F1 (BT) – Chapter 26 – PART F – MCQ’s and OTQs – ACCA

This is ACCA F1 (BT/FBT) Business and Technology multiple-choice questions (MCQs).

These multiple-choice questions (MCQs) are designed to help ACCA F1 students to better understand the exam format. We aim to instill in students the habit of practicing online for their CBE exams. By doing so, students can reduce exam stress and prepare more effectively.

Please note:

  • Students should not attempt these MCQs until they have finished the entire chapter.
  • All questions are compulsory, so please do not skip any.

We hope that these MCQs will be a valuable resource for students preparing for the ACCA F1 (BT/FBT) exam.

INFORMATION ABOUT THESE MCQs Test

Course: ACCA
Fundamental Level: Knowledge, FIA
Subject: Business And Technology
Paper: F1 – BT/FBT
Chapter: 25 – 26
Chapter Number: 26 of the Practice and Exam Kit
Syllabus Area: F – Professional ethics in accounting and business
Questions Type: MCQs and OTQs
Exam Section: Section B

Number of the Questions

There are 21 Questions in this Online F1 MCQ Test that covers the Part F of the Syllabus; Professional ethics in accounting and business of ACCA F1 (BT/FBT) Business and Technology Module.

Time

These MCQs are not time-bound. Take your time and solve them without stress. Pay proper attention and focus. Do not rush or hesitate.

Result

Students will get their F1 CBE MCQs Test results after they finish the entire test. They will also be able to see the correct and incorrect answers, as well as explanations for the incorrect questions.

Types of Questions

MCQs: Choose one from the given options.
Multiple choice: Choose all answers that seem correct or incorrect, as per the requirement of the question. Keep your eye on the wording “(select all those which are correct/ or incorrect)”.
Dropdown: Select from the list provided.
Type numbers: Type your answer in numbers as per the requirement of the question.


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F1 - Chapter 26 - Part F Test - MCQs and MTQs

1 / 21

YRT Co is a firm of external auditors which has Company W, Company X, Company Y and Company Z among its audit clients.

Scenario

  • Company W is currently being sued by one of its suppliers. YRT Co has offered legal services and will defend them in this legal case.
  • The audit partner of Company X has been a member of the external audit team for the past 15 years and has good relationships with the senior management of Company X.
  • The financial controller of Company Y is the daughter of the audit manager from YRT Co.
  • Company Z does not have an experienced financial department and so YRT Co helps to prepare the financial statements of Company Z in advance of the external audit.

The following are types of conflicts of interest:

  • Familiarity threat
  • Advocacy threat
  • Self-review threat
  • Self-interest threat

Requirement: Match the types of conflict of interest above to the companies below.

(i) Company W
(ii) Company X
(iii) Company Y
(iv) Company Z

QUESTION

Which conflict of interest matches with Company X?

2 / 21

Which TWO of the following are criticisms of relativism?

3 / 21

Corporate codes of ethics are published by organisations in order to communicate values to stakeholders.

Why the stakeholder 'Customer' might be interested in what an organisation does?

4 / 21

JKL Co is a small firm of external auditors with a small number of clients. Almost 20% of its revenue comes from one client. The client still has not settled the invoice from the previous year's audit in the hope that this will strengthen their position in negotiating a lower price for this year's audit.

Which TWO of the following conflicts of interest exist in this situation?

5 / 21

Which of the following statements are FALSE?

6 / 21

Ethics are a set of _____________ that guide behaviour.

Which of the following correctly fills the blank?

7 / 21

YRT Co is a firm of external auditors which has Company W, Company X, Company Y and Company Z among its audit clients.

Scenario

  • Company W is currently being sued by one of its suppliers. YRT Co has offered legal services and will defend them in this legal case.
  • The audit partner of Company X has been a member of the external audit team for the past 15 years and has good relationships with the senior management of Company X.
  • The financial controller of Company Y is the daughter of the audit manager from YRT Co.
  • Company Z does not have an experienced financial department and so YRT Co helps to prepare the financial statements of Company Z in advance of the external audit.

The following are types of conflicts of interest:

  • Familiarity threat
  • Advocacy threat
  • Self-review threat
  • Self-interest threat

Requirement: Match the types of conflict of interest above to the companies below.

(i) Company W
(ii) Company X
(iii) Company Y
(iv) Company Z

QUESTION

Which conflict of interest matches with Company W?

8 / 21

Which TWO of the following are fundamental principles from ACCA's Code of Ethics?

9 / 21

Which of the following statements about ethics are FALSE.

10 / 21

Which of the following statements about social responsibility are TRUE?

11 / 21

Which of the following would give rise to a threat of intimidation?

12 / 21

Which TWO of the following are criticisms of absolutism?

13 / 21

Which of the following statements about ethics are TRUE.

14 / 21

YRT Co is a firm of external auditors which has Company W, Company X, Company Y and Company Z among its audit clients.

Scenario

  • Company W is currently being sued by one of its suppliers. YRT Co has offered legal services and will defend them in this legal case.
  • The audit partner of Company X has been a member of the external audit team for the past 15 years and has good relationships with the senior management of Company X.
  • The financial controller of Company Y is the daughter of the audit manager from YRT Co.
  • Company Z does not have an experienced financial department and so YRT Co helps to prepare the financial statements of Company Z in advance of the external audit.

The following are types of conflicts of interest:

  • Familiarity threat
  • Advocacy threat
  • Self-review threat
  • Self-interest threat

Requirement: Match the types of conflict of interest above to the companies below.

(i) Company W
(ii) Company X
(iii) Company Y
(iv) Company Z

QUESTION

Which conflict of interest matches with Company Y?

15 / 21

The Chairman's report of Fairmind states that "We are a competitive business, yet we are fair and open. Obtaining information about competitors by deception is strongly condemned. Making disparaging comments about competitors should be avoided.'

Which of the following safeguards would be most effective in ensuring that these standards are maintained?

16 / 21

Corporate codes of ethics are published by organisations in order to communicate values to stakeholders.

Why the stakeholder 'Employees' might be interested in what an organisation does?

17 / 21

Which of the following statements are TRUE?

18 / 21

Which of the following statements about social responsibility are FALSE?

19 / 21

Which FOUR of the followings are personal qualities expected of an accountant?

20 / 21

YRT Co is a firm of external auditors which has Company W, Company X, Company Y and Company Z among its audit clients.

Scenario

  • Company W is currently being sued by one of its suppliers. YRT Co has offered legal services and will defend them in this legal case.
  • The audit partner of Company X has been a member of the external audit team for the past 15 years and has good relationships with the senior management of Company X.
  • The financial controller of Company Y is the daughter of the audit manager from YRT Co.
  • Company Z does not have an experienced financial department and so YRT Co helps to prepare the financial statements of Company Z in advance of the external audit.

The following are types of conflicts of interest:

  • Familiarity threat
  • Advocacy threat
  • Self-review threat
  • Self-interest threat

Requirement: Match the types of conflict of interest above to the companies below.

(i) Company W
(ii) Company X
(iii) Company Y
(iv) Company Z

QUESTION

Which conflict of interest matches with Company W?

21 / 21

Corporate codes of ethics are published by organisations in order to communicate values to stakeholders.

Why the stakeholder 'Local communities' might be interested in what an organisation does?

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