Series: MAY 2017

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CSME – May 2017 – L2 – SC – Q7 – Corporate Governance

Explain the Nolan principles guiding public life and discuss standards for ethical conduct in the public sector.

Question

Nolan Committee on standards in public life was set up to report on standards of behaviour amongst politicians, civil servants and public bodies. Provide an analysis of Nolan‟s‟ SEVEN Principles of Public Life. (15 Marks)

Answer

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Tags: Accountability, Ethics, Integrity, Nolan Principles, Public Sector
Level: Level 2

Topic: Corporate Governance
Series: MAY 2017

CSME – May 2017 – L2 – SC – Q6 – Ethics in Business

Explain agency problems and Tucker's model to guide ethical decisions for accountants.

Question

a. Agency problems and conflicts are common in all organisations.
Required:
Explain the concept of agency problems and discuss FIVE types of agency conflicts that might exist in an organisation. (8 Marks)

b. Tucker‟s Five Question Model can be employed in training new professional accountants in ethics.
Required:
Explain the issues covered by the Tucker‟s Five Question Model. (7 Marks)

Answer

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Tags: Agency Conflicts, Ethics, Professional Conduct, Tucker’s Five-Question Model
Level: Level 2

Topic: Ethics in Business
Series: MAY 2017

CSME – May 2017 – L2 – SC – Q5 – Risk Management and Corporate Strategy

Show how organizations can address risk management challenges using ISO 31000.

Question

a. Using the ISO 31000 framework, show what an organization might do to address risk management challenges. (9 Marks)

b. Explain THREE main elements of risk management contained in the ISO 31000 framework. (6 Marks)

Answer

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Tags: ISO 31000, Organizational Risk, Risk Control, Risk Management, Risk Management Framework
Level: Level 2

Topic: Risk Management and Corporate Strategy
Series: MAY 2017

CSME – May 2017 – L2 – SB – Q4 – Strategic Management in the Public Sector

Explain organizational growth through Greiner's model and discuss board diversity benefits and limitations.

Question

a. With the aid of an appropriate diagram, explain how organisations and management structures might change as a business grows using Greiner’s growth model. (10 Marks)

b. Explain briefly the concept of board diversity giving THREE examples of categories of diversity. (5 Marks)

c. Explain THREE benefits of the diversity of the board of a large company. (3 Marks)

d. Discuss TWO limitations of board diversity. (2 Marks)

Answer

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Tags: Board Diversity, Corporate Governance, Growth Model, Organizational Structure, Strategic Management
Level: Level 2

Topic: Strategic Management in the Public Sector
Series: MAY 2017

CSME – May 2017 – L2 – SB – Q3 – Risk Management and Corporate Strategy

Explain business risk to a conservative investor and discuss strategies for risk control and monitoring.

Question

Mallam Danladi is a civil servant who has won a sum of one hundred million Naira in a lottery. Being a very conservative person who is averse to risks, Mallam Danladi is contemplating putting the money in a fixed deposit account at an interest rate of 14% per annum or into treasury bills at an interest rate of 18.5% per annum. These two options are considered to be virtually risk-free. Mr. Madoff, a risk consultant, advised him to invest in the production of shea butter, coconut oil, and black soap, with a promise of 52% profit per annum. In an attempt to convince Mallam Danladi to invest in the production of these items, Mr. Madoff tried to educate him on the nature of risks and how to effectively monitor and control them in ways that will ensure that business remains highly profitable.

Required:

a. Explain briefly the nature of risk in business to Mallam Danladi. (2½ Marks)

b. Discuss FOUR distinct means of controlling business risk. (10 Marks)

c. Explain briefly the purpose of monitoring risks in business. (3 Marks)

d. Discuss THREE ways of monitoring risks in business. (4½ Marks)

Answer

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Tags: Business risk, Financial Decision-Making, Fixed Deposit, Risk Control, Risk Monitoring, Treasury bills
Level: Level 2

Topic: Risk Management and Corporate Strategy
Series: MAY 2017

CSME – May 2017 – L2 – SB – Q2 – Corporate Culture and Strategy

Discuss the cultural web and the ethical principles for maintaining client confidentiality.

