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ICAEW BTF - MEMORY RECAP
WITH 100% DETAILED
CORRECT ANSWERS 2025/
STUDY SET
PORTER'S 5 FORCES MODEL, WHAT IS THE PURPOSE AND WHAT ARE THE ELEMENTS?
ANALYSES THE COMPETITIVE ASPECT OF THE TASK ENVIRONMENT:
- BARGAINING POWER OF SUPPLIERS
- THREAT OF SUBSTITUTE PRODUCTS OR SERVICES
- BARGAINING POWER OF CUSTOMERS
- THREAT OF NEW ENTRANTS
- RIVALRY AMONG EXISTING FIRMS
IN TERMS OF THE MANAGEMENT PROCESS, WHAT DOES LEADING INVOLVE?
CONCERNED WITH GENERATING EFFORT AND COMMITMENT TOWARDS MEETING OBJECTIVES
WHAT ARE THE DIFFERENT TYPES OF POWER AND THEIR MEANING?
COERCIVE - PHYSICAL FORCE OR POWER OF PUNISHMENT
REWARD - E.G. POWER TO PAY YOU
LEGITIMATE - ASSOCIATED WITH A PARTICULAR POSITION
EXPERT - FROM KNOWING LOTS
REFERENT - THROUGH CHARISMA/CHARM
NEGATIVE - POWER TO DISRUPT OPERATIONS
WHAT ARE DIFFERENT TYPES OF MANAGER?
LINE MANAGER - TRADITIONAL BOSS
STAFF MANAGER - NO ACTUAL POWER, HAS POWER THROUGH GIVING ADVICE (E.G. HR)
FUNCTIONAL MANAGER - BEST EXAMPLE IS IT, HYBRID OF LINE AND STAFF MANAGER (HAS
REAL POWER IN SOME CIRCUMSTANCES)
PROJECT MANAGER - HAS POWER OVER A PARTICULAR PROJECT/THINGS THAT HAPPEN IN A
CERTAIN CONTEXT
WOULD A DRIVER MISLAYING A TABLET CONTAINING SENSITIVE INFORMATION CONSTITUTE A
CYBER RISK?
POTENTIALLY YES, CYBER RISK ALSO ENCOMPASSES OPERATIONAL IT RISKS DUE TO POOR
SYSTEMS INTEGRITY SO IF THE DATA WOULD BE ACCESSIBLE THEN THIS COULD BE A CYBER RISK
WHAT ARE MINTZBERG'S 5 BASIC COMPONENTS OF AN ORGANISATION, AND WHAT DO THEY
DO?
TECHNOSTRUCTURE: DESIGNS SYSTEMS AND STANDARDISES WORK
STRATEGIC APEX: THOSE AT THE TOP (BOARD, ETC.)
MIDDLE LINE: MIDDLE MANAGEMENT
OPERATING CORE: FRONT LINE WORKERS
SUPPORT STAFF: CLEANING, CATERING, ETC.
MEASUREMENT, CAPITAL BUDGETING, PRICING --> INTERNAL
TREASURY MANAGEMENT: CASH BUDGETS, LONG-TERM FINANCE DECISIONS, MANAGING
FINANCIAL RISK, MANAGEMENT OF WORKING CAPITAL
FINANCIAL REPORTING: FINANCIAL STATEMENTS, TAX, PROVISION OF INFORMATION TO
EXTERNAL REGULATORS --> EXTERNAL
WHAT ARE THE KEY FEATURES OF AN ORGANISATION?
SOCIAL ARRANGEMENT THAT PURSUES COLLECTIVE GOALS, CONTROLS ITS OWN
PERFORMANCE, AND HAS A BOUNDARY SEPARATING IT FROM ITS ENVIRONMENT
WHAT ARE MINTZBERG'S 5 PS OF STRATEGY?
PLAN - FOR EXAMPLE A BUDGET
PLOY - LIKE A MANOEUVRE IN A COMPETITIVE GAME
PATTERN - SOMETHING YOU TEND TO DO
POSITION - MATCHING INTERNAL AND EXTERNAL FACTORS
PERSPECTIVE - WHAT IS YOUR ATTITUDE TO THE ENVIRONMENT?
WHAT ARE THE STAGES OF THE RATIONAL PLANNING MODEL?
