Tag: KS3

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.

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

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

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

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

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

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