May 2022 diet: the questions by course

Business Environment May 2022 · 6 questions

• Theory 1: From the earlier Business, Management and Finance paper. Asks for the meaning of the business environment and environmental scanning, and for the m...
• Theory 2: From the earlier Business, Management and Finance paper. Part (a) asks about stakeholder mapping. Revise Mendelow’s matrix.
• Theory 3: From the earlier Business, Management and Finance paper. Part (c) asks why governments develop economic policy. Revise the macroeconomic goals.
• Theory 4: From the earlier Business, Management and Finance paper. Part (b) again asks for the two policy approaches governments use to meet macroeconomic ob...
• Theory 5: From the earlier Business, Management and Finance paper. Asks for the meaning of business ethics, whistleblowing, ethical dilemma, conflict of inte...
• Theory 6: From the earlier Business, Management and Finance paper. Asks for the meaning of motivation and productivity, the factors in Vroom’s theory, and th...

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Management Accounting May 2022 · 2 questions

• Objective 2: From the previous syllabus. Asks what happens in process costing if equivalent units are ignored for normal loss.
• Objective 4: From the previous syllabus. Asks which item is NOT an example of a composite cost unit.

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Financial Accounting May 2022 · 11 questions

• Objective 3: From the previous syllabus. A plant bought for ₦300,000 with a ten-year life is reviewed after two years and the total life cut to five years. Ques...
• Objective 5: From the previous syllabus. Asks for cost of sales or closing inventory from opening and closing figures.
• Objective 6: From the previous syllabus. Both ask which book of account is a book of prime entry (subsidiary book) as well as a ledger. The answer is the cash b...
• Objective 8: From the previous syllabus. Asks for the share premium balance after an issue of 140,000 shares of ₦20 at ₦120 with issue costs of ₦2,000,000.
• Objective 12: From the previous syllabus. Asks for one of the basic roles of accounting.
• Objective 15: From the previous syllabus. Asks which item should not be added to or subtracted from the cash book balance to find the adjusted bank balance. Valu...
• Theory 1: From the previous syllabus. Asks you to state the components of financial statements.
• Theory 2: From the previous syllabus. A list of the costs of a machine includes spare parts inclusive of VAT at 7.5%. Recoverable VAT is left out of the cost...
• Theory 3: From the previous syllabus. A pharmacy owner has a summary of her bank account for the year. Asks for sales and purchases (10 marks), the statement...
• Theory 4: From the previous syllabus. Asks for the receivables and bad debt entries of a company from its opening receivables, credit sales, receipts and bad...
• Theory 5: From the previous syllabus. A trial balance that fails to agree lists a VAT liability among its credit balances. The question is mainly about error...

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Corporate and Business Law May 2022 · 7 questions

• Objective extras: Section A (multiple choice): Question 9 asks which company may have fewer than two directors. Revise what being small means.
• Objective 8: Which company may not appoint a secretary, and the secretary of a public company. Revise appointment and qualifications.
• Theory 1: From the Business Law paper set under the previous syllabus. Part (a) asks for the validity tests that a customary law must pass. Revise the custom...
• Theory 2: From the Business Law paper set under the previous syllabus. Part (a) asks for five distinctions between criminal law and civil law. Revise the com...
• Theory 3: From the Business Law paper set under the previous syllabus. Part (a) asks for conditions for admitting computer-generated evidence. This topic giv...
• Theory 4: Five ways in which a contract of employment may be terminated. Revise termination.
• Theory 6: From the Business Law paper set under the previous syllabus. Includes a part on the veil of incorporation. Revise the table of situations and the t...

