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

Question 77

Which of the following is correctly stated to be an advantage of carrying on business via a company limited by shares?

(i) The liability of the company is limited.

(ii) In general the directors are not liable for the debts of the company.

(iii) The liability of the shareholders is limited.

Options:

(i) only

(i) and (ii) only

(ii) and (iii) only

(iii) only

Question 78

S is management accountant for a small retail company. S has discovered a possible fraud in the purchasing department. The manager of that department has told S that he is aware of the fraud and will 'deal with it'.

Which ONE of the following would it be appropriate for S to do?

Options:

Nothing

Advise a director of the company

Ask for confirmation in writing from the manager

Bring the matter to the attention of the police

Ask for advice from the company's external auditors

Question 79

Which ONE of the following resolutions is no longer legally effective?

Options:

An elective resolution

A special resolution

An ordinary resolution

A written resolution

Question 80

Which of the following is incorrect?

Options:

All courts below the Supreme Court may refer a case involving European Law to the European Court of Justice for a preliminary ruling.

Supreme Court must refer a case involving European Law to the European Court of Justice for a preliminary ruling.

An English court is not bound to give effect to a preliminary ruling of the European Court of Justice.

A preliminary ruling of the European Court of Justice is sent back to the Court which referred the question and must be given effect by that court.

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

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