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- 7 Marks
Explain the difference between authority and responsibility in management.
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- Tags: Authority, Delegation, Leadership, Management, Responsibility
- Level: Level 1
- Topic: Management and leadership
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- 17 Marks
List the five main duties of management as identified by Fayol.
Question
(a). List the five main duties of management, as identified by Fayol.
(b). List and describe the roles of management, as stated by Mintzberg.
(c). Suggest (with reasons) which view of the role of management you consider more realistic.
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- Tags: Fayol, Leadership, Management, Mintzberg, Realism
- Level: Level 1
- Topic: Management and leadership
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- 20 Marks
Describe differences between business and professional codes of ethics for accountants.
Question
(a). Describe the main differences between a business code of ethics and a professional code of ethics for accountants.
(b). List five situations in which an accountant in business might face a moral or ethical dilemma. Provide guidance as to what constitutes appropriate behaviour in each situation.
(c). What is meant by acting in the public interest?
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- 12 Marks
Evaluate ethical issues in an accountant’s actions across four scenarios.
Question
Accountant’s behaviour
The fundamental ethical principles for accountants apply to accountants in business as well as accountants in practice.
(a) A fundamental ethical principle in accountancy is that an accountant should be objective, avoiding bias and undue influence. It seems that Kofi has allowed his friendship with the production director to affect his forecasts of costs, and so he is in breach of the principle of objectivity.
(b) The chairman of the company has purchased some expensive evening gowns for his wife at a Lagos fashion show. He tells Kofi to record the cost of the evening gowns as a company expense, as the cost of new protective clothing for workers in the production department. Kofi does what he has been told.
(c) The managing director asks Kofi if he can construct a spreadsheet model for analysing costs. Kofi has never constructed a spreadsheet model, but he does not want the managing director to give the work to a junior accountant in the department. He therefore says that he can construct the spreadsheet. He thinks that if he takes the work home, his sister will be able to help him: he knows that she is good with spreadsheets and will probably help him if asked.
(d) Kofi attends a party at the weekend where he mentions to a friend that he thinks his company is getting into serious financial trouble because it is about to lose a major contract. The friend later mentions his concerns for Kofi’s future to another person at the party, and explains why Kofi might be about to lose his job. The person that the friend speaks to is a senior manager in a rival company to the company that Kofi works for.
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- 10 Marks
Identify ways a dairy farm has added value to its operations.
Question
D8 Dairy farm
The farm appears to have added value in the following ways:
(a) It has switched to organic farming.
(b) It has increased the range of products that it makes and sells.
(c) It has created a brand for their product.
(d) It has developed a direct marketing capability.
(e) It has developed a direct mail gift product.
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- Tags: Branding, Direct Marketing, E-commerce, Organic Farming, Product diversification, Value Addition
- Level: Level 1
- Topic: Operations strategy
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- 10 Marks
Describe the purpose of the three stages of strategic management.
Question
(a) The strategic management process is sometimes described as having three stages: strategy analysis, strategy formulation, and strategy implementation.
Required:
Describe the nature or purpose of each of these three stages.
(b) Mintzberg argued that the process of strategy analysis, formulation, and implementation does not provide a realistic description of strategic management. He argued that the strategies implemented by an entity are a combination of deliberate and emergent strategies.
Required:
Explain the difference between a deliberate strategy and an emergent strategy. Give an example of an emergent strategy.
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- 10 Marks
Explain the purpose of a mission statement and how Zoom's mission statement aligns with it.
Question
(a) A low-cost airline ‘SkyFast’ has published its mission statement on its website:
‘To provide our customers with safe, good value, point-to-point services. To effect and to offer reliable and consistent product and fares agreeable to business and leisure markets on a range of African routes. To achieve this we will develop our staff and establish long-term relationships with our key suppliers.’
Required:
State the purpose of a mission statement, and suggest how the mission statement of SkyFast meets this purpose.
(b) The Royal Institute of Nigeria Cake-makers (RINC) is a professional association for cake makers in Nigeria. Its mission statement is as follows: ‘To advance cake making by demonstrating benefit to society and promoting excellence in the profession.’
The RINC was concerned about the lack of understanding amongst the general public about the benefits of good cake making. It was also concerned that the standards of professional ability amongst chefs might not be as high as it should be, and that public criticisms of some new types of cake were possibly justified.
The RINC identified a number of strategic objectives, consistent with its mission statement.
Required:
On the basis of this information, suggest three strategic objectives that the RINC might have identified, that are consistent with its mission statement.
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