Tag: Auditing

Accounting Multiple Choice Question – 23 May 2025

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

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Little Staffie plc is a small listed company outside the FTSE 350.

Consequently, the company?

Select ONE answer:

  1. Must comply with all the requirements of the UK Corporate Governance Code
  2. Is governed by other corporate governance regulations than the UK Corporate Governance
  3. Can be flexible in how it applies the UK Corporate Governance Code
  4. Is not affected by the requirements of the UK Corporate Governance Code

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 3

  1. Not correct
  2. Not correct
  3. Correct == > The company can be flexible in how it applies the UK Corporate Governance Code. Non-FTSE 350 companies may depart even from the main principles in particular circumstances provided their non-compliance is explained (1). The company will be expected to adhere to the requirements of the Code by virtue of being listed (2) and (4).
  4. Not correct

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Accounting Multiple Choice Question – 22 May 2025

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

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Alex has become aware of theft from his employer, Big Staffie plc, by one of its directors.

Alex wishes to bring this to the attention of the company but is not aware of how to do so in line with the UK Corporate Governance Code.

Who within a company is responsible for reviewing arrangements by which staff may, in confidence, bring matters such as this to the attention of the company?

Select ONE answer:

  1. The company chairman
  2. The board of directors
  3. The non-executive directors
  4. The audit committee

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 4

  1. Not correct
  2. Not correct
  3. Not correct
  4. Correct == > This is set out in provisions supporting C3 (accountability: audit committee and auditors) of the Code.

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Accounting Multiple Choice Question – 21 May 2025

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

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Big Staffie plc is planning its forthcoming annual general meeting.

As part of this process the chairman of the company should arrange for which, if any, of the following committees to be represented by their chairman at the meeting?

Select ONE answer:

  1. Audit
  2. Audit and Remuneration
  3. Audit, Remuneration and Nomination
  4. None of these

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 3

  1. Not correct
  2. Not correct
  3. Correct == > This is set out in provisions supporting main principle E2 (relations with shareholders – constructive use of the AGM) of the Code.
  4. Not correct

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Accounting Multiple Choice Question – 20 May 2025

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

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Identify which of the following statements concerning the requirements of the UK Corporate Governance Code is true?

Select ONE answer:

  1. Non-executive directors of FTSE 350 companies, once appointed, only need to be submitted for re-election every three years
  2. The board’s responsibility to present a fair, balanced and understandable assessment of company performance extends to interim reports as well as to annual financial statements
  3. Directors’ service contracts should not exceed three years
  4. The annual report should state the company’s business model but its strategy for delivering the objectives of the company may remain confidential

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 == > True – This is in the principles supporting main principle C1 (accountability: financial and business reporting).
  3. Not correct
  4. Not correct

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Accounting Multiple Choice Question – 19 May 2025

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

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The board of directors of Big Staffie plc is currently considering the membership of its remuneration committee.

In this regard, which of the following statements is true?

Select ONE answer:

  1. The chairman must be one of the members of the remuneration committee
  2. The chairman may be both a member and chair of the remuneration committee
  3. The chairman may be a member but cannot chair the remuneration committee
  4. The chairman cannot be a member of the remuneration committee

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 3

  1. Not correct
  2. Not correct
  3. Correct == > This is set out in provisions supporting main principle D2 (remuneration: procedure) of the Code.
  4. Not correct

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