Business and Technology (FBT/BT) Examiner's Report Flashcards

A set of vocabulary flashcards based on the ACCA Business and Technology examiner's reports covering market structures, management theories, and professional ethics.

Business and Technology (FBT/BT) Exam Structure

A two-part computer-based exam consisting of 46 objective test questions in Section A and 6 multi-task questions in Section B, to be completed in 2 hours.

Monopolistic Competition

A market situation involving many producers selling goods which are not perfect substitutes, often using branding to differentiate offerings.

Oligopoly

A market situation where there are few producers in the market.

Duopoly

A variant of an oligopoly characterized by the presence of just two producers.

Monopoly

A situation where one supplier comprises the whole industry and market entry is restricted by financial or other barriers such as patents.

Perfect Competition

A market state where producers converge on one price, though the price is not fixed and supply or demand are not perfectly inelastic.

Synergy

The benefit generated by a committee by combining the knowledge, skills, and experience of different individuals.

Artificial Intelligence (AI)

Systems deploying algorithms that can modify themselves based on input data to improve effectiveness and efficiency for both physical and non-physical tasks.

Rating Scale

A performance assessment technique using scores (such as 1 to 5) to judge employee performance from poor to excellent across multiple criteria.

Competence Framework

A structure setting out required skills and measurable objectives that can be monitored by both the employer and the employee.

Stakeholders

Anyone who can affect an organization or be affected by it, including clients, employees, suppliers, the community, and the physical environment.

Public Interest

The obligation of professional accountants to ensure their actions are consistent with the well-being of stakeholders and society as a whole.

Direct Taxation Increase Effect

A contractionary policy measure that reduces aggregate demand, inhibits economic growth, and increases unemployment.

The Grapevine

The informal network of communications within an organization characterized by rapid transmission of information through various channels like social media or intranets.

True and Fair View

A state where financial statements follow all appropriate accounting standards and generally accepted accounting practices to provide reasonable assurance.

Theory X

A motivation typology by Douglas McGregor where workers are seen as unwilling to work, needing direction, and viewing achievement as irrelevant.

Theory Y

A motivation typology by Douglas McGregor where workers are seen as creative, capable of self-direction, and viewing work as natural as rest.

Mendelow's Grid

A theory used to prioritize stakeholders by considering the level of power they exert and the level of interest they have in the organization.

Agency Theory

A corporate governance approach viewing the relationship between an individual and a company as principal to agent, where the agent may act in self-interest.

Stakeholder Theory

A governance approach that broadens the company's duty of care to include a range of groups and individuals beyond just the owners.

Stewardship Theory

A governance approach regarding those who control the organization as trustworthy individuals who promote the best interests of the company.

Advocacy Threat

An ethical threat that occurs when a professional accountant speaks or acts on behalf of an assurance client, such as in a court case.

Self-review Threat

An ethical threat arising when an accountant's judgment is influenced by their own previous work or experiences from the past.

International Financial Reporting Standards (IFRS)

A set of model accounting approaches that are mandatory for certain business entities or for stock exchange listings in various countries.