November 2025 diet: the questions by course

Business Environment November 2025 · 27 questions

• Objective extras: Section A: Tested implicit costs and economic profit (May 2026, Questions 16 and 17), and external economies of scale and marginal product (Novembe...
• Objective 1: Tested the quasi partner, who has left capital in the business as a loan. Revise the partnership section.
• Objective 2: Tested goal incongruence and the meaning of internal stakeholders. Revise the goal incongruence note and the stakeholder types.
• Objective 3: Tested the challenges of the public sector. Revise the public sector section.
• Objective 4: Tested the skills expected of an executive director. Revise the roles of board members.
• Objective 5: Individuals whose interest in a company stems from a direct relationship, such as employment, ownership, or investment, are referred to as
• Objective 6: Tested the types of corporate social responsibility, the fundamental principles of ethics and acting in the public interest. Revise the principles ...
• Objective 7: The following are the fundamental principles of ethics, EXCEPT:
• Objective 8: Decision-making and actions that prioritise the overall welfare and well-being of society rather than personal interests are known as
• Objective 9: The process of assessing whether appropriate progress is being made towards achieving objectives or goals and taking corrective action, when necess...
• Objective 10: Groups created to complete a particular assignment or project within a set time frame and objective are known as
• Objective 11: Tested the multi-sided business model. Revise technology business models.
• Objective 12: Tested self-regulatory theory in social thinking. Revise social thinking.
• Objective 13: Tested horizontal communication. Revise the Exam focus note on direction of communication.
• Objective 14: Tested determinants of demand, consumer surplus and the price mechanism. Revise the determinants list and the definitions at the end of the Exam fo...
• Objective 15: The difference between the amount customers are willing to pay and the actual price paid for a good or service is called ………...............
• Objective 16: The process by which supply and demand set the market price and the quantity of a product exchanged is called the
• Objective 17: The advantages a business gains from being located in an area with a high concentration of other businesses or industries are referred to as the
• Objective 18: The measure of how total product changes in response to variations in a variable factor is called the
• Objective 19: Tested the wrapping attack on XML signatures. Revise the Exam focus note.
• Objective 20: The use of new technologies in the financial services sector to enhance operations and customer engagement through digital innovation, analytics, d...
• Theory 1: Tests the matrix structure: a 5-mark description, five advantages and five disadvantages. Revise the full exam answer in the Exam focus section, th...
• Theory 2: Tests globalisation: four technological changes, three types and four aspects. Revise the globalisation table in the second Exam focus section.
• Theory 3: Tests internal control: five areas it strengthens, four fundamental concepts, three examples of access control and five objectives. Revise the Exam...
• Theory 4: Tests leadership and management: two definitions, five distinctions and five similarities. Revise the comparison tables in the Exam focus section.
• Theory 5: Tests the price ceiling: a definition, a diagram showing the fall in quantity supplied, and five problems of the shortage. Revise the Exam focus se...
• Theory 6: Tests the Internet of Things: five sectors, four benefits and six challenges. Only about 18% of candidates who attempted it scored above average, s...

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Management Accounting November 2025 · 27 questions

