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

Required: 
Write down which of the above are correct by selecting FOUR of the letters from
A-H. 
(0.5 marks each, total = 2 marks) 
(Total: 4 marks) 
 
Download Free Acca,ca study materials from WWW.ACCOUNTANCYWALLS.COM

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P AP E R F 1 ( F A B ) :
AC COU N TAN T IN B US INES S
 
98
KA P LA N P UBL I SH IN G 
24
(a) 
Below are a number of components. 
A Control 
environment 
B Corrective 
C Monitoring 
D Risk 
assessment 
E Application 
F Information 
systems 
G General 
H Management 
responsibility 
Required: 
Write down which FOUR of the above statements are components of internal 
control systems by selecting FOUR from A-H. 
(0.5 marks each, total = 2 marks) 
(b) 
Below are a number of statements regarding internal and external audit. 
A 
It is a legal requirement for larger companies 
B 
The scope of work is decided by management 
C 
Can be undertaken by employees of the company 
D 
Ultimately reports to the company’s shareholders 
E 
Reviews whether financial statements are true and fair 
F 
Must be undertaken by independent auditors
G 
Mainly focuses on reviewing internal controls 
H 
Ultimately reports to management 
Required: 
Write down which FOUR of the above statements relate to internal audit by 
selecting FOUR of the letters from A-H. 
(0.5 marks each, total = 2 marks) 
(Total: 4 marks) 
 
Download Free Acca,ca study materials from WWW.ACCOUNTANCYWALLS.COM

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PRACTICE MULTI-TASK QUESTIONS :