ACCA F1 BPP STUDY TEXT 2020 www.economicgrapevine.com Free download ACCA material from www.economicgrapevine.com Foundations in I N ccountancy/ T AE A CCA R A C T I V ACCOUNTANT IN BUSINESS (FAB/AB) E Free download ACCA material from www.economicgrapevine.com E T you need want you to in our in our X T FAB/AB ACCOUNTANT IN BUSINESS First edition March 2011 Eighth edition February 2019 ISBN 9781 5097 2415 www.economicgrapevine.com ii Free download ACCA material from www.economicgrapevine.com Previous ISBN 9781 5097 1762 eISBN 9781 5097 2442 A note about copyright British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library Dear Customer What does the little © mean and why does it matter? 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Contents Page Introduction Helping you to pass v Chapter features vi Studying FAB/AB .vii The Computer-Based Examination viii Tackling Multiple Choice Questions ix Part A The business organisation, its stakeholders and the external environment Business organisations and their stakeholders The business environment 19 The macroeconomic environment 57 Microeconomic factors 85 Part B Business organisation structure, functions and governance Business organisation, structure and strategy 123 Organisational culture and committees 145 Corporate governance and social responsibility 177 Part C Accounting and reporting systems, controls and compliance The role of accounting 199 Control, security and audit 235 Free download ACCA material from www.economicgrapevine.com 10 Identifying and preventing fraud 267 Part D Leading and managing individuals and teams 11 Leading and managing people 293 12 Recruitment and selection 319 13 Diversity and equal opportunities 343 14 Individuals, groups and teams 355 15 Motivating individuals and groups 377 16 Training and development 397 17 Performance appraisal 419 Part E Personal effectiveness and communication in business 18 Personal effectiveness and communication 435 Part F Professional ethics in accounting and business 19 Ethical considerations 475 Practice question bank 513 Practice answer bank 533 Bibliography 547 Index 553 Review form FAB/AB ACCOUNTANT IN BUSINESS www.economicgrapevine.com iv Free download ACCA material from www.economicgrapevine.com Helping you to pass BPP Learning Media – ACCA Approved Content Provider As an ACCA Approved Content Provider, BPP Learning Media gives you the opportunity to use study materials reviewed by the ACCA examining team By incorporating the examining team's comments and suggestions regarding the depth and breadth of syllabus coverage, the BPP Learning Media Interactive Text provides excellent, ACCA-approved support for your studies These materials are reviewed by the ACCA examining team The objective of the review is to ensure that the material properly covers the syllabus and study guide outcomes, used by the examining team in setting the exams, in the appropriate breadth and depth The review does not ensure that every eventuality, combination or application of examinable topics is addressed by the ACCA Approved Content Nor does the review comprise a detailed technical check of the content as the Approved Content Provider has its own quality assurance processes in place in this respect The PER alert! To become a Certified Accounting Technician or qualify as an ACCA member, you not only have to pass all your exams but also fulfil a practical experience requirement (PER) To help you to recognise areas of the syllabus that you might be able to apply in the workplace to achieve different performance objectives, we have introduced the 'PER alert' feature You will find this feature throughout the Interactive Text to remind you that what you are learning in order to pass your Foundations in Accountancy and ACCA exams is equally useful to the fulfilment of the PER requirement Your achievement of the PER should now be recorded in your online My Experience record Tackling studying Studying can be a daunting prospect, particularly when you have lots of other commitments The different features of the Interactive Text, the purposes of which are explained fully on the