Business Management and Information Systems – Page 14

BMIS – L1 – QD10 – Professional ethics in accounting and business

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?

Answer

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Tags: Accountants, Ethics, Professional Responsibility, Public Interest
Level: Level 1

Topic: Professional and Ethical Considerations

BMIS – L1 – Q9 – Professional ethics in accounting and business

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.

Answer

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Tags: Confidentiality, Ethical Principles, False Accounting, Information Disclosure, Integrity, Legal Compliance, Objectivity, Professional Behavior, Professional Competence
Level: Level 1

Topic: Professional ethics in accounting and business

BMIS – L1 – QD8 – Competitive advantage and strategic direction

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.

(d) It has developed a direct marketing capability.

(e) It has developed a direct mail gift product.

Answer

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Tags: Branding, Direct Marketing, E-commerce, Organic Farming, Product diversification, Value Addition
Level: Level 1

Topic: Operations strategy

BMIS – L1 – QD7 – Competitive advantage and strategic direction

Explain the cost leadership strategy for competitive advantage.

Question

(a) Cost leadership.

(b) Differentiation.

Answer

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Tags: Competitive advantage, Focus strategy, Porter’s strategies
Level: Level 1

Topic: Competitive advantage and strategic direction

BMIS – L1 – QD6 – The external environment

Explain the concept of environmental scanning in business management.

Question

Explain the following:

(a) Environmental scanning.

(b) Strategic planning.

Answer

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Tags: Environmental Assessment, Implementation, Mission and Objectives, Review, Strategic Choice, Strategic Planning Process
Level: Level 1

Topic: Introduction to business strategy

Title: BMIS – L1 – QD5 – Business Strategy

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.

Answer

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Tags: Deliberate Strategy, Emergent Strategy, Mintzberg, Strategic management
Level: Level 1

Topic: Introduction to business strategy

BMIS – L1 – QD4 – Mission Statements

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.

Answer

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Tags: Mission Statement, Organisational goals, Professional Association, Strategic objectives
Level: Level 1

Topic: Introduction to business strategy

BMIS – L1 – QD3 – Organisation culture in business

Identify Hofstede's dimension explaining differences in financial strategies between two countries.

Question

Hofstede identified ways or ‘dimensions’ in which the culture in organisations differs between countries.

Required

In each of the following four cases, which of the dimensions identified by Hofstede would explain the differences in culture between the two countries?

(a) In Country A, it is usual for the senior management of stock market companies to defer major expenditures in order to improve the reported current year profits. In Country B, it is common for the annual report of major stock market companies to explain at length the company’s strategies and commitment to plans for capital expenditure.

(b) In Country C, it is usual for investment banks to pay large annual cash bonuses to individual bankers on the basis of their performance in the year. In Country D, it is usual for similar banks to determine annual cash bonuses on the basis of performance by groups or teams within the bank.

(c) In Country E, a much-praised quality of office workers such as accountants is an ability to turn up for work on time every day, regardless of difficulties with transport or weather. In Country F, late arrival at work due to transport problems is accepted as a normal fact of life, and poor time-keeping does not matter as long as the work gets done.

(d) In Country G, it is normal practice for decisions to be taken collectively and by consensus of management and employees. In Country H, it is the usual business culture for decisions to be taken by the boss without consultation with anyone else.

Answer

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Tags: cultural dimensions, femininity, Hofstede, masculinity, power distance
Level: Level 1

Topic: Organisation culture in business

BMIS – L1 – QD2 – Organisation culture in business

Explain Handy's concept of organisational cultures and describe his four types with examples.

Question

What did Handy mean by ‘cultures’ of an organisation? Briefly describe the four cultures identified by Handy and give an example of each.

Answer

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Tags: Handy, organisational culture, person culture, power culture, role culture, task culture
Level: Level 1

Topic: Organisation culture in business

BMIS – L1 – QD1 – Organisation culture in business

Identify Schein's three levels of culture, and determine which is hardest to interpret and change.

Question

(a)

(i) What are the three levels of culture identified by Schein?

(ii) Which of these levels of culture is the most difficult to interpret and understand?

(iii) Which of these levels of culture is the most difficult to change?

(b) A music publishing company operates from a single office building. Everyone in the company calls each other by their first name or familiar name. All meetings between employees or with clients and customers are held in a cafeteria on the second floor of the building, and there are no meeting rooms or other meeting spaces.

Which of the three levels of culture, as identified by Schein, do these features of the company represent?

Answer

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Tags: artefacts, organisational culture, Schein, workplace practices
Level: Level 1

Topic: Organisation culture in business

Subject (SQ): Business Management and Information Systems

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BMIS – L1 – QD10 – Professional ethics in accounting and business

Describe differences between business and professional codes of ethics for accountants.

BMIS – L1 – Q9 – Professional ethics in accounting and business

Evaluate ethical issues in an accountant’s actions across four scenarios.

BMIS – L1 – QD8 – Competitive advantage and strategic direction

Identify ways a dairy farm has added value to its operations.

BMIS – L1 – QD7 – Competitive advantage and strategic direction

Explain the cost leadership strategy for competitive advantage.

BMIS – L1 – QD6 – The external environment

Explain the concept of environmental scanning in business management.

Title: BMIS – L1 – QD5 – Business Strategy

Describe the purpose of the three stages of strategic management.

BMIS – L1 – QD4 – Mission Statements

Explain the purpose of a mission statement and how Zoom's mission statement aligns with it.

BMIS – L1 – QD3 – Organisation culture in business

Identify Hofstede's dimension explaining differences in financial strategies between two countries.

BMIS – L1 – QD2 – Organisation culture in business

Explain Handy's concept of organisational cultures and describe his four types with examples.

BMIS – L1 – QD1 – Organisation culture in business

Identify Schein's three levels of culture, and determine which is hardest to interpret and change.

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Subject (SQ): Business Management and Information Systems

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Describe differences between business and professional codes of ethics for accountants.

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