May 2024 diet: the questions by course

Business Environment May 2024 · 5 questions

• Theory 2: From the earlier Business, Management and Finance paper. Part (c) asks for examples of Nigerian bond markets hosted by the Nigerian Exchange. Revis...
• Theory 3: From the earlier Business, Management and Finance paper. Part (a) asks for five ethical threats to a professional accountant.
• Theory 4: From the earlier Business, Management and Finance paper. Part (a) asks you to define a stakeholder and explain three internal stakeholders.
• Theory 5: From the earlier Business, Management and Finance paper. Asks for the causes and characteristics of conflict and the implications of expectancy the...
• Theory 6: From the earlier Business, Management and Finance paper. Asks for the meaning of formal communication and the attributes of an effective communicat...

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Management Accounting May 2024 · 5 questions

• Objective 2: From the previous syllabus. Asks which item is classified as a production cost.
• Theory 1: Part (a), 10 marks, asks how a time series can be analysed. It covers the trend line, moving averages and seasonal variation. Part (b) asks about t...
• Theory 3: From the previous syllabus. Asks for the price of store issues and the value of closing stock under FIFO and LIFO from a list of purchases and issues.
• Theory 4: From the previous syllabus. Asks about system security and control, quality of information systems and ethical issues raised by information systems...
• Theory 6: From the previous syllabus. Asks about storage controls, IT department roles and system maintenance. Only loosely related to this topic.

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Financial Accounting May 2024 · 17 questions

• Objective 2: 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 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: Question 6 asks which statement about goodwill is true. Question 13 asks which item is treated differently from the others on the statement of fina...
• Objective 7: 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 8: Question 8 asks which statement best describes digitisation in accounting. Question 14 asks what best describes saving a PDF invoice in the cloud.
• Objective 11: Asks which statement correctly describes the accruals concept.
• Objective 12: Asks for profit from total assets and total liabilities at two year ends and additional capital paid in.
• 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: Asks what role the statement of changes in equity plays in reporting and decision-making. It summarises equity transactions and shows ownership cha...
• Objective 20: 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...
• Theory 1: Asks you to explain the information needs of different stakeholders who use financial statements and how the statements meet those needs.
• Theory 2: Asks you to examine the internal control procedures over cash receipts in a business. Part (b) belongs to the topic on books of prime entry.
• Theory 3: Asks for three reasons why a supplier’s statement may differ from the ledger and how they are resolved (6 marks), then a corrected receivables cont...
• Theory 4: Asks how subsequent costs related to PPE are treated under the recognition principle of IAS 16.
• Theory 5: Asks for the components of measuring inventory under IAS 2 (6 marks), the net realisable value of three items (6 marks), the lower of cost and NRV ...
• Theory 6: Asks you, for the admission of a new partner with goodwill not recorded and part of the cash repaying loan notes, for the goodwill account (2 marks...

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Corporate and Business Law May 2024 · 7 questions

• Objective extras: Section A (multiple choice): Question 5 asks which document regulates the company’s external relations (the memorandum). Revise the memorandum and ...
• Theory 1: From the Business Law paper set under the previous syllabus. Part (a) asks for the situations in which the Supreme Court may depart from its previo...
• Theory 2: From the Business Law paper set under the previous syllabus. Part (b) deals with partnership as a form of business organisation. Revise rights, dut...
• Theory 3: Four rules that govern consideration. Revise the six rules of consideration.
• Theory 4: From the Business Law paper set under the previous syllabus. Includes parts on the memorandum and articles of association. Revise the documents of ...
• Theory 5: Five and four ways of terminating a hire purchase agreement (Kabir and the bus). Revise termination and worked problem 2.
• Theory 6: Exceptions to the rule that only the owner of goods can pass title. Revise transfer of title.

