SC E-LEARNING • ACCA LW

LW — Corporate and Business Law

Applied Skills • Free revision material, sample MCQs and mini mock.

Variant note: This paper can be jurisdiction/variant sensitive. Always match your preparation with the exact ACCA variant and current syllabus year you are sitting.

What to Focus On

legal systems, contracts, employment, company law and governance.

2026/27 preparationFree MCQsMini mockTest-session support

5 Free LW MCQs

Attempt each question before opening the answer.

1. A contract generally requires which element?

A. AgreementB. DepreciationC. Audit evidenceD. Inventory count

Show answer

Agreement — A valid contract requires agreement between parties, among other elements.

2. Limited liability generally protects:

A. Shareholders from personal liability beyond agreed investmentB. Directors from all legal dutiesC. Employees from dismissalD. Auditors from negligence

Show answer

Shareholders from personal liability beyond agreed investment — Limited liability limits shareholder exposure subject to law.

3. The board of directors primarily manages the company on behalf of:

A. ShareholdersB. SuppliersC. CustomersD. Competitors

Show answer

Shareholders — Directors manage the company within the legal/governance framework.

4. A conflict of interest should normally be:

A. Disclosed and appropriately managedB. Ignored if smallC. Hidden from the boardD. Transferred to customers

Show answer

Disclosed and appropriately managed — Disclosure and management protect governance integrity.

5. Which document commonly sets internal company governance rules?

A. Articles of associationB. InvoiceC. Bank statementD. Audit working paper

Show answer

Articles of association — Articles typically set internal rules, subject to jurisdiction.

Free 5-Question Mini Mock

Try these without opening the answers first. Use them as a quick revision check.

1. Which document commonly sets internal company governance rules?

Check answer

Articles of association — Articles typically set internal rules, subject to jurisdiction.

2. A conflict of interest should normally be:

Check answer

Disclosed and appropriately managed — Disclosure and management protect governance integrity.

3. The board of directors primarily manages the company on behalf of:

Check answer

Shareholders — Directors manage the company within the legal/governance framework.

4. Limited liability generally protects:

Check answer

Shareholders from personal liability beyond agreed investment — Limited liability limits shareholder exposure subject to law.

5. A contract generally requires which element?

Check answer

Agreement — A valid contract requires agreement between parties, among other elements.

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