Chapter features page, will help you whilst studying and improve your chances of exam success Developing exam awareness Our Interactive Texts are completely focused on helping you pass your exam Our advice on Studying FAB/AB outlines the content of the exam, the recommended approach to studying and any brought forward knowledge you are expected to have Exam focus points are included within the chapters to highlight when and how specific topics might be examined Testing what you can Testing yourself helps you develop the skills you need to pass the exam and also confirms that you can recall what you have learnt We include Questions – lots of them – both within chapters and in the Practice Question Bank, as well as Quick Quizzes at the end of each chapter to test your knowledge of the chapter content Free download ACCA material from www.economicgrapevine.com FAB/AB ACCOUNTANT IN BUSINESS Chapter features Each chapter contains a number of helpful features to guide you through each topic Topic list What you will be studying in this chapter and the relevant section numbers, together with ACCA syllabus references Introduction Puts the chapter content in the context of the syllabus as a whole Links the chapter content with ACCA guidance Forward Summarises the content of main chapter headings, Fast allowing you to preview and review each section easily EXAMPLE Key Term Demonstrates how to apply key knowledge and techniques Definitions of important concepts that can often earn you easy marks in exams When and how specific topics were examined, or how they Point may be examined in Exam Focus the future Formula PER Alert Formulae that are not given in the exam but which have to be learnt Gives you a useful indication of syllabus areas that closely relate to performance objectives in your Practical Experience Requirement (PER) Question Gives you essential practice of techniques covered in the chapter Chapter Roundup Quick Quiz A full list of the Fast Forwards included in the chapter, providing an easy source of review A quick test of your knowledge of the main topics in the chapter Free download ACCA material from www.economicgrapevine.com Free download ACCA material from www.economicgrapevine.com Practice Question Bank Found at the back of the Interactive Text with more comprehensive chapter questions Cross referenced for easy navigation Studying FAB/AB How to Use this Interactive Text Aim of this Interactive Text To pass the examination you need a thorough understanding of all areas covered by the syllabus and teaching guide Recommended approach (a) To pass you need to be able to answer questions on everything specified by the syllabus and teaching guide Read the Interactive Text very carefully and not skip any of it (b) Learning is an active process Do all the questions as you work through the Interactive Text so you can be sure you really understand what you have read (c) After you have covered the material in the Interactive Text, work through the Practice Question Bank, checking your answers carefully against the Practice Answer Bank (d) Before you take the exam, check that you still remember the material using the following quick revision plan (i) Read through the chapter topic list at the beginning of each chapter Are there any gaps in your knowledge? If so, study the section again (ii) Read and learn the key terms (iii) Look at the exam focus points These show the ways in which topics might be examined (iv) Read the chapter roundups, which are a summary of the fast forwards in each chapter (v) Do the quick quizzes again If you know what you're doing, they shouldn't take long This approach is only a suggestion You or your college may well adapt it to suit your needs Remember this is a practical course (a) Try to relate the material to your experience in the workplace or any other work experience you may have had (b) Try to make as many links as you can to other Applied Knowledge and Applied Skills modules Free download ACCA material from www.economicgrapevine.com FAB/AB ACCOUNTANT IN BUSINESS What FAB/AB is about The overall aim of the Accountant in Business syllabus