ACUTE ACCA FIA mock F1 ACCA f1 fia mock Edition: 2012-2013 For more free acca Resources visit: www.acuteacca.tk

QUESTION:1 ALAN IS AN AUDITOR WHO HAS DISCOVERED A SUSPECTED SERIOUS FRAUD AT A CLIENT BUSINESS TO WHICH TWO OF THE FOLLOWING SHOULD ALAN REPORT THIS FRAUD? A.SHARE HOLDER B.THE POLICE C.THE AUDIT COMMITTEE D.THE MANAGEMENT

QUESTION:2 BOGDAN HAS JUST COMPLETED AN EVALUATION OF THE CURRENT TRAINING AND DEVELOPMENT NEEDS OF EACH MEMBER OF HIS DEPARTEMENT AND HAS AGREED WITH THEM INDIVIDUAL objectives aimed at meeting these needs over the next six months. Which type of evaluation has Bogdan just completed? A.PERSON SPECIFICATION B.PERSONAL COUNSELLING C.JOB ANALYSIS D.PERFORMANCE APPRAISAL

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QUESTION:3 The management accountant is discussing the potential impact of a deep price cut on the highest selling product of the company. Which other department would to be consulted about this discussion? 1.PURCHASING 2.PRODUCTION 3.SALES A.1 AND 3 ONLY B.1,2 AND 3 C.1 AND 2 ONLY D.2 AND 3 ONLY

QUESTION:4 WHICH TWO OF THE FOLLOWING ACTIVITIES SHOULD BE CARRIED OUT BY A MENTOR? A. Helping to draw out personal development plan B. Guiding a learner through a work experience plan C. Managing and controlling a new employee D. Providing quality controls for new workers

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Question:5 Which of the following are financial accounting tasks? 1. Classifying 2. summarising 3. communicating

A. 2 and 3 only B. 1 and 2 only C. 1 and 3 only D. 1,2 and 3

Question:6 Banks obtain a major source of funds from individuals opening up bank accounts. Under present international regulation, when a company suspects that it has encountered a transaction which involves money laundering, which choice of action is it required to undertake? Inform the external auditor T/F Inform the appropriate regulatory authorities T/F

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Question: 7 In relation to non-executive directors, which two of the following are recommendations of best practices in effective corporate governance? A. Their term of office should bee open ended B. They should contribute to strategy and take part in board decisions C. They should be rewarded using option schemes D. They should not take part in day to day running of the company

Question:8 Hadronix co. Designs and makes security equipment. Eric is the head of the research and development department. Dev is a consultant working for a company that advises Hadronix on advanced technology for detecting hazardous gases. Kendo is an account manager for an advertising agency which promotes Hadronix products. Asri leads a group who have become shareholders in Hadronix in order to influence the company’s ethical policy. Which of the following people have/has an external stakeholder role in Hadronix Co?

A. Dev and Kendo B. Asri C. Kendo only D. Eric and Dev

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www.acuteacca.tk question:9 Tyrad Co has recently been formed. Its owner are uncertain as to who is legally responsible for maintaining proper records and safeguarding the assets of the company Which of the following has these legal responsibilities? A. The external auditors B. The board of directors C. The finance director D. The internal auditors

Question:10 Which of the following are recognized as he features of group norm? A. They formally define job roles B. They always reinforce formal structures C. They define acceptable behaviours D. They are always explicitly defined

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Question:11 An organization is structured in such a way that individuals have dual reporting lines-they report to a manager for their product line and to a regional area manager. Which of the following describes this organizational structure? A. Product B. Matrix C. Geographical D. Functional

Question:12 What is the term used to describe incentive scheme based on output, calculated as a fixed price per item produced within a standard unit of time? A. Merit rating B. Payment by results C. Promotion D. Profit sharing

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VISIT:www.acuteacca.tk Question: 13 Many organizations strive to ensure that they have a fully diverse workforce to allow them to complete in the fast changing business environment. Which of the following is a benefit to an organisation of operating a diversity policy in recruitment? A. The organisation will have lower recruitment costs B. The organisation will have a lower staff turnover ratio C. The organisation will have more senior management positions D. The organisation will be able to access a potentially wider pool of talent

Question: 14 Which of the following are monitory policy instruments? 1. Government expenditure 2. Interest rates 3. special deposits 4. Exchange rates A. 1,2 and 4 B. 1,3 and 4 C. 2,3 and 4 D. 1,2 and 3

Question: 15 Are the following statements true or false related to the directors of an organisation? They are accountable to shareholders T/F They must be full time employees in organisation T/F

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www.acuteacca.tk Question: 16 Which of the following is a prime motive for a company to outsource?

