May 2023 diet: the questions by course

Business Environment May 2023 · 4 questions

• Theory 1: From the earlier Business, Management and Finance paper. Part (a) asks you to explain stakeholders. Revise the classification of stakeholders.
• Theory 3: From the earlier Business, Management and Finance paper. Part (b) asks for the leadership styles identified by Rensis Likert, and part (a) for the ...
• Theory 4: From the earlier Business, Management and Finance paper. Asks for the powers of a professional accounting body, the purposes of ICAN’s code of ethi...
• Theory 6: From the earlier Business, Management and Finance paper. Parts (a) and (b) ask you to describe the matrix and network structures and state their ad...

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Financial Accounting May 2023 · 17 questions

• Objective 2: From the previous syllabus. Asks which measurement basis applies when a company is not a going concern.
• Objective 4: From the previous syllabus. Asks how the double entry rule is expressed.
• Objective 5: 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 6: From the previous syllabus. These ask for the charge or allowance in the statement of profit or loss from receivables figures and a percentage.
• Objective 8: From the previous syllabus. These ask how depreciation differs from other expenses, what is not considered in the useful life, and when depreciatio...
• 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 12: From the previous syllabus. Asks for the journal entries needed to remove goodwill recognised on the admission of a new partner.
• Objective 13: From the previous syllabus. Asks what the excess of expenditure over income is called, where the excess of income over expenditure is added, what r...
• Objective 14: Question 14 of May 2023 asks for the cost of sales from a 10% mark-up. Question 7 of May 2024 asks how much inventory the owner withdrew. Question ...
• 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. Question 17 of May 2021 asks what is not disclosed when expenses are analysed by nature (gross profit). Question 19 of ...
• Theory 1: Asks you to post and balance the trade receivables account (8 marks), the bad debts account (3 marks) and the allowance account (6 marks), and to e...
• Theory 2: From the previous syllabus. Gives the statements of a listed company with a plant sold at a loss, a share issue, part redemption of loan notes and ...
• Theory 3: From the previous syllabus. Asks you to define an accounting policy and a change in accounting estimates with two examples each (6 marks), and to o...
• Theory 4: Asks for the profit or loss appropriation account, the partners’ current and capital accounts and a statement of financial position extract, and, i...
• Theory 5: From the previous syllabus. Asks you to write up a two-column cash book of cash and bank, with a loan received and repaid by cheque, and to balance...
• Theory 6: From the previous syllabus. Asks for the elements of the cost of an item of PPE under IAS 16 with four examples of directly attributable costs.

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Corporate and Business Law May 2023 · 8 questions

• Objective extras: Section A (multiple choice): Question 11 asks when a shareholding qualification is required of a director (when the articles stipulate it). Revise ...
• Objective 11: Shareholding qualification of a director is required when the articles stipulate it. Revise qualification and age.
• Theory 1: Exceptions to the rule that all persons of full age may sue and be sued in tort. Revise capacity in torts.
• Theory 2: From the Business Law paper set under the previous syllabus. Part (a) asks for fundamental human rights under the Constitution. Revise the list in ...
• Theory 3: Tatafo and the petrol station, and Abokhasomi who did not disclose his health problems. Revise worked problems 1 and 3.
• Theory 4: Four steps for removal of the auditors of a public company, and who appoints the first auditors. Revise removal and appointment.
• Theory 5: Five and four ways of terminating a hire purchase agreement (Kabir and the bus). Revise termination and worked problem 2.
• Theory 6: From the Business Law paper set under the previous syllabus. Part (a) asks how an email is authenticated as evidence in an electronic fraud case. T...

