Series: MAR 2023

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SCS – March 2023 – L3 – Q8 – International financial management

Discusses governance structure in terms of the separation of roles between the chairman and the CEO in line with the UK and Ghana Codes of Best Practices.

Question

Dr. Kingsley Tettey is the Chairman of the 4-member board of directors, and Dr. Joy Tettey is the Medical Director. Clearly, the Chairman is not the Chief Executive Officer (CEO) or Medical Director of LCH.

Required:
Discuss what the Ghana Code of Best Practices and the UK Corporate Governance Code state about this governance structure.
(8 marks)

Answer

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Tags: Best Practices, Board Governance, Ghana Code of Best Practices, UK Corporate Governance Code
Level: Level 3

Topic: International financial management
Series: MAR 2023

SCS – March 2023 – L3 – Q7 – Professional practice and codes of ethics

Analyzes LCH board composition using governance codes and discusses OECD principles of disclosure and board responsibilities.

Question

a) LCH’s Board of Directors is composed of four experienced professionals.

Required:
In reference to codes of corporate governance and the composition of LCH’s Board, analyze the view that the board has a suitable balance.
(5 marks)

b) The OECD Principles (2015) provide guidance through recommendations and annotations across six chapters. Principle 5 and 6 deal with disclosure and transparency and the responsibilities of the board respectively.

Required:
Provide the guidance and recommendations given on these principles and how relevant it is to LCH.
(7 marks)

Answer

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Tags: Board Composition, Corporate Governance, Disclosure, OECD principles, Transparency
Level: Level 3

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

SCS – March 2023 – L3 – Q6 – International financial management

Explains the financial reporting implications of debt exchange and compares investing in bonds versus shares

Question

LCH has invested GH¢1,000,000 in a 5-year Government of Ghana Bond with a coupon rate of 20%. As a result of the Government of Ghana DDE programme, LCH has no option but to exchange the old bond with the new bond.

Required:
a) Explain FIVE (5) financial reporting implications of the debt exchange on the financial statements of LCH as at 31 December 2022.
(10 marks)

b) Discuss FOUR (4) advantages and TWO (2) main disadvantages of investing in bonds rather than shares.
(10 marks)

Answer

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Tags: Bonds, Debt Exchange, Financial Reporting, Investment, Shares
Level: Level 3

Topic: International financial management
Series: MAR 2023

SCS – March 2023 – L3 – Q5 – Strategy implementation

Uses Fitzgerald and Moon’s performance measurement dimensions to link LCH’s performance assessment to corporate strategy.

Question

Fitzgerald and Moon (1996) provided a framework for analysing performance management systems in service industries like a hospital. They suggested that a performance management system in a service organisation can be analysed as a combination of three building blocks, namely:
i) Dimensions
ii) Standards
iii) Rewards.

Required:
Using Dimensions as a tool for performance measurement, discuss how LCH could link performance assessment to corporate strategy.
(10 marks)

Answer

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Tags: Corporate Strategy, Healthcare, Performance Dimensions, Performance Management, Service Industries
Level: Level 3

Topic: Strategy implementation
Series: MAR 2023

SCS – March 2023 – L3 – Q4 – Strategy, stakeholders, and mission

Compares mechanistic and organic structures and recommends which is more suitable for LCH.

Question

An appropriate organizational structure should reflect the size and complexity of an entity.

Required:
Using the management study of Burns and Stalker that identified two categories of organization structure—a mechanistic structure and an organic structure—explain the differences between the two types of structures and determine which of the two is suitable for LCH.
(10 marks)

Answer

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Tags: Burns and Stalker, LCH, Mechanistic Structure, Organic Structure, Organizational Structure
Level: Level 3

Topic: Strategy, stakeholders, and mission
Series: MAR 2023

SCS – March 2023 – L3 – Q3 – Competitive advantage

Discusses the pros and cons of mergers and acquisitions and uses SWOT analysis to evaluate the business strategy

Question

LCH is facing very stiff competition from both public and private health facilities. You have suggested that LCH consider either acquisition or mergers or both as a strategic move to survive in the industry.

a) Discuss FIVE (5) advantages and FIVE (5) disadvantages of a decision to consider acquisition and merger as a survival strategy.
(10 marks)

b) Using SWOT analysis, identify and discuss key factors that might affect LCH’s business strategy.
(10 marks)

Answer

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Tags: Acquisitions, Business Strategy, Healthcare, Mergers, SWOT Analysis
Level: Level 3

Topic: Competitive Advantage
Series: MAR 2023

SCS – March 2023 – L3 – Q2 – Strategy, stakeholders, and mission

Uses the 4Ps of marketing mix and competitive environment to evaluate the feasibility of adopting telemedicine.

