S1 Judgement, uncertainty and ethics

Written by Saad Rahman (ACCA)

اے سی سی اے · اسٹریٹجک پروفیشنل لیول میں نیا · 6 سوالات

نام: ____________________   تاریخ: ____________

1. In Section A of S1, how many of the 50 marks are for professional ethics?

   • A 36
   • B 10
   • C 8
   • D 6

2. A finance manager is under pressure to estimate a provision at a low value so that a covenant is met. This is a threat of:

   • A Advocacy only
   • B Familiarity only
   • C Self-interest and intimidation
   • D None

3. Estimation uncertainty must be disclosed when:

   • A Any estimate is used
   • B The auditor requests it
   • C There is a significant risk of a material adjustment to carrying amounts in the next year
   • D The estimate is for a depreciation charge

4. When a standard requires a judgement, the most useful answer to explain it will:

   • A Quote the standard only
   • B State the judgement, the assumptions, the effect of changing them and the disclosure
   • C Avoid a conclusion
   • D Give the figure only

5. Which of the following is a common sign of management bias in estimates?

   • A Use of independent experts
   • B Changes made on the basis of new information
   • C Estimates that consistently move in the direction that helps to meet a target
   • D Estimates that are reviewed by the audit committee

6. A company is asked by its bank to report a lower level of debt at the year end. The accountant's first step should be to:

   • A Agree to avoid losing the loan
   • B Tell the press
   • C Delete the liability
   • D Consider whether the request conflicts with the standards and raise it with those charged with governance