May 2026 diet: the questions by course

Business Environment May 2026 · 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 meaning of the nature of business. Revise the Exam focus note.
• Objective 2: Tested the articles of association as the document that sets the relationship between a company and the outside world. Revise the companies section.
• Objective 3: A system that defines how job titles, roles and responsibilities are assigned within an organisation is known as
• Objective 4: Tested the audit committee and access controls. Revise the audit committee in the board topic and the access control examples.
• Objective 5: A comprehensive business framework used to analyse the external macro- environment that influences an organisation’s operations is known as the
• Objective 6: An often-overlooked benefit of SWOT analysis, which confirms that all parts of the organisation work together towards shared goals, is known as
• Objective 7: The following are roles of financial reporting, EXCEPT:
• Objective 8: Which of the following terms refers to the policies, procedures and mechanisms a finance team implements to regulate and oversee access to financia...
• Objective 9: Tested the definition of management as planning, organising, actuating and controlling (George R Terry). Revise the definitions list.
• Objective 10: Tested coordination, the characteristics of conflict and Vroom’s expectancy theory. Revise the terms list.
• Objective 11: The following are characteristics of conflicts within an organisation EXCEPT:
• Objective 12: The theory of motivation that asserts our behaviour stems from conscious decisions between options is known as
• Objective 13: An endeavour that involves completing tasks with limited resources and within a finite timeline to achieve a specific objective is called
• Objective 14: A list of all desires that must be fulfilled, and ranked by importance or priority, is called
• Objective 15: Which of the following describes the amount of a good or service that an individual is willing and able to buy at different prices over a specified...
• Objective 16: The estimated monetary worth of the owner's resources utilised during the production process is known as
• Objective 17: The difference between total costs (both implicit and explicit) and total revenues is known as
• Objective 18: Tested sources of monopoly power. Divestiture is not one of them. Revise the sources of monopoly power.
• Objective 19: Tested the database system and the spreadsheet application. Revise the database and spreadsheet sections.
• Objective 20: A digital tool used to organise, manipulate and analyse data in a tabular format of rows and columns is known as
• Theory 1: Tests the business environment and stakeholders: a definition, five characteristics, two types of stakeholder and three vital aspects of stakeholde...
• Theory 2: Tests centralised and decentralised structures: four factors, four characteristics of a decentralised system, and four advantages of each. Revise t...
• Theory 3: Tests internal audit: five types, five formal objectives and five key roles. Revise the types table, the objectives and the roles in the Exam focus...
• Theory 4: Draws on managerial roles and on motivation through Maslow’s hierarchy of needs. Revise Mintzberg’s roles here, then the motivation topic.
• Theory 5: Tests demand: the law of demand, five determinants, and movement along versus shift of the demand curve with diagrams. Revise the Exam focus sectio...
• Theory 6: Tests artificial intelligence: five features, five sectors and five challenges. Examiners found features the weakest part. Revise the first Exam fo...

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Management Accounting May 2026 · 27 questions

