May 2021 diet: the questions by course

Business Environment May 2021 · 4 questions

• Theory 1: From the earlier Business, Management and Finance paper. Government measures against imports, the effects of a falling exchange rate, and the econo...
• Theory 2: From the earlier Business, Management and Finance paper. Asks for the three groups of Belbin team roles.Asks for the three groups of Belbin team ro...
• Theory 5: From the earlier Business, Management and Finance paper. Asks about Adair’s action-centred leadership, the skills in each of its three groups, and ...
• Theory 6: From the earlier Business, Management and Finance paper. Asks about reporting channels for unethical conduct, the public’s expectations of accounta...

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Management Accounting May 2021 · 3 questions

• Objective extras: Section A (multiple choice): From the previous syllabus. An item asks which description fits overhead absorption: charging costs to a number of cos...
• Objective 7: From the previous syllabus. Asks how abnormal gain is calculated: normal loss minus actual loss.
• Objective 9: From the previous syllabus. Asks which activity usually uses a composite cost unit, linked to cost units for services.

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Financial Accounting May 2021 · 15 questions

• Objective 1: From the previous syllabus. Asks which statement is not correct about the definition of assets.
• Objective 2: 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 6: From the previous syllabus. Both ask for the effect of a reduction in the allowance for doubtful debts.
• Objective 10: From the previous syllabus. Asks for the equation that calculates a sole trader’s profit, and, in the repeated item, the profit when opening capita...
• Objective 11: From the previous syllabus. Gives a partnership profit shared in a ratio, and a minimum profit share guaranteed to one partner by the others. Asks ...
• Objective 14: From the previous syllabus. Gives opening and closing inventory, purchases and a profit margin of 5%, and asks for the gross profit.
• Objective 15: From the previous syllabus. Asks which of four changes are changes in accounting estimates, including a change in useful life, a change in the allo...
• Objective 17: From the previous syllabus. Question 17 of May 2021 asks what is not disclosed when expenses are analysed by nature (gross profit). Question 19 of ...
• Objective 18: From the previous syllabus. Asks for the total dividends paid from issued and paid-up capital of ₦376,000 in shares of 50 kobo, a share premium of ...
• Objective 20: From the previous syllabus. Both ask how rent paid in advance and rent received in advance are classified.
• Theory 1: From the previous syllabus. Asks you to explain seven concepts at 2 marks each: going concern, consistency of presentation, accrual, fair presentat...
• Theory 2: From the previous syllabus. From a summary of a company’s cash book, asks for the adjustments required in the cash book (5 marks) and a reconciliat...
• Theory 3: From the previous syllabus. Asks for the gain or loss on disposal of plant and an old car (5 marks) and the IAS 16 schedule of movement for the yea...
• Theory 5: From the previous syllabus. Asks for seven advantages of a limited liability company over a sole proprietorship.
• Theory 6: From the previous syllabus. Asks you to explain five elements of financial statements. Learn the definitions from the table in this topic. The meas...

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Corporate and Business Law May 2021 · 5 questions

• Theory 2: Explain receivership (2 marks), and how a court-appointed receiver distributes the assets (4 marks). Revise receivership and the distribution of pr...
• Theory 3: Onyi, Okonto and Joe: stealing, the elements, and application to money taken for a purpose and spent otherwise. Revise worked problems 1 and 2.
• Theory 4: Distinguish an offer from an invitation to treat, and advise Daniel on the vaccine reward (5 marks). Revise invitation to treat, Carlill and worked...
• Theory 5: Three classes of goods, and classification with its significance. Revise the classes of goods.
• Theory 6: Osagie’s cheque returned unpaid: reasons the bank may be wrong and reasons it could disclose the account. Revise the bank’s duties and worked probl...

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Performance Management May 2021 · 6 questions

• Theory 1: LP concept and uses; cost-plus prices; optimal output; shadow prices (e: NPV/IRR outside course).
• Theory 2: Choose forecast with limiting material; principal budget factor, manual, committee.
• Theory 3: Regression forecast with seasonal adjustment; 10 v 5 periods, r squared.
• Theory 4: Redraft school budget with expected values; incremental v zero-based budgeting.
• Theory 5: Stock order quantity under demand probabilities (expected value), compare with EOQ.
• Theory 6: Absorption v ABC cost, effect on cost-plus prices and sales with elasticity.

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Public Sector Accounting and Finance May 2021 · 6 questions

• Theory 1: Part (d) asks for four qualitative characteristics of financial reporting as required by the appendix of the standard on presentation.
• Theory 2: a. Debt management is a key component of public finance management that enables the government meet its financing needs at minimum costs and within...
• Theory 3: Part (a) (10 marks) asks for five strategies to enhance cash management control and five factors militating against effective cash management.
• Theory 4: Part (a) (10 marks) asks about the medium-term expenditure framework (with four objectives), the budget call circular and the main difference betwe...
• Theory 5: Part (a) (10 marks) asks for four costs excluded from the cost of inventories and four disclosure requirements.
• Theory 6: Part (b) (10 marks) asks for four uses of the budget and four steps for completeness in using the National Chart of Accounts for budgeting.

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Advanced Taxation May 2021 · 6 questions

• Theory 1: DIY Limited was incorporated on June 12, 2010, and commenced commercial activities on October 1, 2011. The primary activities of the company are th...
• Theory 2: The quest for economic development in every sector of the country has enabled the Federal Government to come up with various tax incentives, especi...
• Theory 3: The price of crude oil had fallen from over US$100 per barrel in the past few years to under US$40 per barrel recently in the international market....
• Theory 4: “The concept of residence determines the extent to which the income of a taxpayer is liable to tax under a tax jurisdiction”. Gen Power Incorporate...
• Theory 5: DD Nigeria Limited, a private limited liability company, was incorporated in March 2010. The company produces highly successful spring water. The B...
• Theory 6: Nigeria is generally described as a Federation with three levels of government with varying but sometimes overlapping tax powers. Required: a. Expl...

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