CHATGPT VS ACCA - BUSINESS AND TECHNOLOGY (BT)
I’m going to test ChatGPT in two different ways and complete the exam twice.
Test 1 - I am going to copy and paste the questions directly from the past paper, in to ChatGPT, and answer with it’s first result. I will only ask for clarity if the answer doesn’t line up with any of the multiple choice answers.
Test 2 - I am going translate the question in to a format that I think will help ChatGPT answer the question. I may ask further questions if more detail is needed.
TEST 1
1) CORRECT
The major purpose of the International Accounting Standards Board (IASB) is to ensure consistency in __________.
Which two words complete this sentence?
financial control
corporate reporting
external auditing
2) INCORRECT - answered ‘authoritarian’ when the correct answer was ‘autocratic’.
The leadership style that least acknowledges the contribution that subordinates have to make is ___________.
Which word correctly completes this sentence?
autocratic
assertive
authoritarian
3) CORRECT
In relation to the management of conflict, which of the following approaches will maximise the prospect of consensus?
Assertiveness
Negotiation
Avoidance
Acceptance
4) CORRECT
Daragh has been appointed to the management team of a professional football club. His role includes coaching, mentoring and counselling young players who have just signed contracts with the club for the first time.
Will the following activities be related to his role as coach, mentor or counsellor?
Identifying each player's key skills and encouraging them to develop new skills
Helping the young players to settle in during their first week
Advising the players on addressing personal issues, such as managing their finances
Helping the players to anticipate opponents' reactions
5) CORRECT
In order to ensure that the policies of an organisation are consistent with the public interest, on which of the following should the directors of a company focus?
The collective well-being of stakeholders
Compliance with legal requirements and codes of governance
The long-term welfare of the shareholders
6) CORRECT
Martin is an experienced and fully trained shipbuilder, based in a western European city. Due to significant economic change in supply and demand conditions for shipbuilding in Martin's own country, the shipyard he worked for has closed and he was made redundant. There was no other local demand for his skills within his own region and he would have to move to another country to obtain a similar employment, and could only find similar work locally through undertaking at least a year's retraining in a related engineering field.
Which of the following describes the type of unemployment that Martin has been affected by?
Marginal unemploymentStructural unemploymentCyclical unemploymentFrictional unemployment
7) CORRECT
Which of the following is the MAIN function of marketing?
To persuade potential consumers to convert latent demand into expenditure
To identify suitable outlets for goods and services supplied
To identify and anticipate customer needs
To maximise sales volume
8) CORRECT
Auditors would find big data analytics most useful for which TWO of the following tasks?
Detecting unusual patterns in key accounting ratios
Sampling smaller sets of accounting data
Verifying the existence and ownership of assets and liabilities
Predicting the probability of key risks materialising
9) CORRECT
The overall average age of a population in a country is directly dependent on two demographic factors: birth rates and death rates.
Assuming equal rates of change, will each of the following lead to an overall ageing of the population?
Increasing death rate
Decreasing birth rate
10) CORRECT
Gils is conducting an appraisal interview with his assistant Jill. He initially feeds back to Jill areas of strengths and weaknesses of performance but then invites Jill to talk about the job, her aspirations, expectations and problems. He adopts a non-judgmental approach and offers suggestions and guidance.
This is an example of which approach to performance appraisal?
Tell and sell approach
Tell and listen approach
Problem solving approach
360 degree approach
11) CORRECT
What is the primary responsibility of the external auditor?
To verify all the financial transactions and supporting documentation of the client
To ensure that the client's financial statements are reasonably accurate and free from bias
To report all financial irregularities to the shareholders of the client
To ensure that all the client's financial statements are prepared and submitted to the relevant authorities on time
12) INCORRECT - answered ‘2 and 3’ when it should have been ‘1 and 3’.
The following are examples of business information:
(1) Annual forecasts of revenues and costs for a department
(2) Product development plans for the next 2-3 years
(3) Targets agreed by key managers at their performance appraisal interviews
Which of the above would be classified as tactical information?
1 and 3
2 and 3
1 and 2
13) CORRECT
Wasim is the Customer Services Manager in a large leisure park. The forthcoming weekend is going to be the busiest of the year, as it is a public holiday. Wasim has to cope with several absentees leaving him short-staffed in public areas of the park. His manager has told him that he expects him to catch up with some administrative reports that were due last week. Wasim also has to arrange for six new staff to be trained, who will be arriving imminently.
In order to manage his workload most effectively, what should Wasim do?
Carry out some of the work that the absentees would normally do
Train the new recruits
Deal with the reports that the manager insists be prepared
Prioritise the tasks in relation to the most important business outcomes
14) INCORRECT - answered ‘honesty’ when the correct answer is ‘objectivity’.
In order to discharge their duties ethically, finance directors must ensure that the information published by their organisations provides a complete and precise view of the position of the business, without concealing negative aspects that may distort the reader's perception of its position.
This duty describes which of the following ethical principles?
Probity
Honesty
Independence
Objectivity
15) CORRECT
Which of the following is a purpose of the International Federation of Accountants?
