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Question practice Flashcards

1
Q

What describes the work of the technostructure of an organisation

A

Designing systems and standardising work

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2
Q

Materiality is a facet o which characteristic of financial informration

A

relevance

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3
Q

what was the original role of the finance function

A

recording financial information

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4
Q

What is described
processing should occur in line with data availability and information needs

A

timeliness

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5
Q

is accuracy key in relation to information processing in a company’s accounting systems

A

Yes

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6
Q

is assessability key in relation to information processing in a company’s accounting systems

A

Yess

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7
Q

is availability key in relation to information processing in a company’s accounting systems

A

No

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8
Q

Who is responsible for implementing internal controls and their day to day monitoring

A

Business managers

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9
Q

Who is responsible for policy making, reviewing effectiveness of controls and reporting to shareholders on internal controls

A

BOD

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10
Q

What are the following two examples of
formal goals and organisational design

A

Overt variables affecting organisational behaviour

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11
Q

What is market risk

A

the exposure to potential loss that would result from changes in market prices or rates

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12
Q

What is defined
Economic loss suffered due to the default of a borrower, customer or supplier in the market

A

Credit risk

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13
Q

What is defined
The risk of choosing the wrong strategy in a particular market

A

Strategy risk

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14
Q

What is defined
The exposure to potential loss that would result from changes in market prices or rates

A

Product risk

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15
Q

Information processing must be (CATIVA)

A

Complete
Accurate
Timely
Inalterable
Verifiable
Assessable

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16
Q

Good information should be ACCURATE

A

Accurate
Complete
Cost benefit
User targeted
Relevant
Authoritative
Timely
Easy to use

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17
Q

What are the following examples part of
Forecasting what is needed
evaluating available resources
developing objectives plans and tagets

A

Planning and control

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18
Q

What are the following examples part of
Defining what processes, tech and people are required, allocating and coordinating work, generating effort and commitment in finance staff

A

organising and leading

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19
Q

How is effectiveness measured

A

the success in achieving goals and targets

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20
Q

How is efficiency measured

A

the amount of resources used for the tasks that have been achieved

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21
Q

How is economy measured

A

by success of team or work group in controlling costs

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22
Q

An offer for sale is a form of

A

public offer

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23
Q

an offer for subscription is a form of

A

direct offer

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24
Q

How many years must a company have traded to obtain a full LSE listing

A

at least three yeras

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25
Q

What is the motive behind holding cash to make sure it covers unexpected liabilities

A

precautionary motive

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26
Q

What are the personal qualities expected of an accountant RRTCR

A

reliability
responsibility
timeliness
courtesy and
respect

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27
Q

The body responsible for ensuring that self regulation of the accountancy profession in the UK is effective is the

A

Professional oversight team of the FRC’s conduct division

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28
Q

The FRCs UK CG code forms part of

A

the UK listing authorities rules

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29
Q

A complaint bought about a member signing audit certificates when not qualified to do so may be referred by the PSD to

A

the disciplinary committee

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30
Q

What kind of ethics approach is an approach that combines a concern for the law with emphasis on managerial responsibility

A

Integrity based

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31
Q

What kind of ethics approach is an approach that is concerned with the law alone

A

compliance based

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32
Q

Three reserved areas of practice in accounting

A

statutory audit, investment business and insolvency

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33
Q

T/F
Complaints bought against member firms are usually that they
Have departed from accounting standard

A

False - guidance

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34
Q

T/F
Complaints bought against member firms are usually that they
Have bought ICAEW, themselves or profession into disrepute

A

true

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35
Q

T/F
Complaints bought against member firms are usually that they
are in breach of a regulation

A

True

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36
Q

For a company outside of FTSE 350, what is the minimum number of NEDs on the board

A

two

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37
Q

For a company inside the FTSE 350, how many NEDs must be on the board

A

50% excluding the chairman

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38
Q

what is the minimum number of NEDs required on the remuneration committee of a listed company outside FTSE 350