• Objective extras: Section A (multiple choice): An item gives budgeted fixed overhead of ₦2,700,000 and asks for the break-even point in value.
• Objective 1: The name of a web containing the information about the resource you are looking for and the protocol needed to access is called
• Objective 2: Asks for a machine hour rate from a given overhead, machine set-up time and machine hours. It tests how to choose the right activity base.
• Objective 3: Which of the following is NOT a product cost?
• Objective 4: The method of allocating costs where two or more users share resources is called
• Objective 5: If total fixed costs are N120,000 and variable cost per unit is N15. What is the total cost when 5,000 units are produced?
• Objective 6: A company estimated overhead of N300,000 and machine hours of 10,000 for the year. Actual overheads was N320,000 and actual machine hours were 9,00...
• Objective 7: A company estimated overhead of N300,000 and machine hours of 10,000 for the year. Actual overheads was N320,000 and actual machine hours were 9,00...
• Objective 8: Solo Ltd produces a product with the following details: Standard material per unit 10kg @ N5. Actual usage per unit was 11kg @ N5.10. Units purchas...
• Objective 9: Find the variable cost per unit from the information below using the high and low method: Period Units produced Costs ₦ July 4,300 401,600 August 5...
• Objective 10: In a company, the budgeted machine hours were 25,000 with overheads of ₦425,000. The actual results were 25,500 hours and overhead of ₦430,000. If ...
• Objective 11: Which of the following is a cost accounting system of production that works on demand-pull basis?
• Objective 12: The process of examining substantial and complex datasets is known as:
• Objective 13: The information below relates to product Zee: Selling price per unit N40 Variable cost per unit N25 Units sold 60,000 Fixed costs N250,000 What is ...
• Objective 14: A product sells for N80, has a variable cost of N50 and total fixed cost of N150,000. What is the breakeven point in units?
• Objective 15: The information below relates to product Kitty Product Kitty Cost Per Unit N Selling price 10,000 Direct materials 3,500 Direct labour 2,500 Variab...
• Objective 16: Which of the following is an example of continuous operation costing?
• Objective 17: Asks which item is NOT part of the human aspects of budgeting. The syllabus does not cover this, so the background section applies.
• Objective 18: Asks for the labour rate variance from a standard rate of ₦12 per hour and given actual figures.
• Objective 19: A company has the following details: Total cost N6,000,000 Fixed cost N1,500,000 Output for the period 200,000 units Capacity utilised 70% Selling ...
• Objective 20: Asks you to calculate the variable overhead efficiency variance from given standard hours and actual hours. It tests the efficiency variance valued...
• Theory 1: Asks for stores ledger accounts in tabular form under FIFO and LIFO with daily balances as a memo (8 marks each), the closing stock value, and an o...
• Theory 2: Part (b), worth 10 marks, asks for five characteristics of big data with a brief explanation of each. Part (a) is a cost coding question that belon...
• Theory 3: A bus company with two routes asks which route is more profitable, from weekly and monthly operating costs, annual fixed charges, fares that differ...
• Theory 4: Bally Nigeria Limited. Asks for an income statement under marginal costing (7½ marks) and under absorption costing (10½ marks), using sales, unit c...
• Theory 5: Rasmo Nigeria Ltd makes three products and labour is short because of unrest. Asks for the most profitable production mix, given current and maximu...
• Theory 6: Part (a) asks for four advantages and four disadvantages of standard costing (4 marks). Part (b) gives a standard cost for a household item and ask...

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Financial Accounting May 2026 · 26 questions