Question

Johnson and Scholes suggested that there is a cultural web within an organization.

Required:

a. Discuss the idea of the cultural web and its interrelated elements in a way that would assist a new employee to understand this concept in a business organization. (15 Marks)

b. As a professional accountant, explain any TWO ethical principles or requirements you would consider in deciding whether or not to keep a promise to maintain confidentiality with regards to information acquired from a client in the ordinary course of business. (5 Marks)

Answer

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Tags: Confidentiality, Cultural Web, Ethics, Johnson and Scholes, Organizational Culture
Level: Level 2

Topic: Corporate Culture and Strategy
Series: MAY 2017

CSME – May 2017 – L2 – SA – Q1 – Strategic Planning Process

Develop a business plan for a fast-food franchise and explain the product life cycle with stakeholder analysis.

Question

Gbenga Alimi wants to establish a fast food restaurant in Koko, a state in Naijaland. A well-known global fast-food outfit in Naijaland has agreed to give him a franchise to operate the business in the state. However, the franchisor has requested Gbenga to present a viable business plan for assessment.

Required:

a. Outline the contents of a business plan addressing the proposed franchise’s viability. (20 Marks)

b. Use a graphical representation to educate Gbenga on the four stages of the classical product life cycle. (6 Marks)

c. Within an organizational context, distinguish between:

i. Narrow and wide stakeholders
ii. Active and passive stakeholders

(4 Marks)

Answer

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Tags: Business Plan, Franchise, Product Life Cycle, Stakeholders, Strategic Planning, Viability
Level: Level 2

Topic: Strategic Planning Process
Series: MAY 2017

PSAF – May 2017 – L2 – SC – Q7 – Government Expenditure

Identify and explain factors contributing to the rapid growth in Nigeria's government spending.

Question

A number of factors have been identified as inevitably leading to rapid growth in government spending in many countries over time.

Required:

Identify and explain FIVE of these factors as they apply to Nigeria.

Answer

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Tags: Economic Drivers, Fiscal Policy, Government Spending, Nigeria, Public Finance
Level: Level 2

Topic: Government Expenditure
Series: MAY 2017

PSAF – May 2017 – L2 – SC – Q6 – Fiscal Policy and Public Finance

Outline and explain the macroeconomic objectives of Nigeria’s federal government.

Question

State and explain FIVE macroeconomic objectives of the Federal Government of Nigeria.

Answer

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Tags: Economic Policy, Fiscal Management, Macroeconomic Objectives, Nigeria’s Economic Goals
Level: Level 2

Topic: Fiscal Policy and Public Finance
Series: MAY 2017

PSAF – May 2017 – L2 – SC – Q5 – Fiscal Policy and Public Finance

Define external debt and discuss causes and adverse consequences of Nigeria's rising debt levels.

Question

The accumulation of external debt is a common phenomenon in developing countries at the stage of development where external resources are needed to bridge budgetary gap.

Required:

a. Explain what is meant by External Debt. (3 Marks)

b. Discuss the causes and likely adverse consequences of the rising level of Nigeria’s total external debt stock. (12 Marks)

Answer

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Tags: Budget Deficit, Economic Consequences, External Debt, Fiscal Policy, Public Finance
Level: Level 2

Topic: Fiscal Policy and Public Finance
Series: MAY 2017

BL – May 2017 – L1 – SB – Q3a – Company Law

Explains the role of the Securities and Exchange Commission (SEC) in the appointment of a company auditor.

Question

Explain briefly the role of the Securities and Exchange Commission (SEC) in the appointment of a Company Auditor.

Answer

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Tags: Company Auditor, Corporate Governance, Securities and Exchange Commission
Level: Level 1

Topic: Company Law
Series: MAY 2017

BL – May 2017 – L1 – SB – Q2c – Partnership Law

Identifies four key features of a limited partner in a partnership.

Question

State FOUR features of a Limited Partner.

Answer

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Tags: Business Law, Legal Features, Limited Partnership, Partnership Law
Level: Level 1

Topic: Partnership Law
Series: MAY 2017

BL – May 2017 – L1 – SB – Q2b – Company Law | Partnership Law

Outlines permissible cases of capital reduction under CAMA and purposes for reducing share capital.