A

two

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39
Q

The only type of directors on the audit committee of a company within the FTSE 350 are

A

independent, NEDs

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40
Q

For companies outside the FTSE 350, is the chairman allowed to sit on audit committee

A

Yes - if considered independent on appointmetn

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41
Q

When can a director of a FTSE 100 company be a chairman of a FTSE 350 compnay

A

if they can show they have the available time and can show they are able to allocate sufficient time to company to discharge their commitments effectively

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42
Q

What are the following examples of
- monopsony buyer
- monopoly supplier
- slow responsive price mechanism

A

market imperfections

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43
Q

What does a monopsony buyer do

A

dominate the market

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44
Q

What does a monopoly supplier do

A

control the market

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45
Q

what does a slow response price mechanism create

A

short run inefficiency in resource allocation

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46
Q

a legal minimum price is set to below the equilibrium price - what is the impact of this

A

nothing

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47
Q

What are the effects of demand full inflation

A

price rises due to persistent excess of demand over supply in the economy as a whole

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48
Q

What is chapter 2 of the competition act 1998 concerned with

A

abuse of a dominant position

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49
Q

What is chapter 1 of the competition act 1998 concerned with

A

anti competitive agreements

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50
Q

What kind of policy is deregulation of industries

A

supply side policy

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51
Q

What is part of monetary policy

A

interest rates and exchange rates

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52
Q

what are the main objectives of macroeconomic policy

A

economic growth
stable inflation
unemployment
balance of payments (between exports and imports)

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53
Q

UK minimum wage legislation is an example of government intervention to address market failure that results in

A

inequality - intervention to imrpove social justice

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54
Q

PRIMARY objective of non-profit oriented organisation

A

provision of goods/services

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55
Q

What power is personal power

A

referent power

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56
Q

what function
situation where a person can give advice and guidance to another
authority arises in giving specialist advice to another manager or department over which you have no line authority

A

staff function

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57
Q

What is authority

A

exercise of power for the proper purpose

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58
Q

What is a functional manager

A

manager has authority in certain areas over another departmnet

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59
Q

What culture
outward looking and high on control

A

rational goal culture

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60
Q

what culture
inward looking, looking to make internal environment stable and controlled

A

Internal process culture

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61
Q

What are covert variables

A

attitudes
underlying competencies and skills
communication patterns

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62
Q

what kind of advertising is TV advertising

A

pull

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63
Q

What does an organisation chart concentrate on

A

shape of organisation

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64
Q

What is shown on an organisation chart

A

Span of control and scalar chain

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65
Q

What is not shown on organisational chart

A

Degree of decentralisation

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66
Q

What kind of structure is described
hire trained specialists who are all imbued with the skills and values of the profession. The operating core is the key part because it will have an elaborate support staff to service it and the work is too complex to be standardised by technostructure

A

professional bureaucracy

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67
Q

What kind of structure
characteristic of small young organisations evolving round a single entrepreneur or small management team

A

Entrepreneurial structure

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68
Q

what kind of structure
works on a sophisticated and well tuned set of rules and procedures. the technostructure is the key part of this structure, there is strong emphasis on the division of labour and authority is hierarchical

A

Machine bureaucracy

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69
Q

What kind of structure
is where the middle line seeks as much autonomy for itself as possible. it exerts a pull to split into small self managed units with autonomy given to managers lower down the line

A

divisional structure

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70
Q

What is the function of the technostructure

A

to standardise work process for example by producing technical specifications and procedure manuals

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71
Q

what structure is this characteristic likely to be an example of
The technostructure exerts a pull towards standardised processes

A

Machine bureaucracy

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72
Q

Matrix structure
which of the following basic principles of organisational structure is necessarily contravened by this structure

A

Unity of command

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73
Q

What is likely to b ea problem for wide flat organisational structure

A

ensuring enough face to face contact takes place between supreriors and staff members

