November 2016 diet: the questions by course

Management Accounting November 2016 · 3 questions

• Objective 10: From the previous syllabus. Asks for the name of the point at which joint products are separated: the split-off point.
• Theory 1: Stores ledger cards under FIFO and weighted average, followed by gross profit under the weighted average method.
• Theory 2: Asks for a job cost sheet from given transactions (part a) and five items of information on a typical job cost sheet (part d, 5 marks).

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Financial Accounting November 2016 · 19 questions

• Objective 1: From the previous syllabus. Question 1 asks what accounting standards are mainly about. Question 2 asks for the name of the statement that lists as...
• Objective 3: From the previous syllabus. Asks which item is not a qualitative characteristic that enhances usefulness.
• Objective 4: From the previous syllabus. These ask for the charge or allowance in the statement of profit or loss from receivables figures and a percentage.
• Objective 5: From the previous syllabus. Asks for purchases from cost of sales, opening inventory and closing inventory.
• Objective 7: From the previous syllabus. Question 7 asks for the effect on the debit side when a receivable balance is posted to the credit side of the trial ba...
• Objective 8: From the previous syllabus. Asks for the document used to request payment from a customer for goods delivered.
• Objective 9: From the previous syllabus. Asks which item does not belong to the same group in asset classification.
• Objective 12: From the previous syllabus. Ask for the source document for the returns inward book and for the document the buyer receives when damaged goods are ...
• Objective 13: From the previous syllabus. Asks where a partner’s accumulated profits are recorded, where a loan advanced by a partner is shown, and the double en...
• Objective 15: From the previous syllabus. Both ask for the effect on profit of the sale of an item of property, plant and equipment, with depreciation to the poi...
• Objective 17: From the previous syllabus. Both ask for the journal entries or double entry that record depreciation.
• Objective 18: From the previous syllabus. Asks for the prepaid insurance at the year end when a premium covers fifteen months.
• Objective 20: From the previous syllabus. Asks which measure of inventory is acceptable, what IAS 2 deals with, why inventory is written down to net realisable v...
• Theory 1: From the previous syllabus. Asks you to post a list of transactions to the ledger accounts (14 marks), then close off each account and extract a tr...
• Theory 2: From the previous syllabus. Asks you to state six different methods by which a business can make payments to suppliers or receive payments from cus...
• Theory 3: From the previous syllabus. A trial balance with a credit excess of ₦20,500. Asks for the journal entries and the suspense account.
• Theory 4: From the previous syllabus. A trader kept only a record of takings and payments, with cash banked and cheques drawn for business and private use. A...
• Theory 5: From the previous syllabus. Gives the statements of financial position of a company for two years and asks for the statement of cash flows.
• Theory 6: From the previous syllabus. A club gives its assets and liabilities at the start of the year, including furniture, refreshment inventory, land, sub...

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Corporate and Business Law November 2016 · 6 questions

• Objective extras: Section A: Punishment for theft of a testamentary instrument and of postal matter, and the punishment under section 390. Revise the punishment.
• Theory 1: Five businesses of a commercial bank. Revise banking business.
• Theory 2: From the Business Law paper set under the previous syllabus. Part (b) asks about general meetings of a public company. Revise the three types of me...
• Theory 3: Parties to a bill, general acceptance, and order and bearer bills. Revise parties and the order and bearer comparison.
• Theory 4: Strict liability and two of its elements (4 marks). Revise Rylands v Fletcher.
• Theory 5: Insurable interest, and Mallam Bako who sold his insured building. Revise insurable interest and worked problem 2.

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Taxation November 2016 · 7 questions

• Theory 1: Trading, employment and investment income of an individual who ceased trading
• Theory 2: Composition and quorum of the State Board of Internal Revenue, three of its functions and seven taxes collectible by a State
• Theory 3: Tax implications of converting a partnership to a limited liability company and of the cost of incorporation
• Theory 4: Grounds for a valid objection to an assessment
• Theory 5: Administration of stamp duties in Nigeria and five chargeable instruments
• Theory 6: Capital allowances for five years, placing assets in the years of assessment, and balancing charge or allowance
• Theory 7: Excess input VAT under the reverse charge, the refund of excess input VAT and the steps to obtain it

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