• Objective extras: Section A (multiple choice): An item asks for the budget cost allowance at a given activity level, a flexible budget idea that the syllabus does no...
• Objective 1: Asks which feature is a key characteristic of management accounting. It tests flexibility of reporting for internal needs.
• Objective 2: Items Actual Standard Outputs (units) 2,000 1,000 Quantity of Material required per unit of output 3kg per unit 4kg per unit Price N25 per kg N30 p...
• Objective 3: Asks for a benefit of using a spreadsheet for financial analysis.
• Objective 4: Gabbychuks Nigeria Limited provides you with the following information - Direct material purchased: N2,000,000; Direct material consumed: N1,800,00...
• Objective 5: Bobo Tyler Limited normally purchases a total of 2,500 litres of diesel per month. It takes N2,500 to bring the diesel from the filling station to ...
• Objective 6: In the factory of Yewuke Manufacturing Limited, the following details apply to a factory staff who takes 6 hours to complete a task under a scheme ...
• Objective 7: In the factory of Yewuke Manufacturing Limited, the following details apply to a factory staff who takes 6 hours to complete a task under a scheme ...
• Objective 8: Shilaka provides you with the data below: Actual overheads – N5,200,000 Budgeted overhead – N5,250,000 Budgeted machine hours – 17,500 Actual machi...
• Objective 9: Product costing is mainly concerned with ………………….
• Objective 10: Aloabo Incorporated that uses process costing had an input of 13,500Kg of materials at N20 per Kg and labour hours of 12,750 at N25 per hour. Norma...
• Objective 11: An extra cost incurred as a result of a decision is known as ………………….
• Objective 12: LMAO Company Limited manufactures a single product and has drawn up the following flexible budget for the year. Units Produced 700 800 1,000 N N N ...
• Objective 13: Oketeta Nigeria Limited makes a single product and is preparing its material usage budget for next year. Each unit of product requires 2kg of mater...
• Objective 14: Bend Local Government is preparing its Cash Budget for the year for its Waste Disposal Department. Which of the following items would not be includ...
• Objective 15: Which of the following would explain an adverse variable production overhead efficiency variance? I. Poor Quality material was difficult to process...
• Objective 16: Items Actual Standard Outputs (units) 2,000 1,000 Quantity of Material required per unit of output 3kg per unit 4kg per unit Price N25 per kg N30 p...
• Objective 17: Items Actual Standard Outputs (units) 2,000 1,000 Quantity of Material required per unit of output 3kg per unit 4kg per unit Price N25 per kg N30 p...
• Objective 18: Izola Ltd has fixed cost of N2,400,000 per annum. It manufactures a single product, which it sells for N200 per unit. Its contribution margin ratio...
• Objective 19: If there is excess capacity, the minimum acceptable price for a special order must cover:
• Objective 20: You are currently employed as a management accountant in a manufacturing company earning N10,000,000 (Ten Million Naira) as basic salary and entitl...
• Theory 1: Opens with the choice between absorption and marginal costing when preparing an operating statement. Part (a) asks for a differentiation under give...
• Theory 2: Parts (a) and (b) ask for five qualities of good information and the three levels of planning, six marks for the levels. Parts (c) and (d) belong t...
• Theory 3: Part (a)(i), worth 5 marks, asks for the fixed and variable elements of a mixed cost using the high-low method from ten months of output and expens...
• Theory 4: Abangam Manufacturing Ltd can import only ₦38,000,000 of a key component. Management requires at least 20,000 units of each product, with the balan...
• Theory 5: Part (a) asks for four remuneration methods explained (4 marks). Part (b) asks for three advantages and two limitations of two chosen methods (10 m...
• Theory 6: A standard costing question for a single cost centre, giving the standard selling price and the standard costs of materials and labour, and asking ...

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Financial Accounting November 2025 · 26 questions

• Objective 1: A contingent liability should NOT be recognised in the financial statements if:
• Objective 2: Which of the following best describes the primary objective of general- purpose financial reporting according to the IASB Conceptual Framework?
• Objective 3: Which of the following is the most appropriate reason for a business to adopt electronic funds transfer (EFT) over cash handling?
• Objective 4: Glory Enterprises provided the following data for the month of June: • Opening balance of receivables: ₦42,000 • Credit sales during the month: ₦95...
• Objective 5: A machine which historically cost N120,000 was sold for N35,000. The accumulated depreciation of the machine was N90,000, while the maintenance cos...
• Objective 6: On the retirement of a partner, the partner’s share of goodwill should be
• Objective 7: The following information relates to Zeta Ltd for the year ended December 31, 2024: Profit before tax: N800,000 Depreciation: N120,000 Increase in ...
• Objective 8: Which of the following best describes the function of a computerised accounting system?
• Objective 9: Which of the following best describes the primary role of accountants in business?
• Objective 10: A business sells goods worth ₦300,000 to a customer. The applicable VAT rate is 7.5%. How should the transaction be posted to relevant ledger accou...
• Objective 11: A business entered a payment of N12,000 to a supplier as ₦21,000 in the cash book. What adjustment is required to correct the error?
• Objective 12: Which of the following is a key difference between Property, Plant and Equipment (PPE) and Intangible Assets under IAS 16 and IAS 38?
• Objective 13: If sales are N500,000 and the gross profit percentage is 25%, what is the cost of sales?
• Objective 14: Zino Ltd issued 200,000 ordinary shares of ₦1 each at a premium of ₦0.50. The company also issued 100,000 10% preference shares of ₦1 each at par. ...
• Objective 15: One effective measure to prevent cybercrime in remote work environments is
• Objective 16: What is the main purpose of using a petty cash book in a business?
• Objective 17: Which of the following statements best describes the concept of accrued payment in financial accounting?
• Objective 18: A company has 100 units of inventory. Cost per unit is N50 and sales per unit is N55, the expected disposal cost is N7 per unit. At what amount sho...
• Objective 19: A Sports Club runs a bar. The following information relates to year 2024: • Sale of raffle tickets N60,000 • Bar sales N280,000 • Opening inventory...
• Objective 20: In preparing financial statements, if the prior year’s income tax was overestimated, how should it be treated?
• Theory 1: a.i. List THREE types of accounting packages commonly used by organisations. (3 Marks) ii. Briefly explain the uses of each package listed. (3 Mark...
• Theory 2: a. A company purchased a delivery van for N12,000,000 on January 1, 2025. The following additional expenses were incurred: i. Vehicle registration ...
• Theory 3: a. A company reported a profit after tax (PAT) of N2,000,000 in year 2023. In year 2024, the following errors relating to year 2023 were discovered...
• Theory 4: a. State and briefly explain; i. THREE purposes of asset coding. (3 Marks) ii. THREE features of a good asset coding system. (3 Marks) b. A company...
• Theory 5: a. AB & Co. has two partners, A and B, who share profits or losses in the ratio of 3:2. The following information relates to their partnership acco...
• Theory 6: a. Define accounting information and explain the difference between internal and external users of accounting information, giving FOUR examples of ...

