November 2020 diet: the questions by course

Management Accounting November 2020 · 2 questions

• Objective 10: From the previous syllabus. Asks which item is NOT an advantage of a group incentive scheme.
• Theory extras: (previous syllabus): A written question that tabulates product sales values, process costs, profit or loss and percentages, testing how joint costs...

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Financial Accounting November 2020 · 12 questions

• Objective 1: From the previous syllabus. Both ask which item is not found on the debit column of a trial balance.
• Objective 3: From the previous syllabus. Asks which item is not a source document.
• Objective 7: 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 10: From the previous syllabus. Asks what is prepared to find the equity at the start of a period where there are no proper books of account.
• Objective 11: From the previous syllabus. Asks which convention suggests a valuation method that understates rather than overstates results.
• Objective 12: 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...
• Theory 1: From the previous syllabus. Gives the balances of a water-producing business with raw materials, work-in-progress and finished goods inventories, d...
• Theory 2: From the previous syllabus. Asks you to explain the term accounting concepts (2 marks) and, with the accounting treatment, entity, going concern, a...
• Theory 3: From the previous syllabus. Asks you to explain what a trial balance is and state four errors it does not reveal. The rest of the question covers t...
• Theory 4: From the previous syllabus. A social club gives a summary of receipts and payments with subscriptions, a donation, a Christmas dance and bar taking...
• Theory 5: From the previous syllabus. Opens with items to classify as revenue or capital expenditure, and ends with the details to include in a PPE register ...
• Theory 6: From the previous syllabus. Asks you to outline six general rules between partners where there is no agreement, and to state ten provisions that a ...

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Corporate and Business Law November 2020 · 7 questions

• Objective extras: Section A: Agency may be created by estoppel, and the agent’s right to be reimbursed is indemnity. Revise creation of agency and rights of an agent.
• Theory 1: Why ICAN has an ethical code, and the purpose of ethical codes for a professional accountant. Revise the purpose of ethical codes.
• Theory 2: Four categories of persons eligible for appointment as company secretary. Revise the qualifications list.
• Theory 3: Intention to create legal relations (gym, textile bales, luncheon), and capacity of drunken, insane persons and infants. Revise intention, capacity...
• Theory 4: Explain a trust, three uses, and the participants in the Ade, Segun and Tunde Toyota problem. Revise the meaning and worked problem 1.
• Theory 5: Explain arbitration and arbitral award. Revise arbitration and the award.
• Theory 6: Five tests of the intention to steal, three fraudulent intents, and the intent concerning money. Revise the six intents.

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Performance Management November 2020 · 6 questions

• Theory 1: Relevant costs: reduce output, shut down, special order; techniques and principles.
• Theory 2: Marginal costing v throughput accounting, TAR, profit-maximising output.
• Theory 3: Variance reconciliation under marginal costing, fixed overhead variances, causes of labour variances.
• Theory 4: Transfer price effects with capacity change, incentive transfer price.
• Theory 5: Balanced scorecard perspectives, goals and measures for an airline, usefulness.
• Theory 6: Divisional ROCE and other measures (members, revenue per member), NPV of investment.

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Public Sector Accounting and Finance November 2020 · 6 questions

• Theory 1: Part (a) asks how aid and grants receivable at 31 December 2015, debt forgiveness approved on or after 1 January 2016 and personal income tax on or...
• Theory 2: Part (a) (10 marks) asks for five criteria external auditors use to assess the effectiveness and relevance of internal audit.
• Theory 3: Part (a) (10 marks) asks for five factors militating against the budgeting system in the public sector.
• Theory 4: Part (b) (10 marks) asks for five principles that should guide grant design in the grant system of fiscal federalism.
• Theory 5: Part (a) asks for the gain or loss on disposal of old plant (5 marks) and five disclosures for property, plant and equipment stated at a revalued a...
• Theory 6: Part (a) (10 marks) asks for five objectives each of the Government Integrated Financial Management Information System and the Integrated Personnel...

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Advanced Taxation November 2020 · 6 questions

• Theory 1: The question asked for the adjusted profit of a Nigerian subsidiary. The solution added back depreciation, a revaluation loss, preliminary expenses...
• Theory 2: Part (a) asked for the preparation before the Tribunal hearing, the steps if the decision is not acceptable (appeal on a point of law to the Federa...
• Theory 3: Larry Limited, Lagos, is a manufacturing company that has been producing household utensils successfully for several years. The company is planning...
• Theory 4: The question asked for the objectives and forms of Nigerian tax incentives, the incentives for manufacturing, agriculture and telecommunications, a...
• Theory 5: Tax haven is a state, country or territory where certain taxes are levied at a low rate or not at all. This has created problems for other countrie...
• Theory 6: Question 6 asked for the structure of the tax administration system (4 marks), the functions of any two organs (8 marks), and the concerns, causes ...

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