BUAW

Question 1

FUNDAMENTAL PRINCIPLES OF PROFESSIONAL ETHICS

Answer 1

Professional behaviour
Professional competence and due care
Confidentiality
Integrity
Objectivity

Question 2

WHAT IS INTEGRITY?

Answer 2

The quality of being honest and having strong moral principles that you refuse to compromise.

Question 3

WHAT IS OBJECTIVITY?

Answer 3

A person who is objective is someone who bases their opinions and decisions on real facts and is not influenced by personal beliefs or feeling.

Question 4

WHAT IS PROFESSIONAL COMPETENCE AND DUE CARE?

Answer 4

Refers to maintaining professional knowledge and skill at the level required to ensure that a client or employer receives competent professional service based on current developments in practice, legislation and techniques.

Question 5

WHAT IS CONFIDENTIALITY?

Answer 5

An obligation to respect the confidentiality of information about a client or employer’s affairs which has been gained during their employment or during the course of their professional work.

Question 6

WHAT IS PROFESSIONAL BEHAVIOUR?

Answer 6

Refers to complying with relevant laws and regulations and avoid any action that brings our profession into disrepute.

Question 7

POTENTIAL THREATS TO THE FUNDAMENTAL ETHICAL PRINCIPLES

Answer 7

Self-interest threats
Self-review threats
Familiarity threats
Intimidation threats
Advocacy threats

Question 8

SELF-INTEREST THREATS

Answer 8

These may occur where a financial or other interest will inappropriately influence the account’s judgment or behaviour.

Question 9

SELF-REVIEW THREATS

Answer 9

These may occur when an accountant has to re-evaluate a judgement or data that they have previously made or produced.

Question 10

FAMILIARITY THREATS

Answer 10

These may occur when, because of a close or personal relationship, an accountant becomes too sympathetic to the interests of others.

Question 11

INTIMIDATION THREATS

Answer 11

These may occur when an accountant may be deterred from acting objectively because of real or perceived threats.

Question 12

ADVOCACY THREATS

Answer 12

These may occur when an accountant promotes a position or opinion (normally of a client) to the point that their objectivity may be compromised in the future.

Question 13

WHAT IS BIG DATA?

Answer 13

The term referred to large volumes of data collected by organisations and used to improve operations, provide better customer service, create personalised marketing campaigns and take other actions that ultimately increase profits and revenue.

Question 14

CHARACTERISTICS OF BIG DATA

Answer 14

Volume
Velocity
Variety
Veracity
Value

Question 15

WHAT IS VOLUME (BIG DATA)?

Answer 15

Refers to the sheer amount of data that organisations now process.

Question 16

WHAT IS VELOCITY (BIG DATA)?

Answer 16

Refers to the speed at which data can be generated, gathered and analysed.

Question 17

WHAT IS VARIETY (BIG DATA)?

Answer 17

Refers to the types of data: structured, semistructured, unstructured.

Question 18

WHAT IS VERACITY (BIG DATA)?

Answer 18

Refers to how accurate, or truthful the data is. The variety and volume of the data, together with the speed at which it is being generated means that there is an increased risk of inaccuracies, or bias.

Question 19

WHAT IS VALUE ( BIG DATA)?

Answer 19

There is no point in a business collecting huge amounts of data unless it can be processed and transformed into useful and valuable information that can then be used to add value to the business.

Question 20

WHAT IS THE BLOCKCHAIN?

Answer 20

Blockchain is a digital ledger or transactions that is shared across the entire network of computers in the particular blockchain.

Question 21

PESTLE

Answer 21

Political
Environmental
Social
Technological
Legal
Economical

Question 22

ORGANISATIONAL STRUCTURES

Answer 22

Functional
Divisional
Matrix
Entrepreneurial

Question 23

FUNCTIONAL STRUCTURE

Answer 23

Divides the business into specialised functions or skills such as production, sales and marketing and IT. It is one of the most common organisational structures as it groups individuals with similar knowledge and expertise together.

Question 24

DIVISIONAL STRUCTURE

Answer 24

Where employees are grouped into particular segments with regard to the product or services they produce and not according to their job descriptions.

Question 25

MATRIX STRUCTURE

Answer 25

In this structure, you share resources and staff across teams and projects, as well as within departments or functions.

Question 26

ENTREPRENEURIAL STRUCTURE

Answer 26

This is when the major decisions are made by one or two key personnel. Usually in small businesses this will be the owner or entrepreneur.

Question 27

WHAT IS UNLIMITED LIABILITY?

Answer 27

Unlimited liability means that the owner of a business is personally responsible for all debts and liabilities of the business. It means that if the business cannot pay its debts, the owner’s personal assets can be used to satisfy those debts. It’s an important consideration when choosing a business structure.

Question 28

WHAT IS LIMITED LIABILITY?

Answer 28

Limited liability is a legal concept that protects the personal assets of business owners. It means that the owners are not personally responsible for the debts and liabilities of the business. Their liability is limited to the amount of their investment in the business. This is a common feature of corporations and limited liability companies (LLCs). It provides a level of financial protection for business owners.

Question 29

DDoS

Answer 29

DDoS, short for Distributed Denial of Service, is a type of cyber attack where multiple compromised computers are used to flood a target website or network with a massive amount of traffic. The goal is to overwhelm the target’s resources and make it inaccessible to legitimate users. It’s a serious security concern, and organizations take measures to protect against DDoS attacks. Let me know if you’d like more information or have any other questions!