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Corporate and Business Law November 2025 · 26 questions

• Objective 1: In Nigeria, the maximum number of partners allowed in general partnership is
• Objective 2: A voluntary contract agreement between two or more persons by which they agreed to contribute money and do business for profit making and sharing i...
• Objective 3: Upon incorporation, a company obtains the status of
• Objective 4: The minimum age requirement for the director of a company is
• Objective 5: Shareholding qualification is required of a director when
• Objective 6: Which legislation governs the formation and management of companies and partnerships in Nigeria?
• Objective 7: In a partnership, the partners are collectively referred to as
• Objective 8: The legal principle that requires lower courts to follow the decisions of higher courts is called
• Objective 9: Which legislation is primarily responsible for regulating money laundering in Nigeria?
• Objective 10: Under the Nigerian law, what is the primary ethical responsibility of accountants and auditors when dealing with financial crime risks?
• Objective 11: In a contract of sales, the transfer of ownership in goods from the seller to the buyer is known as
• Objective 12: A contract by which one person is authorised to act on behalf of another is known as
• Objective 13: In a hire purchase transaction, ownership passes to the hirer
• Objective 14: An agreement without consideration is
• Objective 15: The duty of utmost good faith in insurance is known as
• Objective 16: A postdated cheque is
• Objective 17: The defence to a claim of negligence include the following, EXCEPT:
• Objective 18: The law that governs arbitration and mediation in Nigeria is the
• Objective 19: A person appointed by a testator to carry out the instructions in a Will is called a/an
• Objective 20: The principal law on employment relationships in Nigeria is the
• Theory 1: a. Incorporation is a privilege under the Companies and Allied Matters Act (CAMA). Required: i. What does a company become upon incorporation? (2 M...
• Theory 2: a. The law on cybercrimes has the key objectives of protecting citizens’ interests in the cyber space. Required: Explain THREE conducts that consti...
• Theory 3: a. Money Laundering (Prevention and Prohibition) Act provides guidelines on how financial institutions should identify customers. Required: State T...
• Theory 4: a. In the Law of Agency, an agent could only bind his principal to the extent of his authority. Required: i. Define agency by estoppel. (2 Marks) i...
• Theory 5: a. i. The Global System for Mobile Communications (GSM) generated evidence is a form of admissible evidence. Required: Explain the dual nature of G...
• Theory 6: a. Alternative Dispute Resolution (ADR) comprises mechanisms of resolving disputes without litigation. Required: State TWO advantages of ADR. (4 Ma...

