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

BMF – May 2017 – L1 – SA – Q20 – The Role of Professional Accountants in Business and Society

Multiple-choice question on identifying an action not in the public's best interest.

Question

Which of the following actions will NOT be in the best interest of the public?

A. Preventing the public from being misled by an action of an organisation
B. Detecting and concealing any serious misdemeanor
C. Exposing the misuse of public funds
D. Exposing corruption in government
E. Protecting health and public safety

Answer

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Tags: Ethical Decisions, Professional Ethics, Public Interest
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: MAY 2017

BMF – May 2017 – L1 – SA – Q19 – The Role of Professional Accountants in Business and Society

Multiple-choice question on identifying a principle not required for professional accountants.

Question

Which of the following is NOT a fundamental principle required to be strictly adhered to by professional accountants?

A. Professional incompetence
B. Professional behavior
C. Confidentiality
D. Objectivity
E. Integrity

Answer

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Tags: Accounting principles, Code of Conduct, Professional Ethics
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: MAY 2017

BMF – May 2017 – L1 – SA – Q18 – Management, Individual, and Organisational Behaviour

Multiple-choice question on identifying the measure of success in meeting customer needs.

Question

Which of the following is a measure of success in meeting customer needs?

A. Quality measures
B. Time lost in production
C. Number of make or buy decisions
D. Number of new products developed
E. Measures of repeat business obtained

Answer

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Tags: Business Metrics, Customer Satisfaction, Performance Measurement
Level: Level 1

Topic: Management, Individual, and Organizational Behavior
Series: MAY 2017

BMF – May 2017 – L1 – SA – Q17 – Basic Management Functions

Multiple-choice question on situations where it is difficult to measure qualitative performance in quantitative terms.

Question

17. Which of the following options best describes a case where it may be extremely difficult to measure qualitative performance in quantitative terms?

A. ‘High quality’
B. ‘Being the ‘best’
C. ‘Brand recognition’
D. ‘Better than competitors’
E. ‘Meeting customer needs’

Answer

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Tags: Management, Performance metrics, Qualitative Performance
Level: Level 1

Topic: Basic Management Functions
Series: MAY 2017

BMF – May 2017 – L1 – SA – Q16 – Basics of Business Finance and Financial Markets

Multiple-choice question on identifying a source that is not typical for long-term capital.

Question

Which of the following is NOT a main source of long-term capital?

A. Venture capital
B. Equity finance
C. Debt factoring
D. Lease finance
E. Debt finance

Answer

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Tags: Capital structure, Financing, Long-term Capital
Level: Level 1

Topic: Basics of Business Finance and Financial Markets
Series: MAY 2017

BMF – May 2017 – L1 – SA – Q15 – Management, Individual, and Organisational Behaviour

Multiple-choice question on identifying the approach associated with Operations Research.

Question

Operations Research (OR) is associated with ……………. approach.

A. Human relations
B. Classical
C. Bureaucratic
D. Management science
E. Scientific management

Answer

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Tags: Management Science, Operations Research, Organizational Theories
Level: Level 1

Topic: Management, Individual, and Organizational Behavior
Series: MAY 2017

BMF – May 2017 – L1 – SA – Q14 – Basics of Business Finance and Financial Markets

Multiple-choice question on calculating the future value of an investment using compound interest.

Question

You recently won ₦50 million from the popular NTA show “Who wants to be a billionaire?” A financial expert counselled that you invest the money in a bank at 6% interest rate per annum. How much will you have at the end of ten years?

A. N88,550,000
B. N89,550,000
C. N90,550,000
D. N91,550,000
E. N92,550,000

Answer

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Tags: Compound Interest, Financial Mathematics, Investment
Level: Level 1

Topic: Basics of Business Finance and Financial Markets
Series: MAY 2017

BMF – May 2017 – L1 – SA – Q13 – Management, Individual, and Organizational Behaviour

Multiple-choice question on identifying a theorist associated with Classical Theories of Management.

Question

Which of the following is a theorist associated with the Classical Theories of Management?

A. Peter Drucker
B. William Ouchi
C. Henri Fayol
D. Douglas McGregor
E. Rosabeth M. Kanter

Answer

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Tags: Classical Management Theory, Management Theorists, Organizational Behaviour
Level: Level 1

Topic: Management, Individual, and Organizational Behavior
Series: MAY 2017

BMF – May 2017 – L1 – SA – Q12 – Investment Decisions

Multiple-choice question on non-financial considerations in investment decisions.

Question

Which of the following is NOT regarded as a non-financial consideration in investment decisions?

A. Payback
B. Reliability
C. Efficiency
D. Speed of service
E. Customer satisfaction

Answer

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Tags: Financial Considerations, Investment, Non-Financial Considerations
Level: Level 1

Topic: Investment Decisions
Series: MAY 2017

BMF – May 2017 – L1 – SA – Q11 – Business and Organizational Structures and Choices

Multiple-choice question on identifying a form of strategic alliance.

Question

Which of the following is a strategic alliance?

A. Joint venture
B. People alliance
C. Geographic specific
D. Investment
E. Sale

Answer

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Tags: Business Agreements, Joint Ventures, Strategic Alliances
Level: Level 1

Topic: Business and Organizational Structures and Choices
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"

BMF – May 2017 – L1 – SA – Q20 – The Role of Professional Accountants in Business and Society

Multiple-choice question on identifying an action not in the public's best interest.

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BMF – May 2017 – L1 – SA – Q19 – The Role of Professional Accountants in Business and Society

Multiple-choice question on identifying a principle not required for professional accountants.

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BMF – May 2017 – L1 – SA – Q18 – Management, Individual, and Organisational Behaviour

Multiple-choice question on identifying the measure of success in meeting customer needs.

You're reporting an error for "BMF – May 2017 – L1 – SA – Q18 – Management, Individual, and Organisational Behaviour"

BMF – May 2017 – L1 – SA – Q17 – Basic Management Functions

Multiple-choice question on situations where it is difficult to measure qualitative performance in quantitative terms.

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BMF – May 2017 – L1 – SA – Q16 – Basics of Business Finance and Financial Markets

Multiple-choice question on identifying a source that is not typical for long-term capital.

You're reporting an error for "BMF – May 2017 – L1 – SA – Q16 – Basics of Business Finance and Financial Markets"

BMF – May 2017 – L1 – SA – Q15 – Management, Individual, and Organisational Behaviour

Multiple-choice question on identifying the approach associated with Operations Research.

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BMF – May 2017 – L1 – SA – Q14 – Basics of Business Finance and Financial Markets

Multiple-choice question on calculating the future value of an investment using compound interest.

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BMF – May 2017 – L1 – SA – Q13 – Management, Individual, and Organizational Behaviour

Multiple-choice question on identifying a theorist associated with Classical Theories of Management.

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BMF – May 2017 – L1 – SA – Q12 – Investment Decisions

Multiple-choice question on non-financial considerations in investment decisions.

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BMF – May 2017 – L1 – SA – Q11 – Business and Organizational Structures and Choices

Multiple-choice question on identifying a form of strategic alliance.

You're reporting an error for "BMF – May 2017 – L1 – SA – Q11 – Business and Organizational Structures and Choices"

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