The Role of Professional Accountants in Business and Society – Page 6

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 2024 – L1 – SA – Q6 – The Role of Professional Accountants in Business and Society

Identifying a feature that is not part of a profession's characteristics.

Question

Which of the following is NOT a feature of a profession?
A. Admit new members to the profession
B. Award qualifications to individuals who achieve a required standard of skill or competence
C. Expel members from the profession for professional conduct
D. High entry requirements
E. An extensive period of rigorous academic training in a particular area

Answer

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Tags: Business Management, Career, Employment, Profession
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: MAY 2024

BMF – May 2024 – L1 – SA – Q5 – The Role of Professional Accountants in Business and Society

Understanding the primary purpose of data protection law.

Question

The purpose of data protection law is to protect the:
A. Managers
B. Owners
C. Governments
D. Individuals
E. Investors

Answer

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Tags: Business Law, Data protection, Information security, Law
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: MAY 2024

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.

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.

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.

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.

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.

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."

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.

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.

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.

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.

BMF – May 2024 – L1 – SA – Q6 – The Role of Professional Accountants in Business and Society

Identifying a feature that is not part of a profession's characteristics.

BMF – May 2024 – L1 – SA – Q5 – The Role of Professional Accountants in Business and Society

Understanding the primary purpose of data protection law.

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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.

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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.

You're reporting an error for "BMF – Nov 2020 – L1 – SA – Q14 – The Role of Professional Accountants in Business and Society"

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.

You're reporting an error for "BMF – Nov 2020 – L1 – SA – Q11 – The Role of Professional Accountants in Business and Society"

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.

You're reporting an error for "BMF – MAY 2016 – L1 – SA – Q13 – The Role of Professional Accountants in Business and Society"

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.

You're reporting an error for "BMF – May 2016 – L1 – SA – Q3 – The Role of Professional Accountants in Business and Society"

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."

You're reporting an error for "BMF – Nov 2014 – L1 – SA – Q20 – The Role of Professional Accountants in Business and Society"

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.

You're reporting an error for "BMF – Nov 2014 – L1 – SA – Q16 – The Role of Professional Accountants in Business and Society"

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.

You're reporting an error for "BMF – Nov 2014 – L1 – SA – Q15 – The Role of Professional Accountants in Business and Society"

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.

You're reporting an error for "BMF – Nov 2014 – L1 – SA – Q13 – The Role of Professional Accountants in Business and Society"

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.

You're reporting an error for "BMF – Nov 2014 – L1 – SA – Q10 – The Role of Professional Accountants in Business and Society"

BMF – May 2024 – L1 – SA – Q6 – The Role of Professional Accountants in Business and Society

Identifying a feature that is not part of a profession's characteristics.

You're reporting an error for "BMF – May 2024 – L1 – SA – Q6 – The Role of Professional Accountants in Business and Society"

BMF – May 2024 – L1 – SA – Q5 – The Role of Professional Accountants in Business and Society

Understanding the primary purpose of data protection law.

You're reporting an error for "BMF – May 2024 – L1 – SA – Q5 – The Role of Professional Accountants in Business and Society"

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