Podcast
Questions and Answers
Which approach to ethics focuses on maximizing benefits for the majority, as demonstrated by G's decision to proceed with building the factory?
Which approach to ethics focuses on maximizing benefits for the majority, as demonstrated by G's decision to proceed with building the factory?
What type of unemployment is likely to increase during a period of economic contraction in Country Z?
What type of unemployment is likely to increase during a period of economic contraction in Country Z?
Which of the following accurately defines blockchain technology?
Which of the following accurately defines blockchain technology?
Which of the following is NOT typically considered a key component of the '4P's' in the marketing mix?
Which of the following is NOT typically considered a key component of the '4P's' in the marketing mix?
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Which two activities are common types of internal control within an organization?
Which two activities are common types of internal control within an organization?
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Is the statement 'Teeming and lading is a fraudulent investment offer that involves paying abnormally high returns to initial investors out of the new money paid in by subsequent investors' true or false?
Is the statement 'Teeming and lading is a fraudulent investment offer that involves paying abnormally high returns to initial investors out of the new money paid in by subsequent investors' true or false?
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What aspect of corporate social responsibility (CSR) relates to the long-term maintenance of environmental, social, and economic systems?
What aspect of corporate social responsibility (CSR) relates to the long-term maintenance of environmental, social, and economic systems?
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Which of the following is a consequence of a company prioritizing profits over corporate social responsibility (CSR)?
Which of the following is a consequence of a company prioritizing profits over corporate social responsibility (CSR)?
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Which ethical principle has Charlotte violated by using misleading figures in a press release?
Which ethical principle has Charlotte violated by using misleading figures in a press release?
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According to Mendelow's matrix, what strategy should JM Co adopt regarding the national government?
According to Mendelow's matrix, what strategy should JM Co adopt regarding the national government?
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Which action should be taken first by an ACCA qualified accountant feeling pressured to act unethically?
Which action should be taken first by an ACCA qualified accountant feeling pressured to act unethically?
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What is NOT a characteristic feature of committees?
What is NOT a characteristic feature of committees?
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Which of the following is essential for effective corporate social responsibility?
Which of the following is essential for effective corporate social responsibility?
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In the context of corporate governance, which approach emphasizes the fair treatment of all stakeholders?
In the context of corporate governance, which approach emphasizes the fair treatment of all stakeholders?
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Which ethical principle generally addresses the importance of fairness and impartiality in professional judgments?
Which ethical principle generally addresses the importance of fairness and impartiality in professional judgments?
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Which of the following is typically an expected outcome of implementing robust corporate social responsibility strategies?
Which of the following is typically an expected outcome of implementing robust corporate social responsibility strategies?
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What does a price elasticity of demand of 0.5 indicate about the product?
What does a price elasticity of demand of 0.5 indicate about the product?
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Which of the following statements is true regarding the necessity classification of a product?
Which of the following statements is true regarding the necessity classification of a product?
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What is one role of internal audit in an organization?
What is one role of internal audit in an organization?
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If internal auditors can determine the scope of their own work, what does this imply?
If internal auditors can determine the scope of their own work, what does this imply?
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What conflict management approach allows team members to work through their differences collaboratively?
What conflict management approach allows team members to work through their differences collaboratively?
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What type of ethical threat is present if an accountant advocates for their client while being personally invested in the company's success?
What type of ethical threat is present if an accountant advocates for their client while being personally invested in the company's success?
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In the case of limited resources, which conflict management strategy could be considered inappropriate?
In the case of limited resources, which conflict management strategy could be considered inappropriate?
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What is one characteristic of a product likely to have a large number of substitutes?
What is one characteristic of a product likely to have a large number of substitutes?
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Study Notes
Ethics in Decision Making
- G supports factory construction for profitability, job creation, and economic benefits, demonstrating Utilitarian ethics, which focuses on the greatest good for the largest number.
Unemployment Context
- Country Z faces economic contraction, likely leading to cyclical unemployment due to reduced demand for goods and services.
Blockchain Definition
- Blockchain is defined as a technology that enables trust in a shared record of events among parties that do not know each other, emphasizing its decentralized nature.
Internal Control Activities
- Common internal control activities include:
- Monitoring of controls
- Authorisation and approval
Marketing Mix
- The '4P’s' segment of the marketing mix does not include People, which refers to internal marketing aspects rather than the traditional four components (Product, Price, Place, Promotion).
Fraudulent Investment
- Teeming and lading is a fraudulent scheme where returns to early investors are paid from the funds of new investors; this statement is True.
Corporate Social Responsibility (CSR)
- Sustainability in CSR may involve:
- Preventative actions
- Risk assessment processes
Ethical Principle Breach
- Charlotte misusing figures in her press release likely breaches the IFAC principle of Integrity, which emphasizes honesty and fairness.
Stakeholder Analysis Strategy
- JM Co's stakeholder analysis suggests a strategic response of Minimal effort regarding the national government, who possesses power but shows little interest.
Actions for Ethical Dilemmas
- In facing unethical requests, an accountant should:
- Report to a senior manager in charge of ethics
- Contact the ACCA
- Resign from the post if necessary.
Committee Decision-Making Features
- A common feature of committees includes the tendency for decisions to be compromises rather than the optimal solution.
Human Resource Management Statement
- The statement regarding human resource management being part of Porter’s value chain is True.
Price Elasticity of Demand
- A 5% price increase leading to a 10% reduction in sales indicates a price elasticity of demand of 0.5, classifying the product as inelastic.
Internal Audit Functions
- Correct statements about internal audit:
- It's a legal requirement for certain companies.
- Its role is to assess sound internal controls.
- Incorrect statements include the notion that internal auditors determine the scope of their work and whether it makes recommendations to managers.
Conflict Management Approaches
- Julie should use the Resolution approach to address the ongoing conflict between Ava and Michael regarding the delivery van.
Ethical Threats in Accounting
- Emma is facing a self-interest threat, as her past actions to attract investors contradict her knowledge of GHF Co's poor performance.
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Description
This quiz assesses your understanding of different ethical approaches demonstrated in various scenarios. By evaluating the decisions made by individuals like G, you'll identify whether their reasoning aligns with egoism, utilitarianism, pluralism, or absolutism. Test your knowledge on the principles of ethical reasoning!
