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[ACCA F1 200 QUESTIONS WITH ANSWERS

1. The objectives of which of the following bodies include the establishment of high quality professional standards in financial reporting and the promotion of convergance of these standards across frontiers? a. IFAC b. IASC c. IASB d. ICSA 2. Which of the following may indicate an increased risk of fraud in an organization? 1. High staff turnover 2. Disgruntled unhappy staff 3. Culture of non-compliance with policies and regulations 4. Authoritarian senior management a. 2,3,4 b. 1,2,3 c. 1,2,4 d. 1,3,4 3. Which of the following is macro-economics the study for? a. The economy as a whole b. The local and regional economy c. The organization as a whole d. The individual elements that make up the economy 4. Which two production-related functions should be performed by the accounting department? a. Calculating production cost variances b. Preparing a purchase and wages budget c. Estimating production quantities d. Making decisions as to which products to make 5. What is the main purpose of financial statements? a. To communicate information between directors and managers b. To inform employees about company progress c. To report information to stakeholders

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[ACCA F1 200 QUESTIONS WITH ANSWERS

6. One model of organizational culture defines four basic types namely Power, Role, Task and Person cultures. Which writer proposed this model? a. Hotsfede b. Schein c. Handy d. Tuckman 7. Which of the following is an advantage of a just-in-time (JIT) purchasing strategy? 1. Bottlenecks in supply are avoided 2. Delivery frequency is reduced 3. Inventory holding costs are minimized a. 1,2,3 b. 1 and 2 c. 3 only d. 1 and 3 8. Which of the following is a feature of the informal organization? a. Flexibility b. Permanency c. Rigidity 9. Which two of the following are examples of government policies designed to deal with an increasingly ageing population? a. Subsidized nursing care b. Raising the retirement age c. Increasing the number of university places d. A reduction in personal taxation 10. Which of the following represents ethical behavior by an accountant? a. Billing the client for 20 hours when the work took 25 hours to complete b. Reporting the fraud by the client s staff to the press or other media c. Reporting fraud by the client s staff to the management of the company

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[ACCA F1 200 QUESTIONS WITH ANSWERS

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