Employment, Stakeholder Mapping
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: MAY 2022

BMF – Nov 2022 – L1 – SA – Q10 – The Role of Professional Accountants in Business and Society

This question tests knowledge of the meaning of IESBA.

Question

The acronym ‘IESBA’ denotes:
A. International Ethical Standards Board for Accountants
B. International Ethics Standards Boards for Accountants
C. International Ethics Standard Board for Accountants
D. International Ethics Standards Board for Accountants
E. International Ethic Standard Board for Accountants

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Ethics, Ethical Standards, IESBA
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: NOV 2022

BMF – Nov 2022 – L1 – SA – Q1 – The Role of Professional Accountants in Business and Society

This question tests knowledge of the features of a professional.

Question

Which of the following is NOT a feature of a professional?
A. A profession can be described as an occupation for which the individual has to acquire special knowledge and skill.
B. Professionals are usually paid a prescribed fee to render their services.
C. Most professionals are regulated by a professional body.
D. Professionals are not to opt for a paid job.
E. Professionals typically acquire specialized knowledge from higher institutions and specialized institutes.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Occupation, Professional Body, Professionalism, Regulation, Specialized knowledge
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: NOV 2022

BMF – May 2021 – L1 – SB – Q6c – The Role of Professional Accountants in Business and Society

Explain the role of professional accountancy bodies in promoting ethical behaviour in the business environment.

Question

What are the roles expected of the professional accountancy bodies in promoting ethical behaviour in the business environment?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Conduct, Ethical Standards, Ethics, Professional Accountancy Bodies
Level: Level 1