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74
Q

What is an appropriate description of a mechanistic organisation

A

suitable for slow moving environment

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75
Q

What is a strateci alliance

A

daily informal cooperation

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76
Q

Joint venture is where

A

a third party business is set up and owned by the joint ventures

77
Q

T/F Being a sole trader
prevents you from employing staff

A

False

78
Q

T/F Being a sole trader
gives personal liability for any failure

A

true

79
Q

T/F Being a sole trader
prevented from obtaining a loan

A

False

80
Q

T/F Being a sole trader
allowed to issue shares to friends and families

A

False

81
Q

advantages of flat structure

A

greater opportunity to delegate

82
Q

advantages of what organisation
narrow span of control
more participation in decision
improved management training

A

tall

83
Q

What analytical techniques are useful for internal analyssi

A

value chain
PESTLE
distinctive competenceies

84
Q

Three criteria to judge final decision of strategic option for major business unit

A

Zcceptability test
suitability test
feasibility test

85
Q

Coefficient of variation =

A

SD/Mean

86
Q

Coefficient of variation can be used to compare

A

Risk - Better than SD as SD related to mean

87
Q

Featuers of normal distribution

A

Distribution is continuous distribution
closer range of values is to mean, higher probability of that range of values occuring

88
Q

Left skewed data order

A

Mean Median Mode

89
Q

Risk management what does ALARP stand for

A

As low as reasonably practicable

90
Q

What kind of risk
Economic loss due to the default of the customer

A

Financial risk

91
Q

What kind of risk
Risk of choosing the wrong strategy

A

Strategic Risk

92
Q

What kind of risk
Risk that customers do not buy the company’s products in expected quantities

A

product risk

93
Q

What kind of risk
exposure to economic loss due to changes in market prices or rates

A

Market risk

94
Q

T/F
A risk seeking attitude means that an investment should not be undertaken if there is an alternative offering higher risk

A

True

95
Q

T/F
A risk neutral attitude means an investment should not be undertaken if there is an alternative investment offering a lower return

A

False

96
Q

In assessing potential gross risk need to take account of the

A

potential loss and probability of outcome

97
Q

Order to respond to reisk

A

Avoid
reduce
share
accept

98
Q

What type of risk includes process, people and event risk

A

operational risk

99
Q

Liquidity risk is a type of

A

financial risk

100
Q

The failure of a participant in the buisness’s supply chain to honour their contractual obligations is classified as a

A

systematic risk

101
Q

systematic risk is a type of

A

event risk

102
Q

Product risk is a type of

A

business risk

103
Q

What risk is exposure to potential loss that results from change in market prices or rates

A

market risk

104
Q

is the following a potential problem to successfully building a resilient organisation
directors delegate delivery of resilience policies and procedures to operational managers

A

Yes

105
Q

Is the following a potential problem to successfully building a resilient organisation
business functions focus specifically on resilience programmes for their own area

A

Yes

106
Q

T/F
Median may not return a value that is the same as an actual value in the data set

A

True

107
Q

T/F
The median is hard to identify in large data sets as the values have to be ordered

A

True

108
Q

What can be used on qualitative data rather than quantitative

A

Mode

109
Q

Centralisation of finance function is least likely to be effective in what

A

internal reporting to operational managers

110
Q

tactical information helps staff deal with

A

short term issues and opportunities

111
Q

The area outside an information system boundary is known as the

A

environemtn

112
Q

data to be same as sources and not have been accidentally or deliberately altered destroyed of disclosed is related to

A

data integrity

113
Q

What are the fundamental qualitative characteristics

A

relevance
faithful representation

114
Q

What are the enhancing qualitative characteristics

A

understandability
comparability
verifiability
timeliness

115
Q

Elements of marketing mis which only apply to services marketing

A

People
process
physical evidence

116
Q

Scientific management
what characterise operations of this department

A

identification of single best way of performing task
effective training in performing tasks

