F1 (BT) – Chapter 14 – PART C – MCQ’s and OTQs – ACCA

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F1-BT-Part-C-MCQs-OTQs

These are ACCA F1 (BT/FBT) Business and Technology MCQs and OTQs for Part-C of the Syllabus “Accounting and reporting systems, technology, compliance and controls”.

These MCQs and OTQs are designed in a way that students could better understand the exam format and get used to practice online. This approach will reduce exam stress and enable students to prepare better.

We request the students, Not to solve the MCQs and OTQs until they have finished the entire F1 (BT/FBT) Business and Technology Part-C “Accounting and reporting systems, technology, compliance and controls”.

All the questions are compulsory, so do not skip any.

INFORMATION ABOUT THESE MCQs Test

Course: ACCA
Fundamental Level: Knowledge, FIA
Subject: Business And Technology
Paper: F1 – BT
Chapter: 10 to 14
Chapter Number: 14 of the Practice and Exam Kit
Syllabus Area: C – Accounting and reporting systems, technology, compliance and controls
Questions Type: MCQs and OTQs
Exam Section: Section B

Number of the Questions

These MCQs Test consist of 23 Questions that covers the Part C of the Syllabus; Accounting and reporting systems, technology, compliance and controls of ACCA F1 (BT) Business and Technology Module.

Time

These MCQs and OTQs has a time deadline. Students have to finish the Test within the given time period so Students can get used to finishing the Exam on time.

As in ACCA Exam, there are 1.8 minutes per mark. So each 2 marks question have 3.6 minutes to complete.

This Test includes some MCQs that worth 2 marks and some worth 1 Mark. We therefore giving an average time to complete the Test.

This Test has 23 questions, so Students have total 46 minutes to complete the Test.

Result

Students can see their result at the end of the test. Further, the correct and wrong questions. Moreover, the explanation of wrong questions.

Types of Questions

MCQs: Choose one from the given options.
Multiple choice: Choose all those answers which seems to you correct/ or incorrect, as per the requirement of the question. Keep your eye on the wording “(select all those which are correct/ or incorrect)“.
Drop down: Select from the list provided.
Type numbers: Type your answer in numbers as per the requirement of the question.





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36

F1 - Chapter 14 - Part C Test - MCQs and MTQs

1 / 23

Scenario

Stella is an external auditor who has observed some cash transactions that don't have any supporting documentation. Upon further investigation she discovered that these payments are made into bank accounts of the Finance Director's family. She discusses this with the audit manager and they jointly decide not to take any further action.

James is also an external auditor and has discovered a fraud at one of his clients and has decided he will make a report to his nominated officer. At the same time he decides to inform the financial controller of the client about making the report.

QUESTION

Which of the following offences has been committed by Stella?

2 / 23

______________ controls help an organisation recover in the event of a disaster.

Which word fills in the blank above?

3 / 23

Scenario

The following are reasons why people might be interested in financial information about a large
public company.

  • Assessing how effectively management is running the company
  • To advise clients
  • To assess tax payable by the company
  • To assess the ability of the company to pay its debts

Requirement: For each of the following users of financial information, match the appropriate reason for wanting the information form the list above:

(i) Suppliers
(ii) Tax authorities
(iii) Shareholders
(iv) Financial analysts

QUESTION

Shareholders ____________ ?

(Why Shareholders will be interested in financial information?)

4 / 23

Scenario

The following are reasons why people might be interested in financial information about a large
public company.

  • Assessing how effectively management is running the company
  • To advise clients
  • To assess tax payable by the company
  • To assess the ability of the company to pay its debts

Requirement: For each of the following users of financial information, match the appropriate reason for wanting the information form the list above:

(i) Suppliers
(ii) Tax authorities
(iii) Shareholders
(iv) Financial analysts

QUESTION

Tax authorities ____________ ?

(Why Tax authorities will be interested in financial information?)

5 / 23

Which of these is an example of an 'internal check'?

6 / 23

____________ audit is based on testing and evaluating the internal controls of an organisation.

Which of the following correctly fills the blank?

