Tag: Code of Ethics

Accounting Multiple Choice Question – 4 April 2025

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

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Kath is considering training as an accountant and she has noticed that there are currently several pathways to ICAEW membership, one of which is joining as a member of another CCAB body.

A colleague has made the following two statements about the CCAB to Kath:

Statement 1 The CCAB has five members.

Statement 2 The CCAB provides a forum in which matters affecting the profession can be discussed and co-ordinated, and it enables the profession to speak with a unified voice to government.

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 3

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

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Accounting Multiple Choice Question – 3 April 2025

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

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In addition to its functions in relation to audit and accountancy, the Financial Reporting Council also oversees regulation of?

Select ONE answer:

  1. The actuarial profession
  2. The insolvency profession
  3. The financial advisory profession
  4. The investment management profession

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’s Professional Oversight team in its Conduct Division also oversees regulation of the actuarial profession.
  2. Not correct
  3. Not correct
  4. Not correct

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Accounting Multiple Choice Question – 2 April 2025

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

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In relation to which of the following does the Financial Reporting Council have statutory powers?

Select ONE answer:

  1. Supervision of the auditing profession by the recognised supervisory bodies
  2. Professional discipline of accountants
  3. Registration within the accountancy profession
  4. Continuing professional education and development

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 == > In areas other than audit, the FRC does not have statutory powers.
  2. Not correct
  3. Not correct
  4. Not correct

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Accounting Multiple Choice Question – 1 April 2025

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

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Lucy recently established her own accountancy practice from small retail premises in Staffordshire, above a local newsagents.

For the time being Lucy will operate as a sole trader.

Lucy has just passed the last of her professional examinations for her institute, but she is not yet qualified to offer statutory audit, insolvency, investment business or probate services.

Lucy through networking has already been successful in attracting several clients to her new practice.

She has not yet become a member of one of the Consultative Committee of Accountancy Bodies (CCAB), but she is registered with an approved body for supervision under the money laundering regulations (AML).

As a result, which of the following statements is correct?

Select ONE answer:

  1. Lucy cannot call herself an accountant
  2. The CCAB can legally stop Lucy from practising
  3. Lucy can offer the full range of accountancy services
  4. Lucy can offer the full range of accountancy services except in the reserved areas

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 == > The term ‘accountant’ has no special position in law (1). There is no legal requirement for an accountant to be a paid-up member of the CCAB bodies (2). She can call herself an accountant and, because she is registered for supervision under the money laundering regulations, Lucy can offer all accountancy services except in the reserved areas, where specific levels of competence are demanded (3).

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Accounting Multiple Choice Question – 31 March 2025

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

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ICAEW’s Investigation Committee has recently investigated a complaint brought by a client against Bash and Co, a firm of chartered accountants.

The Investigation Committee has found that there is a case to answer and has offered an unpublicised caution to the firm.

The firm does not, however, agree that there is a case to answer.

In such circumstances, Bash and Co have a right to ask that the case be considered by the ……?

Select ONE answer:

  1. Appeal Committee
  2. Disciplinary Committee
  3. Financial Reporting Council
  4. Prudential Regulation Authority

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 == > If members disagree with a decision of the Disciplinary Committee (rather than the Investigation Committee) then cases might be referred to the Appeal Committee. Neither the Financial Reporting Council nor the Prudential Regulation Authority is relevant in this context.
  3. Not correct
  4. Not correct

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