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Financial Reporting November 2025 · 7 questions

• Theory 1: The compulsory accounts question includes plant depreciated at 20% on the reducing balance. The other adjustments belong to later topics.
• Theory 2: Part (c) asks for three rented properties to be categorised under the property, plant and equipment standard or the investment property standard, w...
• Theory 3: Part (c) asks for cash flows from operating activities by the indirect method (5 marks). The ratio parts belong to other topics.
• Theory 4: The consolidation question includes goodwill on the acquisition of a subsidiary and fair value adjustments, with the later group workings belonging...
• Theory 5: a. The methods by which accounting standards are developed differ considerably throughout the world. It is often argued that there are two main sys...
• Theory 6: The question asks for the key features of sustainability reporting (5 marks), its objectives and benefits (6 marks) and the importance of the work ...
• Theory 7: Part (a) asks for four fundamental principles of the Institute’s code with practical examples (8 marks) and four categories of threats (4 marks); p...

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Financial Management November 2025 · 7 questions

• Theory 1: Part (a) asks for the net present value of a new product (16 marks), which depends on spotting the irrelevant items: the feasibility study already ...
• Theory 2: Part (b) asks for two reasons why the working capital cycle matters to a company, illustrated with the figures calculated, namely liquidity and the...
• Theory 3: Part (a) (7 marks) asks for the asset beta, the re-geared equity beta, the cost of equity using the capital asset pricing model and the project cos...
• Theory 4: Asks for the advantages of forward contracts (3 marks), the amount received under a forward contract (6 marks) and a comparison with hindsight (5 m...
• Theory 5: Asks why companies adopt different levels of gearing.
• Theory 6: Part (a) asks for the major government activities that influence financial management, with illustrations of how they affect companies in reaching ...
• Theory 7: Part (c) (6 marks) asks for the gearing after a rights issue and the redemption of debt, using the ex-rights price; parts (a) and (b), on book and ...

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Performance Management November 2025 · 7 questions

• Theory 1: Marginal mix for one plant, throughput accounting profitability, new plant marginal statement, break-even units and value, combined statement, RI v...
• Theory 2: Monthly cash budget for first quarter with credit collections, material one month ahead, overdraft.
• Theory 3: Sales price and volume contribution variances; material price planning and operational variances; labour rate and efficiency; why management cares.
• Theory 4: Optimal transfer price range, spare and full capacity for a part-finished item; operating statement; ROI and RI of divisions.
• Theory 5: Selling price, sales, break-even and margin of safety from contribution data; choose price-cut strategy; challenges in developing an MIS.
• Theory 6: Sources of internal and external information for quality monitoring; key factors for success of a new information system.
• Theory 7: Demand function and MR=MC launch price with high-low costs; conditions for price skimming.

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Taxation November 2025 · 7 questions

• Theory 1: Mr. Ajah Oke who lives in the city of Port Harcourt, runs a small business in the name of Oke and Sons Enterprises. The enterprise commenced busine...
• Theory 2: Interest deductible, and the excess interest under the schedule 7 restriction
• Theory 3: VAT payable for the year and why some items were treated differently
• Theory 4: Tax treatment of Murabaha, Ijarah, Sukuk and Takaful under the Non-Interest Finance (Taxation) Regulations 2022, and the challenges
• Theory 5: Importance, challenges and impact of tax legislation on the Nigerian economy
• Theory 6: The Federal Inland Revenue Service (FIRS) was established to administer the different taxes and laws specified in the First Schedule to FIRS (Estab...
• Theory 7: Withholding tax (WHT) is an advance payment of income tax deducted from the payments made to a taxable person for the supply of goods and services ...

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Audit, Assurance and Forensics November 2025 · 7 questions

• Theory 1: Meaning of professional negligence of a forensic practitioner and the ways in which it may occur during an investigation
• Theory 2: Risks, control objectives, principal controls and tests of controls over invoicing and dispatch of goods at a merchandising company selling on credit
• Theory 3: Criteria for recognising development costs as an intangible asset, and audit procedures on a ₦55 million intangible asset figure
• Theory 4: Public perception of the auditor's role, components of the audit expectation gap and ways to close it
• Theory 5: Deficiencies in how a waste-collection company receives, banks and reconciles cash and cheques, with controls and tests of controls
• Theory 6: Objectives and requirements of ISA 450 for uncorrected misstatements and the letter of representation
• Theory 7: Type of assurance, three key risks and five procedures for an assurance engagement on an Environmental Impact Assessment report