SWOT ANALYSIS (INTERNAL AND EXTERNAL)
CORPORATE APPRAISAL
MISSION, GOALS AND OBJECTIVES
GAP (DIFFERENCE BETWEEN THE APPRAISAL AND THE MISSION)
STRATEGIC CHOICE
IMPLEMENTATION --> REVIEW AND CONTROL (FEEDBACK LOOP)
WHAT IS COST LEADERSHIP, DIFFERENTIATION, AND FOCUSES?
COST LEADERSHIP SIMPLY ABOUT PRODUCING AT THE LOWEST COST IN THE INDUSTRY AS A
WHOLE (NOTE THAT NOT NECESSARILY CHARGING THE LOWEST PRICES
DIFFERENTIATION ABOUT PROVIDING A PRODUCT OR SERVICE THAT THE INDUSTRY BELIEVES
TO BE UNIQUE
FOCUS/NICHE MEANS RESTRICTING ACTIVITIES TO ONE SECTION OF THE MARKET (CAN HAVE
BOTH A COST FOCUS NICHE AND DIFFERENTIATION NICHE)
WHEN WOULD WE USE A SWOT ANALYSIS?
AT THE CORPORATE APPRAISAL STAGE
WHAT IS RISK EXPOSURE?
SIMPLY A MEASURE OF THE WAY A BUSINESS IS FACED BY RISKS, WHETHER
FINANCIAL/BUSINESS/ETC.
WHAT ARE THE FUNDAMENTAL AND ENHANCING QUALITATIVE CHARACTERISTICS OF
FINANCIAL REPORTING?
FUNDAMENTAL: RELEVANCE AND FAITHFULNESS OF REPRESENTATION
ENHANCING: UNDERSTANDABILITY, COMPARABILITY, VERIFIABILITY AND TIMELINESS
WHAT IS TACTICAL INFORMATION? WHAT ABOUT OPERATIONAL, STRATEGIC, AND
PLANNING?
HELPS DEAL WITH SHORT-TERM ISSUES AND OPPORTUNITIES. OPERATIONAL IS TO DO WITH
THE DAY-TO-DAY, STRATEGIC INFORMATION HAS LONGER TERM CONCERNS, AND PLANNING
INFORMATION IS EXPLICITLY TO DO WITH PLANS.
WHEN WOULD WE LIKE TO USE A MANAGEMENT INFORMATION SYSTEM?
FOR THE AGM OF A PUBLIC COMPANY, WHICH COMMITTEES MUST BE REPRESENTED BY
THEIR RESPECTED CHAIRS?
CAN THE CHAIRMAN BE A MEMBER OF THE REMUNERATION COMMITTEE?
AUDIT, REMUNERATION AND NOMINATION
HE MAY BE A MEMBER, BUT CANNOT CHAIR THE COMMITTEE
WHO IS RESPONSIBLE FOR REVIEWING ARRANGEMENTS ABOUT DISCLOSURES OF
WRONGDOING IN A COMPANY?
THE AUDIT COMMITTEE
WHEN SHOULD LEAD OR REVIEWING AUDIT PARTNERS BE ROTATED ACCORDING TO THE
SARBANES-OXLEY ACT? ACCORDING TO THE ACT, WHERE DOES RESPONSIBILITY FOR THE
COMPANY'S INTERNAL FINANCIAL CONTROLS LIE?
EVERY 5 YEARS. RESPONSIBILITY LIES WITH THE CEO AND CFO. IF LISTED IN THE USA MUST
COMPLY WITH THE ACT
WHAT IS A MISSION, VISION, GOAL, AND PLAN?
MISSION LAYS OUT THE PURPOSE OF AN ORGANISATION (CREATE VALUE FOR SHAREHOLDERS),
AS WELL AS HOW THEY WILL DO IT AND WHAT THEIR VALUES ARE
VISION INVOLVES SOME ELEMENT OF LOOKING FORWARD TO A FUTURE STATE
GOAL CAN BE QUALITATIVE (AIMS) OR OPERATIONAL AND QUANTITATIVE (OBJECTIVES).
OBJECTIVES SHOULD BE SMART - SPECIFIC, MEASURABLE, ACHIEVABLE, RELEVANT AND TIME
BOUND.
