- 20 Marks
CSMCE – OCT 2022 – L2 – Q7 – Short Notes on Marketing Concepts
Short notes on reach, product life cycle, interpersonal skills, and distribution channels.
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Series: APR 2022
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- 20 Marks
CSMCE – OCT 2022 – L2 – Q5 – Factors for Marketing Plan Failures
Factors responsible for marketing plan failures.
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- Tags: Failure Factors, Implementation, Marketing Plans, Strategy Issues
- Level: Level 2
- Topic: Failure Factors, MARKETING PLANNING
- Series: APR 2022
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- 20 Marks
CSMCE – OCT 2022 – L2 – Q4 -Importance of Meeting Service Quality Expectations
Reasons to meet or exceed targeted customers' service expectations.
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- 20 Marks
CSMCE – OCT 2022 – L2 – Q3 – F.I.N.D. Interview System Areas
Areas represented by F.I.N.D. in customer interviews
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- Tags: Customer Focus, F.I.N.D. System, Interview Areas, Sales Structure
- Level: Level 2
- Topic: The sales interview, Understanding the buying process
- Series: APR 2022
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- 20 Marks
CSMCE – OCT 2022 – L2 – Q2 – External Environmental Elements for Bank Planning
External elements affecting bank planning and their implications.
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- 20 Marks
BSIM – OCT 2022 – L3 – Q3 – IT in Market Research for Bank Branches
Ways IT can be applied in market research for new branches and methods for collecting qualitative data with IT usage.
Question
The management of a bank has decided to establish five new branches at vantage locations in the next quarter to attract new customers. You are the chairperson of a committee that is to conduct market research and identify the locations for establishing the new branches. Given the importance of the report, and the limited time available, the Committee has decided to adopt Information Technology in the conduct of the research.
a) Identify five (5) ways in which Information Technology could be applied in the conduct of the market research. [10 Marks]
b) Describe five (5) methods for collecting qualitative data and explain how IT could be used in any two of the data collection methods. [10 Marks]
[Total: 20 Marks]
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- 20 Marks
BSIM – OCT 2022 – L3 – Q2 – Virtual Organizations in Financial Institutions
Explain virtual organization and discuss managerial and technical issues in running one for financial institutions.
Question
The COVID-19 global pandemic and associated lockdowns compelled many financial institutions to adopt virtual approaches to service delivery to their customers. With many researchers predicting the reoccurrence of such pandemics, executives of financial institutions have expressed a keen interest in the concept of a virtual organization (VO), how to run an effective virtual organization, and the ensuing challenges. Explain what a virtual organization is and discuss the managerial and technical issues in running a virtual organization.
[20 Marks
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- Tags: COVID-19, Managerial Issues, Pandemics, Service Delivery, Technical Issues, Virtual Organization
- Level: Level 3
- Topic: Information Systems and the Bank
- Series: APR 2022, OCT 2022
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- 10 Marks
SCS – Apr 2022 – L3 – Q8 – Controlling risk
Explain five factors of internal control that HPC can implement to strengthen governance.
Question
The Accountant advised the CEO that to strengthen governance, the Board should concern itself with the establishment of strong internal control systems. Failures or weaknesses in internal controls will have adverse consequences for HPC’s finances, financial reporting, operational efficiency and effectiveness, or regulatory compliance.
Required:
Write a paper, explaining FIVE (5) factors to the Board the nature of internal controls that could be instituted by HPC to strengthen governance. (10 marks)
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- Tags: Corporate Governance, Governance, Internal Controls, Risk Management
- Level: Level 3
- Topic: Controlling Risk
- Series: APR 2022
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- 10 Marks
SCS – Apr 2022 – L3 – Q7 – Professional practice and codes of ethics
Discuss key governance issues based on Ghana’s Code of Best Practices considering the Board Chairman’s intentions.
Question
In reference to Ghana’s Code of Best Practices in Corporate Governance, discuss FOUR (4) key issues that could determine how well or badly HPC is governed, taking into consideration the intention and business relationship of the Board Chairman. (10 marks)
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- 6 Marks
CR – Apr 2022 – L3 – Q2a – Impairment of assets, IAS 36
Discuss the significance of three factors affecting impairment testing under IAS 36, including market capitalization and allocation of goodwill.
