Fast School Of Accountancy

Paper F1
Q1- which of the following is a basic principal of a data protection?
a- Personal data should not be kept for longer than necessary for its purpose
b- Data subject should be advised of all information stored by the organization
from which they can be decided
c- The organization should formally confirms all changes made to personal
data to the data subject
Q2- both financial and non financial secondary are established by management
to ensure efficiency and management policies to properly safeguard assests and
to ensure complete and accurate words
To which of the following does the above refer?
a- Internal control
b- Internal check
Q3- do the following involves disguising the source of illegally obtained fundy?
Yes/NO
Teeming and lading NO
Money laundering Yes

Q4- which of the leadership model uses position power and leader member
relation as a part of it structure?
a- Adairs action centered leadership model
b- The blake and mouton managerial grid
c- Mcgregors theory X and Y
 d- Fiedler contingency model

Q5- which of the following is a barriers to the operation of a communication

model?
a- Noise
b- Feedback

Q6- in the context of the accountancy profession the concept off the public
interest is concerned with which of the following?
a- Taking responsibility for the collective well being of the client and other
stakeholder
b- Ensuring that all decision and action are compaired with relevant codes of
practice
c- Meeting clients needs with due regards to the law regulation and accepted
best practice

Q7- a new employee requires training in the specific tasks previous performed by
his supervisor
What approach is appropriate here?
a- Job rotation
b- Courselling
c- Mentoring
d- coaching

Q8- according to scheins theory of organizational culture a logo is an example of

which element of an organization culture?
a- Belief
b- Artefact
c- Value
 d- Ritual

Q9- are the following barriers to effective appraised?

Yes/no
a- The feedback is subjective yes
b- The appraised is treated as a one sided process yes

Q10- which of the following levels of management is the primary user of

operational information?
a- Team leader
b- Senior
c- Middle

Q11- are the following statement ture or false with regards to the director of an
organization?
True/false
a- They are accountable to the shareholder ture
b- They must be full time employee within the organization ture

Q12- which of the following definitions is best mapped with a competency?

a- abilities which the organization will value
b- Personal characteristics required for each role
c- Strength and weaknesses of each employee
d- Specific projected career steps for each employee

Q13- in relation to big data which two of the following are the examples of
human sourced data?
 a- Emails
b- Blogs
c- Website logs
d- Government statistics

Q14- in relation to cloud computing which of the following statement is

correct?
a- Users of cloud computing must back up all essentials data in their own
system
b- Users of cloud computing retain responsibility for all security and software
updates
c- Cloud computing can provide competitive advantage through economic of
scale
d- Cloud computing is unsuitable for small and medium sized enterprises

Q15- a construction company accidentally charger a customer to material that

were not used when the accountant discovers this he does not refund the amount
to the customer on the grounds that the customer has not noticed the
discrepancy
Which ethical principal is being violated by this behavior?
a- Confidentially
b- Objective
c- Independence
d- Integrity

Q16- a system audit involves tests to cheak that the figures entered in the
financial statement and supporting documentation are correct
What sort of tests will be used for this purpose ?
a- Compliance tests
b- Substantive tests
Q17- for many individuals their work is influenced by ethical principal such as
customer should be treated with courtesy and respect
Which of the following documents is most likely to contain this principal?
a- A corporate code of ethics
b- A professional code of ethics
c- A mission statement

Q18- accounting is a way of recording………….and reporting performance

Which of the following correctly completes the sentence above?
a- Auditing
b- Processing
c- Authorizing
Q19- in a national economy an initial increase in expenditure will lead to a much
larger final increase in national increase
Which of the following defines this outcomes?
a- Accelerator
b- Inflation
c- Aggregrate demand
d- multipler
Q20: which communication medium has highest level of information richness?
a- Email
b- Memos
c- Face to face
d- Telephone

Q21: Which Two of the following are objective of a connected stakeholder?

a- Career progression
b- Protecting rights
c- Payment for goods
 d- Reducing pollution

Q22: flexzi co operates a performance appraisal scheme appraisals are treated as

an interactive problem solving activity between appraisers and appraiseees
appraisees are given time and encouragement to prepare for approval so that
they can contribute constructively senior management requires appraisers to be
trained and to link appraisees performance to reward criteria for assessment are
determined locally by individuals appraised the results of appraisal feed into the
company wide performance related pay scheme the thoughment of the
apprasises process make the scheme costly to administer in comparison to the
value of its outcomes.
Which two of the following criteria for effective performance appraisal are met
in the above scenario?
a- Co-operration
b- Efficiency
c- Serious intent
d- Economy

Q23: according to drucker a manager has one basic function

Which of the following is drucker basic function of a manager?
a- Information dissemination
b- Economic performance
c- Resource allocation
d- Entrepreneurial input

Q24: perfect competition and oligopoly are two types of competition analysed
using the theory of the form
Are the following characteristics of perfect competition or oligopoly?
Oligopoly perfect competition
Few producers *
Horizontal demand curve *

Q25: Richard is a professional accountant he has good intension and being eager
to please he gives their friends and family however Richard has only a BASIC
knowledge of tax
Which fundamental principal from the IFAC (IESBA) code of ethics is being
branched by Richard?
a- Professional responsibility
b- Professional accountability
c- Professional behavior
d- Professional competence and dur care

Q26: which of the following is a distinctive feature of a not for profit

organization?
a- Its has social and ethical objective
b- Is is publically owned and controlled
c- It will never budget to make a financial surplus
d- It does not have making a financial surplus as a primary objective

Q27: which of the following are attributes of good quality information?