is to introduce accountancy firmly in its context as a central business function This encompasses: • • • • • • • Business organisation, stakeholders and the business environment Business structure, functions and governance, including social responsibility Accounting and its relationship with other business functions Audit and internal control People management issues Effectiveness and communications Professional ethics in the business environment Brought forward knowledge There is no assumed brought forward knowledge for this exam Approach to examining the syllabus FAB/AB is a two-hour computer-based exam There are a wide range of question types, including; multiple choice, number entry, multiple response, multiple response matching, picklists and hotspots (See page ix for frequently asked questions about computer-based examinations.) The examination is structured as follows: Number of marks Section A: 30 two mark objective test questions and16 one mark objective 76 test questions Section B: four mark multiple task questions (One on each area of the 24 syllabus) 100 Syllabus and Study Guide The complete FAB/AB syllabus and study guide can be found by visiting the exam resource finder on the ACCA website: www.accaglobal.com/uk/en/student/exam-support-resources.html The computer-based examination Computer-based examinations (CBEs) are available for most of the Foundations In Accountancy exams The CBE exams for the first seven modules can be taken at any time, these are referred to as ‘exams on demand’ The Option exams can be sat in June and December of each year, these are referred to as ‘exams on sitting’ FAU and FFM are moving from paper-based exams (PBE) to CBE format from the December 2019 exam sitting and FTX will follow from the June 2020 exam sitting There will be no parallel running of PBE and CBE exams Computer-based examinations must be taken at an ACCA CBE Licensed Centre How CBEs work? • • Questions are displayed on a monitor Candidates enter their answer directly onto the computer Free download ACCA material from www.economicgrapevine.com Confidence, 379 Confidentiality, 448, 503 Conflict, 450 Conflict of interest, 500, 501, 503, 507 Conflict resolution, 505 Conflicts of interest, 491, 501 Connected stakeholders, 11 Consensus theory, 481 Consumer Prices Index (CPI), 65 Decision making, 460 Decisional role, 304 Defence strategy, 191 Deflationary gap, 62 Delayering, 40, 136, 137 Delegation, 296 Demand, 91, 95 Demand curve, 91 Demand pull inflation, 66 www.ACCAGlobalBox.com Consumer surplus, 109 Content theories, 380 Contingency, 257 Contingency theory, 311 Contingent fees, 494 Control environment, 238 Control procedures, 237, 238 Control total, 241 Controlling, 460 Controls, 219, 223 Controls over payments, 224 Co-operative societies, 10 Co-ordination, 450 Corporate (Social) Responsibility policies, 500 Corporate code of ethics, 487 Corporate finance, 496 Corporate governance, 178 Corporate Responsibility Reports, 500 Corporate social responsibility, 190 Corporate strategy, 138 Corporate values, 501 Cost push inflation, 66 Credit unions, 10 Cross elasticity of demand, 100 Cultural trends, 39 Culture, 163 Customer departmentation, 131 Customer value, 89 Cyber risk, 258 Cyber security, 258 Cyberattack, 258 Cyclical unemployment, 68 Cyert and March, 481 Depression, 63 Derived demand, 90 Determinants of culture, 163 Development, 147, 402, 414 Difference, 450 Digital, 441 Dionysus, 166 Direct discrimination, 345 Direct tax, 75 Directors, 7, 185 Disaster recovery plan, 257 Discipline, 379 Discrimination, 344 Dismissal, 28 Dispersed leadership, 314 Distributed Denial of Service (DDoS) attack, 259 Distributed ledger technology (Blockchain), 261, 263 Distribution of income, 100 Diversity policy, 349 Divisionalisation, 132 Divisionalised, 128 Dorming, 367 Double-entry bookkeeping, 202 Dumping, 114 Durability, 36 Duty and consequences, 481 Data, 459 Economic order quantities, 149 Data analytics, 261, 261 Data controllers, 30 Data integrity, 253 Data processors, 30 Data protection, 29 Data Protection Act, 29 Data Protection Principles, 30, 53 Data subject, 31 Data