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Financial Reporting May 2024 · 7 questions

• Theory 1: Part (a) asks for a statement of cash flows for a company using the direct method (20 marks). Part (b), on profitability and gearing, belongs to th...
• Theory 2: The group question includes goodwill and the non-controlling interest on an acquisition, with fair value adjustments and later group workings belon...
• Theory 3: Lamido Limited is a courier service company which operates in Nigeria and West Africa. Initially, Lamido Limited experienced strong growth, but in ...
• Theory 4: Part (a) asks for the difference between impairment and depreciation (5 marks). Part (b) asks for the indicators of impairment and how to identify ...
• Theory 5: Part (a) asks for prior period errors, with examples, and how they are corrected under IAS 8 (7 marks). Part (b) asks for the restated statement of...
• Theory 6: Akwa Nig. Limited is a private limited company planning to be registered with the Nigeria Exchange Limited (NGX). The company is engaged in the con...
• Theory 7: Part (a) asks for the two measurement models for intangible assets (3 marks). Part (b) uses licences carried under the revaluation model, with the ...

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Performance Management May 2024 · 7 questions

• Theory 1: Machine utilisation and bottleneck; marginal analysis; throughput accounting mix; TA inventory valuation; scarce resources in budgets and LP.
• Theory 2: Lean information system principles; why a cost system fails lean needs; changes to make (extension of information systems).
• Theory 3: Redraft flexed budget statement; behavioural problems and remedies.
• Theory 4: Regression forecast with seasonal adjustment; 10 v 5 periods; r squared.
• Theory 5: Alba/Beta transfer price from residual income target; sub-optimality; negotiated price.
• Theory 6: Arguments for profit as the performance measure; balanced scorecard measures for an insurer.
• Theory 7: Optimal production plan with machine-hour limits (three types), profit after fixed costs.

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Taxation May 2024 · 7 questions

• Theory 1: Chargeable income and tax payable of a manager, with pension, NHIS, NHF and life assurance
• Theory 2: Assessable profits and tax with capital allowances for a furniture supplier
• Theory 3: Significant economic presence of a non-resident through digital transactions and services
• Theory 4: Pkikan Nigeria Limited has been in business for several years preparing accounts to December 31 annually. You are given the following information a...
• Theory 5: Net VAT payable for the year, with export sales, VAT in inventories and plant in opening inventory
• Theory 6: Five members of the FIRS Board, five duties and functions of the FIRS and the basis of tax disputes
• Theory 7: Five main sources of Nigerian tax laws, with customary examples, statutes and case law

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Public Sector Accounting and Finance May 2024 · 7 questions

• Theory 1: Part (b) (7 marks) asks for the steps involved in a planning, programming and budgeting system.
• Theory 2: Part (a) (8 marks) asks for four disclosures, with brief explanations, that should be made on investments in associates under IPSAS 36.
• Theory 3: Part (a) (5 marks) asks for the difference between an unapplied mandate and uncredited cheques; the rest of the question presents cash book and ban...
• Theory 4: Part (a) (4 marks) asks for four characteristics of the National Chart of Accounts.
• Theory 5: Part (a) (7½ marks) asks for five principles that guide revenue allocation in Nigeria; part (b) asks for five factors behind the controversies.
• Theory 6: Part (a) (10 marks) asks for a profitability index appraisal of a feedmill costing ₦15 million, and part (b) (5 marks) for three advantages and two...
• Theory 7: Part (a) (7½ marks) asks for five categories of public finance.

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Advanced Taxation May 2024 · 7 questions

• Theory 1: Part (a) of the compulsory question asked how excess deductible interest on a loan from a foreign parent is treated, using the limit of 30% of earn...
• Theory 2: Part (a) asked for hydrocarbon tax for a petroleum mining lease company in onshore and shallow water areas, using fiscal prices, the cost price rat...
• Theory 3: The question asked for double taxation relief on a Canadian branch with no treaty, using the Commonwealth half-rate rule, the tax of the Nigerian c...
• Theory 4: The question asked for the categories of threat to the fundamental principles, safeguards, specific legal and ethical issues in tax work, and the p...
• Theory 5: Part (a) asked for the vision, mission and four primary objectives of NEITI under its Act. Read it with our section on the EITI Standard.
• Theory 6: The question asked for the gain when part of a property is sold (cost of the part sold by the market value apportionment), the new cost of the part...
• Theory 7: Parts (a) and (b) asked for the concept and practice of treaty shopping and the strategies countries use against it, such as limitation on benefits...

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Case Study May 2024 · 1 questions

• Theory extras: Viability of a new product: The board wants a new product judged on its numbers. Breakeven, margin of safety and flexing the key figures all apply.

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