Paper F1: Accountant in business - Study text 2016

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ACCA APPROVED https://www.facebook.com/chiasetailieuACCA/CONTENT PROVIDER FIA FAB /ACCA F1 ACCA approved content provider BPP Learning Media is dedicated to supporting aspiring business professionals with top-quality learning material as they study for demanding professional exams, often whilst working full time. BPP Learning Media’s commitment to student success is shown by our record of quality, innovation and market leadership in paper-based and e-learning materials. BPP Learning Media’s study materials are written by professionally qualified specialists who know from personal experience the importance of top-quality materials for exam success. Accountant in Business FIA FAB / ACCA Paper F1 Accountant in Business This Interactive Text for FIA FAB Accountant in In addition to ACCA examining team reviewed Business and ACCA Paper F1 Accountant in Business material you get: has been comprehensively reviewed by the ACCA • Chapter activities to test your understanding of the examining team. This review guarantees appropriate topics covered depth and breadth of content and comprehensive • Key terms extracted from the text and highlighted syllabus coverage. in ‘key term’ boxes • Exam focus points highlighting ways in which topics Interactive Text might be examined • A question and answer bank prepared by BPP Learning Media authors • Icons to highlight activities, key terms, PER alerts and quick quizzes • Regular fast forward summaries emphasising the key points in each chapter ACCA Approved For exams from 1 September 2015 to 31 August 2016 Interactive Text Contact us FIA FAB / ACCA Paper F1 BPP House 142-144 Uxbridge Road Accountant in Business London W12 8AA United Kingdom For exams from 1 September 2015 T 0845 075 1100 (UK) T +44 (0)20 8740 2211 (Overseas) to 31 August 2016 E Learningmedia@bpp.com bpp.com/learningmedia April 2015 £25.00 https://www.facebook.com/chiasetailieuACCA/
https://www.facebook.com/chiasetailieuACCA/ I N T E FAB R A C T I PAPER F1 V E ACCOUNTANT IN BUSINESS T E BPP Learning Media is an ACCA Approved Content Provider for the FIA qualification. X This means we work closely with ACCA to ensure this Interactive Text contains the information you need to pass your exam. T In this Interactive Text, which has been reviewed by the ACCA examination team, we:  Highlight the most important elements in the syllabus and the key skills you need  Signpost how each chapter links to the syllabus and the study guide  Provide lots of exam focus points demonstrating what the examiner will want you to do  Emphasise key points in regular fast forward summaries  Test your knowledge in quick quizzes  Examine your understanding in our practice question bank  Reference all the important topics in our full index BPP’s Practice & Revision Kit and i-Pass products also support this paper. FOR EXAMS FROM 1 SEPTEMBER 2015 TO 31 AUGUST 2016 https://www.facebook.com/chiasetailieuACCA/
https://www.facebook.com/chiasetailieuACCA/ FAB/F1 ACCOUNTANT IN BUSINESS First edition March 2011 Fourth edition 2015 ISBN 9781 4727 3524 9 Previous ISBN 9781 4453 7026 2 eISBN 9781 4727 2853 1 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? Published by Your market-leading BPP books, course materials and e- BPP Learning Media Ltd learning materials do not write and update themselves. BPP House, Aldine Place People write them on their own behalf or as employees of an 142-144 Uxbridge Road organisation that invests in this activity. Copyright law London W12 8AA protects their livelihoods. It does so by creating rights over the use of the content. www.bpp.com/learningmedia Breach of copyright is a form of theft – as well as being a criminal offence in some jurisdictions, it is potentially a Printed in the United Kingdom by serious breach of professional ethics. Ricoh UK Limited With current technology, things might seem a bit hazy but, Unit 2 basically, without the express permission of BPP Learning Wells Place Media: Merstham  Photocopying our materials is a breach of copyright RH1 3LG  Scanning, ripcasting or conversion of our digital materials into different file formats, uploading them to Facebook or emailing them to your friends is a breach of copyright Your learning materials, published by BPP Learning Media Ltd, are printed on paper You can, of course, sell your books, in the form in which you obtained from traceable sustainable sources. have bought them – once you have finished with them. (Is this fair to your fellow students? We update for a reason.) Please note the e-products are sold on a single user licence All rights reserved. No part of this publication may basis: we do not supply 'unlock' codes to people who have be reproduced, stored in a retrieval system or bought them secondhand. transmitted in any form or by any means, And what about outside the UK? BPP Learning Media strives electronic, mechanical, photocopying, recording or to make our materials available at prices students can afford otherwise, without the prior written permission of by local printing arrangements, pricing policies and BPP Learning Media. partnerships which are clearly listed on our website. A tiny minority ignore this and indulge in criminal activity by We are grateful to the Association of Chartered illegally photocopying our material or supporting Certified Accountants for permission to reproduce organisations that do. If they act illegally and unethically in past examination questions. The suggested one area, can you really trust them? solutions in the practice answer bank have been prepared by BPP Learning Media Ltd. © BPP Learning Media Ltd 2015 https://www.facebook.com/chiasetailieuACCA/ ii