subjects, 30 Data users, 30 Decentralisation, 141 Decentralised processing, 41 EDI, 441 Education, 402 Egoism, 482 Elasticity, 95 Electronic Data Interchange (EDI), 441 Employment with assurance client, 492 Empowerment, 386 Entrepreneurial structure, 133 Environmental analysis, 21 Environmental costs, 45 Environmental footprint, 45 Environmental scanning, 458 www.economicgrapevine.com Demand schedule, 91 Deontology, 482 Departmental power, 298 Departmentation, 128 INDEX Equal opportunities, 29, 344 Equilibrium price, 108, 109, 118 Ethical dilemmas, 500, 501, 507 Ethical tensions, 501 Ethics, 481 Ethics and contractual obligations, 501 Ethics in business, 499 EU, 26 Evaluation of training, 413 Exchange rate, 77 Executive committees, 171 Executive directors, Expenditure, 211, 231 Expert power, 297 External audit, 248 External stakeholders, 12 Extrinsic rewards, 385 Fairness, 478 Family and personal relationships, 493 Fayol, 300 Feedback, 387 Fiduciary responsibility, 480 Fiedler, 311 File hijacker/ransomware, 259 Finance function, 157 Financial accounting, 158, 205 Financial Controller, 204 Financial interests, 491 Financial management, 206 Financial Reporting Council, 209 Financial Reporting Review Panel, 249 Financial statements, 211 Financial systems, 217 Firms, 90 Fiscal policy, 74, 78 Fitness of goods for a disclosed purpose, 36 Five competitive forces, 22, 51 Flat organisation, 41, 136 Flat structures, 134 Floor price, 114 Formal communication processes, 462 model, 445, 446, 462, 465, 469 Formal groups, 360 Forming, 367 Fraud, 268 for the organisation, 275 implications, 275 Freedom from minor defects, 36 Frictional unemployment, 68 Functional strategy, 138, 140 GAAP, 210 Generally Accepted Accounting Practice, 210 Geographic departmentation, 129 Gifts, 493 www.economicgrapevine.com Goleman, 359 Governance principles, 181 Grievance, 455 Gross National Product, 69, 81 Group, 360 Group norms, 126 Group think, 363, 370 Hacking, 258 Hamblin, 413 Hawthorne Studies, 126, 302 Health and safety, 32 Heifetz, 314 High percentage of fees, 494 Hofstede, 163 Hofstede Model, 168 Hollow organisation, 135 Honesty, 479, 488 Honey and Mumford, 399 Horizontal structures, 134 Hospitality, 493 Households, 90 Human resource management (HRM), 161 Human resources department, 213 Hybrid structures, 132 Hygiene factors, 382 Imperfect competition, 116 Implied terms, 35 Inbound logistics, 49 Incentive, 385 Income, 211, 231 Income and expenditure account, 211 Income elasticity of demand, 98, 118 Independence, 245 Indirect discrimination, 39, 345 Indirect tax, 76 Individualism, 169 Induction, 411, 415 Inferior goods, 98 Inflation, 64 Inflationary gap, 62 Informal groups, 360 Informal organisation, 124 Information, 459 Information systems, 40 Information technology, 441 Informational role, 304 Input controls, 253 Inseparability, 151 Intangibility, 151 Integrated reports, 212 Integrated software, 227 Integrity, 487 Integrity-based approach, 488 Intellectual property, Intelligence, 359 Intelligence tests, 336 Interest rates, 77 Internal audit, 242 independence, 245 Internal audit services, 496 Internal checks, 240 Internal control, 207 Internal control system, 237 characteristics of, 241 Internal stakeholders, 11 International Accounting Standards Board, 209 International Federation of Accountants (IFAC), 489 International trade, 27 Internet gateways, 259 Interpersonal role, 304 Interpersonal skills, 464 Interviews, 331 Intimidation threat, 498 Intrinsic rewards, 385 Involve me model, 500 IT services, 497 Job description, 325 Job enlargement, 387 Job enrichment, 386 Job rotation, 387 Jobless structures, 134 Joint committees, 171 Judgement, 480 Kant, 482 Keylogging, 259 King report, 184 Kolb, 400 Leadership, 306, 488 Leadership style, 308 Learning cycle, 400 Learning organisation, 401 Learning process, 398 Learning styles, 399 Learning theory, 398 Leavitt, 456 Legal services, 497 Liabilities, 211, 212 Limited company, Limited liability, Listening, 465 Litigation support, 497 www.economicgrapevine.com Loans and guarantees, 493 Lockett, 428 Long association of senior personnel with assurance clients, 