Topic: The Role of Professional Accountants in Business and Society

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BMF – Nov 2020 – L1 – SB – Q4 – The Role of Professional Accountants in Business and

Explanation of ethical dilemmas, powers of professional bodies, and methods for resolving ethical dilemmas.

(a) Distinguish between ethical dilemma and conflict of interest. (4 Marks)
(b) Globally, professional bodies are backed by law, consequently, a measure of authority is conferred upon them which they regularly exercise whenever the situation or circumstance demands.
State THREE powers of a professional body. (6 Marks)
(c) State FIVE possible ways of resolving ethical dilemma in a business environment. (10 Marks)

(Total 20 Marks)

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  • 1 Marks

BMF – Nov 2020 – L1 – SA – Q14 – The Role of Professional Accountants in Business and Society

Identify the item that is NOT considered an agency cost.

Agency costs are the costs that the shareholders incur when professional managers run their company. Which of the following is NOT part of agency costs?
A. Costs of auditing accounts of the company
B. Remuneration paid to managers of the company
C. Cash bonuses paid to managers for meeting specified targets
D. Costs incurred paying too much for the acquisition of a subsidiary
E. Award of free shares to management of the company

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  • 1 Marks

BMF – Nov 2020 – L1 – SA – Q11 – The Role of Professional Accountants in Business and Society

Identify the term for reporting suspicions of illegal or improper behavior.

Reporting suspicions of illegal or improper behavior to a person in authority is termed:
A. Business ethics
B.
C.
D.
E. Whistle blowing

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  • 1 Marks

BMF – MAY 2016 – L1 – SA – Q13 – The Role of Professional Accountants in Business and Society

Multiple choice question on matters not typically associated with public interest in accountancy.

It is usual for accountants to associate public interest with the following matters EXCEPT

A. Detecting and reporting any serious misdemeanour or crime
B. Protecting health and public safety
C. Preventing the public from being misled by a statement or action of an individual or an organisation
D. Protecting health and personal safety
E. Revealing the existence of any conflict of interests of those individuals who are in a position of power or influence

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  • 1 Marks

BMF – May 2016 – L1 – SA – Q3 – The Role of Professional Accountants in Business and Society

This question tests the student's understanding of characteristics and objectives of not-for-profit organizations.

The following are TRUE about Not-For-Profit Organisations EXCEPT:
A. They exist for purposes other than making profit
B. They operate within the funding and cash available
C. They are wholly or partly funded from non-government sources
D. The operating surplus is retained for the organisation
E. They will aim to operate at a surplus

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  • 1 Marks

BMF – Nov 2014 – L1 – SA – Q20 – The Role of Professional Accountants in Business and Society

Identify the individual regarded as the father of "Scientific Management."

Which of these management writers is regarded as the father of “Scientific Management”?

A. Charles Babbage
B. Robert Katz
C. Henry Mintzberg
D. Frederick Taylor
E. Henri Fayol

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  • 1 Marks

BMF – Nov 2014 – L1 – SA – Q16 – The Role of Professional Accountants in Business and Society

Identify an example of an agency relationship in a typical business organization.

Which of the following provides a good example of an agency relationship in a typical business organization?

A. Employees and Employer
B. Employees and Creditors
C. Creditors and Shareholders
D. Creditors and Governments
E. Debtors and Creditors

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BMF – Nov 2014 – L1 – SA – Q15 – The Role of Professional Accountants in Business and Society

Identify the main objective of a not-for-profit organization.

The objective of a not-for-profit organization should be the pursuit of:

A. Cost effectiveness
B. Profit minimization
C. Shareholders’ wealth maximization
D. Value for money
E. Market position

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  • 1 Marks

BMF – Nov 2014 – L1 – SA – Q13 – The Role of Professional Accountants in Business and Society

Identify the type of group that manages its own work and practices.

A work group that manages its own work practices and job allocation within the group is known as:

A. Team group
B. Operative work group
C. Autonomous work group
D. Cooperative work group
E. Joint work group

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  • 1 Marks

BMF – Nov 2014 – L1 – SA – Q10 – The Role of Professional Accountants in Business and Society

Identifies the field that ethics as a science belongs to.