https://www.facebook.com/chiasetailieuACCA/ CONTENTS Contents Page Introduction Helping you to pass ....................................................................................................................... v Chapter features ........................................................................................................................... vi Studying FAB/F1 ......................................................................................................................... vii The Computer-Based Examination .................................................................................................xxi Tackling Multiple Choice Questions...............................................................................................xxii Part A The business organisation, its stakeholders and the external environment 1 Business organisations and their stakeholders .......................................................................... 3 2 The business environment ................................................................................................... 19 3 The macroeconomic environment ......................................................................................... 57 4 Microeconomic factors......................................................................................................... 85 Part B Business organisation structure, functions and governance 5 Business organisation, structure and strategy ....................................................................... 123 6 Organisational culture and committees ................................................................................ 145 7 Corporate governance and social responsibility ..................................................................... 177 Part C Accounting and reporting systems, controls and compliance 8 The role of accounting ....................................................................................................... 201 9 Control, security and audit ................................................................................................. 237 10 Identifying and preventing fraud ......................................................................................... 265 Part D Leading and managing individuals and teams 11 Leading and managing people ............................................................................................ 293 12 Recruitment and selection.................................................................................................. 319 13 Diversity and equal opportunities ........................................................................................ 345 14 Individuals, groups and teams ............................................................................................ 357 15 Motivating individuals and groups....................................................................................... 379 16 Training and development.................................................................................................. 399 17 Performance appraisal....................................................................................................... 421 Part E Personal effectiveness and communication in business 18 Personal effectiveness and communication .......................................................................... 437 Part F Professional ethics in accounting and business 19 Ethical considerations ....................................................................................................... 477 Practice question bank ......................................................................................................................... 517 Practice answer bank ........................................................................................................................... 537 Index ..................................................................................................................................................... 549 Review form https://www.facebook.com/chiasetailieuACCA/ iii
https://www.facebook.com/chiasetailieuACCA/ FAB/F1 ACCOUNTANT IN BUSINESS https://www.facebook.com/chiasetailieuACCA/ iv
