Month: April 2025

The following statements concern the role of the Disciplinary Tribunal convened by the FRC under the Accountancy Scheme.

Statement 1 – To ensure their independence, no member of a Tribunal can be an officer or employee of any of the accountancy professional bodies, or the FRC.

Statement 2 Tribunal hearings are not normally open to the public, except in exceptional circumstances where the Tribunal decides that this would be in the interests of justice.

Are these statements true or false?

Select ONE answer:

1. Statement 1 – True and Statement 2 – False
2. Statement 1 – False and Statement 2 – True
3. Statement 1 – True and Statement 2 – True
4. Statement 1 – False and Statement 2 – False

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Accounting KS5 classes.

The answer is 1

1. Correct == > True and False
2. Not correct
3. Not correct
4. Not correct

This work is licensed under a Creative Commons Attribution 4.0 International License.

The following statements have been made about the purpose of regulating professions.

Statement 1 – Regulation of professions should protect the public from being misled or from suffering from abuse of power through knowledge or monopoly

Statement 2 – Regulation of professions should protect the profession’s vested interests from competition to maintain public confidence that the public interest is being Safeguarded

Are these statements true or false?

Select ONE answer:

1. Statement 1 – True and Statement 2 – False
2. Statement 1 – False and Statement 2 – True
3. Statement 1 – True and Statement 2 – True
4. Statement 1 – False and Statement 2 – False

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Accounting KS5 classes.

The answer is 1

1. Correct == > True and False
2. Not correct
3. Not correct
4. Not correct

This work is licensed under a Creative Commons Attribution 4.0 International License.

The Financial Reporting Council consists of?

Select ONE answer:

1. Two divisions – the Conduct Division and the Codes a n d Standards Division
2. Two divisions – the Accountancy Division and the Actuarial Division
3. Three divisions – the Audit Regulation Division, the Accountancy Oversight Division and the Professional Discipline Division
4. Three divisions – the Conduct Division, the Codes Division and the Standards Division

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Accounting KS5 classes.

The answer is 1

1. Correct == > The FRC consists of Conduct Division and the Codes and Standards Division.
2. Not correct
3. Not correct
4. Not correct

This work is licensed under a Creative Commons Attribution 4.0 International License.

Bob runs his own engineering company.

He is currently experiencing financial difficulties and some of his credit suppliers are threatening to take him to court.

Bob needs some advice and has seen an advertisement in his local paper for an accountancy service that is much cheaper than he expected.

Bob calls the accountant Kevin to check that it is not a misprint and is surprised at some of the answers he is given to his questions by Kevin.

Kevin made the following statements to Bob:

• Statement 1 Anyone is free to advertise as an ‘accountant’ and offer the full range of accountancy services, with no exceptions.
• Statement 2 ICAEW members are open to competition from anyone, whether professionally qualified or not, who chooses to enter the market.
• Statement 3 There is no legal requirement for an accountant to be a paid-up member of one of the CCAB bodies.

Which of the statements are TRUE?

Select ONE answer:

1. 1 and 2 only
2. 2 and 3 only
3. 1 and 3 only
4. 1,2 and 3

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Accounting KS5 classes.

The answer is 2

1. Not correct
2. Correct == > No Yes Yes
3. Not correct
4. Not correct

This work is licensed under a Creative Commons Attribution 4.0 International License.