1- Abundance
2- Comparability
3- User orientation
4- Relevance

a- 2 3 and 4
b- 1 2 and 3
c- 2 and 4 only
 d- 1 3 and 4

Q28: KL Co is a restaurant chain

Are the following statement about JKL Co Ture or False?
Buying locally grown oraganic produce will reduce JKL Cos impact on the
environment False
Limiting JKL Cos damage to the environment is likely to improve its efficieny
Ture

Q29: what is the purpose of committee?

a- To replace the work of a manager
b- To gain the views and expertise of members
c- To make quick strategic decisions
Q30: danny is the accounts manager in a company trading in legitimate activity
established by a person to receive funds acquired by the same person from illegal
source
The person who manages but does own the legitmate company may be guilty of
which TWO categories of Money laundering?
a- Concealing or transferring proceeds to avoid prosecution
b- Acquisition possession or use of criminal proceeds
c- Failure to disclose knowledge or suspicion pf money laundering
d- Assisiing another to retain the benefit of crime

Q31: Are each of the following statement in relation to the impact of the
internal oraginzation in the business?
a- Informal work practice may cause health and safety problems Ture
b- Informal network have lengthy communication channels False
c- The grapevine can often convey inaccurate information Ture
 d- The grapevine can carry morale damaging rumours Ture

Q32: which of the following are general controls?

1- Passwords required at login
2- Security locks
3- Sequential numbering

a- 2 and 3
b- 1 and 2
c- 1 and 3

Q33: an oraganisation is controlled by a key central figure owner or founder it is a

small organization which people each other and get on well
Which of the following is the culture of the above oraganisation as recongnised
by hardy?
a- Authority
b- Power
c- Dominance

Q34: medilyx Co sales staff carry confidential personal data on laptop the
company wishes to revenue compliance with the following data protection
principal
Appropriate technical and organizational measure shall be taken against
unauthorized disclosure of personal data
Which TWO of the following data security measure are relevant to medilyx Cos
compliance review?
a- Training of the laptop users
b- Segregation
c- Encryption of the laptop data
 d- Off site backup copies of data files

Q35: auto4U sells new cars the company is considering opening a department
which would use highly skilled machines to service and repaire cars bought by
autos4U customers and other
Which TWO of the following are benefits which may result from the opening of
the new department?
a- Improving customer loyalty
b- Higher profit margin on sale of new cars
c- Developing a more deversitied business model
d- Economics of sale resulting in cost reduction

Q36: YGN CO has received cash from customer totaling $8000

Which TWO of the following controls should the company have in place?
a- Prompt banking
b- Sequential numbering
c- Authorization
d- Segregation duties

Q37: What is the MAIN purpose of an oraganisational code of ethics?

a- To specify policies which apply to an organizational operation
b- To guide moral behavior in situations employee are likely encounter in
works
c- To identify charitable activities and causes supported by the oraginzation
d- To specify the rule of etiquette in dealing with customer and suppliers

Q38: which Two of the following are recommended as best practice with
regards to remuneration committies?
 a- They should be staffed by executive directors who know about the day to
day running of the business
b- They should have no related interest other than as shareholders
c- They should determine specific remuneration package as well as general
policy

Q39: a company finance department is most likely to assist the production

department undertaking which of the following?
1- Desigining jobs and managing the workforce
2- Managing material and equipment efficiently
3- Controlling the quality of production and service delivery

a- 1 only
b- 2 and 3only
c- 1 2 and 3
d- 2 only
Possible ANS B OR D

Q40: a system audit involves test to cheak that the figure entered in the financial
statement documentation are correct
What sort of test will be used for this purpose?
a- Compliance tests
b- Substantive tests

Q41: teneille currently works for BGR Co as head of internal audit she has been
recruited by XYZ which is an audit partnership that will be performing an external
audit of BGR Co in the new future
In recruiting teneille XYZ is compromising her independence on which of the
following pound?
 a- Familiarty
b- Self review
c- Intimidation
d- Advocacy

Q42: indicate whether each of the following statement regarding integrated

reporting is ture or false?
the oraganisation integrated report is required to cover all six capitals in the
integrated reporting Ture
All capitals that an organization user or affect are owned the oraginzation False
The capitals are one of three fundamental concept underpinning integrated
repoating Ture
The categories of information required to be included in an integrated report are
referred to its content elements Ture

Q43: which FOUR of the following statement are feature of objective?

a- Achievable
b- Related
c- Acceptable
d- Timely
e- Specific
f- Measurable
g- Quantitative
h- Straight forward

Q44: which TWO of the following are capitals included in the international
integrated reporting framework?
a- Manufactured
b- Human
c- Intangible
 d- Economic

Q45: which TWO of the following are fundamental principal of ACCAs Code ethics
and contact?
a- Probity
b- Objectivity
c- Honesty
d- Integrity

Q46: which is the term for the difference between required skills and available
skills?
a- Training gap
b- Training needs assessment
Q47: tony is a newly appointed department head he is aware that one of his
subordnaites applied for this job been acting in that capacity unofficially for a new
month tony finds that the individuals concerned seems to be flexableand
obstructive towards him he reailses that the conflicts is adversily affecting the
organization
Which are the TWO best ways for tony to deal with this situations?
a- Discipline the individuals
b- Find the ways to reduce this inter personal conflict
c- Consult a senior colleague or his manager
d- Recognize this conflict as invitable and do nothing about it

OPTIONS
It provide evidence of the company role as a good coporate citizen Ture
In expands the basis upon which business decision are made ture