117
Q

When should stakeholder analysis be carried out

A

when formulating strategic objectives

118
Q

Monthly variance reports are an example of

A

tactical information

119
Q

Are investment in equities a good use of short term funds

A

no - least appropriate

120
Q

Where can bonds be sold

A

capital market and secondary market

121
Q

T/F
CCAB has delegated the responsibility for determining eligibility to practice of all accountants to ICAEW

A

False

122
Q

T/F
The ICAEW is only responsible for discipline in respect of ICAEW members

A

True

123
Q

Core aspects of the King Report

A

Leadership
sustainability
good corporate citizenship

124
Q

With natural monopoly
fixed costs will be x
marginal costs will be x

A

High
Low

125
Q

What provides barrier to entry in monopolies

A

economies of scale

126
Q

T/F
The use of advanced accounting software reduces the need for auditors to audit transactions and verify ownership of assets

A

True

127
Q

Actions to reduce risk of cyber attack

A

implement access controls
install internet gateways
use patch management software

128
Q

Factors of Harvard model for HR management issues

A

competence
congruence

129
Q

When customer pays cheque into account, bank receiving acts as

A

agent

130
Q

an offer for subscription to investors is a

A

direct offer

131
Q

Is the following one of the 14 classic principles of organisational structure (Henri Fayol)
Decentralisation

A

No - centralisation is

132
Q

Is the following one of the 14 classic principles of organisational structure (Henri Fayol)
Initiative

A

Yes

133
Q

Is the following one of the 14 classic principles of organisational structure (Henri Fayol)
Order

A

Yes

134
Q

Is the following one of the 14 classic principles of organisational structure (Henri Fayol)
Fair remunertaion

A

Yes

135
Q

Is the following one of the 14 classic principles of organisational structure (Henri Fayol)
Ideology

A

No

136
Q

What is the definition of a risk assessemtn

A

the nature of risk and implications it may have for a business

137
Q

Can the following be discounted by an exporter so payment is received early
A crossed cheque drawn by the customer

A

No - only payable to original payee

138
Q

Can the following be discounted by an exporter so payment is received early
Letter of credit issued by customer bank

A

Yes

139
Q

Can the following be discounted by an exporter so payment is received early
Bill of exchange drawn by the customer

A

Yes - bill of exchange drawn by customer on bank not bank itself

140
Q

Is controlling and safeguarding assets a basic aspect of the accountancy profession

A

Yes

141
Q

ICAEW Complaints procedure

A

conciliation
investigation
disciplinary proceedings

142
Q

Four Ds of a dynamic environment

A

Dynamic diverse difficult and dangerous

143
Q

What sets the minimum level of acceptable behaviour

A

the law

144
Q

are companies obliged to permit paperless transfers of shares

A

No

145
Q

What does the below define
a document that records the terms of any loan

A

debenture

146
Q

If a charge entered into by a company is not entered within the prescribed period laid down by CA 2006 is it still valid

A

no void against any liquidatory, administrator or creditor and money secured by void charge is immediately repayable

147
Q

Minimum age for company director

A

16

148
Q

Once director appointed, register of directors should be updated and Registrar of comapnies notified within no more than

A

14 days

149
Q

T/F
Directors can be found guilty of fraudulent trading even if company not wound up

A

True

150
Q

T/F
Directors can only be found to have committed wrongful trading if their compnay has been wound up

A

True

151
Q

T/F
The duty to exercise independent judgement verrides any agreement or provision that restricts or fetters the exercise of discretion by a director

A

True

152
Q

If a company makes a rights issue to members, how long do members have to accept the offer of new shares once it is made

A

21 days

153
Q

T/F
Any individual member can apply to the court for cancellation of a variation of class rights, provided they are a member of the class affected

A

False

154
Q

T/F
Holders of at least 10% of companies paid up share capital with voting rights can requisition a general meeting

A

True

155
Q

T/F
Relief under s994 will not be granted unless there has been a breach of company law

