November 2023 diet: the questions by course

Business Environment November 2023 · 2 questions

• Theory 2: From the earlier Business, Management and Finance paper. Part (a) asks for the features of bureaucracy and the reasons for its growth. Revise Weber...
• Theory 6: From the earlier Business, Management and Finance paper. It asks for the policy approaches governments use to meet macroeconomic objectives and for...

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Management Accounting November 2023 · 3 questions

• Objective extras: Section A (multiple choice): From the previous syllabus. An item asks for the document that carries the detailed cost centre and cost unit, linking...
• Objective 10: From the previous syllabus. Asks which method separates fixed costs from semi-variable costs.
• Theory 2: Names the two main labour remuneration methods, then asks for a 15-mark computation of the total remuneration of workers using time rate and piecew...

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Financial Accounting November 2023 · 15 questions

• Objective 1: From the previous syllabus. Asks for the primary roles of accountants in business and the economy.
• Objective 2: From the previous syllabus. Question 2 asks for the purpose of a chart of accounts. Question 11 asks for the primary purpose of the general journal.
• Objective 3: Question 3 of May 2024 asks which statement differentiates bad debt from doubtful debt. Question 3 of November 2023 asks for the general allowance ...
• Objective 5: Asks which items belong to disposals, the gain or loss on an old car, what is not an IAS 16 disclosure, and the state of the asset account after a ...
• Objective 6: Asks what is true of goodwill, the journal for the amount due to a retired partner who is not paid immediately in cash, and which events lead to a ...
• Objective 7: Asks for the closing inventory under FIFO and the cost per unit under weighted average from opening inventory of 250 units, purchases of 750 units ...
• Objective 13: 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 15: 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 19: Asks for the cash paid for wages and salaries from accrued wages at the start and end and the wages expense.
• Theory 1: Asks you to explain the difference between the roles of a bookkeeper and an accountant in the accounting process.
• Theory 2: From the previous syllabus. Asks you to explain briefly seven concepts: going concern, consistency, accrual, fair presentation, substance over form...
• Theory 3: From the previous syllabus. Asks you to identify and discuss the four measurement bases for the elements of financial statements in the Conceptual ...
• Theory 4: Asks for a description of each cost element of PPE under IAS 16 and the conditions for capitalising them.
• Theory 5: From the previous syllabus. Asks you to state and explain the relationships among the main components of financial statements.
• Theory 6: Asks for the profit or loss appropriation account, the partners’ current and capital accounts and a statement of financial position extract, and, i...

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Corporate and Business Law November 2023 · 6 questions

• Theory 1: From the Business Law paper set under the previous syllabus. Part (a) asks for sources of Nigerian law and equitable remedies available to a claima...
• Theory 2: From the Business Law paper set under the previous syllabus. Includes parts on private and public companies. Revise the comparison table.
• Theory 3: Two of negligence, remoteness of damage and causation. Revise damage, causation and remoteness.
• Theory 4: Explain contract of employment, and state grounds of dismissal and duties of an employee. Revise meaning, duties and dismissal.
• Theory 5: Four qualifications of a person who may be secretary of a public company. Revise the list.
• Theory 6: Umoru’s trust: Godwin declines and Tohib wants to delegate to Murphy. Revise duties of trustees and worked problem 3.

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Financial Reporting November 2023 · 7 questions

• Theory 1: The compulsory accounts question includes finished goods with the wrong packaging, where cost is compared with the selling price less the repacking...
• Theory 2: The question asks for adjusted financial statements and recalculated profitability ratios against sector averages (10 marks) and a memo to the mana...
• Theory 3: Part (a) asks for four circumstances that lead to a transfer into or out of investment property, with the treatment of each (8 marks). Part (b) ask...
• Theory 4: Part (b) asks for basic and diluted earnings per share for a company with convertible loan notes (8 marks). The basic calculation belongs to this t...
• Theory 5: Part (a) asks for deferred tax, permanent differences and temporary differences (3 marks) and part (b)(i) for the company income tax liability (3 m...
• Theory 6: The question asks for four techniques of creative accounting identified and discussed (8 marks), useful non-financial information (3 marks) and are...
• Theory 7: Part (a) asks for the main sources of regulation (3 marks) and two reasons why financial reporting should be regulated (2 marks). Part (b) belongs ...

