ASSIGNMENT 9

ACCOUNTANCY PROFESSIONS – REFLECTING ON MY THOUGHTS

PLEASE NOTE: This is a written assignment and not a multiple choice assignment. You have to do the assignment on your computer and then submit it as a PDF document via the Assessment info tool in myUnisa.

This assignment has no right or wrong answers. You have to select answers that reflect your own situation and your own perceptions.

1.  What is the name of the qualification that you are registered for at Unisa? Select the correct one. / Answer selected for assign-ment 1 / Answer now for assign-ment 9
A / Higher certificate in accounting sciences
B / Diploma in accounting sciences
C / Bachelor of accounting sciences in financial accounting
D / Bachelor of accounting sciences in internal auditing
E / Bachelor of accounting sciences in management accounting
F / Bachelor of accounting sciences in taxation
G / Other
Reason for change in answer:
2.  Do you plan to ultimately become a member of any of the professional bodies listed below? Select your first choice only. / Answer selected for assign-ment 1 / Answer now for assign-ment 9
A / Association of Accounting Technicians South Africa
B / South African Institute of Professional Accountants
C / Association of Chartered Certified Accountants
D / South African Institute of Chartered Accountants
E / Institute of Internal Auditors South Africa
F / Chartered Institute of Management Accountants
G / South African Institute of Tax Professionals
H / None of the above
Reason for change in answer:
3.  I am of the opinion that a ‘professional person’ is best described as … / Answer selected for assign-ment 1 / Answer now for assign-ment 9
A / Someone who uses expert knowledge and charges very high fees for services rendered
B / Someone who uses expert knowledge to protect the interests of those who are not in a position to do so themselves
C / Someone who has an elite standing in the community
D / Someone who is a member of an organised body with common ideas and practices
E / Someone who is a member of an organised body that has the right to practice in a certain field of expertise
Reason for change in answer:
4.  Who do you know that is a member of the profession that you selected in question 2? Select all relevant options. / Answer selected for assign-ment 1 / Answer now for assign-ment 9
A / My father
B / My mother
C / My brother / sister
D / Another relative in my family
E / A friend
F / I do not know a member of this profession
G / I do not plan to become a member of a profession
Reason for change in answer:
5.  In your opinion, which of the following statements best describes the reason for your choice of a professional body in question 2? / Answer selected for assign-ment 1 / Answer now for assign-ment 9
A / Because I want to make a lot of money in order to take care of my family
B / Because I like working with numbers
C / Because I want to be part of an elite group of individuals that society looks up to
D / Because I do not like to work with people
E / Because I want to be a business leader and contribute to business success
F / I do not plan to become a member of a professional body
Reason for change in answer:
6.  In your opinion, which of the following statements best describes the behaviour that can be expected from a professional person? / Answer selected for assign-ment 1 / Answer now for assign-ment 9
A / To behave in a way that pleases all who use the professional person’s work
B / To behave strictly in accordance with a contract for delivery of professional services
C / To behave in such a way that punishment of the professional person is avoided
D / To behave in such a way that the professional person’s interests are protected
E / To behave in accordance with the professional person’s professional duties in order to meet valid expectations of all who use the professional person’s work
F / To behave in line with principles that consciously convey respect and trust to all who may use the professional person’s work
Reason for change in answer:
7.  Thandi is a professional accountant that works at Brics Limited (Brics). Mr Adams is the financial director of Brics. Mr Adams insists that Thandi assists him to misrepresent financial information in order to ensure that the company obtains substantial business funding needed to grow the company. Mr Adams made it clear to Thandi that she will lose her job if she refuses to assist him.
In your opinion, which statement best describes how Thandi should react to Mr Adams’s request? / Answer selected for assign-ment 1 / Answer now for assign-ment 9
A / Assist Mr Adams on condition of anonymity in case of enquiry
B / Refuse to assist Mr Adams and risk being dismissed
C / Assist Mr Adams on condition that she receives a large bonus at the end of the year
D / Assist Mr Adams in order to retain her employment contract
E / Refuse to assist Mr Adams and discuss the situation with Mr Adam’s superior or a whistle blow facility of the company
Reason for change in answer:
8.  Ruben is the accountant of Cement Builders (Cement). Cement’s financial manager, Mr Cele, overstated the value of the business’s assets in its financial statements. Mr Cele explained to Ruben that the changes made to the financial statements are temporary as it will be corrected in the following year. Mr Cele further explained that the overstatement was needed to obtain a large loan from the bank to fund expensive medical treatment of an employee of the company. In your opinion, which of the following best describes your thoughts on the acceptability of the overstatement? / Answer selected for assign-ment 1 / Answer now for assign-ment 9