Question

Section 105(1) of the Companies and Allied Matters Act (CAMA) provides that “except as provided by this Act, a company having share capital shall not reduce its issued capital.”
Required:
i. State TWO cases of capital reduction permitted under the CAMA.
(2 Marks)

ii. State TWO purposes for which a company may reduce its share capital under the CAMA.
(2 Marks)

Answer

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Tags: Capital Reduction, Companies and Allied Matters Act (CAMA), Company Law, Limited Partnership
Level: Level 1

Topic: Company Law, Partnership Law
Series: MAY 2017

BL – May 2017 – L1 – SB – Q2a – Company Law

Details the requirements for holding an Annual General Meeting, intervals between meetings, and the necessary ordinary businesses a company must carry out.

Question

Ajiogbe Plc has just been incorporated as a manufacturing company. It desires to uphold all laws and business ethics. Consequently, the directors have approached you for an advice on the following matters that relate to the General Meeting:

i. The maximum period within which to hold the first Annual General Meeting.
(2 Marks)

ii. The interval between one general meeting and the next.
(1 Mark)

iii. The period for which the Corporate Affairs Commission may extend the holding of an Annual General Meeting.
(1 Mark)

iv. FOUR of the Ordinary Businesses that the company must carry out.
(4 Marks)

v. Any other meeting that the company must hold urgently and the time line.
(2 Marks)

Answer

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Tags: Company Obligations, Corporate Affairs Commission, Corporate Governance, General Meeting
Level: Level 1

Topic: Company Law
Series: MAY 2017

BL – May 2017 – L1 – SB – Q1d – Company Law

Identifies reasons why the Corporate Affairs Commission may refuse to register a proposed company.

Question

State FIVE reasons for which the Corporate Affairs Commission may refuse to register the documents of a proposed company.

Answer

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Tags: Business Names, Company Registration, Corporate Affairs Commission, Legal Requirements
Level: Level 1

Topic: Company Law
Series: MAY 2017

BL – May 2017 – L1 – SB – Q1c – Company Law

Provides legal advice on the registration of a business name and suitable business types for the proposal.

Question

c. Adegoke and thirty of his friends formed an association named “Adigos 30 Partners” in 2015. Last week, all the friends met and decided to register “Adigos 30 Partners” under the Business Names provisions of the Companies and Allied Matters Act. To that effect, they have approached you for legal advice.
Required:
i. Advise Adegoke and his friends on the legality of their proposal.
(2 Marks)

ii. State THREE types of business that could fit the proposal of Adegoke and his friends.
(6 Marks)

Answer

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Tags: Business Names, Company Registration, Corporate Affairs Commission, Legal Advice
Level: Level 1

Topic: Company Law
Series: MAY 2017

BL – May 2017 – L1 – SB – Q1b – The Nigerian Legal System

Identifies four advantages of case law as a source of law.

Question

Case law is also known as judicial precedents.
Required:
State FOUR advantages of case law.

Answer

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Tags: Advantages of Precedents, Case Law, Judicial Precedents, Legal System
Level: Level 1

Topic: The Nigerian Legal System
Series: MAY 2017

BL – May 2017 – L1 – SB – Q1a – The Nigerian Legal System

Identifies three superior courts of record in Nigeria.

Question

Courts of record are classified as superior and inferior courts.
Required:
State THREE superior courts of record.

Answer

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Tags: Courts of Record, Judiciary, Legal System, Superior Courts
Level: Level 1

Topic: The Nigerian Legal System
Series: MAY 2017

BL – May 2017 – L1 – SA – Q20 – Law Relating to Banking

Identifies an objective that is not part of the Central Bank of Nigeria's mandate.

Question

The objects of the Central Bank of Nigeria include the following EXCEPT
A. Ensure monetary and price stability
B. Issue of legal tender
C. Maintenance of external reserves
D. Promotion of sound financial system
E. Banker to the ECOWAS

Answer

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Tags: Banking Law, Central Bank of Nigeria, Legal Objectives, Monetary Policy
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2017

BL – May 2017 – L1 – SA – Q19 – Law of Trusts

Identifies which purpose is not a valid objective for a charitable trust.

