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Which of the following statements concerning tort is correct? 

A

Breach of contract is a tort 

B

 Torts are crimes 

C

 A tort is a civil wrong and the victim sues for compensation or an injunction 

 Which of the following describes the tort of 'passing-off'? 

A

 The use of a business name or trademark that misleads the consumer to believe that one business is that of another 

B

Misleading a consumer to take actions that are to their detriment 

C

 A consumer deliberately wearing a product that purports to be made by one brand but which is actually a fake 

 In which of the following circumstances will a defendant be liable to pay compensation under the tort of negligence? 

A

 They breached a duty of care to the claimant 

B

 They breached a duty of care to the claimant and as a consequence the claimant suffered loss, injury or damage 

C

 Their actions caused the claimant to suffer some loss, injury or damage 

 In the tort of negligence, what is the legal effect of res ipsa loquitur? 

A

 The claimant must prove that the defendant was negligent 

B

 The defendant must prove that they were not negligent 

C

 The claimant must prove that they acted reasonably 

In which of the following circumstances would an employer be vicariously liable for the acts of an employee? 

A

 Where the loss or damage was caused by the employee when performing the duties they were employed to do 

B

 Where the loss or damage was caused by the employee, but they were not on company business at the time of the incident 

C

 Where the employee has a valid defence to liability and the injured party has no other course of action available to them 

 In the tort of negligence, what is the effect of volenti non fit injuria? 

A

The defendant is liable for the claimant's injury unless proved otherwise 

B

 The claimant accepted the risk of injury and the defendant is not liable for the claimant's losses 

C

 Neither the claimant nor the defendant is responsible for the claimant's injury 

ix years ago material M cost $10 per kg and the price index most appropriate to the cost of material M was 130. The same index now stands at 510.What is the best estimate of the current cost of material M per kg?

A

$2.55

B

$29.23

C

$39.23

D

$51.00

Which of the following are common applications of spreadsheets used by management accountants?

(i) Variance analysis

(ii) Cash flow budgeting and forecasting

(iii) Preparation of financial accounts

A

(i) and (ii) only

B

(i) and (iii) only

C

(ii) and (iii) only

D

(i), (ii) and (iii)

A spreadsheet is unlikely to be used for which of the following tasks?

A

Cash flow forecasting

B

Monthly sales analysis by market

C

Writing a memo

D

Calculation of depreciation

The following question is taken from the December 2012 exam paper. The following data relates to a company's overhead cost.

      Time  (units)            Output                Overhead cost  ($)             Price  index

          2 years ago           1,000                               3,700                        121

         Current year           3,000                             13,000                         155

Using the high low technique, what is the variable cost per unit (to the nearest $0.01) expressed in current year prices?

A

 $3.22

B

 $4.13

C

$4.65

D

$5.06