Question Tag: Limitations

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CR – May 2021 – L3 – Q3b – Emerging Trends in Corporate Reporting

Discuss limitations of IFRS-based financial reporting and how integrated reporting enhances annual report usefulness.

Question

The Chief Executive Officer (CEO) of Agege Plc also informed you that as a member of the Institute of Chartered Accountants of Nigeria (ICAN), he recently attended the Mandatory Continuous Professional Education (MCPE) of the Institute. One of the papers presented was in the area of how to improve the quality of information that companies report at year-end.

Required:

As the financial consultant to Agege Plc., identify and discuss three limitations of financial reporting (prepared in accordance with IFRS) and the extent to which integrated reporting might improve the usefulness of the annual reports. (6 Marks)

Answer

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Tags: Annual Reports, Financial Reporting, IFRS, Integrated Reporting, Limitations
Level: Level 3

Topic: Emerging Trends in Corporate Reporting

FR – Nov 2022 – L2 – Q6c – Limitations of EPS

Identify three limitations of EPS as an indicator of performance.

Question

EPS is probably the single most important indicator of an entity’s performance.
Required:
State THREE of the limitations of EPS.

Answer

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Tags: Entity Performance, EPS, Financial Indicators, Limitations
Level: Level 2

Topic: Earnings Per Share (IAS 33)
Series: NOV 2022

AA – Nov 2015 – L2 – Q4 – Audit Reports

Discussing the scope of statutory audits, limitations of an audit, and overall audit strategy.

Question

Briefly discuss the following:
a. The scope of the statutory audit as described in the independent auditors’ report. (5 Marks)
b. The main limitations of an audit. (5 Marks)
c. The overall audit strategy. (5 Marks)
d. Understanding the entity and its environment. (5 Marks)

Answer

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Tags: Audit Planning, Audit strategy, Limitations, Statutory Audit
Level: Level 2

Topic: Audit Reports, Planning an Audit
Series: NOV 2015

AA – Nov 2020 – L2 – Q1c – Internal Control Systems

Discuss the limitations of internal controls and how they affect an organization’s ability to prevent errors and fraud.

Question

Explain the limitations of internal controls.

Answer

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Tags: Fraud, Human Error, Internal Controls, Limitations
Level: Level 2

Topic: Internal Control Systems
Series: NOV 2020

SCS – Nov 2023 – L3 – Q6c – Professional Practice and Codes of Ethics

Identifying and explaining two limitations of the OECD Principles of Corporate Governance.

Question

The OECD Principles of Corporate Governance, as an international statement of principles about corporate governance, establishes minimum acceptable standards of corporate governance. However, like any such document on corporate governance, it has several limitations.

Required:
Identify and explain TWO (2) limitations of the OECD Principles of Corporate Governance.
(5 marks)

Answer

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Tags: Corporate Governance, International Standards, Limitations, OECD principles
Level: Level 3

Topic: Professional practice and codes of ethics
Series: NOV 2023

FR – Nov 2018 – L2 – SC – Q7a – Conceptual Framework for Financial Reporting

Identify and discuss the limitations of financial statements.

Question

Identify and discuss the limitations of financial statements.

Answer

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Tags: Conceptual Framework, Financial Statements, Limitations
Level: Level 2

Topic: Conceptual Framework for Financial Reporting
Series: NOV 2018

FA – Nov 2022 – L1 – SB – Q4b – Accounting Concepts

State four limitations of the cash basis of accounting.

Question

State FOUR limitations associated with cash basis of accounting.
(8 Marks)

Answer

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Tags: Accounting Concepts, Cash Basis, Financial Reporting, Limitations
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2022

MI – May 2021 – L1 – SB – Q6c – Decision-Making Techniques | Information Systems

Enumerates three advantages and two disadvantages of Decision Support Systems (DSS).

Question

Enumerate THREE advantages and TWO disadvantages of DSS.

