BA4 Questions Bank

Fundamentals of Ethics, Corporate Governance and Business Law Questions and Answers

Question 97

Which of the following is CORRECT in relation to a Limited Liability Partnership (“LLP”)?

(i) An LLP is formed by registration with the Registrar of Companies

(ii) Unlike the articles of a company the internal rules of an LLP are not available for public inspection

(iii) An LLP is liable to pay corporation tax on its profits

Options:

(i) only

(i) and (ii) only

(ii) and (iii) only

(i), (ii) and (iii)

Question 98

In which of the following situations has a contract of employment arisen?

Options:

A verbal offer of work is made to S for the possibility of duties at a specified pay rate but the employer makes it explicit that, as the need for the services is not yet certain S is free to work elsewhere

A written offer of work is made to R which specifies the services required but omits the pay rate for the job. This is not accepted by R either in writing or verbally and R does not turn up for work

A verbal offer of work is made to P at a given pay rate per hour for specified services The offer is not accepted by P either verbally or in writing but P turns up for work and performs the duties identified in the offer.

A verbal offer of work is made to Q at a given pay rate for specified services. The offer is not accepted by Q either verbally or in writing and Q does not turn up for work

Question 99

Which of the following is CORRECT in relation to the Sarbanes-Oxley Act passed in the United States of America in 2002?

i. The Act sought to protect investors by improving the accuracy of corporate disclosure and reporting procedures and increasing corporate openness.

ii. The Sarbanes-Oxley Act 2002 was passed in response to the high-profile Enron and WorldCom financial scandals.

iii. The Act provides that all auditors of public companies must register with the Public Company Accounting Oversight Board.

Options:

(i) and (ii) only

(i) and (iii) only

(ii) and (iii) only

(i), (ii) and (iii)

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Fundamentals of Ethics, Corporate Governance and Business Law Questions and Answers

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