ICA (Ghana) – Page 8

BCL – L1 – SA – Q51 – Contract Law

Effect of promisor's death on a contract to paint a picture.

Question

A undertakes to paint a picture of B. He dies before he paints the picture. The contract

A is discharged by death

B becomes voidable

C becomes voidable at the option of the legal representatives of A

D will have to be performed by the legal representatives of A

Answer

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Tags: Contract Law, Death of Promisor, Discharge of Contract, Personal Services
Level: Level 1

Topic: Contract Law

BCL – L1 – SA – Q50 – Contract Law

Effect of third-party default on contract performance.

Question

Where a contract could not be performed because of the default by a third person on whose work the promisor relied, it

A. Is not discharged

B. Is discharged

C. Becomes void

D. Becomes voidable

Answer

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Tags: Contract Discharge, Performance, Third Party Default
Level: Level 1

Topic: Contract Law

AAA – L3 – SA – Q4.2 – Auditor Independence Threat

Threat from accepting a loan from a client.

Question

An auditor shall not accept a loan on favorable commercial terms from an audit client because of the threat to his or her independence. The threat would be a:

A Self-interest threat

B Self-review threat

C Advocacy threat

D Familiarity threat

Answer

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Tags: Auditor Ethics, ICAG, Independence, Self-Interest Threat
Level: Level 3

Topic: Rules of Professional Conduct

BCL – L1 – SA – Q49 – Contract Law

Definition of tender in contract performance.

Question

When promisee refuses to accept performance from the promisor who offers to perform, it is

A. Attempted performance

B. Vicarious performance

C. Tender

D. Frustration of contract

Answer

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Tags: Contract Obligations, Performance, Tender
Level: Level 1

Topic: Contract Law

AAA – L3 – SA – Q4.1 – International Standards on Auditing

True statement about ISAs.

Question

Which of the following is true about ISAs?

A They are statutory

B An auditor shall follow them in the conduct of his audit

C An auditor does not have to follow all ISAs

D If uncertain about interpretation, the auditor should contact the IAASB

Answer

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Tags: Audit Standards, Auditor Compliance, ICAG, ISAs
Level: Level 3

Topic: The regulatory environment

BCL – L1 – SA – Q48 – Contract Law

Binding nature of conditions on a ticket.

Question

On the face of the ticket for a journey the words – for conditions see back are printed in small print. The passenger

A. Is bound by the conditions whether he takes care to read them or not

B. Is not bound by the conditions

C. May not take note of the conditions

D. None of the above

Answer

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Tags: Contract Terms, Passenger Liability, Ticket Conditions
Level: Level 1

Topic: Contract Law

AAA – L3 – SA – Q3.10 – Auditor’s Responsibilities Section

Non-allowable position for responsibilities section.

Question

Which of the following is NOT an allowable position for the Auditor’s Responsibilities for the Financial Statements section of the auditor’s report?

A On a website of an appropriate authority and this website is referenced within the auditor’s report

B Within the body of the auditor’s report

C In an appendix to the auditor’s report that is referenced within the report itself

D In an introductory paragraph at the start of the report

Answer

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Tags: Audit Standards, Auditor’s Report, ICAG, Responsibilities Section
Level: Level 3

Topic: Reporting

AAA – L3 – SA – Q3.9 – Assurance Engagements Standards

Standards for non-audit/review assurance engagements.

Question

Assurance engagements other than audits or reviews of historical financial information are subject to principles and procedures specified in:

A ISAEs and ISQMs

B ISREs and ISAEs

C ISAs and ISQMs

D ISAs and ISREs

Answer

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Tags: Assurance engagements, ICAG, ISAEs, ISQMs
Level: Level 3

Topic: Assurance Services

AAA – L3 – SA – Q3.8 – Group Audit Opinion

Opinion when component auditor’s work is unreliable.

Question

If a group auditor decides that the work of a component auditor is unreliable in relation to a material matter, the group audit opinion shall be:

A Unqualified but with an emphasis of matter paragraph

B Unqualified with no need for an emphasis of matter paragraph

C Qualified due to an inability to obtain sufficient appropriate audit evidence

D Qualified due to material misstatement

Answer

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Tags: Audit opinion, Component Auditor, Group Audit, ICAG

Topic: Group audits

BCL – L1 – SA – Q47 – Contract Law

Definition of a counteroffer in contract law.

Question

There is a counteroffer when–

A. The offeree gives conditions for acceptance or introduces a fresh term in acceptance.

B. The offeror makes a fresh offer

C. The offeree makes some query

D. The offeree accepts it

Answer

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Tags: Acceptance, Contract Formation, Counteroffer
Level: Level 1

Topic: Contract Law

Professional Body (SQ): ICA (Ghana)

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BCL – L1 – SA – Q51 – Contract Law

Effect of promisor's death on a contract to paint a picture.

BCL – L1 – SA – Q50 – Contract Law

Effect of third-party default on contract performance.

AAA – L3 – SA – Q4.2 – Auditor Independence Threat

Threat from accepting a loan from a client.

BCL – L1 – SA – Q49 – Contract Law

Definition of tender in contract performance.

AAA – L3 – SA – Q4.1 – International Standards on Auditing

True statement about ISAs.

BCL – L1 – SA – Q48 – Contract Law

Binding nature of conditions on a ticket.

AAA – L3 – SA – Q3.10 – Auditor’s Responsibilities Section

Non-allowable position for responsibilities section.

AAA – L3 – SA – Q3.9 – Assurance Engagements Standards

Standards for non-audit/review assurance engagements.

AAA – L3 – SA – Q3.8 – Group Audit Opinion

Opinion when component auditor’s work is unreliable.

BCL – L1 – SA – Q47 – Contract Law

Definition of a counteroffer in contract law.

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Professional Body (SQ): ICA (Ghana)

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Threat from accepting a loan from a client.

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True statement about ISAs.

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Opinion when component auditor’s work is unreliable.

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