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Financial Reporting May 2023 · 7 questions

• Theory 1: The compulsory accounts question includes equity instruments held at fair value through profit or loss with an impairment loss at the year end. The...
• Theory 2: Part (b) asks for five issues that must be contained in a directors’ report under CAMA 2020 (5 marks). The other parts belong to the Conceptual Fra...
• Theory 3: Part (c) asks for four exceptions to the rule that a parent must prepare consolidated financial statements (4 marks). Parts (a) and (b) belong to l...
• Theory 4: Part (a) asks for temporary differences and their two types (3 marks), part (b) for five components of tax expense (5 marks) and part (c)(i) for a ...
• Theory 5: Part (a) asks for the terms financial asset and financial liability (3 marks) and for a description, with examples, of three categories of financia...
• Theory 6: Part (a) asks for the perpetual inventory system with five causes of differences between the inventory account and the count (5 marks) and the disc...
• 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 May 2023 · 7 questions

• Theory 1: Working capital cycle (outside the map); pay-off table, maximax, maximin and minimax regret for daily boxes of apples.
• Theory 2: Football programmes pay-off table with probabilities; expected profit; perfect information; limits of expected value.
• Theory 3: Relevant revenue and cost of a contract (labour grade 1 idle, replacement cost, NRV, lost contribution of Y); job-cost report; reconcile relevant a...
• Theory 4: Choose between two mutually exclusive contracts using incremental revenues and costs (Abuja, Lagos).
• Theory 5: Expected NPV of two projects with joint probabilities (same as Nov 2021 Q5; NPV outside course).
• Theory 6: Theme park: premium ticket demand function, MR=MC price, equipment hire benefit and sensitivity.
• Theory 7: Learning rate from batch times, time for 400 more units, minimum price with opportunity cost of scarce labour.

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Taxation May 2023 · 7 questions

• Theory 1: Income of a partnership and the tax of each partner
• Theory 2: Contract of employment against contract for employment, and rules of residence for six categories of individuals
• Theory 3: When an assessment becomes final, time limits, contents of a notice of objection and the notice of refusal to amend
• Theory 4: As part of the induction programme for the newly recruited staff of your firm of tax consultants, you have been saddled with the responsibility of ...
• Theory 5: Constitutional and other solutions to multiple taxation, and its causes
• Theory 6: Fountain Hotels Limited is a group of hotels located in many parts of North Central Nigeria providing accommodation and other hospitality services....
• Theory 7: Six tax incentives for an export processing zone enterprise, and penalties under section 55(1) of CITA

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Public Sector Accounting and Finance May 2023 · 7 questions

• Theory 1: Part (b) (8 marks) asks for four characteristics of financial reporting that financial statements must meet.
• Theory 2: Part (a) (8 marks) asks for three objectives and five contents of the Local Government Financial Memoranda.
• Theory 3: Part (b) (10 marks) asks for the concepts of four bases of accounting and three merits each of the cash and accrual bases.
• Theory 4: Part (b) (12 marks) asks for four objectives of public sector accounting and six external users of its reports with their information needs.
• Theory 5: a. A national economy requires the involvement of government to thrive and alsoher presence will lubricate the livelihood of the citizens. Required...
• Theory 6: Sometimes, countries contracting loan obligations are able to choose between different sources of credits. They could therefore make a decision bas...
• Theory 7: Distinguish public receipts from public revenue and state their sources, distinguish oil and non-oil revenue, and (10 marks) discuss five problems ...

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Strategic Financial Management May 2023 · 1 questions

• Theory extras: Q5: Both ask for four ways to encourage managers to achieve stakeholder objectives: share options, performance-related pay, governance codes and li...

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Advanced Taxation May 2023 · 7 questions

• Theory 1: Parts (a) and (b) asked for adjusted profit and the tax for a company that took over a business, with losses and capital allowances inherited, no t...
• Theory 2: The question asked for the risks of running a tax practice and ways to reduce them, and the roles, benefits and challenges of technology in the pra...
• Theory 3: The question asked for the transfer pricing compliance report, the declaration form, the disclosure form and the arm’s length comparability factors...
• Theory 4: The question gave a company converted to a petroleum mining lease and asked for hydrocarbon tax and then company income tax on the same figures. Us...
• Theory 5: The question asked for the gain on a relocation: a property, machinery with a loss and a generating set, the roll-over relief on each and the cost ...
• Theory 6: The question asked for the meaning of thin capitalisation, the Finance Act 2019 rule, and six non-tax factors in choosing where a holding company i...
• Theory 7: Part (a) asked for the incentives for a mining business under the Minerals and Mining Act: tax holiday, 95% initial allowance, investment allowance...

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