Business Ethics and Corporate Governance – Page 2

BL – Nov 2020 – L1 – SB – Q1d – Business Ethics and Corporate Governance.

Describe ethical codes and their purpose for professional accountants.

Question

Accountants, like most professionals, are guided by the code of ethics of their profession when dealing with clients.

Required:
Explain:
i. Ethical codes
ii. The purpose of ethical codes for a professional accountant.

Answer

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Tags: Accounting Standards, Ethical Guidelines, Ethics, Professional Conduct
Level: Level 1

Topic: Business Ethics and Corporate Governance
Series: NOV 2020

BL – Nov 2020 – L1 – SA – Q6 – Business Ethics and Corporate Governance

Objective question testing knowledge on moral persuasion in guiding acceptable conduct.

Question

6. A moral persuasion against wrongdoing or unacceptable conduct is
A. Ethics
B. Laws
C. Rules
D. Regulations
E. Morals

Answer

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Tags: Business Ethics, Conduct, Ethics, Morality
Level: Level 1

Topic: Business Ethics and Corporate Governance
Series: NOV 2020

CSME – May 2022 – L2 – SC – Q7 – Business Ethics and Corporate Governance

Explain personal, business, and professional ethics, and describe Kohlberg’s stages of moral development.

Question

a. All accountants are expected to act ethically in the discharge of their respective duties. In light of this, evaluate the following concepts as they apply to professional accountancy practice:

i. Personal Ethics (1 Mark)
ii. Business Ethics (1 Mark)
iii. Professional Ethics (1 Mark)

b. With the aid of a clear example, explain the term “ethical/moral dilemma.” (2 Marks)

c. Explain Kohlberg’s stages of moral development. (10 Marks)

Answer

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Tags: Ethical Development, Ethics, Moral Dilemma, Professionalism
Level: Level 2

Topic: Business Ethics and Corporate Governance
Series: MAY 2022

BL – Nov 2015 – L2 – SB – Q4c – Business Ethics and Corporate Governance

List three items that may constitute fraudulent false accounting under Nigerian laws.

Question

statement prepared by him and should not engage in any fraudulent false accounting.

Required:

Enumerate THREE items that may constitute fraudulent false accounting under Nigerian laws.
(6 Marks)

Answer

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Tags: Corporate Ethics, False Accounting, Fraud, Nigerian Law
Level: Level 1

Topic: Business Ethics and Corporate Governance
Series: NOV 2015

BL – Nov 2015 – L2 – SB – Q3b – Business Ethics and Corporate Governance

State the limitations on cash payments under the Money Laundering (Prohibition) Act 2004.

Question

The Money Laundering (Prohibition) Act 2004 contains important provisions aimed at preventing money laundering, one of which is the limitation on the amount of cash payment.

Required:

State the limitation on the amount of cash payment under the Act.
(5 Marks)

Answer

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Tags: Cash Payment Limitation, Corporate Governance, Financial Crimes, Money laundering
Level: Level 1

Topic: Business Ethics and Corporate Governance
Series: NOV 2015

BL – Nov 2014 – L1 – SA – Q18 – Business Ethics and Corporate Governance

Identify the correct capital requirement for Re-insurance business.

Question

The capital requirement for Re-insurance business is
A. N1 billion
B. N2 billion
C. N3 billion
D. N4 billion
E. N10 billion

Answer

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Tags: Business Law, Capital requirement, Finance, Insurance, Re-insurance
Level: Level 1

Topic: Business Ethics and Corporate Governance
Series: NOV 2014

BL – May 2022 – L1 – SB – Q6a – Business Ethics and Corporate Governance

Advise ABC Limited on the implication of two former directors executing a profitable contract on behalf of their own company.

Question

Two of the directors of ABC Limited negotiated a road construction contract on behalf of the company. The company decided not to go ahead with the contract because it intends to start oil refining at the time. Considering that the road construction contract is profitable, the two directors resigned as directors of ABC Limited and established their own construction company, named Two Limited, which executed the contract at a good profit.

ABC Limited is aware of the situation and has approached you for advice.

Required:
Advise ABC Limited on the implication of the action of its former two directors.

Answer

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Tags: Conflict of Interest, Corporate Governance, Directors' Duties
Level: Level 1

Topic: Business Ethics and Corporate Governance
Series: MAY 2022

BL – May 2021 – L1 – SA – Q6 – Business Ethics and Corporate Governance

Identifying what regulates members of professional bodies besides law.

Question

Members of professional bodies are regulated by law and

A. Ethical codes
B. Peer review
C. Morality
D. Clients
E. Conditional ties

Answer

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Tags: Business Ethics, Ethical Codes, Professional Bodies
Level: Level 1

Topic: Business Ethics and Corporate Governance
Series: MAY 2021

BL – Nov 2023 – L1 – SA – Q9 – Business Ethics and Corporate Governance

This question asks who secured creditors have the right to appoint when a company is in financial difficulty.

