This is ACCA F1 (BT/FBT) Business and Technology multiple-choice questions (MCQs).

These multiple-choice questions (MCQs) are designed to help ACCA F1 students to better understand the exam format. We aim to instill in students the habit of practicing online for their CBE exams. By doing so, students can reduce exam stress and prepare more effectively.

Please note:

Students should not attempt these MCQs until they have finished the entire chapter.
All questions are compulsory, so please do not skip any.

We hope that these MCQs will be a valuable resource for students preparing for the ACCA F1 (BT/FBT) exam.

INFORMATION ABOUT THESE MCQs Test

Course: ACCA
Fundamental Level: Knowledge, FIA
Subject: Business And Technology
Paper: F1 – BT/FBT
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

There are 21 Questions in this Online F1 MCQ Test that covers the Part F of the Syllabus; Professional ethics in accounting and business of ACCA F1 (BT/FBT) Business and Technology Module.

Time

These MCQs are not time-bound. Take your time and solve them without stress. Pay proper attention and focus. Do not rush or hesitate.

Result

Students will get their F1 CBE MCQs Test results after they finish the entire test. They will also be able to see the correct and incorrect answers, as well as explanations for the incorrect questions.

Types of Questions

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

Keywords

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1 votes, 5 avg

106

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

1 / 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?

Familiarity threat

Advocacy threat

Self-review threat

Self-interest threat

2 / 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?

Standards of behaviour expected of this stakeholder should be communicated to them

Decisions of this stakeholder may be influenced by ethical considerations

This stakeholder may need reassurance that the organisation will act as a 'good citizen'

3 / 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?

External review of Fairmind's ethics policy

A system of fines for employees who are in breach of the code

Rewarding employees who report on colleagues' ethical breaches

Effective education and training for all staff

4 / 21

Which of the following statements about social responsibility are FALSE?

Only governments are concerned with social responsibility

An environmental audit involves assessing the opportunities and threats to an organisation

Guaranteeing employees a minimum 'living wage' is an example of social responsibility

Social responsibility action is likely to have an adverse effect on shareholders' interests in the short term

5 / 21

Which of the following statements about ethics are TRUE.

Bribery can sometimes be legal

An accountant's ethical behaviour serves to protect the public interest

The teleological view of ethics is based on duty

Virtue ethics suggests that managers should incorporate values such as fairness and loyalty into their decision-making

6 / 21

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

Social responsibility

Courtesy

Respect

Timeliness

Accountability

Independence

Scepticism

Reliability

7 / 21

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

Objectivity

Truthfulness

Integrity

Leadership

8 / 21

Which of the following statements are TRUE?

A prospective audit firm quoting a significantly lower fee for assurance work than the current auditors charge does not raise a threat of a conflict of interest.

Professional ethics should not be followed at the expense of contractual obligations.

There is a public expectation that accountants will act ethically.

When dealing with ethical dilemmas ACCA students must follow ACCA's code of conduct.

9 / 21

Which of the following statements are FALSE?

Professional ethics should not be followed at the expense of contractual obligations.

There is a public expectation that accountants will act ethically.

When dealing with ethical dilemmas ACCA students must follow ACCA's code of conduct.

A prospective audit firm quoting a significantly lower fee for assurance work than the current auditors charge does not raise a threat of a conflict of interest.

10 / 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?

Advocacy threat

Self-interest threat

Familiarity threat

Self-review threat

11 / 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?

Familiarity threat

Self-review threat

Self-interest threat

Advocacy threat

12 / 21

Which of the following statements about social responsibility are TRUE?

Only governments are concerned with social responsibility

An environmental audit involves assessing the opportunities and threats to an organisation

Social responsibility action is likely to have an adverse effect on shareholders' interests in the short term

Guaranteeing employees a minimum 'living wage' is an example of social responsibility

13 / 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?

Familiarity threat

Advocacy threat

Self-review threat

Intimidation threat

Self-interest threat

14 / 21

Which TWO of the following are criticisms of relativism?

It leads to a philosophy of anything goes

It is based on a fundamental contradiction

It makes short-term desires equivalent to longer-term interests

It takes no account of evolving norms

A consensus may not be possible

15 / 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?

Standards of behaviour expected of this stakeholder should be communicated to them

Decisions of this stakeholder may be influenced by ethical considerations

This stakeholder may need reassurance that the organisation will act as a 'good citizen'

16 / 21

Which TWO of the following are criticisms of absolutism?

It makes short-term desires equivalent to longer-term interests

Whatever source is used, human interpretation will lead to different views

It is based on a fundamental contradiction

It leads to a philosophy of anything goes

It takes no account of evolving norms

17 / 21

Which of the following statements about ethics are FALSE.

Bribery can sometimes be legal

Virtue ethics suggests that managers should incorporate values such as fairness and loyalty into their decision-making

The teleological view of ethics is based on duty

An accountant's ethical behaviour serves to protect the public interest

18 / 21

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

An audit partner is on the board of a client

Provision of taxation services as well as audit services

Litigation against the external auditor by an audit client

19 / 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?

Decisions of this stakeholder may be influenced by ethical considerations

Standards of behaviour expected of this stakeholder should be communicated to them

This stakeholder may need reassurance that the organisation will act as a 'good citizen'

20 / 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?

Self-interest threat

Self-review threat

Familiarity threat

Advocacy threat

21 / 21

Ethics are a set of _____________ that guide behaviour.

Which of the following correctly fills the blank?

Moral principles

Legal guidelines

Professional regulations

Your score is

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

INFORMATION ABOUT THESE MCQs Test

Number of the Questions

Time

Result

Types of Questions

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

Which of the following statements about social responsibility are FALSE?

Which of the following statements about ethics are TRUE.

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

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

Which of the following statements are TRUE?

Which of the following statements are FALSE?

Which of the following statements about social responsibility are TRUE?

Which TWO of the following are criticisms of relativism?

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

Which TWO of the following are criticisms of absolutism?

Which of the following statements about ethics are FALSE.

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

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

Ethics are a set of _____________ that guide behaviour.

More F1 (BT/FBT) MCQs

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F1 (BT) – Chapter 2 CBE MCQ’s (The business environment) – ACCA

F1 – (BT) – MCQ’s Quiz – #1 | ACCA

F1 (BT) – Chapter 15 MCQ’s (Leading and managing people) – ACCA

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INFORMATION ABOUT THESE MCQs Test

Number of the Questions

Time

Result

Types of Questions

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

Which of the following statements about social responsibility are FALSE?

Which of the following statements about ethics are TRUE.

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

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

Which of the following statements are TRUE?

Which of the following statements are FALSE?

Which of the following statements about social responsibility are TRUE?

Which TWO of the following are criticisms of relativism?

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

Which TWO of the following are criticisms of absolutism?

Which of the following statements about ethics are FALSE.

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

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

Ethics are a set of _____________ that guide behaviour.

More F1 (BT/FBT) MCQs

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