May 2025 diet: the questions by course

Financial Accounting May 2025 · 26 questions

• Objective 1: Using the double entry principle, describe the effect of goods purchased on credit
• Objective 2: Which of the following documents is NOT issued by the supplier to the customer?
• Objective 3: In accordance with the IASB Conceptual Framework for Financial Reporting, an asset is defined as
• Objective 4: What measurement basis is used when an entity sells an asset at its estimated selling price less the estimated cost to sell.?
• Objective 5: Which of the following is NOT a capital expenditure?
• Objective 6: Which of the following is a capital receipt?
• Objective 7: A repair of equipment of ₦50,000 was posted in error to equipment account. What is the effect on the trial balance and profit for the year? Trial b...
• Objective 8: Which of the following option(s) is/are correct according to IAS 1-Presentation of Financial Statements? i. All financial statements are prepared u...
• Objective 9: In accordance with IAS 8, which of the following is a change in accounting policy?
• Objective 10: The cost of an asset less its residual value is referred to as
• Objective 11: In which of the following statement(s) will a user find information on the financial performance and changes in them over some years? i. Statement ...
• Objective 12: The invoice issued to a customer by a company, showed the retail price of ₦400,000 less trade discount of ₦2,000. The double entry for the transact...
• Objective 13: A company took a loan of ₦500,000 on January 1, 2023 payable in ten annual instalments, commencing from December 31, 2023. How much of the loan is ...
• Objective 14: On completing the dissolution of partnership accounts, what does the debit balance in a partner’s capital account represent?
• Objective 15: The statement that shows the performance of a social club for a period is called
• Objective 16: The following information relates to Irede Enterprises ₦ Trade receivables b/f 124,000 Cash received from customers 3,400,000 Set off with payables...
• Objective 17: A firm with year end of December 31, received office rent of ₦1,800,000 on January 1, 2024 in advance for one year and six months. What is the doub...
• Objective 18: Which of the following will NOT be recorded in receivables control account?
• Objective 19: The carrying amount of property, plant and equipment, (PPE) in the book of Morie Limited was ₦675,000. Thereafter, equipment which had cost ₦127,00...
• Objective 20: Which of the following options will reduce the share premium account? i. Bonus issue ii. Cost of issuing new shares iii. Rights issue iv. Cash divi...
• Theory 1: a. The IASB Conceptual Framework for Financial Reporting gives guidance on the criteria that an item must meet to be recognised or derecognised in ...
• Theory 2: a. Identify the books of prime entry the following transactions, using a tabular format: i. Fixed amount paid weekly to employees to buy credit car...
• Theory 3: a. Entities need to carry out reconciliations with individual suppliers as obtainable in bank reconciliation. Required: i. Explain the nature of th...
• Theory 4: a. IAS 16-Property, Plant and Equipment sets out the measurement and recognition criteria on property, plant and equipment. Required: i. Define pro...
• Theory 5: a. IAS 2 provides guidance on how to determine the costs of inventories, the subsequent recognition of the costs and the formulae that are used to ...
• Theory 6: a. Outline SIX typical issues in partnership agreement. (6 Marks) b. Muri, Ray and Akugbe had been in partnership for many years sharing profits in...

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Financial Reporting May 2025 · 7 questions

• Theory 1: Part (a) asks for a statement of cash flows by the indirect method (20 marks) and part (b) for the meaning of cash and cash equivalents with two ex...
• Theory 2: The following are the financial statements of Odot Ventures Nigeria Limited for the years ended December 31, 2023 and 2024. Statement of profit or ...
• Theory 3: The consolidation question includes development costs capitalised by the subsidiary and the recognition requirement for a brand under the intangibl...
• Theory 4: The following trial balance relates to Adanna Nigeria Limited as at December 31, 2023: N’000 N’000 Freehold properties at valuation 1/1/2023 480,00...
• Theory 5: Part (a) asks for the criteria for classifying assets as held for sale (5 marks). Part (b) uses management accounts for a travel agencies division ...
• Theory 6: Parts (a) to (d) ask for one element of the core principle (1 mark), two conditions for combining contracts (2 marks), three conditions for the mod...
• Theory 7: Part (b) asks for the sources of accounting regulation in Nigeria (3 marks). Part (a) belongs to the provisions topic.