Question

As an alternative to liquidation, where a company is in financial difficulty the secured creditors have a right to appoint a
A. Director to manage the assets
B. Banker to manage the assets
C. Chairman to manage the assets
D. Receiver/manager to manage the assets
E. Stockbroker to manage the assets

Answer

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Tags: Corporate Law, Insolvency, Receivership
Level: Level 1

Topic: Business Ethics and Corporate Governance
Series: NOV 2023

BL – Nov 2023 – L1 – SA – Q6 – Business Ethics and Corporate Governance

This question asks about a company's method to hedge against business risks.

Question

A means by which a company may hedge against business risk is called
A. Limitation of Liability
B. Limitless Liability
C. Moderated Liability
D. Arbitraging
E. Modulating

Answer

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Tags: Business Law, Hedging, Risk Management
Level: Level 1

Topic: Business Ethics and Corporate Governance
Series: NOV 2023

BL – Nov 2023 – L1 – SA – Q1 – Business Ethics and Corporate Governance

This question asks about the duty of a receiver in a corporate setting.

Question

Which of the following is NOT a duty of a receiver in a company?
A. Taking possession of company property
B. Managing company business
C. Discharging all outgoings
D. Protecting company properties
E. Realising securities for the benefit of shareholders

Answer

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Tags: Business Law, Company Management, Corporate Law, Receivership
Level: Level 1

Topic: Business Ethics and Corporate Governance
Series: NOV 2023

BL – Nov 2019 – L1 – SB – Q3b Business Ethics and Corporate Governance-

Identifying the factors that influence ethical behavior in a business environment.

Question

Business ethics is concerned with what is right or wrong practice in the business environment.
Required:
State FOUR factors that influence individual ethical behavior in a business environment. (4 Marks)

Answer

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Tags: Business Environment, Ethical behavior, Factors, usiness ethics
Level: Level 1

Topic: Business Ethics and Corporate Governance
Series: NOV 2019

BL – May 2023 – L1 – SA – Q18 – Business Ethics and Corporate Governance

Identify the penalty for corporate bodies obstructing authorized officers under the Money Laundering Act.

Question

Under the Money Laundering (Prevention and Prohibition) Act, 2022 which of the following is the punishment against corporate bodies that obstruct authorized officers of the Agency from doing their lawful duties?

A. ₦250,000 fine
B. ₦500,000 fine
C. ₦1 million fine
D. ₦5 million fine
E. ₦10 million fine

Answer

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Tags: Corporate Law, Legal Penalties, Money laundering
Level: Level 1

Topic: Business Ethics and Corporate Governance
Series: MAY 2023

BL – May 2017 – L1 – SB – Q4d – Business Ethics and Corporate Governance

Distinguishes the difference between a criminal offence and ethics in law and professional conduct.

Question

There is a marked difference between criminal law and ethics.

Required:
Distinguish between an offence and ethics.

Answer

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Tags: Criminal Law, Ethics, Offences, Professional Conduct
Level: Level 1

Topic: Business Ethics and Corporate Governance
Series: MAY 2017

BL – May 2017 – L1 – SA – Q10 – Business Ethics and Corporate Governance

Identifying a method to authenticate an email message.

Question

A statement in an e-mail message could be authenticated by
A. Comparing the e-mail message with other self-authenticating e-mail messages
B. The testimony of a related witness
C. Some common features of the accepted e-mail message
D. The oral evidence of a computer operator
E. Franking processes

Answer

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Tags: Business Communication, Cybersecurity, Email Authentication
Level: Level 1

Topic: Business Ethics and Corporate Governance
Series: MAY 2017

BL – May 2017 – L1 – SA – Q8 – Business Ethics and Corporate Governance

Identifying an exception to fraudulent intents.

Question

Fraudulent intents include the following EXCEPT an intent to
A. Permanently deprive the owner of the thing
B. Use the thing as a pledge or security
C. Part with a thing on a condition as to its return that the person taking it may be unable to perform
D. Deal with the thing in such manner that it cannot be returned in substantially the same condition as it was when it was taken
E. Use it for a limited time

Answer

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Tags: Business Ethics, Fraud, Legal Intent
Level: Level 1

Topic: Business Ethics and Corporate Governance
Series: MAY 2017

BL – May 2017 – L1 – SA – Q7 – Business Ethics and Corporate Governance

Identifying a non-function of an ethical code.