PLANS STATE WHAT SHOULD BE DONE TO ACHIEVE AN OPERATIONAL OBJECTIVE, STANDARDS
(TARGETS) SPECIFY A DESIRED LEVEL OF PERFORMANCE.
HOW DOES DELEGATION WORK?
YOU TRANSFER THE POWER, AUTHORITY, AND RESPONSIBILITY. HOWEVER, THE
ACCOUNTABILITY ALWAYS LIES WITH THE DELEGATER.
WHAT ARE THREE MANAGEMENT ROLES AND EXAMPLES, WHAT ABOUT LEADERSHIP STYLES?
INFORMATIONAL ROLE (MINISTER/MP), INTERPERSONAL ROLE (TO DO WITH CHARISMA),
DECISIONAL ROLE (MORE TRADITIONAL MANAGEMENT).
EXERCISING AUTHORITY (TRADITIONAL POWER), AUTONOMY (GIVING MORE FREEDOM),
LEADERSHIP (INSPIRING EFFORT FROM OTHERS, MORE INNATE).
WHAT ARE EXAMPLES OF DIFFERENT BUSINESS CULTURES (RAY QUINN)?
HUMAN RELATIONS CULTURE (INWARD LOOKING AND FLEXIBLE) - IT DEPARTMENT
INTERNAL PROCESS CULTURE (INWARD LOOKING AND CONTROLLING) - CALL CENTRE
OPEN SYSTEMS CULTURE (OUTWARD LOOKING AND FLEXIBLE) - MEDIA COMPANY
RATIONAL GOAL CULTURE (OUTWARD LOOKING AND CONTROLLING) - SUPERMARKET
WHAT ARE THE IMPLICATIONS OF TAYLORISM FOR ORGANISATIONAL MANAGEMENT?
MAIN MOTIVATOR IS HIGH WAGES
MANAGERS JOB IS JUST TO TELL PEOPLE WHAT TO DO
WORKERS JOBS ARE TO DO WHAT THEY ARE TOLD AND GET PAID
HARD APPROACH EMPHASISES THE RESOURCES ELEMENT OF HRM (TAYLORISM). SOFT
APPROACH EMPHASISES THE 4 CS.
DIFFERENCE BETWEEN IT SUPPORT AND DELIVERY?
SUPPORT IS THINGS LIKE ANTI-VIRUS AND PASSWORD CONTROLS, DELIVERY IS THINGS LIKE
PAYROLL AND CIRCULATION REPORTS.
WHAT ARE THE SALES ORIENTATION, PRODUCT ORIENTATION, AND PRODUCTION
ORIENTATION?
SALES - JUST PUSH THE PRODUCT THEY ARE AVAILABLE
PRODUCTION - MAXIMISE OUTPUT, NOT THAT BOTHERED ABOUT THE CUSTOMER
PRODUCT - PRODUCT COMES BEFORE NECESSARILY CONSIDERING CUSTOMER NEED
WHAT ARE THE 4 PS? WHAT DO THEY RELATE TO?
PRODUCT, PRICE, PROMOTION, PLACE
THESE ARE THE KEY COMPONENTS OF THE MARKETING MIX
WHAT ARE PUSH AND PULL MARKETING TECHNIQUES?
PUSH - E.G. TRADE JOURNAL (ENCOURAGE INTERMEDIARY TO STOCK PRODUCT)
PULL - E.G. ADVERTISING (PERSUADE THE ULTIMATE CUSTOMER TO BUY)
WHAT ARE THE ADDITIONAL 3 PS OF THE SERVICES MARKETING MIX?
PEOPLE, PROCESSES, PHYSICAL EVIDENCE
WHAT ARE 3 TYPES OF RESEARCH?
PURE RESEARCH
APPLIED RESEARCH
DEVELOPMENT
WHAT ARE MINTZBERG'S 6 BUILDING BLOCKS OF ORGANISATIONAL DEVELOPMENT? WITH
EXAMPLES
STRATEGIC APEX - GENERALLY THE BOARD
MIDDLE LINE - MIDDLE MANAGEMENT
OPERATING CORE - WORKERS
TECHNOSTRUCTURE - STANDARDISE PROCESSES AND DOCUMENT (E.G. HR)
SUPPORT STAFF - CLEANING, CATERING, ETC.
