Question Tag: Ghana

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: SCS – Nov 2019 – L3 – Q1a – Environment analysis

Analyze the competitive disadvantage of Ghana’s tourism industry using Porter’s Diamond model.

Question

i) Discuss the view that the tourism industry in Ghana might currently be at a disadvantage and under-developed compared to other countries.
Note: Use Porter’s Diamond to structure your answer.
(8 marks)

ii) Assess the two suggestions about expanding the business of Ghanalux outside Ghana and into conferencing, from the perspective that strategy should be suitable, feasible, and acceptable.
(6 marks)

Answer

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Tags: Competitive Advantage, Ghana, Porter’s Diamond, Tourism
Level: Level 3

Topic: Environment analysis
Series: NOV 2019

AA – Dec 2022 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explains the concept of self-regulation and outlines the roles of ICAG in regulating the accountancy profession in Ghana.

Question

Institute of Chartered Accountants, Ghana (ICAG) is established by the Institute of Chartered Accountants, Ghana, Act 2020 (Act 1058). Its mission is to train professional accountants of the highest quality, ready to provide cutting-edge services to their clients at all times, upholding the ethical values of the accountancy profession. In addition, all companies must have their financial statements audited by accountants regulated by ICAG as it is the sole regulator of the accountancy practice in Ghana.

Required:

i) Define the concept of self-regulation.
ii) Outline THREE (3) roles of a regulatory body such as ICAG in regulating the accountancy profession in Ghana.

Answer

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Tags: Accountancy profession, Audit, Ghana, ICAG, Regulatory Bodies, Self-regulation
Level: Level 2

Topic: Introduction to Audit and Assurance Engagements
Series: DEC 2022

AFM – May 2017 – L3 – Q1a – Hedging against financial risk: Non-derivative techniques

Recommendations to mitigate losses on foreign currency transactions due to the depreciation of the Cedi.

Question

In the last couple of years, the Cedi has depreciated substantially against the US Dollar. This has had an adverse effect on the financial performance of most of the multinational companies in Ghana.

Required:
As a Financial Adviser of your organization, a multinational company involved in the export trade, recommend actions to be taken to minimize the loss on foreign currency transactions. (5 marks)

Answer

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Tags: Currency risk, Depreciation, Financial management, Foreign Exchange, Ghana, Hedging, multinational companies
Level: Level 3

Topic: Hedging against financial risk: Non-derivative techniques
Series: MAY 2017

CR – Nov 2016 – L3 – Q5c – Regulatory Framework and Ethics

Discuss the advantages of Ghana’s adoption of IFRS as national accounting standards for Ghanaian companies.

Question

In 2007, Ghana adopted the International Financial Reporting Standards (IFRS). This move has been applauded by many who suggest that Ghana’s adoption of IFRS will offer many advantages to Ghanaian companies.

Required:
Discuss the advantages that Ghana’s adoption of IFRS as National Accounting Standards offers to Ghanaian companies.

Answer

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Tags: Benefits of IFRS, Financial Reporting, Ghana, IFRS
Level: Level 3

Topic: Regulatory Framework and Ethics
Series: NOV 2016

AT – May 2016 – L3 – Q5b – International taxation

List the countries with which Ghana has double taxation agreements.

Question

Mention the countries with which Ghana has double taxation agreements. (4 marks)

Answer

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Tags: Agreement, Double Taxation, Ghana, Tax Treaty
Level: Level 3

Topic: Tax administration in Ghana
Series: MAY 2016

AT – May 2016 – L3 – Q5a – International taxation

Calculate tax credit relief available for a resident with income from the UK under a double taxation agreement.

Question

Mrs. Olivia Quartey is a resident in Ghana and works as the Finance Director of Ghana Trustees Limited. She earned a gross salary of GH¢30,000.00 for the 2014 year of assessment. She contributed 5.5% of her salary to the social security fund. In 2014, the gross royalties that accrued to her was £4,000 from the United Kingdom from which tax of £800 had been deducted with the remainder of £3,200 being remitted to her in Ghana.

