E1 Revision

Which one of the following is not one of the accepted headings included in PESTEL analysis?

Which one of the following is an example of a durable good?

Explain five variables that you think would be useful as a basis for segmenting the market for cars.

Harry is 12 years old.He is a keen Manchester United fan and plays football for his local team and is also a scout member.  ?Which one of the following would be least likely to be a reference group for Harry?

What are  the four stages of the product life cycle?

In marketing 'skim pricing' reflects:

Undifferentiated marketing involves an organisation in offering:

Segmentation involves identifying a target market which must be:

Companies with high costs will find it difficult to compete on the basis of price and would be well advised to:

Which one of the following statements is false with regards to the not-for-profits sector?

The functional structure is one of the common traditional organizational structures. It groups employees by function/specialism, for example finance and IT.  Identify the disadvantage of a functional organisational structure from the choices below:

The finance function can supply benchmarking insights to the IT function. If data is not being streamed as quicky as required by the business's various functions, then the IT infrastructure should be upgraded or overhauled.

The above is an example of how the finance function may assist in preserving the value of big data. To which characteristic of big data does the above example correspond?

Dale farm has been delivering milk to a village community in the Dales for the last 80 years.

Recently the owner, Emma decided to create a mission statement for the company.Which one of the following would be the most appropriate for this business?

John is an accountant with Smiths Ltd. He was recently asked to join a project team looking into the company's compliance with both FRC and IASB standards.

Based on this information, John has likely been recruited into this project team so that his expertise in which ONE of the following can be exploited?

Which Information Systems (IS) provides managers with flexible access to internal and external information at the tactical and strategic levels, for monitoring operating results and general business conditions?

As systems become more automated, humans lose some of their skills within the
system. This results in more automation. However, when faced with an unusual situation that requires a switch to manual control, an organisation may no longer have the skills to deal with atypical conditions. 

This is known as:

The term business intelligence is often used to describe the technical architecture of systems that extract, assemble, store and access data to provide reports and analysis. It can also be used to describe the reporting and analysis applications or performance management tools at the top of this ‘stack’.

Complete the following sentence:

Business intelligence is about

'A data  _________   is a database in which information is held not for operational purposes, but to assist in analytical tasks such as the identification of new market segments.  Data __________   provide a repository for historical data, collecting. integrating and organising data from unintegrated application systems. 

This is an example of which of the following?

Which management information system will help decision makers tackle problems through direct interaction with data and analysis models?

Select one

All of the following are part of Victor Vroom’s model for the process of motivation EXCEPT which one?

Yan is making an allowance for two mutually exclusive investment proposals, project Y and project Z. The expected net present value of Project Y is $1,500 less than the project Z and project Z has less dispersion. On the basis of risk and return, you would say that.

Type the appropriate word into the blank space below to correctly complete the following sentence:

  ________________  is the acquisition of goods, services, materials or resources for an organisation.  A key element to consider is deciding on which and how many suppliers to use.

What is ONE advantage of using loans to finance investment?

Susan runs her own accountancy practice as a CIMA member in practice. A close family member has asked her to prepare their accounts as they intend to approach the bank for a loan.  Which fundamental principle of ethics will she breach if she goes ahead?

The fundamental principle that describes the quality of having strong morals  including honesty and decency is:

Which one of the following is not a Fundamental Principle of Professional Ethics?

Megan has recently qualified as an accountant, and received a promotion in the practice where she works.
Her new boss has asked her to carry out some complex VAT calculations with which she is not familiar.

Select the appropriate option from below to complete the following sentence:

Megan may undertake the VAT work she has been asked her to complete provided that she …

The document that sets out the fundamental ethical principles for members of the accounting profession is the

Tom, a qualified accountant, owns an accounting practice in which he employs
five full-time and four part-time members of staff.

Are the following two statements True or False?

i)  Tom must notify the Information Commissioner of his practice's data processing operations.

ii)   Any person who meets the requirements for notifying the Information Commissioner but who fails to do so has committed a criminal offence and may be fined if convicted.

Select the appropriate option for the dropdown list to complete each of the following statement.