Question
An assessment of accounting practices for asset impairments is important in the context of financial reporting quality, especially during periods of economic uncertainty. The exercise of management judgment in impairment accounting is crucial. There are several factors that can influence the quality of impairment accounting and disclosures, including changes in circumstances, market capitalization, and the allocation of goodwill to cash-generating units.
Required:
Discuss the significance of the THREE (3) factors above when conducting an impairment test under IAS 36: Impairment of Assets.
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- 20 Marks
CR – Apr 2022 – L3 – Q1 – Consolidated financial statements, Business combinations and consolidation,
Prepare a consolidated statement of financial position for a group of companies considering complex adjustments for goodwill, impairments, and non-controlling interests.
Question
Below are the statements of financial position for three companies as of 31 July 2021:
| Statements of Financial Position as at 31 July 2021 | Papa Plc GH¢’million | Mama Plc GH¢’million | Bebe Plc GH¢’million |
|---|---|---|---|
| Non-current assets: | |||
| Property, plant, and equipment | 3,888 | 1,680 | 1,224 |
| Investments | 3,560 | 2,600 | 200 |
| Total non-current assets | 7,448 | 4,280 | 1,424 |
| Current assets: | |||
| Inventories | 1,080 | 368 | 300 |
| Trade receivables | 1,376 | 416 | 100 |
| Cash & bank | 368 | 104 | 64 |
| Total current assets | 2,824 | 888 | 464 |
| Total assets | 10,272 | 5,168 | 1,888 |
| Equity: | |||
| Share capital of GH¢1 each | 4,000 | 1,200 | 640 |
| Revaluation surplus | 2,400 | 960 | 400 |
| Retained earnings | 1,432 | 800 | 760 |
| Total equity | 7,832 | 2,960 | 1,800 |
| Current liabilities: | |||
| Trade payables | 1,144 | 1,080 | 56 |
| Taxation | 1,296 | 1,128 | 32 |
| Total current liabilities | 2,440 | 2,208 | 88 |
| Total equity and liabilities | 10,272 | 5,168 | 1,888 |
Additional information:
- Papa Plc bought 720 million shares in Mama Plc on 1 August 2019 at GH¢2.50 per share in cash. On that date, Mama’s retained earnings were GH¢480 million, and net assets equaled their carrying amounts except for property, plant, and equipment, which had a fair value excess of GH¢320 million.
- Papa implements a policy of carrying property, plant, and equipment at fair values across group companies from the date of acquisition.
- On 1 August 2020, Mama bought 512 million shares in Bebe Plc. The consideration was GH¢3 per share in cash with an additional payment of GH¢1 per share due on 31 July 2022. The fair value of the contingent consideration was GH¢320 million on 1 August 2020 and GH¢416 million on 31 July 2021. Bebe’s retained earnings were GH¢664 million, and the revaluation surplus was GH¢360 million.
- Bebe controls the brand “Y start,” with a fair value of GH¢40 million and a useful life of 20 years. This has not been recognized in the accounts.
- Papa uses the fair value method for non-controlling interests, using GH¢2.50 per share for this purpose.
- Goodwill impairment loss of GH¢40 million for Mama and GH¢20 million for Bebe was recognized on 31 July 2021.
- Mama bought goods from Bebe for GH¢16 million, with 60% unsold at year-end. These goods cost Bebe GH¢12 million.
Required: Prepare the Consolidated Statement of Financial Position for Papa Group as of 31 July 2021, in accordance with IFRS.
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- 20 Marks
AT – April 2022 – L3 – Q3 – International taxation | Tax planning
Analyze tax implications for Jones Addoteye and Maame Abrefa's company Addofa Ltd, including working time sharing, export activities, and tax planning opportunities.
Question
Jones Addoteye is a Ghanaian Citizen by birth but has also acquired a British Citizenship. He has lived in Britain for several years and relocated to Ghana in January 2015. He decided to invest his life-long savings in Ghana by incorporating a company limited by shares with his wife, Maame Abrefa who also happens to be a Ghanaian/British. Jones and his wife are the only shareholders of the company called Addofa Ltd which was registered with the Registrar Generals Department in January 2016.