498 Long run supply curve, 105 Lowballing, 494 Machine bureaucracy, 127 Macroeconomic policy, 58 Macroeconomic policy objectives, 71 Maier, 426, 427 Malware protection, 259 Management, 294, 306 Management (or cost) accounting, 206 Management Accountant, 204 Management accounting, 159 Management committees, 171 Managerial grid, 309 Managerial styles, 309 Managing conflicts, 451 Managing diversity, 349 Manual accounting, 225 Marginal utility, 90 Market, 90 Market clearing price, 108, 109, 118 Market demand, 100 Market demand curve, 93 Market supply curve, 106 Marketing, 49, 152 Marketing mix, 154 Masculinity, 169 Maslow, 381 Matrix organisation, 133 Maximum prices, 113 Mayo, 302 McGregor, 384 Mendelow (1991), 13 Mentoring, 445 Middle line, 127 Minimum price legislation, 114 Minimum prices, 114 Minimum wages, 115 Mintzberg, 126, 304 Modular organisation, 135 Module, 227 Monetary policy, 76, 78 Money laundering, 282 Money markets, 158 Monopolistic competition, 117 Monopoly, 116 Morale, 379 Motivation, 378 Mourning/adjourning, 367 Multiplier effect, 60 Multi-skilled teams, 363 Mutual associations, 10 Myers Briggs Type Inventory, 356 INDEX Negative power, 297 Neo-human relations school, 302 Nomination committee, 186 Non-commercial undertakings, 203 Non-current assets, 216 Non-executive directors, 7, 187 Non-governmental organisation, Normal goods, 98 Norming, 367 Norms, 126 Not-for-profit organisations, 6, 211 Obey me model, 500 Objectivity, 487, 503 Offshoring, 137 Oligopoly, 116 Openness, 488 Openness/transparency, 478 Operating core, 127 Operational audits, 244 Operational management, 140 Operational strategy, 138 Operations, 49 Organisation, 4, 240 Organisation for Economic Co-operation and Development, 178 Organisation structure, 40, 126 Organisational authority, 295 Other services, 495, 497 Outbound logistics, 49 Output controls, 254 Output-focused structures, 134 Outsourcing, 43, 137 Overdue fees, 493 www.economicgrapevine.com www.economicgrapevine.com Overheads, 215 Overt discrimination, 39 Over-valuation of inventory, 270 Ownership, 151 Pacioli, 202 Partner on client board, 493 Partnerships, Password, 255 Patch management, 260 Payables ledger system, 220 Payroll system, 217, 218 Percentage or contingent fees, 494 Perception, 357 Perfect competition, 116 Performance appraisal, 422 Performance management, 420 Performance related pay, 390 Performing, 367 Person culture, 167 Personal data, 30 Personal development, 448 Personal development plan, 407, 448 Personal values, 501 Personality, 356 Personality tests, 336 Personality traits, 356 PEST, 22 Pharming, 258 Phishing, 258 Physical power, 297 Planning, 459 Point elasticity of demand, 95 Political and legal environment, 24 Political risk, 26 Porter, 22, 51 Position power or legitimate power, 297 Positioning-based strategies, 47 Postlist, 241 Power, 296 Power culture, 166 Power distance, 168 Pragmatists, 399 Pre-list, 241 Price ceiling, 112 Price elasticity of demand, 95 Price mechanism, 89, 108, 118 Price regulation, 112 Price theory, 90 Primary goal, Prioritisation, 439 Privacy, 29 Private sector, Proactive strategy, 191 Probity/honesty, 479 Process research, 147 Process theories, 380, 383 Processing controls, 254 Procurement, 49 Product departmentation, 130 Product life cycle, 155 Product orientation, a variant, 153 Product research, 147 Production, 49, 150 Production quotas, 114 Professional bureaucracy, 128 Professional competence and due care, 502 Professional qualities, 490 Professional values, 501 Proficiency tests, 336 Profit or loss account, 211 Profit-sharing schemes, 391 Project, 299 Prove to me model, 500 Psychologically Close Managers (PCMs), 312 Psychologically Distant Managers (PDMs), 311 Psychometric testing, 336 Public interest companies, 495 Public limited companies, Public oversight, 184 Public sector, 6, Purchases and sales cycles, 220 Purchasing, 49, 148 Purchasing department, 213, 215 Purchasing mix, 149 Pure research, 147 Quality control review, 492 Radio signal model, 462 Rate of unemployment, 67 Rationality, 90 Rationing, 113 Raw materials costs, 105 Reactive strategy, 191 Receivables ledger