Question

According to the Technical Advisor of the Board of Directors, Telemedicine, the remote diagnosis and treatment of patients by means of telecommunications technology is the way to go. This proposal has been subjected to a basic marketing feasibility analysis.

Required:
Using 4Ps of the marketing mix and the competitive environment that LCH operates, explain the factors to be taken into consideration when deciding on whether to adopt the proposal to move into Telemedicine.
(10 marks)

Answer

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Tags: 4Ps, Competitive Environment, Feasibility Study, Marketing Mix, Telemedicine
Level: Level 3

Topic: Strategy, stakeholders, and mission
Series: MAR 2023

SCS – March 2023 – L3 – Q1 – Ethics and social responsibility

Explains the importance of good ethical behavior for accountants and reasons for the public’s high expectations from the accountancy profession.

Question

a) At LCH, the Financial Accountant and the Internal Auditor have been designated as Ethics Focal Persons (EFP) to raise awareness of good ethical behavior among the staff.
As a student of ethics, explain FIVE (5) reasons why good ethical behavior (study and application of ethics) is important to today’s Accountant.
(5 marks)

b) The general public has high expectations of the accountancy profession and the idea of an ethical profession should be reinforced in their minds.
State THREE (3) reasons why the general public has high expectations of the accountancy profession to ensure good corporate governance practices.
(5 marks)

Answer

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Tags: Corporate Governance, Ethics, Professional Conduct, Public Expectations
Level: Level 3

Topic: Ethics and social responsibility
Series: MAR 2023

FR – Mar 2023 – L2 – Q5d – Business combinations and consolidation

Explains fair value in IFRS 13 and its application to assets and liabilities in business combinations.

Question

d) IFRS 3: Business Combinations defines fair value consistently with IFRS 13: Fair Value Measurement. IFRS 3 requires the acquiree’s assets and liabilities to be incorporated into the consolidated financial statements at their fair values rather than at their carrying amounts.

Required:
i) Explain the meaning of fair value in accordance with IFRS 13. (2 marks)
ii) Explain the reasons why the acquiree’s assets and liabilities are measured and recognised at their fair value within the consolidated financial statements. (3 marks)

Answer

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Tags: Assets and liabilities, Business Combinations, Consolidation, Fair Value, Goodwill, IFRS 13, IFRS 3
Level: Level 2

Topic: Business combinations and consolidation
Series: MAR 2023

FR – March 2023 – L2 – Q5c – Preparation of Financial Statements

Determining the initial cost, depreciation charge, and carrying amount of the head office construction under IFRSs.

Question

Lana Ltd is a public listed company in Ghana, located in the Northern Region. The company operates in the manufacturing sector and prepares its accounts to 31 December each year. During the year ended 31 December 2021, Lana Ltd built a head office. The costs associated with the construction of the head office are as follows:

GH¢ million
Fees for environmental certifications and building permits	0.5
Leasehold Land acquisition	10.0
Architect and engineer fees	1.0
Construction material and labor costs (including unused materials)	6.5

At 31 October 2021, when the head office extension became available for use, the cost of unused materials on site amounted to GH¢0.5 million. The total borrowing costs incurred on a loan specifically used to finance the head office extension amounted to GH¢0.8 million. The estimated useful life of the building was 40 years.

Required:
With reference to IFRSs, determine:
i) The initial cost to be capitalized.
ii) The depreciation charge for the year ended 31 December 2021.
iii) The carrying amount as of 31 December 2021.

Answer

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Tags: Borrowing Costs, Capitalization, Construction, Depreciation, IFRS
Level: Level 2

Topic: Preparation of Financial Statements
Series: MAR 2023

BCL – Mar 2023 – L1 – Q2c – Contract Law

Comment on the effect of fraud on contracts and the legal treatment of contracts freely entered into by parties with capacity.

Question

Comment on the following statements:
i) Fraud vitiates contracts.
(3 marks)
ii) Contract freely entered into by parties with capacity are treated in law as sacred.
(3 marks)

Answer

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Tags: Contract Law, Fraud, Sanctity of Contracts
Level: Level 1

Series: MAR 2023

BCL – Mar 2023 – L1 – Q2b – Contract Law

Explain the options available to a purchaser misled by fraudulent misrepresentation.

