November 2024 diet: the questions by course

Financial Reporting November 2024 · 7 questions

• Theory 1: The compulsory accounts question includes land and buildings revalued upwards, with the gain taken to other comprehensive income and the revaluatio...
• Theory 2: Orak Nigeria Limited is a specialist computer component manufacturer. The company presently has a staff strength of 54 employees and it has two mai...
• Theory 3: The question asks for a consolidated statement of cash flows by the indirect method. The group items belong to later topics.
• Theory 4: The question asks for a statement of cash flows for a company by the direct method from comparative statements and profit or loss figures.
• Theory 5: a. The IASB Framework states that several measurement bases are used for the elements in financial statements Explain the following bases of measur...
• Theory 6: a. Ajorosun Investment Limited has 12 million ordinary shares in issue and ₦4 million of 5% convertible bonds. As at December 31, 2021, there had b...
• Theory 7: a. The preparation of financial statements requires a great deal of professional judgment, honesty and integrity. Therefore, Chartered Accountants ...

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Performance Management November 2024 · 7 questions

• Theory 1: Price, mix, yield, sales price, market size and share variances; strategy in a declining market.
• Theory 2: ABC with five pools v labour hour rate; prices with 20 percent margin.
• Theory 3: Sales price, volume, mix and quantity variances for three loaves; budgeted profit.
• Theory 4: Relevant cost estimate for painting contract and non-monetary factors.
• Theory 5: Principles of EVA adjustments to profit and capital.
• Theory 6: Engine/assembly transfer price ranges (avoidable cost, idle capacity, full capacity); environmental management accounting meaning and reasons to re...
• Theory 7: Product life cycle: likely unit price and unit cost changes in growth and maturity stages after skimming launch.

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Taxation November 2024 · 7 questions

• Theory 1: Income tax liabilities of a merchandising company for the relevant assessment years
• Theory 2: Mr. Apa Eniapampa was appointed the General Manager, Finance of Apaapa-eni Nigeria Limited in Sambisa, Lagos State, on April 1, 2020 on a basic sal...
• Theory 3: Opion Nigeria Limited has been in business for so many years. The company is engaged in the sale of plastics. The company filed its tax returns up ...
• Theory 4: The Federal and State governments have primary responsibilities for tax matters including initiating proposals for amendments to tax laws. There ar...
• Theory 5: Section 105 of CITA, having been amended by the Finance Act 2019 states that, “regulated securities lending transaction” means any securities lendi...
• Theory 6: The basis of assessment used by the relevant tax authority for the determination of personal income tax liability of an individual shall be on actu...
• Theory 7: Withholding tax is a tax deducted from payments made to a taxable person for the supply of goods and services. It is not another form of tax but si...

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Public Sector Accounting and Finance November 2024 · 7 questions

• Theory 1: Part (a) (i) asks for the journal entries in the books of the lessor and the lessee at inception of a six-year lease of a medical cooling system (5...
• Theory 2: Part (a) (5 marks) asks for the responsibilities of a micro pension contributor.
• Theory 3: Part (a) (6 marks) asks for six processes of remitting contributions into a retirement savings account.
• Theory 4: Part (a) (10 marks) asks for five benefits each of the e-payment and e-collection components of the Treasury Single Account.
• Theory 5: Part (a) (6 marks) asks for the concept of public debt, distinguishing bilateral from multilateral debts with one example each.
• Theory 6: The government, as an instrument of social controls, wholly or partly owns public enterprises. Required: Discuss FIVE factors to justify the need f...
• Theory 7: Part (b) (4 marks) asks for the steps the Federal Government or its agencies must take before seeking the National Assembly approval of external bo...

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Advanced Taxation November 2024 · 7 questions

• Theory 1: The compulsory question asked for adjusted profit and tax for four assessment years of a company that left pioneer status, with pioneer losses carr...
• Theory 2: The question asked for the tax on a Nigerian branch carrying out a contract for a foreign parent, the effect of the place of management being abroa...
• Theory 3: The question asked for hydrocarbon tax for a petroleum mining lease company, using fiscal prices, the cost price ratio and the production allowance...
• Theory 4: The question asked for the documents a new client should provide, the documents the consultant keeps on file, and the risks of taking over an engag...
• Theory 5: Parts (a) and (b) asked for the causes of multiple taxation in Nigeria and its effect on compliance and revenue, with ways to reduce it. Use our se...
• Theory 6: The question asked which disposals qualify for roll-over relief (land, building and machinery, but not a vehicle), the gain and tax on each, saving...
• Theory 7: Part (a) asked for the objectives of a pre-investigation meeting before a tax investigation of a mining company, followed by the late filing and VA...

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