Prevention of international financial crimes, such as money laundering and insider dealing
Promotion of ethical standards in all member organisations
Development of universally applicable detailed rules to deter inappropriate behaviours
Agreement of legally binding financial reporting standards across all member accountancy organisations
16) INCORRECT - answered ‘yes’ for both, when an increase in taxation should have been ‘no’. It originally answered in a very balanced and informative way so I prompted a yes or no answer.
Are each of the following consistent with a government's policy objective to expand the level of economic activity?
An increase in taxation
An increase in public expenditure
17) INCORRECT - answered ‘distribution (or place)’ and the correct answer was ‘price’.
Neill works as the procurement manager of JL Company, a large services company.
Information provided by Neill is most relevant to which of the following elements of the marketing mix?
Physical evidence
Distribution (or place)
Processes
Price
18) CORRECT
In relation to employee selection, which type of testing is MOST appropriate for assessing the depth of knowledge of a candidate and the candidate's ability to apply that knowledge?
Intelligence testing
Competence testing
Psychometric testing
19) CORRECT
Malachi has been asked by his manager to analyse the financial accounts of ABC Company, which is bidding for a contract offered by Malachi's company in the near future. The two financial statements which he will be using as his sources are the statement of financial position and the statement of profit or loss.
From which financial statements will Malachi obtain the following information?
Liquidity
Operating costs as a percentage of revenue
Long-term borrowings
The equity of the company
20) CORRECT
Linh owns a busy restaurant. She has had complaints from regular customers about diners failing to control their noisy and unruly children, which is spoiling their dining experiences.
Which of the following courses of action would be regarded as a pluralist solution to this problem?
Setting aside a separate section of the restaurant for families with children
Not accepting bookings from families with children
Advising customers that the restaurant is a family restaurant before they book
Taking no action, assuming that those who complain will always be a minority
21) INCORRECT - answered ‘all private individuals on whom any data is held’, but should have been for ‘all private individuals on whom only regulated data is held’.
Which of the following is data protection legislation primarily designed to protect?
All private individuals on whom any data is held
All private individuals and corporate entities on whom only regulated data is held
All private individuals on whom only regulated data is held
22) CORRECT
Which of the following is an example of the system used by a company to record sales and purchases?
A transaction processing system
A management information system
An office automation system
A decision support system
23) CORRECT
Which TWO of the following are examples of connected stakeholders?
Supplier
Manager
Customer
Executive Director
24) INCORRECT - answered ‘false’ when it’s ‘true’.
In an economic environment of high price inflation, those who owe money will gain and those who are owed money will lose.
Is the above statement true or false?
25) CORRECT
Role playing exercises using video recording and playback would be MOST effective for which type of training?
Development of selling skills
Regulation and compliance
Dissemination of technical knowledge
Introduction of new processes or procedures
26) INCORRECT - answered ‘maximises the involvement of her team’ and ‘balances the needs of the team with the need to complete to task’ and both were incorrect.
Renata has attended a leadership development course in which she experienced a self-analysis exercise using the Blake and Mouton managerial grid. The course leader informed her that the results suggested that Renata demonstrated a 9.1 leadership style.
Which TWO conclusions may be drawn in relation to Renata's leadership style?
She maximises the involvement of her team
She demonstrates little concern for other people in the team
She balances the needs of the team with the need to complete the task
She is highly focused on achieving the objectives of the team
27) CORRECT
The implementation of a budgetary control system in a large organisation would be the responsibility of the internal auditor.
Is the above statement true or false?
28) CORRECT
Which TWO of the following are roles of an external auditor?
Confirming that accounts have been prepared in accordance with legal requirements
Confirming that there are appropriate policies for preventing and detecting fraud
Confirming that the financial accounts present a true and fair view
29) CORRECT
Professional accountants must demonstrate integrity at all times.
Which of the following best describes the meaning of integrity?
Providing timely and accurate information free from errors
Maintaining a neutral and unbiased view on all business decisions
Applying consistently high moral values
30) CORRECT
Which TWO of the following are characteristics of a public limited company but not a cooperative?
Members can vote according to the number of shares owned
All members are invited to attend the annual general meeting and participate in decisions at the meeting
Maximising the excess of income over expenditure is not a primary objective
Shares can be bought and sold through personal transactions of the members
31) CORRECT
A company has advertised for staff who must be at least 1.88 metres tall and have been in continuous full-time employment for at least five years.
Which of the following is the legal term for this practice?
Direct discrimination
Indirect discrimination
Victimisation
Implied discrimination
32) CORRECT
Which of the following statements about Blockchain is NOT correct?
Blockchains allow for increased transparency in the recording of business transactions
Blockchain transactions have an indelible record
Blockchains can be posted to a public ledger
Blockchain information requires a greater need for the auditing of transactions
33) INCORRECT - answered ‘role’ when the correct answer is ‘task’.
In a higher education teaching organisation an academic faculty is organised into courses and departments, where teaching staff report both to course programme managers and to subject specialists, depending on which course they teach and upon their particular subject specialism.
According to Charles Handy's four cultural stereotypes, which of the following describes the above type of organisational structure?