Granted that Ghana has a double taxation agreement with the United Kingdom, you are required to calculate the tax credit relief (if any) available to Mrs. Olivia Quartey for the year 2014.
[Exchange rate: GH¢4.50 = £1.] (16 marks)

Tax Rate Table

Income (GH¢)	Rate (%)
First 1,584.00	Free
Next 792.00	5
Next 1,104.00	10
Next 28,200.00	17.5
Exceeding 31,680.00	25

Answer

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Tags: Double Taxation, Exchange Rate, Ghana, Tax Credit, UK
Level: Level 3

Topic: International taxation
Series: MAY 2016

PSAF – Nov 2016 – L2 – Q4c – General purpose financial reporting framework

Explains the challenges faced if public sector accounts are not classified.

Question

Explain FOUR challenges that the government will encounter if public sector accounts are not classified.

Answer

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Tags: accounting classification, Challenges, Financial Reporting, Ghana, Public Sector
Level: Level 2

Topic: General purpose financial reporting framework
Series: NOV 2016

PSAF – Nov 2016 – L2 – Q1a – Preparation and presentation of financial statements for central government

Prepare the Statement of Financial Performance and the Statement of Financial Position for the Consolidated Fund as of 31 December 2014 under accrual basis, in compliance with IPSAS.

Question

Below is the Trial Balance of the Consolidated Fund for the year ended 31 December 2014.

Additional Information:
i) It is the policy of Controller and Accountant General to adopt the accrual basis of preparing the public accounts of the Consolidated Fund for the first time in compliance with the Financial Administration Regulation 2004 and the International Public Sector Accounting Standards (IPSAS). The effective date is 31 December 2014.
ii) The current Chart of Accounts based on the GFS 2001 is used in the classification of revenues and expenditures.
iii) Consumption of fixed capital charged on cost for the year has been computed as GH¢156,000,000.
iv) Direct tax revenues due to government but were not received at 31 December 2014 amounted to GH¢49,000,000.
v) An established post salary in arrears as a result of salary increment in the fourth quarter of 2014 was GH¢56,000,000 and goods and services outstanding at the end of the year amounted to GH¢12,000,000.
vi) The grant shown in the trial balance as expenditure represents a statutory transfer to the District Assembly Common Fund (DACF). Any arrears in the DACF should be treated as payable. The current rate of transfer is 7.5% on the amount received.
vii) Public debt interest of GH¢14,000,000 was due to creditors but was not paid as at 31 December 2014.

Required:
a) Prepare in a form suitable for publication and in accordance with the relevant Financial Laws and IPSAS:
i) Statement of Financial Performance of the Consolidated Fund for the year ended 31 December 2014.
ii) Statement of Financial Position of the Consolidated Fund as at 31 December 2014.
(Show all workings clearly)

b) Disclose any TWO significant accounting policies as part of the notes to your accounts, as much as the information provided will permit.

Answer

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Tags: Accounting Policies, Accrual Basis, Consolidated Fund, Financial Performance, Financial Position, Ghana, IPSAS, Public Sector Accounting, Trial Balance
Level: Level 2

CSEG – May 2019 – L2 – Q4a – Corporate governance framework

Discuss how inadequate corporate governance contributed to the financial distress in the Ghanaian banking sector.

Question

The banking sector in Ghana has witnessed the withdrawal of licenses of seven indigenous commercial banks by the Bank of Ghana. These banks were in serious financial distress that they had to be taken over by another bank. UT Bank and Capital Bank were taken over by the GCB Bank in 2017 because they were in serious financial distress. The Bank of Ghana in August 2018 created the Consolidated Bank Ghana Limited to take over Unibank, Beige Bank, Sovereign Bank, The Royal Bank, and Construction Bank for similar reasons.