HOW CAN WE RELATE MINTZBERG'S BUILDING BLOCKS TO TYPES OF BUSINESS STRUCTURE
AND THE EXTERNAL ENVIRONMENT?
STRATEGIC APEX - SIMPLE/ENTREPRENEURIAL - STRATEGIC APEX
TECHNOSTRUCTURE - SIMPLE STATIC - MACHINE BUREAUCRACY (GOVERNMENT)
OPERATING CORE - COMPLEX STATIC - PROFESSIONAL BUREAUCRACY (BIG 4)
MIDDLE LINE - SIMPLE/STATIC/DIVERSE - DIVISIONALISED
OPERATING CORE - COMPLEX DYNAMIC - ADHOCRACY/INNOVATIVE
WHAT IS THE MATRIX BUSINESS STRUCTURE?
SUITABLE FOR COMPLEX/HIGH-TECH INDUSTRIES. FLEXIBLE STRUCTURE THAT IS EASY TO
REARRANGE. DIFFERENT LEADS FOR DIFFERENT PROJECTS - LATTICE STRUCTURE. CAN LEAD TO
CONFLICTING DEMANDS ON STAFF TIME/ALLOCATION.
WHAT IS THE SPAN OF CONTROL? WHAT ARE TALL AND FLAT BUSINESSES?
WHAT IS AN ALTERNATIVE TO STRATEGIC PLANNING?
EMERGENT APPROACH - BASICALLY THE OPPOSITE OF RATIONAL PLANNING. EXAMPLES MIGHT
INCLUDE VIAGRA/ADULT FRIEND FINDER.
HOW MIGHT WE APPROACH STRATEGIC OPTIONS GENERATION? WHAT ABOUT STRATEGIC
OPTIONS EVALUATION?
PORTERS GENERIC STRATEGIES, ANSOFF'S PRODUCT/MARKET STRATEGIES
STAKEHOLDER ANALYSIS, RISK ANALYSIS
HOW MIGHT WE EVALUATE STATIC ENVIRONMENTS? WHAT ABOUT DYNAMIC ONES? WHAT
ABOUT ASPECTS OF THE ENVIRONMENT MORE GENERALLY?
4 SS - STATIC, SINGLE, SIMPLE, SAFE
4 DS - DYNAMIC, DIVERSE, DIFFICULT, DANGEROUS
PESTEL ANALYSIS: POLITICAL, ECONOMIC, SOCIAL, TECHNOLOGICAL, ECOLOGICAL, LEGAL
WHAT ARE KOTLER'S FOUR KINDS OF COMPETITOR AND RESPONSE PROFILES?
BRAND COMPETITORS (COKE/PEPSI) - BASICALLY THE SAME
INDUSTRY COMPETITORS (TESCO/SPA) - SIMILAR INDUSTRY PROFILE
GENERIC COMPETITORS (IPAD/THOMAS COOK - COMPETE FOR SAME INCOME)
FORM COMPETITORS (MATCH/LIGHTER) - SATISFY THE SAME NEED
RESPONSE PROFILES:
- LAID BACK (NO RESPONSE)
- TIGER (AGGRESSIVE RESPONSE)
- SELECTIVE (REACTS TO SOME BUT NOT ALL)
- STOCHASTIC (UNPREDICTABLE)
WHAT ARE THE 9 MS OF A TYPICAL RESOURCE AUDIT?
MACHINERY
MAKE-UP
MANAGEMENT
MI
MARKETS
MATERIALS
MEN
METHODS
MONEY
ANALYSING PORTER'S VALUE CHAIN, WHAT ARE PRIMARY ACTIVITIES AND SUPPORTING
ACTIVITIES?
PRIMARY ACTIVITIES (INBOUND LOGISTICS, OPERATIONS, OUTBOUND LOGISTICS, MARKETING
AND SALES, SERVICE)
SUPPORTING ACTIVITIES (FIRM INFRASTRUCTURE, HUMAN RESOURCE MANAGEMENT,
TECHNOLOGY DEVELOPMENT, PROCUREMENT)
WHAT IS THE BCG MATRIX, WHAT SHOULD A COMPANY DO IN EACH QUADRANT?
LOW MARKET SHARE AND HIGH GROWTH - QUESTION MARK. SHOULD HARVEST OR BUILD.
