QUESTION: 13

Which of the following is not financial assistance for the purchase of a public company's own shares?

A loan by a company outside the ordinary course of business
Allowing the use of a company's assets as security for a loan
The payment of a dividend which has the effect of putting a shareholder in funds and enabling him to purchase the company's shares
Releasing a shareholder from a debt owed to the company

Answer(s): C

QUESTION: 14

While working as an accountant, you are asked to overlook certain irregularities in your company's accounts. This is likely to result in tensions described by which TWO of the following four options:

Personal and societal values
Personal and corporate values
Professional and corporate values
Professional and societal values

Answer(s): B,C

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Wye has borrowed £10,000 from Exe and the loan has now become repayable in full. Exe has received a cheque from Wye for £9,000 stated to be "in full and final settlement of the loan." What is the position if Exe cashes the cheque?

(i) Exe will have accepted £9,000 in full and final settlement and will not be able to claim the other £1,000 from Wye.

(ii) Exe is legally entitled to cash the cheque and pursue Wye for the balance of £1,000.

(iii) Exe will have accepted £9,000, but at law payment of less than the amount due cannot satisfy the full debt.

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

Answer(s): D

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QUESTION: 16

Which of the following is INCORRECT in relation to business names?

The business name of a private company limited by shares must end in "Limited" or "Ltd".
Both public and private companies may use a business name.
If a business name is used, the name of the proprietor must be stated on business correspondence and at the premises where the business is carried on.
If a business name is used which is the same or very similar to that of an existing business, an action in the tort of passing off may be brought by the existing business.

Answer(s): A

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QUESTION: 13

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QUESTION: 16