Different views about who or what was to blame for the crisis have been advanced, but many commentators agree that senior bankers and the Bank of Ghana had failed to recognize the early signs or ignored the indicators until it was too late. When companies collapse, there is often evidence of poor corporate governance.

Required:
Discuss FOUR (4) ways in which the difficulties faced by these banks may have been attributable to weak or inadequate corporate governance systems.

Answer

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Tags: Banking Sector, Corporate Governance, Financial Distress, Ghana, Governance Failures
Level: Level 2

Topic: Corporate governance framework
Series: MAY 2019

BCL – May 2016 – L1 – Q2c – Agency

State five ways by which an agency may be terminated.

Question

State FIVE ways by which an agency may be terminated. (5 marks)

Answer

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Tags: Agency Law, Contract Law, Ghana, Termination of Agency
Level: Level 1

Topic: Agency Law
Series: MAY 2016

BCL – Nov 2016 – L1 – Q4b – Alternative Forms and Constitutions of Business Organisations

List applicable rules in a partnership in the absence of a contrary agreement.

Question

List FIVE applicable rules in a partnership in the absence of a contrary agreement.

Answer

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Tags: Agreement, Ghana, Partnership, Rules
Level: Level 1

Topic: Alternative forms and constitutions of business organisations
Series: NOV 2016

BCL – Nov 2016 – L1 – Q4a – Alternative Forms and Constitutions of Business Organisations

Determine whether partners remained after notice of retirement under the Incorporated Private Partnership Act, 1962 (Act 152).

Question

By a letter dated 18th February 2014, addressed to the Manager of their partnership firm, Kofi Nti informed the Management of his and Mrs. Obeng’s immediate retirement as partners. The Manager replied that their application was under consideration. However, by another letter dated 12th January 2015, Mr. Kofi Nti and Mrs. Obeng withdrew their letter dated 18th February 2014. The conduct of the remaining partners, however, showed that they considered the letter of 18th February 2014 to be of no effect, and continued the partnership accordingly. A dispute later arose and Jeff, one of the partners, obtained an order of the High Court directing Mr. Kofi Nti and Mrs. Obeng to submit themselves to arbitration in accordance with the partnership agreement. The arbitrator submitted to the court that by their letter dated 18th February 2014, Mr. Kofi Nti and Mrs. Obeng ceased as from that date to be partners as the said letter could not be recalled.

Required:
Explain whether by the provisions of the Incorporated Private Partnership Act, 1962 (Act 152), Mr. Kofi Nti and Mrs. Obeng remain partners in the firm after their letters of 18th February 2014 and 12th January 2015.

Answer

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Tags: Ghana, Legal obligations, Partnership, Retirement
Level: Level 1

Topic: Alternative forms and constitutions of business organisations
Series: NOV 2016

BCL – Nov 2016 – L1 – Q3a – Contract Law

List the modifications made to the doctrine of consideration by the Contracts Act, 1960 (Act 25).

Question

The Contracts Act, 1960, Act 25, has modified the common law doctrine of consideration. List FOUR of the modifications.

Answer

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Tags: Consideration, Contracts, Ghana, Modifications
Level: Level 1

Topic: Contract Law
Series: NOV 2016

BCL – Nov 2016 – L1 – Q2c – Sale of Goods/Hire Purchase

Determine if Tracy Achiaa has legal grounds to recover the impounded vehicle.

Question

Orlando Motors, an American Automobile Company, paid for three (3) cars and consigned them to Mr. Kobby Ayensu in Ghana by a bill of lading; vehicle No. GTB 7084 was one of the three (3) cars. Mr. Kobby Ayensu, as the consignee, took delivery of the vehicles and registered vehicle No. GTB 7084. He later sold the vehicle he registered to Tracy Achiaa. The appropriate change of ownership was then effected. Later, one Mr. Oko Lartey who was claiming interest in the cars, sued Mr. Kobby Ayensu in respect of the cars and immediately went to court and obtained an order resulting in the impounding of the vehicle from Tracy Achiaa.