HIGH MARKET SHARE AND HIGH GROWTH - STAR. SHOULD BUILD.
HIGH MARKET SHARE BUT LOW GROWTH - CASH COW. SHOULD HOLD OR HARVEST.
LOW MARKET SHARE AND LOW GROWTH - DOG. SHOULD HOLD OR DIVEST.
HOW CAN WE ANALYSE STAKEHOLDERS ATTENTION?
SUITABILITY --> ARE WE CAPABLE?
ACCEPTABILITY --> ARE THE SHAREHOLDERS HAPPY?
FEASIBILITY --> DO WE HAVE ENOUGH MONEY?
HOW CAN WE BREAK DOWN RISK?
BUSINESS RISK AND NON-BUSINESS RISK. BUSINESS RISKS ARE SPECIFIC TO THE BUSINESS AND
ITS CHOICES RATHER THAN MORE GENERAL.
NON-BUSINESS RISK CAN BE BROKEN DOWN INTO FINANCIAL RISK (CREDIT AND MARKET RISK),
AND OPERATIONAL RISK (GENERAL RISK EVERYONE FACES TO DO WITH
PROCESSES/PEOPLE/LAW/ETC.)
WHAT ARE 4 KEY RISK CONCEPTS THAT DETERMINE THE SCALE OF RISK?
EXPOSURE - MEASURE OF THE WAY A BUSINESS IS FACED BY RISK
VOLATILITY - HOW THE FACTOR TO WHICH A BUSINESS IS EXPOSED IS LIKELY TO ALTER
IMPACT - WHAT LOSS WILL BE SUFFERED BY THE UNDESIRED OUTCOME?
PROBABILITY - HOW LIKELY IS THAT OUTCOME TO OCCUR?
WHAT IS INVOLVED IN THE RISK MANAGEMENT PROCESS?
AWARENESS AND IDENTIFICATION, ANALYSIS (PROBABILITY*IMPACT) THEN RESPONSE AND
CONTROL.
HOW MIGHT WE RESPOND TO DIFFERENT TYPES OF RISK?
HIGH PROBABILITY AND IMPACT - AVOID (DON'T DO)
HIGH PROBABILITY BUT LOW IMPACT - REDUCTION (MAKE LESS LIKELY)
LOW PROBABILITY BUT HIGH IMPACT - SHARING (TRANSFER THROUGH INSURANCE)
LOW PROBABILITY AND IMPACT - ACCEPT (DO NOTHING)
WHAT ARE KEY DIFFERENCES BETWEEN CRISES AND DISASTERS?
A CRISIS IMPACTS ON CUSTOMERS, EMPLOYEES AND OTHER STAKEHOLDERS, IT THEREFORE
IMPACTS EXTERNALLY. CAN HAVE A FINANCIAL CRISIS (GO BUST), PR CRISIS (MAJOR COCK-UP),
OR STRATEGIC CRISIS (OUT OF TOUCH).
BY CONTRAST, DISASTER TYPICALLY DOESN'T HAVE A DIRECT IMPACT ON STAKEHOLDERS.
DISASTERS CAN LEAD TO A CRISIS IF LEFT UNCHECKED. A GOOD EXAMPLE MIGHT BE A FIRE AT
AN OFFICE OR FACTORY. DISASTERS THREATEN BUSINESS OPERATIONS BUT CAN BE MITIGATED
WITH GOOD CONTINGENCY PLANNING.
WHAT ARE THE KEY CHARACTERISTICS OF GOOD INFORMATION?
ACCURATE: ACCURATE, COMPLETE, COST-BENEFICIAL, USER-TARGETED, RELEVANT,
AUTHORITATIVE, TIMELY, EASY TO USE
WHAT ARE THE 4 VS OF BIG DATA? WHICH IS UNIQUE TO BIG DATA?
VOLUME, VELOCITY, VARIETY, VERACITY
KEY POINT IS THE VELOCITY WHICH IS UNIQUE
WHAT IS THE DISTINCTION BETWEEN STRUCTURED AND UNSTRUCTURED DATA?
