November 2021 diet: the questions by course

Business Environment November 2021 · 5 questions

• Theory 1: From the earlier Business, Management and Finance paper. Part (a) asks you to define group cohesion and explain five factors that affect it.
• Theory 2: From the earlier Business, Management and Finance paper. Asks for the meaning, ways of creating, purposes, characteristics, advantages and disadvan...
• Theory 3: From the earlier Business, Management and Finance paper. Part (b) asks for the two main policy approaches governments use to meet macroeconomic obj...
• Theory 4: From the earlier Business, Management and Finance paper. Asks for Drucker’s five categories of management’s responsibility, Rosemary Stewart’s four...
• Theory 6: From the earlier Business, Management and Finance paper. Part (b) asks for disadvantages of the matrix and virtual structures.

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Management Accounting November 2021 · 2 questions

• Objective 8: From the previous syllabus. Asks which case is NOT idle time, testing the definition of idle time.
• Objective 11: From the previous syllabus. Asks what the intersection of a row and a column in a spreadsheet is called.

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Financial Accounting November 2021 · 13 questions

• Objective 4: From the previous syllabus. Asks where the credit entry appears when vehicles are bought for cash. The same item appears in both diets.
• Objective 5: From the previous syllabus. Question 5 asks what an item credited on the bank statement but not yet recorded in the cash book is. Question 15 asks ...
• Objective 6: 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 11: From the previous syllabus. Asks what is true of the totals of discount allowed and discount received in a cash book. The same item appears in both...
• Objective 15: From the previous syllabus. Asks the entry when a sole trader takes goods for personal use, the basic features of the single-entry system, and the ...
• 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 18: From the previous syllabus for the first three. Each asks which fundamental accounting concept is complied with when adjustments are made for prepa...
• Objective 19: 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...
• Theory 1: From the previous syllabus. A statement overdraft and a cash book credit balance with a list of unpresented cheques and other items. Asks for an ad...
• Theory 3: From the previous syllabus. A company final accounts question where the directors recommend a transfer of ₦15,000,000 to general reserves and a 5% ...
• Theory 4: From the previous syllabus. Asks you to explain cash, accrual and break-up bases and to state four limitations of the cash basis. The same question...
• Theory 5: From the previous syllabus. Asks you to explain inventories (3 marks), the costs included (8 marks) and excluded (4 marks), then to calculate the c...
• Theory 6: From the previous syllabus. Asks for five IAS 16 disclosures (10 marks), then the gain or loss on a car taken in part-exchange (2 marks) and the mo...

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Corporate and Business Law November 2021 · 6 questions

• Theory 1: An LLP is asked to pay a fine for failure to audit and file annual returns. Revise the exemptions from audit and the LLP topic.
• Theory 2: Four categories of tort, four that affect economic interests, and three common rules of tort liability. Revise classification.
• Theory 3: 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 4: Adamu, a public officer, caught on camera corruptly requesting money: the offence and the maximum punishment. Revise sections 98 and 116 and worked...
• Theory 5: Christopher and Uche: the kind of goods, who bears the loss, and the seller’s rights. Revise worked problem 1.
• Theory 6: These ask about the annual return of a limited liability partnership. Revise the annual return, and the comparison table at the end of the figures ...

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Financial Reporting November 2021 · 7 questions

• Theory 1: The compulsory accounts question increases the allowance for trade receivables to a stated percentage of the balance. The other adjustments belong ...
• Theory 2: The question asks for the consolidated statement of profit or loss and other comprehensive income of a parent and its subsidiary, with the profit a...
• Theory 3: Part (a) asks for a discussion of the three bases of accounting, accruals, cash and break-up (6 marks). Parts (b) and (c) belong to the revenue and...
• Theory 4: Below are the statements of financial position of Onye Nigeria Plc as at October 31, 2020 and extract from the statement of profit or loss for the ...
• Theory 5: Dongo Limited statement of profit or loss for the year ended December 31, 2020 N'000 Revenue 420,000 Cost of goods sold (99,000) Gross profit 321,0...
• Theory 6: Part (a) asks for the meaning of research and development with two examples of each (4 marks) and five conditions for recognising development costs...
• Theory 7: Part (a) asks for five qualitative characteristics of general purpose financial statements, identified and explained (10 marks). Part (b) belongs t...