Answer

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Tags: Benefits, Decision Support Systems, DSS, Limitations
Level: Level 1

Topic: Decision-making techniques, Information Systems
Series: MAY 2021

BMF – Mar July 2020 – L1 – SB – Q2a – Management, Individual, and Organisational Behaviour

Stating the limitations of Maslow’s hierarchy of needs theory.

Question

The hierarchy of needs theory as propounded by Abraham Maslow is a simple and logical idea about human motivation, but it has significant weaknesses and limitations.

Required:
State the limitations of the theory of hierarchy of needs. (14 marks)

Answer

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Tags: Limitations, Maslow’s Hierarchy, Motivation Theory
Level: Level 1

Topic: Management, Individual, and Organizational Behavior
Series: MAR/JULY 2020

FR – Nov 2023 – L2 – Q4c – Financial Statement Analysis

State two limitations of using financial ratios for company performance analysis.

Question

State TWO (2) limitations of ratios.

Answer

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Tags: Financial Analysis, Financial Ratios, Limitations
Level: Level 2

Topic: Financial Analysis, Financial Ratios, Limitations
Series: NOV 2023

CR – May 2021 – L3 – Q3b – Emerging Trends in Corporate Reporting

Discuss limitations of IFRS-based financial reporting and how integrated reporting enhances annual report usefulness.

Question

Required:

Answer

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Tags: Annual Reports, Financial Reporting, IFRS, Integrated Reporting, Limitations
Level: Level 3

Topic: Emerging Trends in Corporate Reporting

FR – Nov 2022 – L2 – Q6c – Limitations of EPS

Identify three limitations of EPS as an indicator of performance.

Question

EPS is probably the single most important indicator of an entity’s performance.
Required:
State THREE of the limitations of EPS.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Entity Performance, EPS, Financial Indicators, Limitations
Level: Level 2

Topic: Earnings Per Share (IAS 33)
Series: NOV 2022

AA – Nov 2015 – L2 – Q4 – Audit Reports

Discussing the scope of statutory audits, limitations of an audit, and overall audit strategy.

Question

Answer

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Tags: Audit Planning, Audit strategy, Limitations, Statutory Audit
Level: Level 2

Topic: Audit Reports, Planning an Audit
Series: NOV 2015

AA – Nov 2020 – L2 – Q1c – Internal Control Systems

Discuss the limitations of internal controls and how they affect an organization’s ability to prevent errors and fraud.

Question

Explain the limitations of internal controls.

Answer

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Tags: Fraud, Human Error, Internal Controls, Limitations
Level: Level 2

Topic: Internal Control Systems
Series: NOV 2020

SCS – Nov 2023 – L3 – Q6c – Professional Practice and Codes of Ethics

Identifying and explaining two limitations of the OECD Principles of Corporate Governance.

Question

Required:
Identify and explain TWO (2) limitations of the OECD Principles of Corporate Governance.
(5 marks)

Answer

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Tags: Corporate Governance, International Standards, Limitations, OECD principles
Level: Level 3

Topic: Professional practice and codes of ethics
Series: NOV 2023

FR – Nov 2018 – L2 – SC – Q7a – Conceptual Framework for Financial Reporting

Identify and discuss the limitations of financial statements.

Question

Identify and discuss the limitations of financial statements.

Answer

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Tags: Conceptual Framework, Financial Statements, Limitations
Level: Level 2

Topic: Conceptual Framework for Financial Reporting
Series: NOV 2018

FA – Nov 2022 – L1 – SB – Q4b – Accounting Concepts

State four limitations of the cash basis of accounting.

Question

State FOUR limitations associated with cash basis of accounting.
(8 Marks)

Answer

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Tags: Accounting Concepts, Cash Basis, Financial Reporting, Limitations
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2022

MI – May 2021 – L1 – SB – Q6c – Decision-Making Techniques | Information Systems

Enumerates three advantages and two disadvantages of Decision Support Systems (DSS).

Question

Enumerate THREE advantages and TWO disadvantages of DSS.

Answer

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Tags: Benefits, Decision Support Systems, DSS, Limitations
Level: Level 1

Topic: Decision-making techniques, Information Systems
Series: MAY 2021

BMF – Mar July 2020 – L1 – SB – Q2a – Management, Individual, and Organisational Behaviour

Stating the limitations of Maslow’s hierarchy of needs theory.