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Performance Management May 2025 · 7 questions

• Theory 1: Relevant cost of a one-year engineering project (hire v buy machine, labour, materials); why reported profit differs; contribution theory; opportun...
• Theory 2: Sales mix and sales quantity contribution variances for a car-wash business; discuss in Nigerian economic conditions.
• Theory 3: LP formulation, simultaneous equations, shadow prices as overtime limits, single-product choice.
• Theory 4: ABC v labour-hour rate; expected selling prices; reasons for ABC.
• Theory 5: ROI and RI for an investment centre from brand contribution; advantages of ROI.
• Theory 6: Flexible budgets using high-low and step cost; variance report and follow-up.
• Theory 7: Throughput accounting ratio with bottleneck, optimum mix with contract minimum, ways to raise bottleneck capacity.

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Taxation May 2025 · 7 questions

• Theory 1: The five fundamental principles of ethics set by the International Ethics Standards Board for Accountants
• Theory 2: Income tax liabilities of the partners of a consultancy firm
• Theory 3: ABC Nigeria Limited is a company engaged in the importation of ladies’ wigs and hair attachments. As a result of difficulties in procuring foreign ...
• Theory 4: Five conditions for a donation to be allowable
• Theory 5: Rules of residence for persons in employment, an executor, partners and an itinerant worker
• Theory 6: a. Global Legends Logistics Limited is a company that renders logistics services to financial institutions in Nigeria and worldwide. An extract of ...
• Theory 7: Circumstances in which the FIRS can assess a company on turnover

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Public Sector Accounting and Finance May 2025 · 7 questions

• Theory 1: Asks for brief explanations of materiality and other qualitative characteristics.
• Theory 2: The question opens by defining accountability and its link to openness and honest public reporting, then asks for measures to enhance accountability.
• Theory 3: a. Explain what is meant by fair presentation of financial statements for public entities. (2 Marks) b. University of Wazobia is a public funded en...
• Theory 4: Part (b)(i) (4 marks) asks for the conditions under which an entity need not present consolidated financial statements under IPSAS 35.
• Theory 5: a. The design of fiscal transfers is critical to ensuring the efficiency and equity of local service provision and the fiscal health of sub-nationa...
• Theory 6: Debt Management, a key component of Public Finance Management (PFM), enables the government meet its financing needs at minimum costs and within ac...
• Theory 7: Part (a) (5 marks) asks for five general reasons for borrowing; part (b) (10 marks) for the cost effectiveness of two road methods at 10% interest.

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Advanced Taxation May 2025 · 7 questions

• Theory 1: The compulsory question asked for adjusted profit for one year and tax for five assessment years of a company that began in 2020, with a short firs...
• Theory 2: The question gave a company with a petroleum prospecting licence (15% rate) and asked for hydrocarbon tax with the cost price ratio, losses, capita...
• Theory 3: The question asked for a memorandum to the Tax Reform Committee on the challenges of taxing digital goods and services, ways of dealing with them, ...
• Theory 4: The question asked for the tax points when a new company takes over an old one, the concessions and conditions for a reorganisation, and the powers...
• Theory 5: The question asked for the gain and tax when a company sold a warehouse and a factory, reinvested in a new factory and kept part of the proceeds, a...
• Theory 6: The question asked who counts as a connected taxable person, how a taxpayer disputes a transfer pricing assessment, and what measures developed cou...
• Theory 7: Part (a) asked for the rules on possessing and buying minerals under the Nigerian Minerals and Mining Act. Our section on possession and purchase o...

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