• Objective 1: Which of the following principles indicates that an entity will use its assets for their intended purpose rather than for sale?
• Objective 2: Which data structure is commonly used in financial accounting to store and manage chart of accounts, including account numbers, names and types?
• Objective 3: Which of the following statements is NOT true regarding bad debt written-off?
• Objective 4: Which of these is the primary application of Artificial Intelligence (AI) in accounting?
• Objective 5: Which of the following are capital expenditures? I. Cost incurred on a motor car for resale II. Cost incurred which improves production quality of ...
• Objective 6: Determine the gross profit of an entity that does not keep proper accounting records, from the following information Opening inventory N670,000 Pur...
• Objective 7: A company produces tables for sale. A table that cost the company N165,000 got damaged in a flood. This type of table usually sells for N250,000 bu...
• Objective 8: What accounting entry is passed for dissolution expenses during the winding up of a partnership?
• Objective 9: What type of error is committed when a payment is recorded to the wrong supplier's account?
• Objective 10: What is a key responsibility of directors regarding financial statements?
• Objective 11: When an accountant evaluates their own prior judgments or conclusions, which ethical principle is compromised?
• Objective 12: A recognised intangible asset is amortised over its useful life, EXCEPT
• Objective 13: What is the primary purpose of an impairment test?
• Objective 14: According to IAS 37 “Accounting for Provisions, Contingent Liabilities and Contingent Assets”, which of the following is NOT a criterion for recogn...
• Objective 15: How should a bank classify interest receivable on loans and a hospitality company classify interest receivable on a bond investment, under IFRS 18 ...
• Objective 16: An entity purchased goods on credit, during the last month of its reporting period for N750,000. During the month, the entity sold 50% of the goods...
• Objective 17: What are the primary distinctions between revenue/expense and gain/loss in financial reporting? I. Revenue and expenses relate to primary business ...
• Objective 18: Which of the following is NOT a transaction with owners of a company in their capacity as owners?
• Objective 19: Which of the following is NOT true about the accounting process?
• Objective 20: Goods that cost N706,490, VAT inclusive, were returned by an entity to the supplier. VAT is at the rate of 7.5% What is the double entry for the tr...
• Theory 1: a. Ayedara Limited is a medium-sized manufacturing company in Nigeria. The company's management is preparing the financial statements for the year ...
• Theory 2: a. State THREE benefits an entity would derive by maintaining a petty cash- system. (3 Marks) b. Abajeri Enterprises has a departmental store. The ...
• Theory 3: a. Ambito Limited is facing financial difficulties and wants to improve its financial performance. The management decided to: Revalue its land from...
• Theory 4: a. Owambe Limited, a fashion house, needs to purchase 1,000 metres of fabric, on credit, from their supplier, Fabrics Plus. The fabric costs N500 p...
• Theory 5: Tunde, Edem and Iorzua are in partnership sharing profits equally; on October 1, 2025 Iorzua retired and Akaa was admitted. The statement of financ...
• Theory 6: Gombi Delights Limited, a private company based in Yola, Adamawa State, Nigeria, wants to increase production capacity and explore new distribution...

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Corporate and Business Law May 2026 · 26 questions

• Objective 1: The received English Law applicable in Nigeria consists of
• Objective 2: The rights contained in an insurance contract are transferable only by way of
• Objective 3: Where a hirer fails to take possession of goods, subject matter of a hire purchase contract, the owner has the right to
• Objective 4: A partnership in which all partners participate in its management is a
• Objective 5: Which of the following is a duty of an employee to his employer?
• Objective 6: Which of the following is NOT eligible to appoint an administrator for a company?
• Objective 7: Where partnership assets are insufficient to discharge its liabilities upon dissolution, partners shall bear the deficiency first out of
• Objective 8: In a hire purchase contract, ownership passes when the hirer
• Objective 9: The minimum membership of a private company is
• Objective 10: A company incorporated under the Companies and Allied Matters Act 2020
• Objective 11: A contract formed and concluded using a software system is a/an
• Objective 12: The duties that an agent owes his principal under law are derived from two main sources, which are
• Objective 13: Negligence as a tort consists of three elements, namely
• Objective 14: Under sale of goods law, nemo dat quod non habet means that the
• Objective 15: Which of the following is an alternative dispute resolution mechanism?
• Objective 16: Which of the following persons is NOT a personal representative?
• Objective 17: The memorandum and articles of association of a company have the effect of a contract under seal between
• Objective 18: A floating charge created by a company to secure a loan is a/an
• Objective 19: Being privy to making of false entry in a book constitutes an offence of
• Objective 20: In a banker/customer relationship, a bank has rights to do all of the following, EXCEPT
• Theory 1: a. Personal representatives administer the estate of others. Required: State FOUR duties of personal representatives. (4 Marks) b. The Companies an...
• Theory 2: a. The Board of Directors of Gondigo Plc. that was constituted last week intends to appoint a Company Secretary. Required: i. State FOUR qualificat...
• Theory 3: a. Under the Companies and Allied Matters Act (CAMA), 2020, every company must keep accounting records. Required: State THREE rules on keeping and ...
• Theory 4: a. Winding up of a company are of different types. Required: Explain the TWO types of voluntary winding up. (6 Marks) b. Resolutions at the general...
• Theory 5: a. Alternative Dispute Resolution (ADR) is a legal and useful means of resolving commercial disputes. Required: State THREE advantages and THREE di...
• Theory 6: a. Vicarious liability in the law of torts occurs in a master/servant relationship. Required: State FOUR tests for determining if a master/servant ...