STRUCTURED - OBTAINED WITH A PARTICULAR PURPOSE IN MIND (E.G. SURVEY)
UNSTRUCTURED - OBTAINED WITHOUT A PARTICULAR PURPOSE (E.G. CAPTURED DATA FROM
SMARTPHONES, OR USER GENERATED DATA LIKE TWEETS)
WHAT ARE THE TWO UNDERLYING ASSUMPTIONS THAT FINANCIAL INFORMATION MUST BE
PREPARED UNDER? WHAT DOES THE IASB SAY ARE THE KEY QUALITATIVE CHARACTERISTICS
OF USEFUL FINANCIAL STATEMENTS?
PHYSICAL ACCESS: PERSONNEL, DOORS LOCKED, ETC.
INTEGRITY: DATA VERIFICATION, DATA VALIDATION (CHECK DIGITS, RANGE CHECKS, LIMIT
CHECKS)
BACKUP: DISASTER RECOVERY PLAN/REGULAR BACKUPS/CLOUD STORAGE
LOGICAL ACCESS SYSTEM: BASICALLY PASSWORDS, NEED TO KNOW IDENTITY /AUTHENTICATION
OF THE USER
PERSONNEL SELECTION: JOB ROTATION, REVIEW AND SUPERVISION
WHAT IS THE OVERARCHING FUNCTION, AND THREE SUB-FUNCTIONS, OF THE FINANCE
DEPARTMENT?
OVERARCHING FUNCTION OF RECORDING FINANCIAL TRANSACTIONS (LEDGERS, ENTRY BOOKS,
ETC.)
SUB-FUNCTIONS:
MANAGEMENT ACCOUNTING (INTERNAL AUDIENCE, PRICING, BUDGETING, DECISION MAKING,
ETC.)
TREASURY MANAGEMENT (GETTING MONEY FOR THE BUSINESS, CASH BUDGETS, FINANCE
DECISIONS, MANAGING RISK, FOREX, ETC.)
FINANCIAL REPORTING (EXTERNAL AUDIENCE, FINANCIAL STATEMENTS, TAX, EXTERNAL
REGULATION
HOW DO NOT FOR PROFIT ORGANISATIONS MEASURE THEIR PERFORMANCE?
THE THREE ES (EFFICIENCY, ECONOMY, EFFECTIVENESS)
WHAT ARE CRITICAL SUCCESS FACTORS AND KEY PERFORMANCE INDICATORS? GIVE AN
EXAMPLE OF A PIZZA PLACE.
CRITICAL SUCCESS FACTORS ARE GENERIC THINGS AN ORGANISATION MUST DO WELL TO
SUCCEED. KEY PERFORMANCE INDICATORS ARE HOW WE MEASURE THE ACHIEVEMENT OF
CSFS.
FOR EXAMPLE, A PIZZA PLACE MIGHT HAVE THE CSF OF SPEED OF SERVICE, AND A KPI MAY BE
NUMBER OF COMPLAINTS, MYSTERY SHOPPER RESULTS, HOW MANY TIMES THEY HAD TO GIVE
FREE PIZZA, ETC.
HOW CAN WE DISTINGUISH DEBT HOLDERS AND EQUITY HOLDERS IN TERMS OF RISK AND
RETURN?
DEBT HOLDERS FACE LOWER RISK BUT LOWER RETURNS (DEBT OFTEN SECURED BY
FIXED/FLOATING CHARGES, RANK HIGHER TO RECEIVE CAPITAL BACK)
EQUITY HOLDERS FACE HIGHER RISK BUT CAN ENJOY HIGHER RETURNS
WHAT ARE KEY BENEFITS OF FINANCIAL INTER-MEDIATION?
SMALL AMOUNTS DEPOSITED BY SAVERS CAN BE COMBINED. SHORT-TERM SAVINGS CAN BE
TRANSFERRED INTO LONG-TERM BORROWINGS, SEARCH COSTS ARE REDUCED AND RISK IS
SPREAD.
WHAT ARE KEY DIFFERENT FORMS OF MONEY TRANSMISSION?
GENERAL CLEARING - MAINLY CHEQUES, TAKES 3-4 DAYS
ELECTRONIC FUNDS TRANSFER (EFT) - MAINLY DEBIT/CREDIT CARDS
BACS - TYPE OF EFT THAT DEALS WITH SALARIES, STANDING ORDERS, DIRET DEBITS
CHAPS - SAME DAY CLEARING FOR LARGE PAYMENTS