A

False - although relief less likely to be given in absence of such breach

156
Q

T/F
Does the CREST transfer system operate in respect of all shares

A

False

157
Q

Who may petition for bankruptcy

A

individual debtor
creditor of that debtor owed at least 5k
any supervisor of IVA in respect of that debtor

158
Q

Where debts are less than X and debtors estate is worth more than Y and the debtor has not been made bankrupt or entered into a scheme with their creditors in the previous five years, the court is likley to Z a bankruptcy order

A

40k
4k
refuse

159
Q

Can you accept appointment of director of limited company whilst subect to IVA

A

Yes

160
Q

How long does an IVA run for

A

5 years

161
Q

after what period of time following a bankruptcy order being made is it discharged

A

1 year (can be 2 - 15 if culpable)

162
Q

T/F
In the event of a capital deficiency, remaining partners will bear the loss equally in absence of express agreement to the contrary

A

False

163
Q

T/F
Performance of existing contractual duty to another party can be valid consideration

A

True

164
Q

Will the provisions of the law reform frustrated contracts act 1943 override any express contractual terms which cover the event that has occured

A

NO

165
Q

What is defined
a fixed or ascertainable sum agreed by the parties at the time of contracting payable in the event of a breach

A

Liquidated damages

166
Q

What is defined
A sum of money payable under a contract in the event of a breach whose purpose is to deter a potential difficulty

A

Penalty clause

167
Q

The Articles of association of a company limited by shares form a contract between

A

the company and the shareholders in respect of the shareholders rights only

168
Q

What is required to dismiss a director

A

an ordinary resolution with 28 days notice to the company

169
Q

In private company, are there rules regarding providing loans to directors

A

allowed if director makes appropriate disclosure

170
Q

Can a third party be prejudiced due to alter vires actions of directors?

A

No

171
Q

What % paid up capital with voting rights to call a meeting of company

A

5%

172
Q

what % holding of nominal value of shares with voting rights may agree to shorter notice period for AGM

A

90%

173
Q

IS VALID CONSIDERATION IA PAYMENT OF A LESser sum earlier than the date when payment is due?

A

Ye

174
Q

T/F Where articles contain a provision for entrenchment, such provisions can only be altered by court order

A

False - unanimous agreement of company members

175
Q

Whose interests must directors have regard of

A

creditors members and employees

176
Q

Who can petition the court alleging company affairs are being or have been conducted in a manner which is unfairly prejudicial t interests of members generally

A

a shareholder only

177
Q

T/F
Notice of at least 21 days must be given for AGM, unless at least 90% of the members entitled to attend and vote agree to shorter notice

A

False - members must be unaniomous

178
Q

in dealing with bankruptcy, what costs are paid first

A

costs of dealing with bankruptcy

179
Q

T/F A bankrupt is discharged two years following the bankruptcy order

A

False - one year

180
Q

T/F do preference shareholders have a right to receive any unpaid preference dividends when company is wound up

A

No

181
Q

Who must proposals of achieving aim of administration be sent to

A

Registrar of Companies
Companies Creditors
Members

182
Q

T/F
There must be at least one partner with unlimited liability in an unlimited partnership

A

True

183
Q

t/F
in an unlimited partnership
the partnership must be incorporated

A

True

184
Q

T/F
In an unlimited partnership, a partner with limited liability may not withdraw capital

A

True

185
Q

T/F
In an unlimited partnership, all partners are entitled to a 5% return on capital invested

A

Flase

186
Q

Does an LLP need to file its partnership agreement with the Registrar of companies

A

No

187
Q

How many days must notify Registrar of companies with changes to membership of LLP

A

14 days

188
Q

T/F
an LLP is required to include the name of the business on its correspondence and outside place of business

A

True

189
Q

three ways of committing fraud

A

fraud by way of false representation
fraud due to abuse of position
fraud due to failure to disclose informaton

BTF (14 decks)

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