Question

The hierarchy of needs theory as propounded by Abraham Maslow is a simple and logical idea about human motivation, but it has significant weaknesses and limitations.

Required:
State the limitations of the theory of hierarchy of needs. (14 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Limitations, Maslow’s Hierarchy, Motivation Theory
Level: Level 1

Topic: Management, Individual, and Organizational Behavior
Series: MAR/JULY 2020

FR – Nov 2023 – L2 – Q4c – Financial Statement Analysis

State two limitations of using financial ratios for company performance analysis.

Question

State TWO (2) limitations of ratios.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Analysis, Financial Ratios, Limitations
Level: Level 2

Topic: Financial Analysis, Financial Ratios, Limitations
Series: NOV 2023

Question Tag: Limitations

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CR – May 2021 – L3 – Q3b – Emerging Trends in Corporate Reporting

Discuss limitations of IFRS-based financial reporting and how integrated reporting enhances annual report usefulness.

Required:

FR – Nov 2022 – L2 – Q6c – Limitations of EPS

Identify three limitations of EPS as an indicator of performance.

AA – Nov 2015 – L2 – Q4 – Audit Reports

Discussing the scope of statutory audits, limitations of an audit, and overall audit strategy.

AA – Nov 2020 – L2 – Q1c – Internal Control Systems

Discuss the limitations of internal controls and how they affect an organization’s ability to prevent errors and fraud.

SCS – Nov 2023 – L3 – Q6c – Professional Practice and Codes of Ethics

Identifying and explaining two limitations of the OECD Principles of Corporate Governance.

FR – Nov 2018 – L2 – SC – Q7a – Conceptual Framework for Financial Reporting

Identify and discuss the limitations of financial statements.

FA – Nov 2022 – L1 – SB – Q4b – Accounting Concepts

State four limitations of the cash basis of accounting.

MI – May 2021 – L1 – SB – Q6c – Decision-Making Techniques | Information Systems

Enumerates three advantages and two disadvantages of Decision Support Systems (DSS).

BMF – Mar July 2020 – L1 – SB – Q2a – Management, Individual, and Organisational Behaviour

Stating the limitations of Maslow’s hierarchy of needs theory.

FR – Nov 2023 – L2 – Q4c – Financial Statement Analysis

State two limitations of using financial ratios for company performance analysis.

CR – May 2021 – L3 – Q3b – Emerging Trends in Corporate Reporting

Discuss limitations of IFRS-based financial reporting and how integrated reporting enhances annual report usefulness.

Required:

FR – Nov 2022 – L2 – Q6c – Limitations of EPS

Identify three limitations of EPS as an indicator of performance.

AA – Nov 2015 – L2 – Q4 – Audit Reports

Discussing the scope of statutory audits, limitations of an audit, and overall audit strategy.

AA – Nov 2020 – L2 – Q1c – Internal Control Systems

Discuss the limitations of internal controls and how they affect an organization’s ability to prevent errors and fraud.

SCS – Nov 2023 – L3 – Q6c – Professional Practice and Codes of Ethics

Identifying and explaining two limitations of the OECD Principles of Corporate Governance.

FR – Nov 2018 – L2 – SC – Q7a – Conceptual Framework for Financial Reporting

Identify and discuss the limitations of financial statements.

FA – Nov 2022 – L1 – SB – Q4b – Accounting Concepts

State four limitations of the cash basis of accounting.

MI – May 2021 – L1 – SB – Q6c – Decision-Making Techniques | Information Systems

Enumerates three advantages and two disadvantages of Decision Support Systems (DSS).

BMF – Mar July 2020 – L1 – SB – Q2a – Management, Individual, and Organisational Behaviour

Stating the limitations of Maslow’s hierarchy of needs theory.

FR – Nov 2023 – L2 – Q4c – Financial Statement Analysis

State two limitations of using financial ratios for company performance analysis.

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