A / It is acceptable, since there are compelling reasons for it.
B / It is not acceptable, irrespective of the explanations provided by the Mr Cele.
C / It is acceptable if the employee will repay the money to Cement Builders.
D / It is acceptable if Cement Builders also assisted other employees who experienced problems.
E / It is acceptable if all the managers of Cement Builders agreed to it.
Reason for change in answer:
9.  In your opinion, when will a simple error become fraud? Choose the most correct option. / Answer selected for assign-ment 1 / Answer now for assign-ment 9
A / Always
B / When the error is identified but intentionally not corrected in order to pay less income tax
C / When the error is identified and corrected by management.
D / Never
E / When the error was identified and corrected by management after year end based on advice from the auditor.
Reason for change in answer:
10.  In your opinion, when should professionals behave professionally? Choose the best option. / Answer selected for assign-ment 1 / Answer now for assign-ment 9
A / When they interact with clients / employers / colleagues
B / When they interact with the general public
C / When they engage in social activities
D / When they spend time with their families
E / Whenever they interact
Reason for change in answer:
11.  In your opinion, which one of the following skills is the least important for an accounting professional? / Answer selected for assign-ment 1 / Answer now for assign-ment 9
A / To communicate clearly
B / To work well in a team
C / To act with integrity
D / To be able to use the internet to do research
E / To mix socially with individuals from other professions
Reason for change in answer:
12.  In your opinion, which one of the following statements best describes what it takes to be considered a “life-long learner”? / Answer selected for assign-ment 1 / Answer now for assign-ment 9
A / To remain up to date with new developments in one’s area of expertise
B / To read widely
C / To regularly attend conferences and training opportunities
D / To do research as and when needed for one’s work
E / To remain a student at a university in order to complete several qualifications
Reason for change in answer:
13.  In your opinion, what caused the world economic crisis that started in 2008? Select the most relevant answer. / Answer selected for assign-ment 1 / Answer now for assign-ment 9
A / A lack of ethical decision making by governments and business
B / A general decline in the morals of society
C / Corporate greed leading to unethical decisions
D / Government incompetence
E / Inevitable economic cycles
Reason for change in answer:
14.  In your opinion, which one of the following is the most important skill that you will bring to your future employer? / Answer selected for assign-ment 1 / Answer now for assign-ment 9
A / Computer literacy
B / Communication skills
C / Critical thinking skills
D / Ethical mindedness
E / Ability to work independently and in a team
Reason for change in answer:
15.  In your opinion, which one of the following of your own skills is the strongest? / Answer selected for assign-ment 1 / Answer now for assign-ment 9
A / Computer literacy
B / Communication skills
C / Critical thinking skills
D / Ethical mindedness
E / Ability to work independently and in a team
Reason for change in answer:
16.  In your opinion, which one of the following of your own skills is the weakest? / Answer selected for assign-ment 1 / Answer now for assign-ment 9
A / Computer literacy
B / Communication skills
C / Critical thinking skills
D / Ethical mindedness
E / Ability to work independently and in a team
Reason for change in answer:
17.  The Corruption Perceptions Index uses the views of observers from around the world, including experts living and working in the countries evaluated, on the perceived level of public sector corruption in countries. Countries are ranked from 1 (least corrupt) to 175 (most corrupt). A country’s GDP per capita reflects the total output of its economy divided by its population.
Some statistics for 2013:
Rank on Corruption index Country GDP per capita
1 Denmark US$ 59 831.70
30 Botswana US$ 7 315.02
72 South Africa US$ 6 617.91
153 Angola US$ 5 783.37
Which of the following statements best describes your most important conclusion from these statistics: / Answer selected for assign-ment 1 / Answer now for assign-ment 9
A / Corruption assists a country to improve the lives of its people
B / The corruption index is not accurate
C / Corruption does not benefit the majority of the people of a country
D / Corruption is a way of life in Africa, it will never change
E / Africa should not be compared to the rest of the world – Africa is unique
Reason for change in answer:
18.  Which one of the following considerations generally influences your own behaviour the most? / Answer selected for assign-ment 1 / Answer now for assign-ment 9
A / What my friends and family will think of my behaviour
B / Whether others will be aware of my behaviour or not
C / Whether I will benefit from my behaviour despite any possible consequences for others
D / Whether my behaviour will result in me breaking a commitment that I willingly agreed to
E / Whether I will be caught and punished as a result of my behaviour
F / Whether my behaviour will cause others to respect and trust my choices
Reason for change in answer:

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(This is a written assignment and not a multiple choice assignment.)

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