Part A: 15 Multiple Choice Questions (Total: 15 marks) (1 mark for each correct answer) (Please answer MC Questions on the answer sheet provided on page 16) What is the connection between the concept of accountability and corporate governance? The board reviews poor decisions and punishes the person responsible. b. The board delegates decision making to employees but retains ultimate responsibility. Decisions are made by the person who needs to act on the decision irrespective of their position in the organisation. Board members are only accountable for decisions made by the board, The objective of the accounts receivable phase in the revenue cycle is to: ensure payments for goods and services are received on time and in correct amount. ensure payments for goods and services are correctly received, recorded and banked. ensure the accounts payable record is updated accordingly when payments for goods and services are received. ensures that payments for goods and services are made to the correct suppliers. The current eight principles for corporate governance outlined by the ASX Corporate Governance Council do not include: recognise and minimise risk. b. safeguard integrity in financial reporting c. makes timely and balanced disclosure. remunerates fairly and responsibly. 4. Which of the following is NOT a strategy level decision to be made in the expenditure cycle? b. Whether the organisation should consolidate purchases across units to obtain optimal prices. How IT can be used to improve both the efficiency and the accuracy of the inbound logistics function. Identifying where inventories and supplies should be held. Determining the optimal level of inventory and supplies to carry