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BCL – L1 – SA – Q44 – Contract Law

Effect of a promise made without intent to perform.

Question

A promise made without the intention of performing it amounts to –

A. Innocent misrepresentation

B. Fraud

C. Negligent misrepresentation

D. Wrongful misrepresentation

Answer

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Tags: Contract Validity, Fraud, Misrepresentation
Level: Level 1

Topic: Contract Law

AAA – L3 – SA – Q2.9 – Profit Estimates

Term for conditional profit estimate.

Question

An estimate of what the profit is likely to be if certain conditions occur or certain events happen is called:

A a profit forecast

B a profit projection

C budgeted profit

D target profit

Answer

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Tags: Audit Services, Financial Estimates, ICAG, Profit Projection
Level: Level 3

Topic: Audit-Related Services

BCL – L1 – SA – Q43 – Contract Law

Classification of a contract to pay if a house burns.

Question

A contract to pay Benjamin GH¢10,000 if Benjamin’s house is burnt – This is a

A. Wagering agreement

B. Void

C. Voidable agreement

D. Contingent contract

E. Contract of guarantee

Answer

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Tags: Contingent Contract, Contract Types, Wagering Agreement
Level: Level 1

Topic: Contract Law

AAA – L3 – SA – Q2.8 – Subsequent Events

Auditor’s responsibility for subsequent events.

Question

Before the issue of the auditor’s report, what is the responsibility of the auditor with regard to significant events after the date of the financial statements?

A The auditor must actively look for significant subsequent events.

B The auditor should consider subsequent events only if they come to his attention.

C The auditor should consider only those subsequent events brought to his attention by the client’s management.

D The auditor must actively look for significant adjusting subsequent events but should consider subsequent non-adjusting events only if they come to his attention.

Answer

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Tags: Auditor Responsibility, Financial Statements, ICAG, Subsequent events
Level: Level 3

Topic: Evaluation and review

BCL – L1 – SA – Q42 – Contract Law

Validity of a contract with an alien enemy.

Question

An agreement made with an alien enemy is

A. Unlawful on the ground of public policy

B. Unlawful because it becomes difficult to be performed

C. Valid

D. Voidable

Answer

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Tags: Alien Enemy, Contract Validity, Public Policy
Level: Level 1

Topic: Contract Law

BCL – L1 – SA – Q41 – Contract Law

What constitutes an offer in a contract.

Question

Which of the following result in an offer-

A. A declaration of intention

B. An invitation to offer

C. An advertisement offering reward to anyone who finds lost dog of the advertiser

D. An offer made in a joke

Answer

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Tags: Advertisement, Contract Formation, Offer
Level: Level 1

Topic: Contract Law

AAA – L3 – SA – Q2.7 – Auditor’s Working Papers

Incorrect statement about auditor’s working papers.

Question

Which of the following statements about the auditor’s working papers is INCORRECT?

A They record the audit evidence that supports the audit opinion

B They enable the audit partner to assess the progress of an audit

C They assist in the efficiency of an audit

D The client can have access to them

Answer

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Tags: Audit Evidence, Client Access, ICAG, Working Papers
Level: Level 3

Topic: Audit Evidence

BCL – L1 – SA – Q40 – Alternative Forms of Business Organisations

Liability in a partnership.

Question

In general, Partnership entails which one of the following liabilities?

A. Unlimited Liability

B. Limited Liability

C. No Liability at all

D. Both A and C

Answer

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Tags: Business organisations, Liability, Partnership
Level: Level 1

Topic: Alternative forms and constitutions of business organisations

BCL – L1 – SA – Q39 – Sale of Goods

Classification of contingent goods.

Question

Contingent goods belong to ____ goods?

A. Existing

B. Future

C. Contingent

D. None of these

Answer

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Tags: Contingent Goods, Contract Terms, Sale of Goods
Level: Level 1

Topic: Sale of Goods

AAA – L3 – SA – Q2.6 – Materiality Benchmarks

Accepted benchmark for materiality.

Question

Which of the following is an accepted benchmark for materiality?

A 1-2% of pre-tax profit

B 1-2% of operating profit

C 5-10% of revenue

D 1-2% of total assets

Answer

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Tags: Audit Planning, Financial Benchmarks, ICAG, Materiality
Level: Level 3

Topic: Planning

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BCL – L1 – SA – Q44 – Contract Law

Effect of a promise made without intent to perform.

AAA – L3 – SA – Q2.9 – Profit Estimates

Term for conditional profit estimate.

BCL – L1 – SA – Q43 – Contract Law

Classification of a contract to pay if a house burns.

AAA – L3 – SA – Q2.8 – Subsequent Events

Auditor’s responsibility for subsequent events.

BCL – L1 – SA – Q42 – Contract Law

Validity of a contract with an alien enemy.

BCL – L1 – SA – Q41 – Contract Law

What constitutes an offer in a contract.

AAA – L3 – SA – Q2.7 – Auditor’s Working Papers

Incorrect statement about auditor’s working papers.

BCL – L1 – SA – Q40 – Alternative Forms of Business Organisations

Liability in a partnership.

BCL – L1 – SA – Q39 – Sale of Goods

Classification of contingent goods.

AAA – L3 – SA – Q2.6 – Materiality Benchmarks

Accepted benchmark for materiality.

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Professional Body (SQ): ICA (Ghana)

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Effect of a promise made without intent to perform.

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Term for conditional profit estimate.

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Classification of a contract to pay if a house burns.

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Auditor’s responsibility for subsequent events.

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