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Financial Reporting May 2026 · 7 questions

• Theory 1: The compulsory accounts question includes equities for which an election was made at purchase to present fair value gains in other comprehensive in...
• Theory 2: Part (e) gives a list of costs and asks for the cost of the property, plant and equipment (4 marks) and the amount written off to profit or loss (3...
• Theory 3: Part (a) asks for return on capital employed, earnings per share, dividend per share, dividend cover and asset turnover for four years (5 marks); t...
• Theory 4: On April 1, 2024, Blessings Plc acquired 80% of Jigawa Limited’s ordinary shares when retained earnings were N20 million. The considerations consis...
• Theory 5: Part (a) asks for five responsibilities of the Directorate of Accounting Standards of the Financial Reporting Council of Nigeria (5 marks). Parts (...
• Theory 6: The question asks candidates to discuss any five of six concepts within IFRS S1 and S2: value created, eroded or preserved for others, reasonable a...
• Theory 7: Part (b) gives a finance director pressed by the managing director not to write down slow-moving inventory before a sale of the company: four ethic...

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Financial Management May 2026 · 7 questions

• Theory 1: Part (a) asks for inventory, receivables and payables days for two years, with assumptions and a critical appraisal of the ratios (15 marks); the s...
• Theory 2: Part (c) asks for the benefits of issuing bonds compared with taking bank loans (4 marks).
• Theory 3: Part (a) asks which of three divisional projects, with internal rates of return of 16%, 16% and 18%, should be accepted against divisional costs of...
• Theory 4: Part (a) (5 marks) asks about interest rate parity; the later parts test it with a covered interest parity test and an arbitrage profit, which are ...
• Theory 5: Part (a) asks for the advantages and disadvantages of a private manufacturer obtaining a full stock exchange listing (10 marks).
• Theory 6: Part (a)(i) asks why a company might finance a project with a bond (5 marks).
• Theory 7: Asks for the conversion ratio after a stock split, the conversion price, conversion value, straight value, conversion premium and minimum value of ...

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Performance Management May 2026 · 7 questions

• Theory 1: Expected selling prices; high-low unit variable cost; marginal profit statement; drop a product, price and shift changes; limits of sensitivity ana...
• Theory 2: Learning curve concept, learning rate from quarterly shut-down costs, forecast year costs, steady state.
• Theory 3: Four cost-of-quality classes and a cost of quality report (outside the map).
• Theory 4: Optimal transfer price range, spare and full capacity; methods of appraising investment centres.
• Theory 5: Further processing of joint products with process loss: sell at split-off or process further.
• Theory 6: Multi-product break-even in units and value, revised budget, revenue for after-tax return.
• Theory 7: Define EVA, investment centre, ROI; ROI and RI of four divisions at two costs of capital.

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Taxation May 2026 · 6 questions

• Theory 2: Taxable income of the trustee of a trust foundation
• Theory 3: Adjudication by the Commissioner of Stamp Duties: process, benefits, limitations and appeal
• Theory 4: Eligibility for a startup label, six tax and fiscal incentives for labelled startups and three reliefs for investors under the Nigeria Startup Act ...
• Theory 5: Sources of tax law in Nigeria
• Theory 6: The Local Government Revenue Committee and eight taxes and levies collectible by state governments
• Theory 7: Three functions and three members of the Nigeria Customs Service Board under the Nigeria Customs Service Act 2023

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Audit, Assurance and Forensics May 2026 · 7 questions