Something offered to encourage or motivate a person to do something is

Giving or receiving something of value with the intention of influencing the recipient to do something favourable to the giver is

Cheggars, an accountant in practice has been approached by Emyr, the senior partner in a local firm of surveyors to act as their accountant.
What due diligence does Cheggars have to carry out before he can enter into a professional relationship with Emyr?

Select all the appropriate actions.

One of the issues raised following a recent performance review of the finance department at Vet Ltd was a lack of consistency and collaboration across the team members.
Some staff use slightly different versions of accounting software and in some cases, data was lost or overlooked because it did not transfer or open correctly in another person's device.
For example, some staff failed to update the accounting software to the latest version on their own computer's hard drive, which means due to a lack of familiarity with the latest version certain important data points were missed.

Which of the following solutions is most likely to be recommended as a means to addressing the issues identified?

Consider the following list of consequences and then identify which finance technology do they respond:

- Flexible working
- Increased security
- Collaboration
- Easier integration
- Up to date software

Choose from the options below the main objective of an EOQ model

You have worked as a bank assistant for several years when one of the managers  who is a good friend of yours, confides in you that she loaned some money from a dormant account to cover the £18,000 cost of her baby daughters operation who had been extremely ill. Her baby has fully recovered and she has already paid back half of the money borrowed and has promised to return it all.

Which ONE statement regarding the above situation is TRUE?

Rhos Books is a media firm seeking to recruit 5 to 10 employees with excellent typing speed.  10 candidates have been selected by the recruitment and selection manager and a typing speed test has been conducted to assess the number of words typed per minute.

The type of test that has been conducted is called a/an:

Which one is a function, typically undertaken by the Treasury department?

Using the data below, calculate the return on equity for Liberty Co. for the current financial period: 

Total Equity                                             £235,000
5% loan stock                                          £  30,000
Profit before interest and after tax     £  47,000

Liberty Co.'s return on equity is:     % (Answer to 1 decimal place.)

As the  significance of data from a business point of view grows, management accountants will increasingly serve as intermediaries between other business functions and data specialists/scientists?

Select the Basic finance activities: from information to impact

The finance function is a trusted source of information because:

Select all that are true

“In the future, the finance function will need to be more involved in developing solutions with the rest of the organisation. This is because the function initiates the root cause analysis, and has the understanding that links through to developing solutions. Once the finance function is working with others, it must also move into deploying solutions. Both of these broad areas will require a change in skills focus, from technical and business to problem-solving and change management.”

The change in accounting is involves moving from a core accounting role to one which involves developing and deploying solutions for an organisation.

Select the four broader roles of the finance function from below:

True or False?

The Global Management Accounting Principles define management accounting as ‘the sourcing, analysis, communication and use of decision-relevant financial and non-financial information to generate and preserve value for organisations’

The finance function is well-positioned to meet the changing mandate for a number of reasons:
Select all that apply:

Core modernisation tools are ones that focus specifically on updating financial systems and existing capability, whereas exponential tools concentrate on delivering new capabilities to the finance function

Which of the following are considered the core modernisation tools ?
select all that apply

Exponential tools concentrate on delivering new capabilities to the finance function>

Select all the Exponential tools from below:

The 'Cloud' is 'the provision of shared computing services over the Internet, whether networks, storage or applications.
 
Identify the solution that Cloud can offer an organisation.

Which type of information sysptem is concerned with recording,processing and communicating data relating to the activities involved in converting input resources into goods and services to meet customers' needs?

The potential for automation of the basic finance activities such as data collection and data processing will be greater that the potential to automate the ability to apply expertise or manage others.

True or false?

The shape of the finance function is changing.  With the onset of the digital age,  research shows that the finance function’s shape has evolved into a hexagonal structure.

A) Specialists generating further insights in their areas of specialism
B) Partnering for value to influence and shape how the organisation creates and preserves value
C) Assembling and extracting data and providing limited insight 
D) Leading the finance team

Select the correct option that shows the roles in order of levels 1 to 4 with 1 being the highest.

The impact of technological change on the shape of the finance function means that automation of work is most likely to occur at which level?

What is causing the central bulge in the hexagonal shape where finance professionals will increasingly work in multidisciplinary teams, assembled in skills combinations that support the business?