Which of the following statements is incorrect?

• A.A term will be implied into a contract wherever a court considers that it would be reasonable to do so.
• B.A term may be implied into a contract on the basis of previous dealings between the parties.
• C.A term may be implied into a contract by statute.
• D.A term may be implied into a contract on the basis of a trade custom.

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Which of the following is one of the fundamental principles identified in the CIMA Code of Ethics?

• A.Impartiality
• B.Initiative
• C.Integrity
• D.Instinct

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Kane is a management accountant for business in the City. When looking through the company's latest financial reports he finds that company has been paying far less tax than it should be.
After consulting the company's management, Kane discovers that the company had been deliberately paying less tax and are not interested in taking action to rectify it.
As Kane has done all he can to try and solve the issue himself, it's clear that he now needs to take steps to disassociate himself from the misleading information.
How might he do this?
Select ALL that apply.

• A.Determine whether he should report the issue.
• B.Destroy all documents that contain information regarding the company's tax avoidance.
• C.Resign from the company.
• D.Consider getting legal advice.
• E.Manipulate the company's accounts so that the right amount of tax is paid.

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Which of the following is incorrect?

• A.A director is a person who occupies the position of director by whatever name called.
• B.Subsequent directors are appointed according to the rules set down in the company's Memorandum of Association.
• C.The first directors are appointed upon the incorporation of the company.
• D.A shadow director is a person in accordance with whose directions or instructions the directors of the company are accustomed to act.

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Your company's marketing department produces a corporate brochure where, although it uses data that is accurate, the conclusions that it draws are somewhat misleading. Is this an ethical issue and why?

• A.Yes - misrepresenting information is an ethical issue
• B.No - as long as the data is correct
• C.Yes - incompetence is an ethical issue
• D.No - all marketing uses an element of 'spin' or misrepresentation, so there is nothing wrong with this

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