QUESTION: 153

If a business trades as "Exe and Co (Office Furniture)" which of the following is CORRECT?

(i) The business could be owned by a partnership

(ii) The business could be owned by a sole trader

(iii) The business could be owned by a private company limited by shares

(i) only
(i) and (ii) only
(iii) only
(i), (ii) and (iii)

Answer(s): D

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QUESTION: 154

The body responsible for reviewing the operations of the accounting profession worldwide
is:

The Professional Oversight Board for Accountancy
The International Federation of Accountants
The Financial Reporting Council
The Financial Review Board

Answer(s): B

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QUESTION: 155

Which of the following is correct in relation to international relations?

(i) International regulations are voluntarily entered into by commercial and professional bodies to standardize practices and procedure to make it easier to enter into international trading agreements.

(ii) International regulations which have been agreed by the professional bodies of different states are only binding on the members of those bodies or those who choose to adopt them.

(iii) International regulations may attain the force of law by being adopted by the legislatures of individual states

(i) only
(i) and (ii) only
(ii) only
(i), (ii) and (iii)

Answer(s): D

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QUESTION: 156

Jo is employed as management accountant of a large retailer. Jo has been asked to call a supplier and promise settlement of their account 'next week'. Jo is aware that her employer will definitely not have sufficient funds available to make the payment. If Jo accepts the request, which of the following 'fundamental principles' of CIMA's Code of Ethics will be compromised?

Integrity
Objectivity
Confidentiality
Professional behavior

Answer(s): A

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QUESTION: 153

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QUESTION: 156

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