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Performance Management November 2023 · 7 questions

• Theory 1: LP objective and constraints, optimum plan, dual prices by one-unit change, slack, ways to overcome capacity limits.
• Theory 2: JIT conditions, constant production and holding cost, JIT overtime effect (JIT outside the map).
• Theory 3: Seven planning stages linking objectives and budgets; fixed, rolling, zero-based; time series v regression.
• Theory 4: Marginal costing mix, throughput accounting ratio and mix, TA v marginal contribution.
• Theory 5: Credit decision, three outcomes, expected NPV (NPV outside course).
• Theory 6: Ratios for two centres, bonus condition, accountant in project management.
• Theory 7: Responsibility accounting, investment centre, ROI, RI at 7.5% and 10%.

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Taxation November 2023 · 7 questions

• Theory 1: Personal income tax of a retired employee turned proprietor, including gratuity, life assurance and the consolidated relief allowance
• Theory 2: The law and the Revenue practice on a change of accounting year end, and assessable profits for the years affected
• Theory 3: Composition of the Joint Tax Board and four functions of the State Board of Internal Revenue
• Theory 4: The records of the two trustees of Olalomi Children Settlement created in favour of the three children - Olami, Olambe and Olaide, revealed the fol...
• Theory 5: Exempt instruments, electronic documents received in Nigeria, duty on contracts and the electronic money transfer levy
• Theory 6: Functions and powers of the Nigeria Customs Service Board
• Theory 7: Raposa Nigeria Limited, a company located in Sambisa Forest, Kutunwegi State of Nigeria, commenced operations on November 1, 2017. The accounting y...

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Public Sector Accounting and Finance November 2023 · 7 questions

• Theory 1: Housing-for-all Corporation is an entity established by Kazua State to engage in building construction. The corporation is partly financed with sub...
• Theory 2: Part (a) (8 marks) asks for four documents that must accompany the appropriation bill sent to the National Assembly.
• Theory 3: Part (a) (9 marks) asks how three procurements (₦99 million consultancy, ₦958 million works and supplies and ₦4.2 million stationery) are processed...
• Theory 4: Asks for the net present value (10 marks), the internal rate of return (4 marks) and the accounting rate of return of a coach investment; November ...
• Theory 5: Part (a) (6 marks) asks for two arguments each in favour of decentralisation and centralisation of fiscal responsibilities.
• Theory 6: Asks for debt refinancing, why it may interest a federal authority, project financing and four forms of debt refinancing.
• Theory 7: Asks for three merits and two demerits of private finance initiatives.

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Advanced Taxation November 2023 · 7 questions

• Theory 1: Parts (a) and (b) asked for adjusted profit in the pioneer years and the tax for the first year after the pioneer period, with pioneer losses carri...
• Theory 2: The question gave a company with a petroleum prospecting licence (15% rate) and asked for hydrocarbon tax and then company income tax. Our sections...
• Theory 3: The question asked for the rule on gains of a non-Nigerian company on assets outside Nigeria (taxed when brought into Nigeria), then gains and roll...
• Theory 4: The question asked for the Nigeria-United Kingdom agreement on immovable property, business profits, shipping, dividends and interest, the foreign ...
• Theory 5: The question asked for the objectives of a tax audit, its stages and the documents a tax audit requires. Our sections on the stages of a field audi...
• Theory 6: Part (a) asked for five fundamental features of the National Tax Policy 2017 that taxes should follow, such as equity, certainty, convenience and l...
• Theory 7: Part (a) gave a mining company and asked for the tax payable, with certified exploration and development expenditure and capital allowances. The pa...

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