Question

Explain TWO (2) options open to a purchaser who is induced to buy property by a vendor’s fraudulent misrepresentation.
(4 marks

Answer

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Tags: Contract Law, Fraudulent Misrepresentation, Remedies
Level: Level 1

Topic: Contract Law
Series: MAR 2023

BCL – Mar 2023 – L1 – Q2a – Contract Law

Discuss the applicability of exclusion clauses and essential elements of negligence in a business contract.

Question

Mr. and Mrs. Michel booked in for a week’s stay at a Hotel De-Horses. There was a notice in the bedroom which stated that “the proprietors will not be responsible for articles lost or stolen unless handed to the manageress for safe custody.” A stranger gained access to the room of the Michels and stole Mrs. Michel’s wedding ring and ornaments. The owners of the hotel have denied being liable. The Michels have decided to take action against the hotel.

Required:
i) Explain whether Management of the Hotel De-Horses can rely on the concept of exclusion clauses in business contracts to defend itself.
(4 marks)

ii) Assuming that the stranger gained access because the Michels did not lock their door, identify THREE (3) essential elements of negligence that must be proven by Management of Hotel De-Horses.
(6 marks)

Answer

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Tags: Business Contracts, Exclusion Clauses, Negligence
Level: Level 1

Topic: Contract Law
Series: MAR 2023

BCL – Mar 2023 – L1 – Q1d – Governance and Ethical Issues

Explain the legal maxim "Audi Alteram Partem."

Question

Explain the legal maxim “Audi Alteram Partem”.

Answer

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Tags: Audi Alteram Partem, Fair Hearing, Legal Maxims
Level: Level 1

Topic: Governance and Ethical Issues
Series: MAR 2023

BCL – Mar 2023 – L1 – Q1c – Human Rights

Identify violated fundamental human rights and possible legal actions for Ohemaa and the two boys.

Question

Ohemaa, a physically challenged girl of 13 years, sells oranges at Banana-Inn junction. She was so popular and friendly that, so many young girls and boys come around to her shop whilst she is selling. One day, a Police vehicle pulled off in front of her shop and the police officers got down only to indiscriminately shoot in the air. All the young girls and boys around ran for their lives, but Ohemaa could not run away.

The police arrested two boys and Ohemaa and detained them in police cells for three days. Whilst in police custody, the two boys were beaten, and Ohemaa was slapped. They were arraigned before a district magistrate court. The magistrate, after listening to the police, remanded them for 30 days.

Required:
i) List FOUR (4) fundamental human rights of Ohemaa and the two boys that may have been violated.
(4 marks)

ii) What TWO (2) courses of action can Ohemaa and the two boys take?
(4 marks)

Answer

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Tags: Fundamental Human Rights, Legal Actions, Police Misconduct
Level: Level 1

Topic: Human Rights
Series: MAR 2023

BCL – Mar 2023 – L1 – Q1b – Sources of Law

State two meanings of the term "Sources of Law."

Question

The term “Sources of Law” may have several meanings. State TWO (2) of those meanings.
(4 marks)

Answer

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Tags: Formal Sources, Legal Sources, Sources of Law
Level: Level 1

Topic: Sources of Law
Series: MAR 2023

BCL – Mar 2023 – L1 – Q1a – Hierarchical Structure of Courts

Explain the relationship between judicial precedent and the hierarchy of courts.

Question

Question:
Explain the statement: “Judicial precedent depends on the hierarchy of courts”.
(6 marks)

Answer

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Tags: Court Hierarchy, Judicial Precedent, Stare Decisis
Level: Level 1

Topic: Hierarchical Structure of Courts
Series: MAR 2023

BMIS – Mar 2023 – L1 – Q5b – The external environment

Conducts a PEST analysis for Prekoka Beverages Ltd based on provided business challenges and opportunities.

Question

Prekoka Beverages Ltd (PBL) was established in 2022. The company manufactures alcoholic and non-alcoholic beverages. The company uses a modern automation system and a lean manufacturing system to ensure operational efficiency. The company is very optimistic about the future due to the increase in disposable income of the people in the country.

The management of the company is, however, concerned about the government’s proposal to increase regulations in the manufacturing of alcoholic beverages because of a research publication that alcoholic beverage consumption is causing health problems for consumers in the country.

The company also faces a challenge predicting its future revenue because the section of the population with purchasing power is conscious of their consumption patterns and, as a result, are reluctant to purchase sugar-based beverages. Additionally, the recent population census in Ghana indicated that the female population (which normally doesn’t consume alcoholic beverages) surpasses the male population.

Even though the management of PBL is confronted with the above challenges, they are optimistic about the future because there is strong economic and political stability that facilitates business growth in the country. PBL also has an efficient research and development team that can develop new products to meet the changing needs and tastes of consumers.

