F1 (BT) – Chapter 26 – PART F – MCQ’s and OTQs – ACCA

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F1-BT-Part-F-MCQs-OTQs

These are ACCA F1 (BT/FBT) Business and Technology MCQs and OTQs for Part-F of the Syllabus “Professional ethics in accounting and business”.

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-F “Professional ethics in accounting and business”.

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: 25 – 26
Chapter Number: 26 of the Practice and Exam Kit
Syllabus Area: F – Professional ethics in accounting and business
Questions Type: MCQs and OTQs
Exam Section: Section B

Number of the Questions

These MCQs Test consist of 21 Questions that covers the Part F of the Syllabus; Professional ethics in accounting and business 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 21 questions, so Students have total 42 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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71

F1 - Chapter 26 - Part F Test - MCQs and MTQs

1 / 21

Corporate codes of ethics are published by organisations in order to communicate values to stakeholders.

Why the stakeholder 'Employees' might be interested in what an organisation does?

2 / 21

YRT Co is a firm of external auditors which has Company W, Company X, Company Y and Company Z among its audit clients.

Scenario

  • Company W is currently being sued by one of its suppliers. YRT Co has offered legal services and will defend them in this legal case.
  • The audit partner of Company X has been a member of the external audit team for the past 15 years and has good relationships with the senior management of Company X.
  • The financial controller of Company Y is the daughter of the audit manager from YRT Co.
  • Company Z does not have an experienced financial department and so YRT Co helps to prepare the financial statements of Company Z in advance of the external audit.

The following are types of conflicts of interest:

  • Familiarity threat
  • Advocacy threat
  • Self-review threat
  • Self-interest threat

Requirement: Match the types of conflict of interest above to the companies below.

(i) Company W
(ii) Company X
(iii) Company Y
(iv) Company Z

QUESTION

Which conflict of interest matches with Company X?

3 / 21

Ethics are a set of _____________ that guide behaviour.

Which of the following correctly fills the blank?

4 / 21

The Chairman's report of Fairmind states that "We are a competitive business, yet we are fair and open. Obtaining information about competitors by deception is strongly condemned. Making disparaging comments about competitors should be avoided.'

Which of the following safeguards would be most effective in ensuring that these standards are maintained?

5 / 21

Which of the following statements are FALSE?

6 / 21

Which of the following would give rise to a threat of intimidation?

7 / 21

JKL Co is a small firm of external auditors with a small number of clients. Almost 20% of its revenue comes from one client. The client still has not settled the invoice from the previous year's audit in the hope that this will strengthen their position in negotiating a lower price for this year's audit.

Which TWO of the following conflicts of interest exist in this situation?

8 / 21

Which FOUR of the followings are personal qualities expected of an accountant?

9 / 21

Which of the following statements about ethics are FALSE.

10 / 21

Which TWO of the following are criticisms of relativism?

11 / 21

Which of the following statements about social responsibility are TRUE?

12 / 21

Corporate codes of ethics are published by organisations in order to communicate values to stakeholders.

Why the stakeholder 'Customer' might be interested in what an organisation does?

13 / 21

YRT Co is a firm of external auditors which has Company W, Company X, Company Y and Company Z among its audit clients.

Scenario

  • Company W is currently being sued by one of its suppliers. YRT Co has offered legal services and will defend them in this legal case.
  • The audit partner of Company X has been a member of the external audit team for the past 15 years and has good relationships with the senior management of Company X.
  • The financial controller of Company Y is the daughter of the audit manager from YRT Co.
  • Company Z does not have an experienced financial department and so YRT Co helps to prepare the financial statements of Company Z in advance of the external audit.

The following are types of conflicts of interest:

  • Familiarity threat
  • Advocacy threat
  • Self-review threat
  • Self-interest threat

Requirement: Match the types of conflict of interest above to the companies below.

(i) Company W
(ii) Company X
(iii) Company Y
(iv) Company Z

QUESTION

Which conflict of interest matches with Company Y?

14 / 21

Corporate codes of ethics are published by organisations in order to communicate values to stakeholders.

Why the stakeholder 'Local communities' might be interested in what an organisation does?

15 / 21

Which of the following statements are TRUE?

16 / 21

YRT Co is a firm of external auditors which has Company W, Company X, Company Y and Company Z among its audit clients.

Scenario

  • Company W is currently being sued by one of its suppliers. YRT Co has offered legal services and will defend them in this legal case.
  • The audit partner of Company X has been a member of the external audit team for the past 15 years and has good relationships with the senior management of Company X.
  • The financial controller of Company Y is the daughter of the audit manager from YRT Co.
  • Company Z does not have an experienced financial department and so YRT Co helps to prepare the financial statements of Company Z in advance of the external audit.

The following are types of conflicts of interest:

  • Familiarity threat
  • Advocacy threat
  • Self-review threat
  • Self-interest threat

Requirement: Match the types of conflict of interest above to the companies below.

(i) Company W
(ii) Company X
(iii) Company Y
(iv) Company Z

QUESTION

Which conflict of interest matches with Company W?

17 / 21

Which TWO of the following are fundamental principles from ACCA's Code of Ethics?

18 / 21

YRT Co is a firm of external auditors which has Company W, Company X, Company Y and Company Z among its audit clients.

Scenario

  • Company W is currently being sued by one of its suppliers. YRT Co has offered legal services and will defend them in this legal case.
  • The audit partner of Company X has been a member of the external audit team for the past 15 years and has good relationships with the senior management of Company X.
  • The financial controller of Company Y is the daughter of the audit manager from YRT Co.
  • Company Z does not have an experienced financial department and so YRT Co helps to prepare the financial statements of Company Z in advance of the external audit.

The following are types of conflicts of interest:

  • Familiarity threat
  • Advocacy threat
  • Self-review threat
  • Self-interest threat

Requirement: Match the types of conflict of interest above to the companies below.

(i) Company W
(ii) Company X
(iii) Company Y
(iv) Company Z

QUESTION

Which conflict of interest matches with Company W?

19 / 21

Which of the following statements about social responsibility are FALSE?

20 / 21

Which TWO of the following are criticisms of absolutism?

21 / 21

Which of the following statements about ethics are TRUE.

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