November 2017 diet: the questions by course

Financial Accounting November 2017 · 14 questions

• 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 7: From the previous syllabus. Asks which item is not a measurement basis under the IASB Conceptual Framework.
• Objective 8: 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 12: From the previous syllabus. Asks for closing inventory from opening inventory, purchases, carriage inwards, sales and a gross profit of 25% of sales.
• Objective 14: From the previous syllabus. Both ask how rent paid in advance and rent received in advance are classified.
• Objective 18: From the previous syllabus. Asks which errors would cause a suspense account to be raised.
• Objective 19: From the previous syllabus. Asks the order of the three activity groups, which item may not be classified as investing, and which information a sta...
• Objective 20: From the previous syllabus. Gives life membership fees received in two years and a policy of crediting them equally over ten years, and asks for th...
• Theory 1: From the previous syllabus. Asks for the ledger accounts of a new business from a month of transactions, with the balances brought down.
• Theory 2: From the previous syllabus. A partnership shares profit in a ratio after salaries to each partner. Asks for the statement of profit or loss and app...
• Theory 3: From the previous syllabus. Gives the financial statements of a company for two years and asks for the statement of cash flows by the indirect method.
• Theory 4: From the previous syllabus. Asks you to define day books and state their purpose (2 marks), then explain the sales day book, the purchases day book...
• Theory 5: From the previous syllabus. Asks for the concept of bank reconciliation (2 marks), four steps (4 marks), four reasons for differences (4 marks), an...
• Theory 6: From the previous syllabus. Asks you to explain cost and net realisable value (4 marks) and to describe two methods of arriving at cost under IAS 2...

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Corporate and Business Law November 2017 · 8 questions

• Objective extras: Section A: A will is ambulatory, persons granted letters are administrators, and intermeddling. Revise wills and personal representatives.
• Objective 17: Which is a type of e-contract (shrink-wrap), and an e-contract validly entered into is enforceable. Revise the meaning of an e-contract.
• Theory 1: Ayo and Bola and the typographical mistake (7 marks), and three vitiating elements (3 marks). Revise worked problem 1 and the vitiating factors.
• Theory 2: Duties an agent owes his principal, and the duties Brenda breached. Revise duties and worked problem 2.
• Theory 3: Four statutes against bribery, and an explanation of bribery. Revise the offence and the statutes.
• Theory 4: From the Business Law paper set under the previous syllabus. A company declares profit at its annual general meeting and the directors and members ...
• Theory 5: Penalties for laundering drug money by an individual and by a corporate body. Revise offences and jurisdiction.
• Theory 6: Distinguish a contract of sale from hire purchase. Revise the comparison.

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Taxation November 2017 · 7 questions

• Theory 1: Adjusted profit, capital allowances and total profits of a trader in the first 17 months, with and without the right of election
• Theory 2: Adjusted profit of a firm, and gross income and tax of each partner
• Theory 3: Tax liabilities with losses and capital allowances
• Theory 4: Three principles of a good tax system as laid down by Adam Smith
• Theory 5: Nature of withholding tax, penalties under section 82 of CITA, double taxation relief and five differences between VAT and withholding tax
• Theory 6: Five reasons for the imposition of tax in Nigeria
• Theory 7: The Joint State Revenue Committee established by section 92 of the Personal Income Tax Act

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Case Study November 2017 · 1 questions

• Theory extras: Requirement 1: Both ask for performance over several years, five in 2017 and four in 2018, which is horizontal analysis. Plan the technique before ...

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