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You have just been employed as a management accountant in a small business with an annual turnover of $0.5 million.

You have a wide range of duties because the business is small.

Which of the followingis an ethical risk?

ABeing asked to buy very small gifts for key clients.

BBeing asked to work weekends, playing golf with clients.

CBeing asked to work weekends, taking clients to night clubs making sure they haveas much alcoholic drink as they want so that they will sign contracts.

DBeing asked to work weekends working out tenders for new contracts.

Question 2

The long-term prospects for interest rates in the UK and the USA are 2% and 6% per annum respectively.

The GBP/USD spot rate is currently GBP/USD1.71.

Usinginterestrateparitytheory, what GBP/USD spot rate would you expect to see insix months' time?

AGBP/USD = 1.74

BGBP/USD = 1.78

CGBP/USD = 1.65

DGBP/USD = 1.67

Question 3

S Doc is an out-of-hours service provided by a country's government. The service allows members of the public to call and speak to a nurse who can advise on medical situations which are not obviously emergencies. Depending on the situation the caller can be referred to the full emergency services, or be advised to go to Accident and Emergency at the nearest hospital. Alternatively, a callout from a general practitioner (GP) can be organised; the caller can be advised of where GP services are available; advice can be given over the phone; or a decision can be taken that no further action is required at least until normal services resume on the next working day.

There has been a suggestion that the nurses who take these calls could be replaced by suitably trained operatives who have available to them a specially designed expert system.

Which of the following are advantages of using an expert system instead of nurses?

AThe operatives would be too careful and thereforewould recommend unnecessary treatments or interventions.

BSome callers may present with complicated scenarios that a non-medically trained operative or expert system would be unable to recognise (for example, psychological issues).

CUsing an expert system would make operatives less inclined to feel sorry for the caller and ensure that only relevant facts were considered in coming to a decision.

DThe use of an expert system would ensure that only relevant questions were asked of the caller and that operatives did not miss something vital due to distraction or fatigue.

EThe expert system will always follow the same path whereas the nurses may have more knowledge about some health issues and very little about others.

Question 4

M is a listed company. It is hoping to invest in a risky new venture. M has a substantial amount of cash to invest in the venture. M would have found it difficult to raise new finance as it has a high level of gearing. Which of the following statements about stakeholders' conflicting interests are true?

AM's shareholders would only be exposed to the systematic risk from the investment in the new venture.

BM's credit rating is likely to fall as a result of this new venture.

CThe directors would only beexposed to the systematic riskfrom the investment in the new venture.

DM's diversification will mean less risk for the shareholders.

Question 5

Which of the following statements concerning the role ofa non-executivedirector (NED) is correct?

AIndividual NEDs should be on at least five boards if possible so as to give them wide experience.

BNEDs are not responsible for determiningexecutive directors' remuneration.

CNEDs should satisfy themselves on the integrity of financial information and should develop the control systems to ensure that integrity is maintained.

DNEDs have a key role in removing executive directors.

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