system, 222 Recent service with an assurance client, 495 Recession, 63 Recovery, 63 Recruitment, 320, 494 Recruitment and selection, 347 Recruitment policy, 327 Recruitment process, 323 Redundancy, 28 Referent power, 297 Reflectors, 399 Regulatory system, 208 Relativism, 482 Remuneration committee, 189 Reputation, 480 Reputation risk, 46 Research and development, 147 www.economicgrapevine.com 545 INDEX Resignation, 27 Resolution of ethical conflicts, 504 Resource power, 297 Resource-based strategies, 47 Responsibility, 479 Restrictive practices, 117 Retail Prices Index, 65 Retained earnings, 158 Retirement, 27 Sources of finance, 157 Span of control, 40, 135 Specific tax, 76 Spotting an ethical dilemma, 502 Spreadsheet, 230 Stagflation, 62 Stakeholder conflict, 12 Stakeholder theory, 180 Stakeholder view, 191, 481 Stakeholders, 11, 46 www.ACCAGlobalBox.com Reward, 385, 391 Reward power, 297 Right to sell the goods, 35 Role culture, 166 RPIX, 65 RPIY, 65 Safety, 36 Sale of goods, 35 Sarbanes-Oxley Act 2002, 184 Satisfactory quality, 36 Scalar chain, 136 Schein, 163, 314 Scientific management, 301 Screenshot manager, 259 Seasonal unemployment, 68 Second opinions, 499 Secondary goal, Secure configuration, 260 Security, 250, 264 Security controls, 253 Segregation of duties, 278 Selection, 320 Selection process, 329 Selection testing, 336 Self development, 448 Self-appraisals, 426 Self-interest threat, 491 Selflessness, 487 Self-review threat, 495 Seller's title, 35 Service, 49, 151 Service marketing, 156 Seven Principles of Public Life, 487 Share capital, Shared services, 138 Shareholders, Short run supply curve, 103 Simple structure, 127, 133 Social and demographic trends, 37 Social attitudes, 484 Social class, 38 Social impacts, 46 Social responsibility, 190, 192 Societal values, 501 Sole traderships, www.economicgrapevine.com Standing committees, 171 Status, 450 Statutory minimum wage, 115 Stewardship theory, 179, 180 Storming, 367 Strategic apex, 127, 133 Strategic management, 140 Strategy, 138 Structural unemployment, 68 Sub-committees, 171 Substantive tests, 244 Substitute goods, 94 Substitutes, 94 Supervision, 305 Supply, 103 Supply curve, 103 Supply of services, 35 Supply schedule, 103 Support staff, 127 Supra-national bodies, 74 Sustainability, 212 SWOT analysis, 47 Synergy, Systems audit, 244 Systems integrity, 253 Tactical management, 140 Tall organisation, 41, 136 Tall organisation, 136 Task culture, 167 Taxation, 75 Taxation services, 496 Taylor, 301 Team, 362 Team building, 368 Team development, 367 Team effectiveness, 370 Team roles, 364 Team-based rewards, 371 Technological developments, 106 Technology impact on organisations, 40 Technostructure, 127 Teeming and lading, 224, 269 Tell and listen method, 427 Tell and sell method, 427 www.economicgrapevine.com Temporary staff cover, 497 Theorist, 399 Theory X, 384 Theory Y, 384 Time management, 437 Time of performance, 35 Trade cycles, 63 Training, 402 Training methods, 408 Training needs, 406 Trait theory, 307 Transactions audit, 244 Transparency, 478 Treasurer, 204 Treasury, 159 Treasury management, 159 Trojan, 259 True and fair view, 210 Trust me model, 500 Tuckman, 367 Utility, 90 Valence, 383 Validation of training, 413 Valuation, 496 Valuation services, 496 Value activities, 48 Value chain, 47, 49 Value network, 50 Variability, 151 Victimisation, 345 Virtual organisations, 134 Virus protection, 259 Vroom, 383 Webcam manager, 259 Uncertainty avoidance, 168 Unemployment, 67 Unitary system, 184 Universality of management principles, 300 Unprofessional behaviour, 503 Upward appraisal, 429 Utilitarianism, 481 Whistleblowing, 281, 488 Work demands, 450 Work planning, 298 Working capital, 159 Working style, 450 World Trade Organisation (WTO), 27 Zeus, 166 www.economicgrapevine.com www.economicgrapevine.com 547 INDEX www.economicgrapevine.com 548 www.economicgrapevine.com NOTES www.economicgrapevine.com NOTES www.economicgrapevine.com www.economicgrapevine.com NOTES NOTES www.economicgrapevine.com Review form Name: How have you used this Interactive Text? 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