• Theory 1: Objectives of an external audit and the audit expectation gap for a listed bank
• Theory 2: Internal control deficiencies found by the regulator at a microfinance bank
• Theory 3: Controls over a computerised point-of-sale and enterprise resource planning accounting system
• Theory 4: Audit documentation, written representations and a going concern paragraph for a listed airline in financial difficulty
• Theory 5: Explaining forensic accounting and stating its objectives, in a procurement fraud investigation
• Theory 6: The importance of professional ethics in maintaining credibility and protecting the public interest in a bank audit
• Theory 7: Statistical outlier detection, interrogating accounting and ERP software, blockchain, AI and RPA at a supermarket chain

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Public Sector Accounting and Finance May 2026 · 7 questions

• Theory 1: Part (c) (6 marks) gives the objective of IPSAS 41 and asks for six events where financial assets are measured at fair value through net assets.
• Theory 2: Part (c) (8 marks) asks for four key components and four benefits of a procurement plan.
• Theory 3: A part (8 marks) asks for an explanation of the National Chart of Accounts and four structures for budgeting with it.
• Theory 4: Part (c) (5 marks) asks for five types of fraud that can be perpetrated in a computerised system such as the financial management information system.
• Theory 5: Part (b) (5 marks) asks for five key aspects of the Sustainable Development Goal on education.
• Theory 6: Kosofe State Government is contemplating executing a road project, with a special allocation received from Wasobia Federal Government. The project ...
• Theory 7: Part (b) (7½ marks) asks for five key elements of public sector sustainability reporting.

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Strategic Business Reporting May 2026 · 6 questions

• 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: 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 3: The marking guide gives 2 marks for the meaning of related party transactions and 6 marks for the guiding principles, rules and regulations. The su...
• Theory 4: Part (a) carries 4 marks for the net liability, 2 for the cost in profit or loss and 2 for remeasurements. Part (b) carries 4 marks each for the ac...
• Theory 5: The marking guide gives 10 marks for ten correct points. The solution names the loss of a true and fair view, loss of investor confidence and a hig...
• Theory 7: The marking guide gives 1 mark each for facts, standard, application, accounting treatment and conclusion. The solution says that because the compa...

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Advanced Taxation May 2026 · 7 questions

• Theory 1: Part (a) asked for adjusted profit and the tax for five assessment years of a pioneer company, with pioneer losses, capital allowances carried forw...
• Theory 2: The question asked for four roles of taxation in sustainable development, three strategies, the challenges for Nigeria with ways to deal with them,...
• Theory 3: The question asked for double taxation relief for a Nigerian company with a Canadian branch under the old Commonwealth rule (lower of the foreign r...
• Theory 4: The question gave a petroleum mining lease company with onshore and shallow water output and asked for hydrocarbon tax at 30%, using fiscal prices,...
• Theory 5: The question asked for the capital gains tax on artworks sold by auction, then for the Finance Act rules on connected-party transfers, compensation...
• Theory 6: Part (a) asked for the benefits and challenges of sustainable practices for extractive companies in Nigeria, and part (b) for the objectives and fo...
• Theory 7: The question asked for a seminar paper on the legal requirements for a professional accountant in tax practice, the risks and benefits of running a...

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Advanced Audit, Assurance and Forensics May 2026 · 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: A firm joining a global network needs a quality control system that supports ISQM. You evaluate the purposes of quality management, discuss its pri...
• Theory 2: For the audit of a bank, whose highlights of performance and many user groups are described, you discuss the areas the audit planning memorandum sh...
• Theory 3: The question on outsourcing internal audit draws on how the external auditor judges an internal audit function. The outsourcing factors are covered...
• Theory 4: The marking guide gives 5 marks for acceptance issues including ethical and professional considerations, 6 marks for the process (1.5 each for four...
• Theory 5: A case on a loss-making manufacturer that relies on a letter of comfort from a weak parent. It asks for the factors that raise doubt (6 marks) and ...
• Theory 6: A company invites proposals for a group and joint audit and sets criteria for firms. The tendering stages and submission contents in this topic app...
• Theory 7: Risk management practices in response to risks found during client acceptance (6 marks), and the quantitative methods, automated tools and techniqu...

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