7 / 23

The external auditor should design audit procedures to have a reasonable expectation of detecting fraud. Everything else is the responsibility of the directors.

Which TWO of the following are advantages of computerised accounting systems over manual systems?

8 / 23

A database does not need updating once it has been set up.

9 / 23

Which of the following statements are relating to the 'Internal audit'?

10 / 23

Scenario

Elyse is transferring amounts of money from business to business to disguise the fact that the money was originally the proceeds from criminal activity.

Laura is in the process of banking several small amounts of illegally obtained money with a variety of banks in order to avoid anti-money laundering requirements.

QUESTION

Which of the following phases of money laundering is being undertaken by Elyse?

11 / 23

Scenario

Stella is an external auditor who has observed some cash transactions that don't have any supporting documentation. Upon further investigation she discovered that these payments are made into bank accounts of the Finance Director's family. She discusses this with the audit manager and they jointly decide not to take any further action.

James is also an external auditor and has discovered a fraud at one of his clients and has decided he will make a report to his nominated officer. At the same time he decides to inform the financial controller of the client about making the report.

QUESTION

Which of the following offences has been committed by James?

12 / 23

Scenario

QRT Co has just implemented a new computerised accounting package and also reinforced some of its accounting controls. The new system has the following features

  1. All accounting entries must balance or they cannot be entered.
  2. A module exists so that non-current asset purchases can be authorised by the relevant
    member of management.
  3. Users are set up with passwords in order to login to the system.
  4. An audit trail is produced so all transactions can be traced to the time of posting and the
    individual who entered them.

QUESTION

From the following controls, identify which are non-discretionary.

13 / 23

Scenario

The following are reasons why people might be interested in financial information about a large
public company.

  • Assessing how effectively management is running the company
  • To advise clients
  • To assess tax payable by the company
  • To assess the ability of the company to pay its debts

Requirement: For each of the following users of financial information, match the appropriate reason for wanting the information form the list above:

(i) Suppliers
(ii) Tax authorities
(iii) Shareholders
(iv) Financial analysts

QUESTION

Financial analysts ____________ ?

(Why Financial analysts will be interested in financial information?)

14 / 23

Scenario

QRT Co has just implemented a new computerised accounting package and also reinforced some of its accounting controls. The new system has the following features

  1. All accounting entries must balance or they cannot be entered.
  2. A module exists so that non-current asset purchases can be authorised by the relevant
    member of management.
  3. Users are set up with passwords in order to login to the system.
  4. An audit trail is produced so all transactions can be traced to the time of posting and the
    individual who entered them.

QUESTION

From the following controls, identify which are discretionary.

15 / 23

Which TWO of the following are examples of physical access controls?

16 / 23

Scenario

The following are reasons why people might be interested in financial information about a large
public company.

  • Assessing how effectively management is running the company
  • To advise clients
  • To assess tax payable by the company
  • To assess the ability of the company to pay its debts

Requirement: For each of the following users of financial information, match the appropriate reason for wanting the information form the list above:

(i) Suppliers
(ii) Tax authorities
(iii) Shareholders
(iv) Financial analysts

QUESTION

Suppliers ____________ ?

(Why suppliers will be interested in financial information?)

17 / 23

Only businesses need to prepare financial statements.

18 / 23

Which of the following statements are relating to the 'External audit'?

19 / 23

A ______________ is a program that deals with a particular part of the accounting system.

Which word fills in the blank above?

20 / 23

Scenario

Elyse is transferring amounts of money from business to business to disguise the fact that the money was originally the proceeds from criminal activity.

Laura is in the process of banking several small amounts of illegally obtained money with a variety of banks in order to avoid anti-money laundering requirements.

QUESTION

Which of the following phases of money laundering is being undertaken by Elyse?

21 / 23

Check digits, control totals and limit checks are examples of which type of control?

22 / 23

The statement of financial position must give _______________ view of the company at the end of the financial year.

Which of the following correctly fills the blank?

23 / 23

A control system consisting of sufficient controls will be entirely effective.

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