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Public Sector Accounting and Finance November 2025 · 7 questions

• Theory 1: Part (a) (2 marks) asks for the journal entries to record a loss of funds.
• Theory 2: Part (a) (10 marks) asks for five strategies to promote accountability in public finance management in Nigeria.
• Theory 3: Part (a) (10 marks) asks for the disclosures to be made by an entity about social benefits under IPSAS 42; part (b) asks for the recording of the t...
• Theory 4: Part (a) (10 marks) asks for five uses of the budget in the public sector.
• Theory 5: Part (a) (10 marks) asks for five key aspects and five examples of environmental sustainability.
• Theory 6: Part (a) (10 marks) asks for the Debt Sustainability Analysis with three objectives and five benefits; part (b) (5 marks) for five objectives of th...
• Theory 7: Part (a) (10 marks) asks for the five phases of a typical business cycle; November Diet, 2020, Question 6(b) asks for five phases of an economic cy...

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Strategic Business Reporting November 2025 · 8 questions

• Objective 7: The marking guide gives 2.5 marks for how the concept of multiple capitals can be applied and 2.5 marks for the benefits. The suggested solution ta...
• Theory 1: In these questions the statement said goodwill was not impaired, or an impairment of ₦1.2 billion was given and charged to the group profit and sha...
• Theory 2: The marking guide gives 3 marks for carrying amount, 1 for recoverable amount, 2 for the adjustments and 6 for the effect on ROCE. The solution fin...
• Theory 3: Both were reports to a named user that used ratios and comment together. The same layout applies here: formula, number, reason and consequence. Wor...
• Theory 4: The marking guide gives 3 marks for how segments are identified, 2 for reclassification, 2 for treating the overseas subsidiary as a separate segme...
• Theory 5: The marking guide gives marks for defining inventory as an asset, for the recognition criteria, for the measurement ideas behind the lower of cost ...
• Theory 6: The marking guide gives 1.5 marks for the interim reporting requirements and 8.5 for the held-for-sale accounting: carrying amount, classification,...
• Theory 7: Part (a) asks for the implications of the exposure drafts for nine priority industries and the steps to take: 2.5 marks each. Part (c) asks you to ...

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Advanced Taxation November 2025 · 7 questions

• Theory 1: The compulsory question asked for revised total profit and tax for three assessment years after a tax investigation, disallowing items such as priv...
• Theory 2: The question asked for the purpose, objectives and scope of the Transfer Pricing Regulations, 2018, FIRS expectations on the arm’s length principle...
• Theory 3: The question followed a company whose long lease expired and was renewed for a large premium, with the factory refurbished, rented out and then sol...
• Theory 4: The question gave a petroleum mining lease company with onshore and shallow water output and asked for hydrocarbon tax at 30% after the cost price ...
• Theory 5: The question asked for tax inspectors without borders, cooperative compliance and simultaneous tax examination. Read these with our sections on exc...
• Theory 6: The question asked what thin capitalisation and treaty shopping mean and what follows from each, and for seven OECD actions against aggressive base...
• Theory 7: The question asked for the fees paid to the Mining Cadastre Office and the result of non-payment, the priority of land use for mining, and the main...

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Advanced Audit, Assurance and Forensics November 2025 · 8 questions

• Theory extras: Consolidation: No written question tests the consolidation checklist on its own, but every group scenario can ask for procedures on acquisitions, i...
• Theory 1: In Question 1 an audit firm is asked to help develop GRC software for a listed audit client, which raises independence and fee dependence concerns....
• Theory 2: Transnational features such as different standards, oversight and accounting frameworks are the reasons a group auditor sends detailed instructions...
• Theory 3: A listed group’s audit committee failed to act on the auditors’ tax concerns. You evaluate the committee’s roles and failures, then suggest reforms...
• Theory 4: For a company holding derivatives and carbon credit contracts valued with internal, unobservable inputs, you set out the risks the auditor must rec...
• Theory 5: A company announced inventory write-downs and hidden related party purchases after an unmodified opinion, and stakeholders called for the auditor t...
• Theory 6: Question 6 is mainly covered in the topic on the impact of information technology on audit. This topic adds the risks of an online business and the...
• Theory 7: The facts are a company above the threshold, so an audit is mandatory, with weak manual controls, high materiality and control reliance without tes...

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