Question

The purposes of a charitable trust include
A. Advancement of education
B. Governance of private institutions
C. Public acceptance
D. Protection of Soliloquy
E. Security of tenure

Answer

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Tags: Charitable Trust, Legal Purposes, Nonprofit Organizations, Trust Law
Level: Level 1

Topic: Law of Trusts
Series: MAY 2017

Series: MAY 2017

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CSME – May 2017 – L2 – SC – Q7 – Corporate Governance

Explain the Nolan principles guiding public life and discuss standards for ethical conduct in the public sector.

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CSME – May 2017 – L2 – SC – Q6 – Ethics in Business

Explain agency problems and Tucker's model to guide ethical decisions for accountants.

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CSME – May 2017 – L2 – SC – Q5 – Risk Management and Corporate Strategy

Show how organizations can address risk management challenges using ISO 31000.

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CSME – May 2017 – L2 – SB – Q4 – Strategic Management in the Public Sector

Explain organizational growth through Greiner's model and discuss board diversity benefits and limitations.

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CSME – May 2017 – L2 – SB – Q3 – Risk Management and Corporate Strategy

Explain business risk to a conservative investor and discuss strategies for risk control and monitoring.

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CSME – May 2017 – L2 – SB – Q2 – Corporate Culture and Strategy

Discuss the cultural web and the ethical principles for maintaining client confidentiality.

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CSME – May 2017 – L2 – SA – Q1 – Strategic Planning Process

Develop a business plan for a fast-food franchise and explain the product life cycle with stakeholder analysis.

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PSAF – May 2017 – L2 – SC – Q7 – Government Expenditure

Identify and explain factors contributing to the rapid growth in Nigeria's government spending.

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PSAF – May 2017 – L2 – SC – Q6 – Fiscal Policy and Public Finance

Outline and explain the macroeconomic objectives of Nigeria’s federal government.

You're reporting an error for "PSAF – May 2017 – L2 – SC – Q6 – Fiscal Policy and Public Finance"

PSAF – May 2017 – L2 – SC – Q5 – Fiscal Policy and Public Finance

Define external debt and discuss causes and adverse consequences of Nigeria's rising debt levels.

You're reporting an error for "PSAF – May 2017 – L2 – SC – Q5 – Fiscal Policy and Public Finance"

BL – May 2017 – L1 – SB – Q3a – Company Law

Explains the role of the Securities and Exchange Commission (SEC) in the appointment of a company auditor.

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BL – May 2017 – L1 – SB – Q2c – Partnership Law

Identifies four key features of a limited partner in a partnership.

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BL – May 2017 – L1 – SB – Q2b – Company Law | Partnership Law

Outlines permissible cases of capital reduction under CAMA and purposes for reducing share capital.

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BL – May 2017 – L1 – SB – Q2a – Company Law

Details the requirements for holding an Annual General Meeting, intervals between meetings, and the necessary ordinary businesses a company must carry out.

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BL – May 2017 – L1 – SB – Q1d – Company Law

Identifies reasons why the Corporate Affairs Commission may refuse to register a proposed company.

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BL – May 2017 – L1 – SB – Q1c – Company Law

Provides legal advice on the registration of a business name and suitable business types for the proposal.

You're reporting an error for "BL – May 2017 – L1 – SB – Q1c – Company Law"

BL – May 2017 – L1 – SB – Q1b – The Nigerian Legal System

Identifies four advantages of case law as a source of law.

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BL – May 2017 – L1 – SB – Q1a – The Nigerian Legal System

Identifies three superior courts of record in Nigeria.

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BL – May 2017 – L1 – SA – Q20 – Law Relating to Banking

Identifies an objective that is not part of the Central Bank of Nigeria's mandate.

You're reporting an error for "BL – May 2017 – L1 – SA – Q20 – Law Relating to Banking"

BL – May 2017 – L1 – SA – Q19 – Law of Trusts

Identifies which purpose is not a valid objective for a charitable trust.

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