AAT L2 Work Effectively in Finance 3

Question 1

Which of the following is an internal stakeholder of a business?

Accepted Answer

An employee of the business

Answer

HMRC

Answer

A bank that has lent the business money

Answer

A customer

Question 2

The ethical principle of objectivity requires a finance professional to:

Accepted Answer

Not allow bias, conflict of interest, or undue influence to override professional judgement

Answer

Always support the views of their employer regardless of accuracy

Answer

Object to all management decisions

Answer

Only present positive financial information

Question 3

Which of the following documents would a new employee in a finance team be expected to read and understand?

Accepted Answer

The company's policies on data protection, anti-money laundering, and health and safety

Answer

The company's marketing plan

Answer

The minutes of every board meeting since the company was formed

Answer

The personal tax returns of all directors

Question 4

Money laundering is best described as:

Accepted Answer

The process of making money obtained from criminal activity appear legitimate

Answer

A legitimate method of saving money

Answer

An accounting adjustment to correct errors

Answer

A type of bank charge

Question 5

If a finance professional suspects money laundering, they must:

Accepted Answer

Report it to the Money Laundering Reporting Officer (MLRO) or the National Crime Agency (NCA)

Answer

Ignore it as it is not their responsibility

Answer

Confront the person involved directly

Answer

Post about it on social media

Question 6

The accounting profession's fundamental principles include all of the following EXCEPT:

Accepted Answer

Maximisation of employer profits

Answer

Integrity

Answer

Professional competence and due care

Answer

Professional behaviour