Required:
Explain whether there is any legal basis for Tracy Achiaa to take action to recover the impounded vehicle.

Answer

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Tags: Bona Fide Purchaser, Ghana, Legal Action, Sale of Goods
Level: Level 1

Topic: Sale of goods/hire purchase
Series: NOV 2016

BCL – Nov 2016 – L1 – Q2a – Sale of Goods/Hire Purchase

Explain the relationship between the parties under the Sale of Goods Act.

Question

Mr. Bossman bought a Nissan diesel vehicle from Trans Africa Engineering and Motor Co. Ltd. However, when the vehicle broke down, Mr. Bossman did not go to the dealers for spare parts, but rather went to Messrs Jones Williams & Co., and through one of its directors, placed an order for the spare parts from Japan. The order was placed for the spare parts with TSS Co. Ltd, and by Telex, headed “we quote for Japan,” TSS Co Ltd, supplied Jones Williams & Co. with the requisite quotation, and that the spare parts would be delivered in three (3) months’ time. Mr. Bossman then got his foreign bankers to transfer the amount, being the cost of the spare parts to the bankers of Messrs Jones Williams & Co. Ltd, who in turn, paid the amount to the suppliers. When the spare parts were not forthcoming, Mr. Bossman sued Messrs Jones Williams & Co. for the return of his money, interest, and damages. Before the court case started, Mr. Bossman received the spare parts, and therefore had to abandon his claims.

Required:
a) Explain the following in terms of the provisions of the Sale of Goods Act, 1962 (Act 137):
i) The relationship between Mr. Bossman and Messrs Jones Williams & Co. Ltd.
ii) The relationship between TSS Co. Ltd and Messrs Jones Williams & Co. Ltd.

Answer

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Tags: Agency, Contracts, Ghana, Sale of Goods
Level: Level 1

Topic: Sale of goods/hire purchase
Series: NOV 2016

BCL – Nov 2016 – L1 – Q1b – Hierarchical Structure of Courts

List the Superior Courts of Ghana in ascending order.

Question

List, in an ascending order, the Superior Courts of Ghana, as stated in the 1992 Constitution of Ghana.

Answer

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Tags: Courts, Ghana, Superior Courts
Level: Level 1

Topic: Hierarchical Structure of Courts
Series: NOV 2016

BCL – Nov 2016 – L1 – Q1a – Sources of Law

Explain the supremacy of the 1992 Constitution in Ghana.

Question

The 1992 Constitution is the Supreme Law of the Republic of Ghana.”
Explain the above Statement.

Answer

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Tags: Constitution, Ghana, Supreme Law
Level: Level 1

Topic: Sources of Law
Series: NOV 2016

BCL – Mar 2024 – L1 – Q1b – Hierarchical Structure of Courts

Identify the courts in Ghana that have appellate jurisdiction.

Question

State the courts in Ghana that have appellate jurisdiction.

(3 marks)

Answer

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Tags: Appellate Jurisdiction, Constitution, Courts, Ghana, Judiciary
Level: Level 1

Topic: Hierarchical Structure of Courts
Series: MAR 2024

BCL – Nov 2018 – L1 – Q1a – Hierarchical Structure of Courts

List the superior order of hierarchy in the Ghana court structure.

Question

List the court structure in Ghana in the superior order of hierarchy. (3 marks)

Answer

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Tags: Courts, Ghana, Hierarchy, Law Structure, Superior Courts
Level: Level 1

Topic: Hierarchical Structure of Courts
Series: NOV 2018

AAA – May 2021 – L3 – Q5a – Current issues | Professional responsibility and liability

Assess the global threat of money laundering and discuss Ghana’s efforts to combat money laundering.