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Financial Reporting May 2022 · 7 questions

• Theory 1: The compulsory accounts question includes depreciation of plant at 15% on the reducing balance applied to the opening carrying amount. The other ad...
• Theory 2: Part (c) (9 marks) asks for statement of financial position extracts and notes for property, plant and equipment and intangible assets, including a...
• Theory 3: Daddy PLC is a first-tier entity quoted on the Nigeria Stock Exchange (NSE). The entity acquired 640 billion equity shares in Mummy PLC on January ...
• Theory 4: a. The following financial statements were extracted from the 2021 annual report and accounts recently published by Odibeze Nigeria PLC. Statement ...
• Theory 5: Parts (b) and (c) ask for six criteria for assessing a contract (6 marks) and for what a contract modification is and two ways of accounting for it...
• Theory 6: Part (b) asks for four main objectives of the Financial Reporting Council of Nigeria (2 marks). The other parts of the question belong to the Conce...
• Theory 7: The Board of Directors of Owerri PLC is planning to acquire controlling interest in Warri Health PLC, a vaccine producing company to expand the pro...

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Performance Management May 2022 · 7 questions

• Theory 1: Product contribution/profit, drop a product, extra sales to cover advertising; relevant cost quote for a one-off job; incremental, differential, co...
• Theory 2: Cash budget and budgeted income statement from standard cost card; principal budget factor.
• Theory 3: ARR and EVA with adjustments; NPV of a solar project (NPV outside course).
• Theory 4: ABC in large service organisations: features, problems, uses, regulator interest.
• Theory 5: Multi-product break-even in units and value; revised mix, target after-tax profit.
• Theory 6: Flexible budgets from high-low cost split with step cost; budget report and variance follow-up.
• Theory 7: Production and purchases budgets with rejection and wastage; EOQ.

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Taxation May 2022 · 7 questions

• Theory 1: Mr. Danko Chinyere who has worked in a neighbouring African country for many years, returned to Nigeria in August 2018. He incorporated a private l...
• Theory 2: You attended an interview for employment as Assistant Manager (Tax) in a professional firm. The following were presented to you to proffer solution...
• Theory 3: Five federal taxes, five state taxes and levies and ten local government taxes and levies
• Theory 4: Finance Act 2019 and 2020 changes for insurance companies, and additional filings
• Theory 5: Contents and time frame of withholding tax returns, and merits and demerits of the scheme
• Theory 6: Considerations in deciding what is a trade
• Theory 7: Tax policy, notable tax legislation and the bodies that administer taxes

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Public Sector Accounting and Finance May 2022 · 7 questions

• Theory 1: Part (a) (20 marks) asks for proposed budget estimates for three years by sector, applying increases and decreases to the approved estimates.
• Theory 2: Part (c) (5 marks) asks for five powers of the Code of Conduct Bureau.
• Theory 3: Part (a) (4 marks) asks for four powers and responsibilities of a State Board of Internal Revenue Service.
• Theory 4: Part (a) (15 marks) asks for five ratios for a State-owned event centre with comment (current, acid test, working capital to total assets, total de...
• Theory 5: Rescheduling is the rearrangement of payment terms of debt with respect to new maturities, grace period and readjustment of the interest rate. The ...
• Theory 6: Part (a) (5 marks) asks for two effects of public expenditure on the economy.
• Theory 7: Part (a) (4 marks) asks for four reasons for the divergence between private and public appraisal of projects.

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Advanced Taxation May 2022 · 7 questions

• Theory 1: Part (a) asked for the tax of a company with a loss in the accounts but a taxable profit after adjustments, with four years of losses relieved, cap...
• Theory 2: The question asked for four technology tools used in tax practice and administration (cloud, artificial intelligence, blockchain, data analytics an...
• Theory 3: The question asked for the principles of disposal, then the gain on an option, an asset received in exchange for a debt, a building and plant with ...
• Theory 4: Part (a) asked for the tax of a mining company where 60 million of exploration and processing spending had been expensed, so it had to be added bac...
• Theory 5: The question gave a tax engagement with several problems and asked for the legal and ethical issues it raised, such as conflict of interest, contin...
• Theory 6: The question asked for the tax on the profit of a UK branch of a Nigerian company, with the Commonwealth half-rate relief limited to the foreign ta...
• Theory 7: Part (a) asked for the expenses allowed in computing the adjusted profit of an upstream company under s. 263 of the Petroleum Industry Act. Our sec...

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