Cima C05 Exam Question No 4

Question No 4:

The following are four of ‘the seven principles of public life’ issued by the Committee of Standards in Public Life, and a brief explanation. Which explanation does NOT match with the principle?

A. Integrity – holders of public office should not place themselves under any financial or other obligation.
B. Objectivity – in carrying out public business, the holder of public office must ensure personal objectives behind public objectives
C. Honesty - holders of public office have a duty to declare any private interests relating to their public duties
D. Openness - holders of public office should be open as much as possible about all decisions and actions they take.

Answer: B

Cima C05 Exam Question No 3

Question No 3:

CIMA Code of Ethics takes what is called a ‘framework-based’ approach. What is the INCORRECT statement?

A. It does not provide a list of ‘you should not’ commands to accountants
B. It provides steps to identify, explain and solve ethical problems
C. It helps accounting practitioners to deal with immediate practical problems
D. Framework-based approach must be approved by the highest court in the country of the CIMA member registers the practice

Answer: D

Cima C05 Exam Question No 2

Question No 2:

Which of the following statement is INCORRECT regarding Financial Reporting Council (FRC)?

A. It is the United Kingdom’s independent regulator for corporate reporting and governance
B. It must always seek to insure professional integrity of practicing accountants
C. It aims at promoting confidence in corporate reporting and governance
D. Professional Oversight Board and Audit Practices Board are part of FRC

Answer: B

Cima C05 Exam Question No 1

Question No 1:

Legal and disciplinary frameworks provide ALL of the following EXCEPT which ONE?

A. An effective means of challenging serious wrong-doing
B. Deterrents to bad practice through punishment and censure
C. Means of controlling behavior
D. Financial compensation only to the affected parties

Answer: D