Jones and his wife Maame Abrefa continue to maintain links with Britain even though they have relocated to Ghana. This is because they still have some economic interest in Britain. In view of this, they decided to share their working time in both Ghana and Britain following an advice from a Junior Tax Consultant of one of the Ghanaian Tax Firms. The junior tax consultant informed them they will be tax efficient if they share their working time.
Part of their object for setting up Addofa Ltd was to produce poultry for sale to the Ghanaian market in the first few years and later export the poultry products to other countries. It is also part of Addofa Ltd’s growth strategies that after five (5) years, it will process and package the poultry in an edible manner for export to other African markets. This poultry processing business will be carried out in a new company which they intend to set up. Both companies will be located at Cape Coast, the Central Regional Capital. Business for Addofa Ltd is expected to grow significantly in 2021.
Addofa Ltd also invested 37% equity in another Ghanaian company from which they received dividend of GH¢50,000 in 2018.
Mr. Jones Addoteye intimated to you that even though he had some initial advice, he was still not sure if his wife and himself were making optimal tax decisions for themselves and for the company. He has therefore approached you as an experienced Tax Consultant for advice. They wish to take advantage of the beneficial provisions of the Income Tax Laws to arrange their personal and company affairs to be tax efficient.
Required:
a) Evaluate the tax implications on Jones Addotey and Maame Abrefa sharing their working time between Ghana and Britain. (8 marks)
b) Explain the tax implications available to Addofa Ltd if it goes into export or sell in the local market. (4 marks)
c) Explain the tax planning opportunities available to the new company to be set up. (4 marks)
d) Discuss the tax compliance obligations for Addofa Ltd at the time of commencement of operations in Ghana. (4 marks)
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- 20 Marks
AT – April 2022 – L3 – Q4 – Capital allowance | Business income – Corporate income tax
Calculate capital allowance and chargeable income for Joefel Company Ltd. Explain sources of revenue from upstream petroleum operations in Ghana.
Question
a) Joefel Company Ltd, manufacturer of fruit juice for local consumption commenced business on 1 October 2019, with accounting year-end at 31 December each year. The company submitted its accounts for 2019 and was assessed accordingly. The company submitted its tax returns for 2020 year of assessment to the Ghana Revenue Authority on 30 April 2021. Below are the details:
Additional information:
1) Advert and publicity
Radio and television 3,300
Newspaper advert 2,400
Permanent signboard at the company’s entrance in 2020 18,000
2) Installation of plant and others
Installation of plant 21,500
Heavy duty Generator bought in 2019 to support Plant and Machinery 20,500
General maintenance before the use of the plant 18,000
3) Staff Welfare
Staff medical bills 3,700
Safety wear for staff 10,500
Canteen Equipment purchased on 30 November 2020 12,000
4) Donation and Subscription
Goods given as gratis to customs officials 13,000
Donation of goods to SOS Children Village 10,000
Subscription to Association of Ghana Industries 5,000
5) Wages and Salaries
Old staff 120,000
Fresh graduates employed by Joefel Company Ltd. (Fresh graduates
constitute 1% of total workforce) 26,000
6) Other Income
Compensation from a customer for cancellation of a sale order 8,000
Compensation for loss of trading stock of the company 10,000
Compensation for cancellation of purchase order by supplier 5,000
Note 2) above has not been included in the plant and machinery acquired.
Required:
a
i) Compute the appropriate capital allowance for 2019 and 2020 years of assessment.
(8 marks)
ii) Calculate the chargeable income of the company for the 2020 year of assessment.
(6 marks)
b) Explain of the following sources of revenue accruing to the Government of Ghana from the upstream petroleum operations in Ghana:
i) Royalty.
ii) Carried Interest.
iii) Additional Interest.
iv) Additional Oil Entitlement.
(6 marks)
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- 6 Marks
AT – April 2022 – L3 – Q2c – Tax planning | Business income – Corporate income tax
Explain tax incentives for farming, agro-processing, and rental income from cocoa farming activities.
Question
Tax incentives have traditionally been used by governments as tools to promote a particular economic goal. They are preferential tax treatments offered to a selected group of taxpayers and may take the form of tax exemptions, tax holidays, preferential tax rates, and others.