Question

a) Money laundering has become a significant threat to the world’s political and economic order. World leaders are collaborating and cooperating in fighting money laundering. However, criminals are maliciously clever and, in some cases, ahead of law enforcement agencies. Every human being has to contribute to the fight against money laundering.

Required:

i) Assess why money laundering poses a big threat to the world’s political and economic order. (5 marks)

ii) Discuss FIVE (5) ways in which Ghana is contributing towards fighting money laundering globally. (5 marks)

Answer

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Tags: Anti-Money Laundering, Economic Impact, Ghana, Global Threat, Money laundering, Political Impact, Terrorism Financing
Level: Level 3

Topic: Current issues, Professional responsibility and liability
Series: MAY 2021

Question Tag: Ghana

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: SCS – Nov 2019 – L3 – Q1a – Environment analysis

Analyze the competitive disadvantage of Ghana’s tourism industry using Porter’s Diamond model.

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AA – Dec 2022 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explains the concept of self-regulation and outlines the roles of ICAG in regulating the accountancy profession in Ghana.

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AFM – May 2017 – L3 – Q1a – Hedging against financial risk: Non-derivative techniques

Recommendations to mitigate losses on foreign currency transactions due to the depreciation of the Cedi.

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CR – Nov 2016 – L3 – Q5c – Regulatory Framework and Ethics

Discuss the advantages of Ghana’s adoption of IFRS as national accounting standards for Ghanaian companies.

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AT – May 2016 – L3 – Q5b – International taxation

List the countries with which Ghana has double taxation agreements.

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AT – May 2016 – L3 – Q5a – International taxation

Calculate tax credit relief available for a resident with income from the UK under a double taxation agreement.

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PSAF – Nov 2016 – L2 – Q4c – General purpose financial reporting framework

Explains the challenges faced if public sector accounts are not classified.

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PSAF – Nov 2016 – L2 – Q1a – Preparation and presentation of financial statements for central government

Prepare the Statement of Financial Performance and the Statement of Financial Position for the Consolidated Fund as of 31 December 2014 under accrual basis, in compliance with IPSAS.

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CSEG – May 2019 – L2 – Q4a – Corporate governance framework

Discuss how inadequate corporate governance contributed to the financial distress in the Ghanaian banking sector.

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BCL – May 2016 – L1 – Q2c – Agency

State five ways by which an agency may be terminated.

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BCL – Nov 2016 – L1 – Q4b – Alternative Forms and Constitutions of Business Organisations

List applicable rules in a partnership in the absence of a contrary agreement.

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BCL – Nov 2016 – L1 – Q4a – Alternative Forms and Constitutions of Business Organisations

Determine whether partners remained after notice of retirement under the Incorporated Private Partnership Act, 1962 (Act 152).

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BCL – Nov 2016 – L1 – Q3a – Contract Law

List the modifications made to the doctrine of consideration by the Contracts Act, 1960 (Act 25).

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BCL – Nov 2016 – L1 – Q2c – Sale of Goods/Hire Purchase

Determine if Tracy Achiaa has legal grounds to recover the impounded vehicle.

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BCL – Nov 2016 – L1 – Q2a – Sale of Goods/Hire Purchase

Explain the relationship between the parties under the Sale of Goods Act.

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BCL – Nov 2016 – L1 – Q1b – Hierarchical Structure of Courts

List the Superior Courts of Ghana in ascending order.

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BCL – Nov 2016 – L1 – Q1a – Sources of Law

Explain the supremacy of the 1992 Constitution in Ghana.

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BCL – Mar 2024 – L1 – Q1b – Hierarchical Structure of Courts

Identify the courts in Ghana that have appellate jurisdiction.

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BCL – Nov 2018 – L1 – Q1a – Hierarchical Structure of Courts

List the superior order of hierarchy in the Ghana court structure.

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AAA – May 2021 – L3 – Q5a – Current issues | Professional responsibility and liability

Assess the global threat of money laundering and discuss Ghana’s efforts to combat money laundering.

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