Topic: The Role of Professional Accountants in Business and Society

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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Tags: Ethics, Morals, Philosophy
Level: Level 1

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

BMF – May 2021 – L1 – SB – Q6b – The Role of Professional Accountants in Business and Society

State the expectations of the public regarding accountants and their professional bodies.

Question

State the expectations of the public in respect of the accountants and the professional bodies they affiliate with.

Answer

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Tags: Accountants, Ethics, Professional Bodies, Public Trust
Level: Level 1

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

BMF – May 2021 – L1 – SB – Q6a – The Role of Professional Accountants in Business and Society

State two problems that may arise causing employees to use a different reporting channel for unethical conduct.

Question

In a normal situation or circumstance, employees are expected to report unethical or illegal conduct to the supervisor or manager. State TWO problems that may arise that would make an employee use a different reporting channel.

Answer

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Tags: Ethics, Reporting Channels, Whistleblowing
Level: Level 1

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

BMF – Nov 2023 – L1 – SA – Q15 – The Role of Professional Accountants in Business and Society

Identify the process where an accountant reports suspicions of illegal behavior.

Question

The process by which a professional accountant reports suspicions of illegal or improper behaviour to a person in authority is

A. Due care
B. Surveillance
C. Strategic alert
D. Professionalism
E. Whistleblowing

Answer

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

Topic: The Role of Professional Accountants in Business and Society
Series: NOV 2023

BMF – Nov 2023 – L1 – SA – Q14 – The Role of Professional Accountants in Business and Society

Identify the accounting concept that ensures professional judgment is not affected by conflict of interest.

Question

Which of the following best describes the concept that an accountant must NOT allow his professional or business judgment to be affected by conflict of interest?

A. Due care
B. Objectivity
C. Professional competence
D. Confidentiality
E. Integrity

Answer

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Tags: Conflict of Interest, Objectivity, Professional Ethics
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: NOV 2023

BMF – Nov 2023 – L1 – SA – Q9 – The Role of Professional Accountants in Business and Society

Identify which organization is not a Non-Government Organization (NGO).

Question

Which of the following is NOT an example of a Non-Government Organization?

A. Delight and Partners
B. Lagos Digital Village
C. Murtala Mohammed Foundation
D. Nigeria Health Care Project
E. Women in Management and Business

Answer

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Tags: Business Entities, Non-Government Organizations, Organizational Types
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: NOV 2023

BMF – Nov 2023 – L1 – SA – Q1 – The Role of Professional Accountants in Business and Society

Identifying which management theorist studied Japanese and US companies.

Question

Which of the following management theorists made a study of Japanese companies and compared them with companies in the US?
A. William Ouchi
B. Henry Mintzberg
C. Douglas McGregor
D. Elton Mayo
E. Peter Drucker

Answer

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Tags: Business, Management Theorists, Organizational Behavior
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: NOV 2023

BMF – May 2023 – L1 – SB – Q4c – The Role of Professional Accountants in Business and Society

Identify safeguards against ethical threats in the accounting profession.

Question

State SIX safeguards created by the profession, legislation or regulation against ethical threats and dilemmas.

Answer

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Tags: Code of Conduct, Ethical Threats, Professional Ethics, Safeguards
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: MAY 2023

BMF – May 2023 – L1 – SB – Q4b – The Role of Professional Accountants in Business and Society

Identify three purposes of ICAN codes of ethics in the professional accounting field.

Question

Identify THREE purposes of ICAN codes of ethics.

Answer

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Tags: Code of Conduct, Ethical Standards, ICAN, Professional Ethics
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: MAY 2023

BMF – May 2023 – L1 – SB – Q4a – The Role of Professional Accountants in Business and Society

Explain the two main powers of a professional accounting organization.

Question

Briefly explain TWO powers of a professional accounting organization.

Answer

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Tags: Powers, Professional Accounting, Professional Standards, Regulation
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: MAY 2023

BMF – May 2023 – L1 – SA – Q8 – The Role of Professional Accountants in Business and Society

Identify an incorrect feature describing a profession.

Question

A profession is an economic activity involving the provision of a personal service of a specialised nature. All the following features describe a profession, EXCEPT:

A. Main motive is to make a profit
B. Regulated by a professional body
C. Charges a fee for services rendered
D. Mandatory acquisition of a special knowledge and skill
E. Subject to discipline for breach of the code of conduct of the regulatory body

Answer

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Tags: Characteristics, Code of Conduct, Profession, Professional Body
Level: Level 1