A. To improve specialist job opportunities B. To improve working conditions C. To cost reduction and efficiency D. To increase control over operations

Question: 17 Which of the following is an ‘ad hoc’ committee? A. Project steering committee B. Finance committee

C. Standing committee D. Remuneration committee

Question: 18 Do the following statements characterise an effectively functioning group? Communication is leader- centred YES/NO Member adopt to a role that works for them and the group YES/NO

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www.acuteacca.tk Question: 19 Which of the following is an example of a generic strategy outlined by Porter? A. Customer focus B. Quality control C. Resources efficiency D. Cost leadership

Question: 20

Which two of the followings are example of a government policies designed to deal with an increasingly ageing population? A. Subsidized nursing care B. Raising the retirement age C. Increasing the number of university places D. A reduction personal taxation

Question: 21 In the short term, those seeking employment are not always in the right place, or may not have the right skills, to fill the vacancies that are available. Which of the following types of unemployment does this phenomena describe? A. Frictional unemployment B. Structural unemployment C. Seasonal unemployment D. Cyclical unemployment

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www.acuteacca.tk Question: 22 Which of the following is an example of an informal group? A. Health and safety executive

B. Non executive directors C. Trade union D. Interest groups

Question: 23 Which of the following describes the leadership quality of magnanity, according to Bennis? A. All people should be recognized as equal in value B. Leader should listen to people C. People should be recognized as equal in value D. People should be credited for their success, and personal responsibility should

be taken for failure

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www.acuteacca.tk Question: 24 Which of the following are advantages of a business organization?

1. To enable functional specialization 2. To increase control by the owner 3. To allow knowledge sharing 4. To facilitate expansion A. 1,3 and 4 B. 2 and 4 C. 1,2,3 and 4 D. 1 and 3 only

Question: 25 For which of the following is horizontal communication used? A. To direct subordinates B. Task coordination between departments C. To clarify operational goals D. Feedback to management from employees

Question: 26 Jim works for the internal auditor department of KL Co. recently he was asked to examine the policies of the purchasing department, and to report the management whether the policies were adequate and were working effectively. What type of audit has Jim asked to perform? A. System audit B. Value for money audit C. Transactions audit D. Operational audit ______________________________________________________________________

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www.acuteacca.tk Question: 27 Which basic step in work planning involves allocating work to people and machines?

A. Activity scheduling B. Task loading C. Task sequencing D. Time scheduling

Question: 28 Which of the following are typically included in a corporate code of ethics? A. Statement of ethical principals B. List of acceptable and unacceptable conduct C. Terms of employment D. Corporate value statements

Question: 29

A member of the team is creative, imaginative and takes a strategic approach. She solves difficult problems, but sometimes ignores details and is often too Preoccupied to communicate effectively. Which of Belbin’s team roles is being described above? A. Shaper B. Specialist C. Coordinator D. Plant

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WWW.ACUTEACCA.TK Question: 30 A company is transparent in its communications with the outside world. Which of the following established categories of ethical behaviour does this represent? A. Accountability B. Empowerment C. Openness D. Trust

Question: 31 The financial director of ACUTEACCA Co. has recently employed three managers; a financial controller, a treasurer and a management accountant, to help with the increasing workload of the accounting function.

Which two of the following responsibilities will be assigned to the management accountant? A. Cash flow control B. Raising funds by borrowings C. Investment appraisal of projects D. Cost accounting

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Question: 32 Which of the following is a key dimension in Hofstede’s model of national cultures? A. Uncertainly distance B. Power collectivism C. Uncertainly avoidance D. Power avoidance

Question: 33

Which of the following describes the first stage of Kolb’s learning cycle, where the person is learning something new?

A. Concepts and generalisations B. Concrete experiences C. Observation and reflection D. Concepts in new situations

IF YOU WANT MORE F1 MOCKS+BOOKS+NOTES+PAST PAPERS +GUESS PAPERS+REVISION MOCKS+ FINAL ASSESSMENTS AND MANY MORE….THEN VISIT WWW.ACUTEACCA.TK Question: 34 ACUTEACCA.TK is a private company.90% of the shares are owned by Ms A, who is also an executive with the company. Mr. B owns 1% shares and plays no part in the management .however, he attends every annual general meeting and is enthusiasific about the company affairs. Ms C is the representative of the trade union. In recent times the trade union has taken frequent industrial action. Mr. D, the finance director, is highly valued by the company but is about to retire and plays little part in management.