Required:
Explain the tax implications of the following:
i) A person engaged in Farming activity
ii) A person engaged in Agro-Processing activity
iii) The rental income of a person engaged in Cocoa Farming activity
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- Tags: Agro Processing, Cocoa Farming, Corporate Tax, Farming, Rental Income
- Level: Level 3
- Topic: Business income - Corporate income tax, Tax planning
- Series: APR 2022
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- 6 Marks
AT – April 2022 – L3 – Q2b – Tax planning
Explain how a Free Zone Enterprise can mitigate its tax liabilities and benefit shareholders.
Question
Free Zone means area or building declared as a free zone by publication in commercial and industrial bulletins. It includes Single Factory Zones, Free Ports, Free Airports, and other specified areas. Free Zone operations are export-led and aimed at promoting foreign earnings for Ghana.
Required:
What mitigation measures will a Free Zone Enterprise adopt to reduce its tax liabilities and raise enough benefits to the shareholders?
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- Tags: Corporate Tax, Export, Free Zone, Tax Mitigation
- Level: Level 3
- Topic: Tax planning
- Series: APR 2022
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- 8 Marks
AT – April 2022 – L3 – Q2a – Anti-avoidance measures
Discuss four factors the Commissioner-General will consider in comparability analysis for transfer pricing arrangements.
Question
In response to some taxpayers’ behaviour, transfer pricing regulation has been passed to ensure that all arrangements are conducted at arm’s length. The Commissioner-General in his dealings with taxpayers must ensure that market price drives business transactions. The Commissioner-General reserves the right to allege abuse of transfer pricing if certain factors point to the fact that there is an arrangement not in accord with the dictate of market forces.
Required:
Explain FOUR (4) factors the Commissioner-General will rely on in his comparability analysis in Transfer Pricing arrangements.
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- Tags: Arm's Length Principle, Comparability Analysis, Transfer Pricing
- Level: Level 3
- Topic: Anti-avoidance measures
- Series: APR 2022
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- 8 Marks
AT – April 2022 – L3 – Q1c – International taxation
Calculate chargeable income, tax payable, and foreign tax credit for Lawaaba Guo.
Question
Lawaaba Guo is a Ghanaian born in Nigeria and has lived all his life there. He got an opportunity to relocate to Ghana and took up an appointment as a lecturer in one of the prestigious universities within the first three months of his arrival in Ghana in 2018.
He took up employment with ABB Ltd as a procurement officer. The following relates to his employment details for 2020 year of assessment:
- Salary: GH¢200,000
- Commission from employers: GH¢10,000
- Interest on savings from a Bank in Ghana (Gross): GH¢1,000
His investment income and other returns received from Nigeria are as follows:
- Dividend of US$ 12,000 net of tax. Tax of US$ 1,000 was paid.
- Rental Income of USD 6,000 gross with tax at the rate of 10%.
- On-line consultancy fee USD 20,000 net of tax. Tax of USD1,500 was paid.
Additional information:
- He is married.
- Children (2): both schooling in Nigeria.
- Contributes to Social Security at 5.5%.
- Exchange Rate USD1 = GH¢5.2.
Required:
Determine the following:
i) Chargeable Income
ii) Tax Payable
iii) Amount of foreign credit relief granted
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- Tags: Foreign income, Foreign Tax Credit, Resident Income, Tax computation
- Level: Level 3
- Topic: International taxation
- Series: APR 2022
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- 6 Marks
AT – April 2022 – L3 – Q1b – Tax planning
Differentiate between tax avoidance and aggressive tax avoidance.
Question
“Bending the law without breaking it is said to be the way to go by businesses”. This concept of tax administration has caught up with so many businesses that they now engage experts to help shape their business transactions to create this impact for them.
Required:
How is tax avoidance different from aggressive tax avoidance?
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- Tags: Aggressive Tax Avoidance, Corporate Tax, Tax avoidance
- Level: Level 3
- Topic: Tax planning
- Series: APR 2022
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- 6 Marks
AT – April 2022 – L3 – Q1a – Business income – Corporate income tax
Explain the mechanism of carrying over business losses for tax purposes.
Question
All persons can carry over their losses, so far as it can be proven that it is a loss by the person making the claim. This was mooted at a seminar organised for a business community in some parts of Accra, the capital city of Ghana.
Required:
Explain the mechanism of carryover of losses.
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- Tags: Business income, Loss Carryover, Tax Relief
- Level: Level 3
- Topic: Business income - Corporate income tax
- Series: APR 2022
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