Person
Role
Task
Power
34) CORRECT
Which pattern of communication is the quickest way to send a message?
The wheel
The Y
The chain
The circle
35) CORRECT
Kelly is discussing a business problem with Pawel on the telephone.
Who will be involved in 'encoding' the communication that takes place?
Kelly
Pawel
Both Kelly and Pawel
36) CORRECT
Which of the following types of new legislation would provide greater employment opportunities in large companies?
New laws to prevent discrimination in the workplace
New laws on health and safety
New laws on higher compensation for employer breaches of employment contracts
New laws making it more difficult to dismiss employees unfairly
37) CORRECT
What is the responsibility of a Public Oversight Board?
The establishment of detailed rules on internal audit procedures
The monitoring and enforcement of legal and compliance standards
The commissioning of financial reporting standards
The creation of legislation relating to accounting standards
38) CORRECT
Adrian is the manager of a call centre. Consultants have advised him that by reorganising his teams to complete specialised tasks the call centre will be able to increase the throughput of work significantly, as well as increase the number of sales calls made to the public. The reorganisation proposals are unpopular with many workers, who feel that their jobs will become tedious and repetitive.
The proposal to reorganise the work of the call centre utilises principles put forward by which school of management thought?
The administrative schoolThe scientific schoolThe empirical school
39) CORRECT
The aggregate level of demand in the economy is made up of government expenditure, _________, _________ and net gains from international trade.
Which of the following correctly completes the sentence above?
(1) Savings
(2) Taxation
(3) Investment
(4) Consumption
1 and 3
2 and 3
1 and 4
3 and 4
40) CORRECT
In the context of marketing, the 'four P's' are Price, Promotion, ________ and ________.
Which TWO words correctly complete this sentence?
Product
Positioning
Place
41) CORRECT
Which of the following is a potential ADVANTAGE of decentralisation?
Risk reduction in relation to operational decision-making
Consistency of decision-making across the organisation
More accountability at lower levels
42) CORRECT
FKT Co is considering the introduction of a code of ethics following media criticism of its selling practices.
Which of the following is most important when deciding on the content of the proposed code of ethics?
The minimum acceptable standards of behaviour and conduct of employees
The legal requirements affecting the sales of core products and services
The main issues of concern to customers who have made complaints
The generally accepted standards by other companies operating in the same sector
43) CORRECT
Ahmed is preparing his personal development plan. He is particularly concerned about how others see him.
In order to analyse this aspect of his personal development plan further, Ahmed should consider which TWO of the following?
Weaknesses
Opportunities
Strengths
44) CORRECT
Jackie leads an established team of six workers. In the last month, two have left to pursue alternative jobs and one has commenced maternity leave. Three new staff members have joined Jackie's team.
Which of Tuckman's group stages will now occur?
Norming
Forming
Performing
Storming
45) CORRECT
In the context of fraud, 'teeming and lading' is MOST likely to occur in which area of operation?
Sales
Despatch
Quality control
Advertising and promotion
46) CORRECT
Which of the following statements is TRUE in relation to the average revenue function of a business in a perfect market?
It is vertical
It is horizontal
It is diagonal
47) TASK 1 - INCORRECT - got 3 of the 4 references incorrect.
Here are four references to the functions of management:
A) There are essentially five functions of management that apply to any organisation
B) Individual and group behaviour at work is a major factor in productivity
C) Management is the development of a true science of work
D) The manager of a business has one basic function - economic performance
Select the correct reference for each writer.
Peter Drucker
Elton Mayo
Henry Mintzberg
F W Taylor
47) TASK 2 - CORRECT
From the list below identify TWO of Henri Fayol's functions of management.
Planning
Organising
Managing
Motivating
Monitoring
48) TASK 1 - MOSTLY CORRECT - limiting access to departmental laptops through making them password protected is a ‘general control’, but ChatGPT answered ‘application control’.
XYZ company installed a computer system to handle its main accounting functions including accounts receivable, accounts payable and payroll. Management have a number of concerns about access to the system and are considering a number of controls to overcome these concerns.
Task 10 of 2 marks
Is each of the following a general control or an application control?
lLocking the computer room to prevent access to non-employees
Providing basic IT training to payroll staff to prevent errors in using the system
Taking backup of data files and holding backup copies off-premises
Limiting access to departmental laptops through making them password protected
48) TASK 2 - CORRECT
The company has considerable cash collections on a regular basis. The cashier receives the cash, records it and then banks it at the end of each day. Since a single person is responsible for access to cash, the financial director is concerned that fraud and error may occur in cash handling and recording. He proposes use of appropriate internal controls to prevent any such errors or misappropriations.
The following sentences describe internal controls which could be used to prevent fraud and errors. Select the correct internal control to complete each sentence.
Fraud and errors in handling cash can be prevented through internal auditsegregation of dutiesinduction and trainingauthorisation limits since no one individual can record and process a complete transaction.
Even if such a measure were introduced, the possibility exists that staff could act together to perpetrate fraud and bypass this control.
This can be prevented through authorisation limitsinduction and trainingsegregation of dutiesinternal audit as it would ensure awareness of the heavy sanctions to be imposed in cases of dishonesty.