Tag: Ethics

Accounting Multiple Choice Question – 7 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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Kevin is a management consultant, and he has made the following statements concerning methods of regulating the accountancy profession.

  • Statement 1 ICAEW has direct responsibility for dealing with professional misconduct by its members
  • Statement 2 ICAEW has direct responsibility for acting as adviser to the government on necessary legislative changes
  • Statement 3 ICAEW has direct responsibility for confirming eligibility for the performance of reserved activities under statutory powers delegated by the government

Which of the statements that Kevin made above 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 3

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

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Accounting Multiple Choice Question – 6 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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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

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Accounting Multiple Choice Question – 5 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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Through its lESBA Code of Ethics, the International Federation of Accountants (IFAC) encourages accountants worldwide to adhere to five core professional principles.

Which of the following is among those principles?

Select ONE answer:

  1. Expertise
  2. Confidentiality
  3. Reliability
  4. Courtesy

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 == > Yes
  3. Not correct
  4. Not correct

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