Required:
Prepare a PEST framework for PBL based on the above information.

Answer

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Tags: Business Environment, PEST Analysis, Strategic Planning
Level: Level 1

Topic: The external environment
Series: MAR 2023

BMIS – Mar 2023 – L1 – Q5a – Introduction to information technology and information systems

Differentiates between data and information and explains essential qualities of information.

Question

One of the most important resources Management of an organization requires in order to make meaningful decisions is credible information which has often been wrongly referred to as data.

Required:
i) Distinguish between data and information.
(2 marks)
ii) Explain FOUR (4) essential qualities of information.
(8 marks)

Answer

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Tags: Data vs Information, Decision Making, Information Quality
Level: Level 1

Topic: Introduction to information technology and information systems
Series: MAR 2023

BMIS – Mar 2023 – L1 – Q4c – HR – Training and development

Explains job rotation as a method of on-the-job training.

Question

Explain job rotation as a method of on-the-job training.

Answer

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Tags: Employee Development, Job Rotation, On-the-Job Training
Level: Level 1

Topic: HR - Training and Development
Series: MAR 2023

Series: MAR 2023

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SCS – March 2023 – L3 – Q8 – International financial management

Discusses governance structure in terms of the separation of roles between the chairman and the CEO in line with the UK and Ghana Codes of Best Practices.

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SCS – March 2023 – L3 – Q7 – Professional practice and codes of ethics

Analyzes LCH board composition using governance codes and discusses OECD principles of disclosure and board responsibilities.

You're reporting an error for "SCS – March 2023 – L3 – Q7 – Professional practice and codes of ethics"

SCS – March 2023 – L3 – Q6 – International financial management

Explains the financial reporting implications of debt exchange and compares investing in bonds versus shares

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SCS – March 2023 – L3 – Q5 – Strategy implementation

Uses Fitzgerald and Moon’s performance measurement dimensions to link LCH’s performance assessment to corporate strategy.

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SCS – March 2023 – L3 – Q4 – Strategy, stakeholders, and mission

Compares mechanistic and organic structures and recommends which is more suitable for LCH.

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SCS – March 2023 – L3 – Q3 – Competitive advantage

Discusses the pros and cons of mergers and acquisitions and uses SWOT analysis to evaluate the business strategy

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SCS – March 2023 – L3 – Q2 – Strategy, stakeholders, and mission

Uses the 4Ps of marketing mix and competitive environment to evaluate the feasibility of adopting telemedicine.

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SCS – March 2023 – L3 – Q1 – Ethics and social responsibility

Explains the importance of good ethical behavior for accountants and reasons for the public’s high expectations from the accountancy profession.

You're reporting an error for "SCS – March 2023 – L3 – Q1 – Ethics and social responsibility"

FR – Mar 2023 – L2 – Q5d – Business combinations and consolidation

Explains fair value in IFRS 13 and its application to assets and liabilities in business combinations.

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FR – March 2023 – L2 – Q5c – Preparation of Financial Statements

Determining the initial cost, depreciation charge, and carrying amount of the head office construction under IFRSs.

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BCL – Mar 2023 – L1 – Q2c – Contract Law

Comment on the effect of fraud on contracts and the legal treatment of contracts freely entered into by parties with capacity.

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BCL – Mar 2023 – L1 – Q2b – Contract Law

Explain the options available to a purchaser misled by fraudulent misrepresentation.

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BCL – Mar 2023 – L1 – Q2a – Contract Law

Discuss the applicability of exclusion clauses and essential elements of negligence in a business contract.

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BCL – Mar 2023 – L1 – Q1d – Governance and Ethical Issues

Explain the legal maxim "Audi Alteram Partem."

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BCL – Mar 2023 – L1 – Q1c – Human Rights

Identify violated fundamental human rights and possible legal actions for Ohemaa and the two boys.

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BCL – Mar 2023 – L1 – Q1b – Sources of Law

State two meanings of the term "Sources of Law."

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BCL – Mar 2023 – L1 – Q1a – Hierarchical Structure of Courts

Explain the relationship between judicial precedent and the hierarchy of courts.

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BMIS – Mar 2023 – L1 – Q5b – The external environment

Conducts a PEST analysis for Prekoka Beverages Ltd based on provided business challenges and opportunities.

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BMIS – Mar 2023 – L1 – Q5a – Introduction to information technology and information systems

Differentiates between data and information and explains essential qualities of information.

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BMIS – Mar 2023 – L1 – Q4c – HR – Training and development

Explains job rotation as a method of on-the-job training.

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