May 2017 diet: the questions by course

Management Accounting May 2017 · 4 questions

• Objective 2: From the previous syllabus. Asks which item is NOT among the costs balanced in finding the economic order quantity.
• Objective 6: From the previous syllabus. Asks in which costing technique variable costs are charged to cost units and fixed costs treated as period costs. Relat...
• Theory extras: (previous syllabus): A question on cost reduction efforts and value engineering, also called value analysis, as a systematic method of cutting cost.
• Theory 4: From the previous syllabus. Part (a)(i) asks for brief notes on just-in-time systems (2 marks), alongside other costing topics that belong elsewhere.

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Financial Accounting May 2017 · 16 questions

• Objective 1: From the previous syllabus. These ask which transactions cause a difference, why a reconciliation is prepared, and which items are or are not recon...
• Objective 2: From the previous syllabus. Asks how the Conceptual Framework describes relevant financial information.
• Objective 4: From the previous syllabus. These ask how depreciation differs from other expenses, what is not considered in the useful life, and when depreciatio...
• Objective 6: 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...
• Objective 8: From the previous syllabus. Asks for the core objective of accounting.
• Objective 9: From the previous syllabus. Asks which valuation method applies when an entity faces liquidation.
• Objective 12: 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 13: From the previous syllabus. Asks what differs between a sole trader and a company, how equity is described, and which item is not a component of eq...
• Objective 17: From the previous syllabus. Asks what two partnerships combining is called, how goodwill is found from several years of profit, and when goodwill c...
• Objective 19: Asks which items belong to disposals, the gain or loss on an old car, what is not an IAS 16 disclosure, and the state of the asset account after a ...
• Theory 1: From the previous syllabus. Asks you to explain the objective of general purpose financial statements and the nature of the information in them. Pa...
• Theory 2: From the previous syllabus. Asks for the costs of land and building, of plant and machinery and of a motor vehicle at 4 marks each from a list of t...
• Theory 3: From the previous syllabus. A company starts with receivables of ₦1,564,000 and an allowance of ₦78,200. Asks for the entries for bad debts and the...
• Theory 4: From the previous syllabus. Asks you to define goodwill and explain its recognition (3 marks), state three circumstances in which goodwill is creat...
• Theory 5: From the previous syllabus. Errors found after the profit was calculated. Asks for correcting journals (10 marks), the suspense account (3 marks) a...
• Theory 6: From the previous syllabus. Nine discrepancies for a company, including a bank error, dishonoured cheques, a standing order, dividends and interest...

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Corporate and Business Law May 2017 · 6 questions

• Objective 5: Which company may not appoint a secretary, and the secretary of a public company. Revise appointment and qualifications.
• Theory 2: From the Business Law paper set under the previous syllabus. Part (a) asks about timing and conduct of meetings, including the first AGM. Revise th...
• Theory 3: The role of the SEC in appointing an auditor (2 marks), and three matters the audit of Kunte Plc must cover (6 marks). Revise SEC registration, the...
• Theory 4: State three types of e-contract. Revise the types of e-contract.
• Theory 5: Kitanga Bank Plc plans to distribute all its profits as dividends. Advise on the reserve fund (30% or 15%, penalty ₦500,000). Revise the bank section.
• Theory 6: Two ways of creating a private trust. Revise private trusts.

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Taxation May 2017 · 7 questions

• Theory 1: Itinerant worker, non-resident individual, earned income, resident individual and unearned income
• Theory 2: Ten transactions for which a tax clearance certificate may be demanded
• Theory 3: Adjusted income of a firm and the chargeable income and tax of each partner
• Theory 4: Options on receipt of an objection, contents of a notice of objection, jurisdiction of the Tax Appeal Tribunal, appeal to the Federal High Court an...
• Theory 5: Assessable income of each beneficiary and the net assessable income of the trustee
• Theory 6: Campbell Limited located in Arama Town has been in business since 1994 and is involved in manufacturing of plastic containers. The company’s accoun...
• Theory 7: Peculiarities of withholding tax, rate and income for international transactions, currency of payment and five particulars of the payment schedule

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Case Study May 2017 · 1 questions

• Theory extras: Requirement 1: key risks and risk management: The requirement asks for the three key risks and the techniques to manage them. Use the risk and unce...

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