Acca paper F1 fia diploma in Accounting and Business Accountant in Business (AB/fab) exam kit

P AP E R F 1 ( F A B ) :
AC COU N TAN T IN B US INES S
 
178 
KA P LA N P UBL I SH IN G 
22 
Adrian works for VCF Ltd and has been asked to locate three pieces of information for his 
manager: 
(1) 
The total cost of making one unit of BH364 – VCF’s only product 
(2) 
The total equity of the company 
(3) 
The difference between the original budget and actual results achieved in the last 
year 
Where would Adrian need to look for each of these pieces of information? 
A 
(1) Income statement (IS) (2) Budget (3) Standard cost card 
B 
(1) Standard cost card (2) Statement of financial position (SOFP) (3) Variance report 
C 
(1) Income statement (IS) (2) Statement of financial position (SOFP) (3) Budget 
D 
(1) Standard cost card (2) Statement of cash flows (3) Budget 
(2 marks)
23
Managers are said to have a __________ responsibility (or duty of faithful service) to the 
organisations that they serve. 
Which of the following terms correctly completes this sentence? 
A Financial 
B Fiscal 
C Fiduciary 
(1 mark)
24 
A Ltd needs to make a rapid decision about the launch of a new product and is 
considering whether to set up a committee to investigate this. Which of the following 
statements is correct with regards to A’s decision?
A 
Committees tend to be slow at making decisions, meaning it may be inappropriate 
for A in this situation. 
B 
Committees ensure that all the individuals involved are held responsible for the 
decision that the committee makes. 
C 
Committee members usually attend committee meetings full time, meaning that 
their normal work-load may suffer.
(1 mark)
25 
Which of the following would raise ethical issues for a manufacturer of chocolate? 
(i) 
The materials used in the production of the chocolate 
(ii) 
The quality of the chocolate 
(iii) 
How the chocolate is advertised 
(iv) 
How much its cocoa supplier pays its staff 
(v) 
How much it pays its own staff 
A 
(i) and (ii) 
B 
(i), (ii) and (iii) only 
C 
(i), (ii), (iii) and (v) only 
D 
(i), (ii), (iii), (iv) and (v) only 
(2 marks)
Download Free Acca,ca study materials from WWW.ACCOUNTANCYWALLS.COM

---

PRACTICE SIMULATION QUE S TIONS :