Question

Which of the following is NOT a function of an ethical code?
A. Administration by a professional body
B. Moral persuasion against wrongdoing
C. Regulation of professional conduct
D. Ensuring high standard of conduct
E. Protection of vulnerable consumers against the excesses of service providers

Answer

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Tags: Business Ethics, Corporate Governance, Ethical Code
Level: Level 1

Topic: Business Ethics and Corporate Governance
Series: MAY 2017

BL – MarJul 2020 – L1 – SA – Q7 – Business Ethics and Corporate Governance

Question on the maximum prison term for bribery charges against public officers

Question

The maximum prison term for a public officer found guilty of bribery is ………… year(s)
A. 1
B. 3
C. 5
D. 7
E. 10

Answer

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Tags: Bribery, Criminal Law, Legal Penalties, Public Officers
Level: Level 1

Topic: Business Ethics and Corporate Governance
Series: MAR/JULY 2020

BL – MarJul 2020 – L1 – SA – Q6 – Business Ethics and Corporate Governances

Question assessing the understanding of acceptable modes of conduct in society.

Question

Commonly acceptable mode of conduct or behaviour of a given society is known as
A. Order
B. Principle
C. Ethics
D. Instruction
E. Rule

Answer

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Tags: Behavior, Conduct, Ethics, Legal Standards, Moral Standards
Level: Level 1

Topic: Business Ethics and Corporate Governance
Series: MAR/JULY 2020

BL – May 2024 – L1 – SA – Q15 – Business Ethics and Corporate Governance

Identify the term for moral persuasion against wrongdoing in society.

Question

A moral persuasion against wrongdoing or unacceptable conduct in a given society is called:

A. Law
B. Etiquette
C. Norms
D. Morality
E. Ethics

Answer

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Tags: Business Law, Ethics, Moral Conduct, Social Norms
Level: Level 1

Topic: Business Ethics and Corporate Governance
Series: MAY 2024

Topic: Business Ethics and Corporate Governance

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BL – Nov 2020 – L1 – SB – Q1d – Business Ethics and Corporate Governance.

Describe ethical codes and their purpose for professional accountants.

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BL – Nov 2020 – L1 – SA – Q6 – Business Ethics and Corporate Governance

Objective question testing knowledge on moral persuasion in guiding acceptable conduct.

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CSME – May 2022 – L2 – SC – Q7 – Business Ethics and Corporate Governance

Explain personal, business, and professional ethics, and describe Kohlberg’s stages of moral development.

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BL – Nov 2015 – L2 – SB – Q4c – Business Ethics and Corporate Governance

List three items that may constitute fraudulent false accounting under Nigerian laws.

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BL – Nov 2015 – L2 – SB – Q3b – Business Ethics and Corporate Governance

State the limitations on cash payments under the Money Laundering (Prohibition) Act 2004.

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BL – Nov 2014 – L1 – SA – Q18 – Business Ethics and Corporate Governance

Identify the correct capital requirement for Re-insurance business.

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BL – May 2022 – L1 – SB – Q6a – Business Ethics and Corporate Governance

Advise ABC Limited on the implication of two former directors executing a profitable contract on behalf of their own company.

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BL – May 2021 – L1 – SA – Q6 – Business Ethics and Corporate Governance

Identifying what regulates members of professional bodies besides law.

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BL – Nov 2023 – L1 – SA – Q9 – Business Ethics and Corporate Governance

This question asks who secured creditors have the right to appoint when a company is in financial difficulty.

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BL – Nov 2023 – L1 – SA – Q6 – Business Ethics and Corporate Governance

This question asks about a company's method to hedge against business risks.

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BL – Nov 2023 – L1 – SA – Q1 – Business Ethics and Corporate Governance

This question asks about the duty of a receiver in a corporate setting.

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BL – Nov 2019 – L1 – SB – Q3b Business Ethics and Corporate Governance-

Identifying the factors that influence ethical behavior in a business environment.

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BL – May 2023 – L1 – SA – Q18 – Business Ethics and Corporate Governance

Identify the penalty for corporate bodies obstructing authorized officers under the Money Laundering Act.

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BL – May 2017 – L1 – SB – Q4d – Business Ethics and Corporate Governance

Distinguishes the difference between a criminal offence and ethics in law and professional conduct.

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BL – May 2017 – L1 – SA – Q10 – Business Ethics and Corporate Governance

Identifying a method to authenticate an email message.

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BL – May 2017 – L1 – SA – Q8 – Business Ethics and Corporate Governance

Identifying an exception to fraudulent intents.

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BL – May 2017 – L1 – SA – Q7 – Business Ethics and Corporate Governance

Identifying a non-function of an ethical code.

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BL – MarJul 2020 – L1 – SA – Q7 – Business Ethics and Corporate Governance

Question on the maximum prison term for bribery charges against public officers

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BL – MarJul 2020 – L1 – SA – Q6 – Business Ethics and Corporate Governances

Question assessing the understanding of acceptable modes of conduct in society.

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BL – May 2024 – L1 – SA – Q15 – Business Ethics and Corporate Governance

Identify the term for moral persuasion against wrongdoing in society.

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