E1 Mock & Test Yourself Corrections

What are the finance function’s 5 main roles?

• Planning

• Forecasting

• Resource allocation

• Performance management & control

• Financial reporting

List the roles related to how the finance function enables, shapes and narrates to create and preserve value

Enables:

• Planning

• Forecasting

• Resource allocation

Shapes:

• Performance management & control

Narrates:

• Financial (corporate) reporting

The CGMA (Chartered Global Management Accountant) 2019 competency framework outlines the skills needed by finance professionals in current and future roles. They can be grouped into five types of competency, all underpinned by ethics, integrity and professionalism.

What are these competencies?

What are the 3 steps of a data modelling process - define them.

Conceptual - Defines what the system contains

Logical - Defines how the system should be integrated

Physical - Defines how the system will be implemented

What is the definition of supply network design in operations?

The location of stores of an appropriate size in the most effective places.

What is the cheapest, most effective way of resolving a shortfall in labour capacity?

Job enlargement (employees given new tasks)

Does IT infrastructure include software and core networks?

Yes

Variance analysis measures which stage of the information to impact framework? Does it fall under, enable, shape or narrate?

Impact, shape (variance analysis is a control mechanism)

Are laptops considered part of the internet of things?

No

How does big data analytics impact the internal audit function?

It allows them to focus on business critical activities.

What is data profiling

The analysis of data to understand its content, formats and structure.

What are the 5 steps of a data strategy?

• Identify

• Store

• Provision

• Process

• Govern

Explain the types of roles at each stage of the diamond structure, and which stage of the information to impact framework is impacted.

Stage 1 (impact)

• Strategic leadership

Stage 2 (influence)

• Business partnering

Stage 3 (Further insight)

• Specialist areas

  • FP & A

  • Tax

  • Project management

  • Project appraisal

• Stage 4 (generate info & preliminary insight)

  • Financial reporting

  • Management accounting

  • Treasury management

  • Internal audit

What are the 3 extensions of the traditional 4P’s of the marketing mix?

• Process

• People

• Physical Evidence

What is the key way the finance function and HR coordinate in a modern sense?

Measuring staff engagement, viewing staff as assets.

which level of the diamond shape has increased in the number of tasks affected by shared service centres?

Level 3 - specialist areas

What is the CFO also known as?

The Co-Pilot

Who is responsible for checking that financial statements show a true and fair view?

External Audit

At which levels of the diamond shape has technology increased the need for skills and talent?

2 &3

What is the order of the reporting to deploying solutions framework.

• Reporting

• Questioning

• Developing Solutions

• Deploying Solutions

Which side of the information to impact framework is most related to accounting and governance and which is most related to guidance and management?

• Assembling info is closest to accounting and governance

• Applying for impact is closest related to guidance and management

Explain the ACCURATE synonym in relation to good information.

• Accurate

• Complete

• Cost/benefit

• Understandable

• Relevant

• Adaptable

• Timely

• Easy to use

• It is difficult to ascertain the value of a crypto currency

• The market value for crypto is more volatile than for traditional currencies.

True or False?

True