May 2018 diet: the questions by course

Management Accounting May 2018 · 5 questions

• Objective 5: From the previous syllabus. Asks which statement correctly defines stepped costs.
• Objective 8: From the previous syllabus. Asks under which costing method the term equivalent units features: process costing.
• Objective 9: From the previous syllabus. Asks which item may NOT be classified as a period cost.
• Objective 10: From the previous syllabus. Asks for the difference between a budget and a forecast: a budget is a plan of where a business wants to go, while a fo...
• Theory 1: Asks for process accounts with normal loss percentages for two processes, then the abnormal loss and abnormal gain accounts.

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Financial Accounting May 2018 · 14 questions

• Objective 1: From the previous syllabus. Question 1 asks which item is not a purpose of the Conceptual Framework. Question 9 asks which item is not an enhancing...
• Objective 3: From the previous syllabus. Asks which costs are included in or excluded from the cost of inventories under IAS 2, such as selling costs, conversio...
• Objective 12: From the previous syllabus. Asks for the number of shares in a company’s memorandum from an authorised share capital of ₦1,000,000 in shares of 50 ...
• 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 16: From the previous syllabus. Asks for profit or loss from opening capital, closing capital and the owner’s withdrawals.
• Objective 17: From the previous syllabus. Both ask which error does not affect the balancing of a trial balance.
• Objective 19: From the previous syllabus. Both ask for the profit or loss on disposal of a vehicle depreciated at 25% on cost, sold after three years.
• Objective 20: From the previous syllabus. Each asks for the source of data for the sales day book.
• Theory 1: From the previous syllabus. Asks for a three-column cash book (6 marks), the ledger accounts (8 marks) and a trial balance (6 marks).
• Theory 2: From the previous syllabus. Gives the statements of a manufacturing company for two years and asks for the statement of cash flows by the indirect ...
• Theory 3: From the previous syllabus. A trader’s records are destroyed by a flood. From the balances recovered, asks you to calculate the capital at the star...
• Theory 4: From the previous syllabus. Asks you to define depreciation (2½ marks) and list five factors to consider in the charge (7½ marks). Part (c) asks fo...
• Theory 5: From the previous syllabus. In the first, two sole traders form a partnership and the statement of financial position is required. In the second, a...
• Theory 6: From the previous syllabus. Asks you to explain a chart of accounts and its usefulness.

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Corporate and Business Law May 2018 · 6 questions

• Theory 1: What is misrepresentation, its types and effects. Revise misrepresentation.
• Theory 2: Four reasons for which a company may refuse to register a share transfer. Revise the grounds for refusal.
• Theory 3: Three tests of company insolvency, stated and explained. Revise the four tests.
• Theory 4: The accountant as an expert witness in a computer fraud case. Revise the roles of the accountant.
• Theory 5: Advising a person or company transferring US dollars to Nigeria. Revise the reporting rule, the contents of the report and the time limit, and work...
• Theory 6: Three grounds on which an employer may dismiss, and the difference between dismissal and interdiction. Revise dismissal.

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Taxation May 2018 · 7 questions

• Theory 1: Alhaji Tijani Bello is married and has six children aged between 4 and 21 years. All except Phillip aged 21 are still in school. The following deta...
• Theory 2: Assessable investment income: exempt dividends, rent with expenses and capital allowances, bank interest and pension
• Theory 3: Multiplicity of taxes and tax incidence are two challenges in taxation facing the top management of Ogoluwa Plc. They are aware that a number of ta...
• Theory 4: John Obi has been running his business in the name of JOBI NIG Enterprises. He is in the business of manufacturing spare parts for vehicles in Aba....
• Theory 5: a. Mr. Kalejaiye Edet has been working for some years with Concrete Builders Limited, a construction company located in Sango-Ota, Ogun State. He w...
• Theory 6: a. Withholding Tax is the deduction of tax at source from payments made to a taxable person. However, some dividends are exempted from Withholding ...
• Theory 7: As part of efforts in increasing the revenue of Federal Government, there is a proposal to increase VAT collectible by the government. This has gen...

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Case Study May 2018 · 1 questions

• Theory extras: Lease or buy, and network expansion: Both ask for an appraisal that depends on stated cash flows and rates. Use only the data given and test the fi...

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