https://www.facebook.com/chiasetailieuACCA/ INTRODUCTION Helping you to pass BPP Learning Media – Approved Content Provider As an ACCA Approved Content Provider, BPP Learning Media gives you the opportunity to use study materials reviewed by the ACCA examination team. By incorporating the examination 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. 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 FIA and ACCA exams is equally useful to the fulfilment of the PER requirement. Tackling studying Studying can be a daunting prospect, particularly when you have lots of other commitments. The different features of the Text, the purposes of which are explained fully on the Chapter features page, will help you while studying and improve your chances of exam success. Developing exam awareness Our Texts are completely focused on helping you pass your exam. Our advice on Studying FAB/F1 outlines the content of the paper, 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. Using the Syllabus and Study Guide You can find the Syllabus and Study Guide on page ix of this Interactive Text. Testing what you can do 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 Exam Question Bank, as well as Quick Quizzes at the end of each chapter to test your knowledge of the chapter content. https://www.facebook.com/chiasetailieuACCA/ v
https://www.facebook.com/chiasetailieuACCA/ FAB/F1 ACCOUNTANT IN BUSINESS Chapter features Each chapter contains a number of helpful features to guide you through each topic. Topic list Tells you what you will be studying in this chapter and the relevant section numbers, together with the ACCA syllabus references. Introduction Puts the chapter content in the context of the syllabus as a whole. Study Guide Links the chapter content with ACCA guidance. Fast Forward Summarises the content of main chapter headings, allowing you to preview and review each section easily. EXAMPLE Demonstrates how to apply key knowledge and techniques. Key Term Definitions of important concepts that can often earn you easy marks in exams. Exam Focus Tells you how specific topics may be examined. Point Formula Formulae which have to be learnt. PER Alert This feature 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 A full list of the Fast Forwards included in the chapter, providing an easy source of review. Quick Quiz A quick test of your knowledge of the main topics in the chapter. Practice Question Bank Found at the back of the Interactive Text with more exam- style chapter questions. Cross-referenced for easy navigation. https://www.facebook.com/chiasetailieuACCA/ vi
https://www.facebook.com/chiasetailieuACCA/ INTRODUCTION Studying FAB/F1 How to Use this Interactive Text Aim of this Interactive Text To provide the knowledge and practice to help you succeed in the examination for Paper FAB/F1 Accountant in Business. To pass the examination you need a thorough understanding in 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 Text very carefully and do not skip any of it. (b) Learning is an active process. Do all the questions as you work through the 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 Exam Question Bank, checking your answers carefully against the Exam 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 papers at the Introductory and Intermediate levels. For practice and revision use BPP Learning Media's Practice & Revision Kit, i-Pass and Passcards. https://www.facebook.com/chiasetailieuACCA/ vii
https://www.facebook.com/chiasetailieuACCA/ FAB/F1 ACCOUNTANT IN BUSINESS What FAB/F1 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 paper. Approach to examining the syllabus Paper FAB/F1 is a two-hour paper. It can be taken as a written paper or a computer-based examination. The questions in the computer-based examination are objective test questions or multiple task questions – multiple choice, number entry, multiple response, multiple response matching, picklists and hotspots. (See page xxiii for frequently asked questions about computer-based examinations.) The written examination is structured as follows: Number of marks 16 one mark objective test questions 16 30 two mark objective test questions 60 6 four mark multiple task questions (One on each area of the syllabus) 24 https://www.facebook.com/chiasetailieuACCA/ viii
https://www.facebook.com/chiasetailieuACCA/ INTRODUCTION https://www.facebook.com/chiasetailieuACCA/ ix
https://www.facebook.com/chiasetailieuACCA/ FAB/F1 ACCOUNTANT IN BUSINESS https://www.facebook.com/chiasetailieuACCA/ x
https://www.facebook.com/chiasetailieuACCA/ INTRODUCTION https://www.facebook.com/chiasetailieuACCA/ xi
https://www.facebook.com/chiasetailieuACCA/ FAB/F1 ACCOUNTANT IN BUSINESS https://www.facebook.com/chiasetailieuACCA/ xii
https://www.facebook.com/chiasetailieuACCA/ INTRODUCTION https://www.facebook.com/chiasetailieuACCA/ xiii
https://www.facebook.com/chiasetailieuACCA/ FAB/F1 ACCOUNTANT IN BUSINESS https://www.facebook.com/chiasetailieuACCA/ xiv
https://www.facebook.com/chiasetailieuACCA/ INTRODUCTION https://www.facebook.com/chiasetailieuACCA/ xv
https://www.facebook.com/chiasetailieuACCA/ FAB/F1 ACCOUNTANT IN BUSINESS https://www.facebook.com/chiasetailieuACCA/ xvi
https://www.facebook.com/chiasetailieuACCA/ INTRODUCTION https://www.facebook.com/chiasetailieuACCA/ xvii
https://www.facebook.com/chiasetailieuACCA/ FAB/F1 ACCOUNTANT IN BUSINESS https://www.facebook.com/chiasetailieuACCA/ xviii
https://www.facebook.com/chiasetailieuACCA/ INTRODUCTION https://www.facebook.com/chiasetailieuACCA/ xix