Ethics is a science of
A. Religion
B. Philosophy
C. Psychology
D. Physiology
E. Morals

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  • 20 Marks

BMF – May 2015 – L1 – SB – Q3 – The Role of Professional Accountants in Business and Society

Discuss reasons for government involvement in the Nigerian financial system and mechanisms for intervention.

a. State FIVE reasons for the increasing role of Government in the Nigerian Financial System.
(10 Marks)

b. State FIVE mechanisms for government intervention in the financial system.
(10 Marks)

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  • 1 Marks

BMF – May 2015 – L1 – SA – Q5 – The Role of Professional Accountants in Business and Society

This question tests knowledge of ethical theories, specifically focusing on one that prioritizes self-interest as the basis for human conduct.

Which of the following ethical theories expresses the view that human conduct should be based exclusively on self-interest?

A. Normative ethics
B. Applied ethics
C. Ethical egoism
D. Ethics of duty
E. Virtue ethics

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  • 20 Marks

BF – Nov 2015 – L1 – SB – Q4 – The Role of Professional Accountants in Business and Society

Discussing the roles of professional accountants and the advantages of organizational structures.

As a privileged member of society, a professional accountant has a vital role to play in protecting the public interest over and above personal considerations.

Required:
a. State SIX roles of a professional accountant in the efficient utilization of resources in society. (12 Marks)
b. Explain briefly FOUR advantages each of centralization and decentralization. (8 Marks)

(Total: 20 Marks)

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  • 1 Marks

BF – Nov 2015 – L1 – SA – Q20 – The Role of Professional Accountants in Business and Society

Identifying the incorrect statement about the role of a professional accountant.

Which of the following is NOT correct about a professional accountant?
A. Providing crucial contributions to streamline business plans
B. Serving as part of the management team of any organisation
C. Specialising in finance and accounting matters only
D. Involved in a wide range of activities beyond finance reporting and accounting matters
E. Procuring capital for current and future success of the company

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  • 1 Marks

BMF – May 2018 – L1 – SA – Q14 – The Role of Professional Accountants in Business and Society

Focuses on employee-related code of conduct policies.

The code of conduct in respect of employees as a stakeholder group might include all of the following EXCEPT
A. Equal opportunities for all employees regardless of gender, race, or religion
B. Refusal to tolerate harassment of employees by colleagues and managers
C. Respect for the privacy of confidential information about each employee
D. Concern for the health and safety of employees
E. Unfair dealing with the company’s customers

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  • 1 Marks

BMF – May 2018 – L1 – SA – Q13 – The Role of Professional Accountants in Business and Society

Identifies main ethical threats in accountancy.

The main threats to ethical behaviour in the accountancy profession fall into the following categories EXCEPT
A. Professional competence threat
B. Intimidation threat
C. Self-interest threat
D. Familiarity threat
E. Advocacy threat

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  • 1 Marks

BMF – Nov 2021 – L1 – SA – Q17 – The Role of Professional Accountants in Business and Society

Question on who developed agency theory in 1976.

Agency theory was developed in 1976 by:

A. Fayol and Mayo
B. Kanter and Urwick
C. Jensen and Meckling
D. Mintzberg and Ouchi
E. Frank and Lillian Gilbreth

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BMF – Nov 2021 – L1 – SA – Q14 – The Role of Professional Accountants in Business and Society

Question about identifying an act that cannot be categorized under NOCLAR.

Which of the following CANNOT be categorized as an act of Non-Compliance with Laws and Regulations (NOCLAR)?

A. Bribery
B. Whistleblowing
C. False accounting
D. Fraudulent practice
E. Mutilated financial records

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BMF – Nov 2021 – L1 – SA – Q7 – The Role of Professional Accountants in Business and Society

Question about the full meaning of the acronym IFAC.

The acronym “IFAC” stands for:

A. International Federation of Accountancy
B. International Federation of Accounting
C. International Federation of Accountants
D. Intermediate Federation of Accountants
E. Intermediate Federation of Accounting

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BMF – Nov 2021 – L1 – SA – Q6 – The Role of Professional Accountants in Business and Society

Question on principles that a professional accountant must comply with.

A professional accountant is required to comply with the following fundamental principles, EXCEPT:

A. Integrity
B. Strategic framework
C. Confidentiality
D. Objectivity
E. Professional behaviour

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