According to Mendelow’s framework, which of the stakeholders should be ‘kept informed’? A. Mr. D B. Mr. B C. Ms C D. Ms A

Question: 35 Do the financial control procedure exist specifically to ensure the following? YES NO Financial transactions are properly recorded. The assets of the business are safeguarded.

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Question: 36 Teri has the task of checking the accuracy of delivery notes relating to raw materials used in her company’s manufacturing processes. She generates goods

received notes and answers queries from colleagues on the quality standards and availability of raw materials. In which of the following business functions is Teri working?

A. Marketing B. Procurement C. Accounting D. Production

Question: 37 Marvis is a team leader working in the finance directorate of a charitable organization. She also manages a team of five people. Three of the five people benefit from good working relationship. Two of the team, however, seem to be constantly battling with each other. Marvis has decided to bring in the human resources department to deal with the issue. Are the phrases below correct interpretations of the situation described? YES NO Conflict avoidance Conflict referral

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Question: 38

In which order do the main components of the sales cycle usually take place with respect to credit transactions, after the order has been received? A. Goods dispatched, invoice sent, customer pays B. Invoice sent, goods dispatched, customer pays C. Goods dispatched, customer pays, invoice sent D. Customer pays, invoice sent, goods dispatched

Question: 39 Why is jargon in a message a barrier to effective communication? A. Informal overload B. Inappropriate feedback C. Inappropriate use of language D. Inappropriate method of communication

Question: 40 Which of the following could lead to increased risk of fraud and errors in the recorded purchases figure? 1. Centralised ordering system 2. Not getting detailed price quotations 3. Recording invoices for goods not yet received 4. Decentralised purchasing system

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Question: 41 Organisation contain many different departments, each with their roles designed to support the activities of the business. The research and development department at a large toy manufacturer is primarily concerned with which TWO of the following activities? A. Improving existing products B. Designing new products C. Branding products D. Promoting products

Question: 42 Which two of the following items could appear in a company’s statement cash flows? A. Interest expense paid B. Depreciation of non-current assets C. Repayment of share capital D. Accruals

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Question: 43 Jkl Co is a restaurant chain. Are the following statements about Jkl Co true or false? TRUE FALSE Buying locally grown organic produce will reduce Jkl’s Impact on the environment Limiting Jkl Co’s damage to the environment is likely to Improve its efficiency

Question: 44 Which of the following are responsible for health and safety in workplace?

1. The employee 2. The employer

A. 1 only B. Neither 1 nor 2 C. 1 and 2 D. 2 only

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Question: 45 Which two of the following are examples of ineffective behaviour in the workplace? A. Scepticism that challenges conventional thinking B. Being free and open when communicating C. Passive acceptance of decisions D. Dominating discussions at meeting

Question: 46 Are the following key tasks of operational supervisors? YES NO Motivating employees Formulating strategy

Question: 47 ACUTE Co and Ideal Co are competitors in the oil industry who, between them, have a 90% market share. The chief executives of the two companies meet a conference and have a private meeting at which they make several agreements. Which of the following agreements would represent unethical business practice?

A. An agreement to develop join technology for future use B. An agreement to transport oil across a shared pipeline C. An agreement to set prices at a particular level D. An agreement to commence research into environment issues

Question: 48 Which of the following instruments is used as part of fiscal policy? A. Exchange rates B. Government spending C. Interest rates D. Credit controls

Question: 49 Mintzberg’s organizational configurations model decomposes the organization into six basic parts. Which part of the organization consists of analysts that design systems and processes? A. Operational core B. Techno structure C. Middle line D. Support staff

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Question: 50 ABC Co has an accounting department with four staff. There is a high turnover of staff so many staff are new, with the exceptions of Derek. Derek, an unqualified accountant, has been with the company for five years. During that time he has dedicated himself to his job and never even taken any holidays. He is mainly responsible for maintaining receivables and also act as the cashier. What features of ABC Co increase the risk of fraud?

1. High staff turnover 2. Derek is unqualified 3. Derek has never taken holidays 4. lack of segregation of duties [receivable and cashier]