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1. The objectives of which of the following bodies include the establishment of high quality professional standards in financial reporting and the promotion of convergance of these standards across frontiers?

a. IFACb. IASCc. IASBd. ICSA

2. Which of the following may indicate an increased risk of fraud in an organization?

1. High staff turnover2. Disgruntled unhappy staff3. Culture of non-compliance with policies and regulations4. Authoritarian senior management

a. 2,3,4b. 1,2,3c. 1,2,4d. 1,3,4

3. Which of the following is macro-economics the study for?

a. The economy as a wholeb. The local and regional economyc. The organization as a wholed. The individual elements that make up the economy

4. Which two production-related functions should be performed by the accounting department?

a. Calculating production cost variancesb. Preparing a purchase and wages budgetc. Estimating production quantitiesd. Making decisions as to which products to make

5. What is the main purpose of financial statements?

a. To communicate information between directors and managersb. To inform employees about company progressc. To report information to stakeholders

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6. One model of organizational culture defines four basic types namely Power, Role, Task and Person cultures.Which writer proposed this model?

a. Hotsfedeb. Scheinc. Handyd. Tuckman

‘7. Which of the following is an advantage of a just-in-time (JIT) purchasing strategy?

1. Bottlenecks in supply are avoided2. Delivery frequency is reduced3. Inventory holding costs are minimized

a. 1,2,3b. 1 and 2c. 3 onlyd. 1 and 3

8. Which of the following is a feature of the informal organization?

a. Flexibilityb. Permanencyc. Rigidity

9. Which two of the following are examples of government policies designed to deal with an increasingly ageing population?

a. Subsidized nursing careb. Raising the retirement agec. Increasing the number of university placesd. A reduction in personal taxation

10. Which of the following represents ethical behavior by an accountant?

a. Billing the client for 20 hours when the work took 25 hours to completeb. Reporting the fraud by the client’s staff to the press or other mediac. Reporting fraud by the client’s staff to the management of the company

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