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Performance Management November 2021 · 7 questions

• Theory 1: Limiting factor with special order and penalty; outsourcing pros and cons; budget constraint causes.
• Theory 2: Make or buy with discounting, indifference price, non-financial factors.
• Theory 3: TAR and profit-maximising output, advantages over marginal costing.
• Theory 4: Deseasonalise and forecast; participation in budget setting arguments and challenges.
• Theory 5: Expected NPV with three uncertain factors and joint probabilities (NPV itself outside course).
• Theory 6: No-calculation explanation of maximin, maximax, minimax regret, expected value and risk attitudes.
• Theory 7: Alba/Beta transfer price from residual income target; sub-optimality; negotiated v market price.

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Taxation November 2021 · 7 questions

• Theory 1: Miss Opeyemi Olunba is a young engineer who has been working in an oil sector for over 5 years. She currently earns a gross salary of N10,000,000 p...
• Theory 2: Interest on a loan from a foreign subsidiary, and interest on a loan for tax-exempt income
• Theory 3: Total VAT payable on a list of transactions
• Theory 4: Ajani-Ogun Ventures Limited was incorporated on February 1, 2012 and commenced business on September 1, 2013. The company makes up accounts to Augu...
• Theory 5: Penalty for late filing of tax returns
• Theory 6: When goods and services are deemed supplied in Nigeria under section 2 of the VAT Act
• Theory 7: Tago Nigeria Limited was incorporated in 2009 as a trading company. It supplies office furniture, equipment and other office materials to end users...

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Public Sector Accounting and Finance November 2021 · 7 questions

• Theory 1: Part (c) (6 marks) asks for six roles of the Public Accounts Committee.
• Theory 2: Part (b) asks about the criteria for selecting and changing accounting policies under IPSAS 3 and the treatment of changes.
• Theory 3: Part (b) (10 marks) asks for five offences under the Corrupt Practices and Other Related Offences Act, 2000 and their penalties.
• Theory 4: Part (a) (12 marks) asks for three responsibilities each of the Central Bank, deposit money banks, service providers and the Accountant-General in ...
• Theory 5: Part (a) (5 marks) asks for the patterns of revenue sharing in a federation; part (b) (10 marks) for five principles.
• Theory 6: Asks for two principal causes of externalities (6 marks) and three measures to achieve a more efficient allocation in the presence of external bene...
• Theory 7: Otunba Local Government wishes to boost its revenue generation and six possible capital investments have been identified. However, the Local Govern...

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Advanced Taxation November 2021 · 7 questions

• Theory 1: Part (b) asked what a back duty audit is and what follows from it: the checks on the returns, the extra assessment and the objection rights. See ou...
• Theory 2: The question gave an oil prospecting company and asked for petroleum profits tax: the posted price adjusted for gravity, the higher of posted price...
• Theory 3: The question asked for the meaning of tax planning, tax avoidance and thin capitalisation, planning strategies, and the tax effect of each, includi...
• Theory 4: The question asked for the meaning of connected persons and artificial transactions, then the gain on land, plant, a vehicle and a generator where ...
• Theory 5: The question asked for the aims of the significant economic presence rules, the tests for digital activities and for technical and consultancy serv...
• Theory 6: The question asked for the difference between base erosion and profit shifting, the techniques, six OECD actions and the effect on a group that eng...
• Theory 7: The question asked for the constraints in assessing and collecting tax from the self-employed and the ways of widening the tax net. Our sections on...

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