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

MI – May 2017 – L1 – SB – Q6b – Information System Development and Security

Definition of feasibility study, functions of a steering committee, and uses of feasibility study report.

Question

The development of information system using Systems Development Life Cycle is in stages; one of which is the feasibility study.

i. Define feasibility study. (2 Marks)

ii. List FIVE functions of a Steering Committee. (6 Marks)

iii. State FOUR uses of feasibility study report. (4 Marks)

Answer

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Tags: Feasibility Study, Information Systems, Steering Committee
Level: Level 1

Topic: Information Systems Development and Security
Series: MAY 2017

MI – May 2017 – L1 – SB – Q6a – Information Systems

List and explanation of four techniques for gathering facts about an information system.

Question

List and explain briefly FOUR principal techniques for gathering facts about an information system.

Answer

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Tags: Fact Gathering, Information Systems, Techniques
Level: Level 1

Topic: Information Systems
Series: MAY 2017

MI – May 2017 – L1 – SB – Q5c -Computer Hardware, Software, and Data Life Cycle

Advantages and disadvantages of using tailored software in an organization.

Question

State THREE advantages and THREE disadvantages of using tailored software to an organisation.

Answer

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Tags: Custom Software, software development, Tailored Software
Level: Level 1

Topic: Computer Hardware, Software, and Data Life Cycle
Series: MAY 2017

MI – May 2017 – L1 – SB – Q5b – Computer Hardware, Software, and Data Life Cycle

Describe two broad areas of application software.

Question

List and explain briefly TWO broad areas of application software.

Answer

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Tags: Application Software, IT Systems, Software Types
Level: Level 1

Topic: Computer Hardware, Software, and Data Life Cycle
Series: MAY 2017

MI – May 2017 – L1 – SB – Q5a – Computer Hardware, Software, and Data Life Cycle

Define an operating system and outline its key functions.

Question

i. What is an operating system? (2 Marks)

ii. State SIX functions of operating systems. (6 Marks)

Answer

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Tags: IT Systems, Operating System, Software Functions
Level: Level 1

Topic: Computer Hardware, Software, and Data Life Cycle
Series: MAY 2017

MI – May 2017 – L1 – SB – Q4b – Information Systems

Discuss how IT strategy helps business objectives and the pros and cons of IT outsourcing.

Question

i. State FOUR ways by which Information System/Information Technology Strategy can help an entity to achieve its business objectives. (4 Marks)

ii. State THREE advantages and THREE disadvantages of outsourcing Information Technology. (6 Marks)

Answer

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Tags: Business Objectives, IT Outsourcing, IT Strategy
Level: Level 1

Topic: Information Systems
Series: MAY 2017

MI – May 2017 – L1 – SB – Q4a – Decision-Making Techniques

Briefly describe the principles and applications of JIT, Backflush Accounting, Lifecycle Costing, Cost Audit, and Value Engineering.

Question

Write brief notes on each of the following:

i. Just In Time Systems (2 Marks)
ii. Backflush Accounting (2 Marks)
iii. Lifecycle Costing (2 Marks)
iv. Cost Audit (2 Marks)
v. Value Engineering (2 Marks)

Answer

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Tags: Backflush Accounting, Cost Audit, Just-in-Time, Lifecycle costing, Value Engineering
Level: Level 1

Topic: Decision-making techniques
Series: MAY 2017

MI – May 2017 – L1 – SB – Q3 – Decision-Making Techniques

Evaluate whether to continue outsourcing or manufacture in-house using cost analysis.

Question

SEAGULL FABRICATORS LIMITED buys a component for N280 per unit, 6,000 units of which it uses monthly. Below is the cost of making the same component in-house:

	UNIT COST (N)	TOTAL COST (N)
Direct Material	100	600,000
Direct Labour	100	600,000
Variable Overheads	50	300,000
Total	250	1,500,000

To be able to fabricate the component, the company needs to purchase a mould for N5,000,000 with an expected life span of five years. Also, an annual rent of N1,000,000 needs to be paid for the space needed for the fabrication. Power consumption is also expected to increase by N500,000 per year.

Required:

a. You are required to advise the company whether to discontinue the outsourcing of the component or commence local fabrication. (8 Marks)

bi. State THREE qualitative factors to be taken into consideration before a decision is taken to outsource a component hitherto fabricated in-house. (6 Marks)

ii. List THREE quantitative factors usually considered in the case referred to in (bi) above. (6 Marks)

Answer

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Tags: Cost Analysis, Make or buy decision, Outsourcing
Level: Level 1

Topic: Decision-making techniques
Series: MAY 2017

MI – May 2017 – L1 – SA – Q19 – Information Systems

Identify the system best suited for high volume transactions.

Question

The information system best suited for high volume transactions and predefined tasks is:
A. Online Processing System
B. Real-Time Processing System
C. Transaction Processing System
D. Management Information System
E. Batch Processing System

Answer

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Tags: Business operations, Information Systems, Transaction Processing
Level: Level 1

Topic: Information Systems
Series: MAY 2017

MI – May 2017 – L1 – SA – Q18 – Information System Development and Security

Identify the type of security measure that detects unauthorized operations.

Question

In computer security, measures to sense and alert of unauthorized operation are called:
A. Detective
B. Deterrent
C. Recovery
D. Preventive
E. Adaptive

Answer

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Tags: Computer Security, System Protection, Unauthorized Access
Level: Level 1

Topic: Information Systems Development and Security
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.

You're reporting an error for "CSME – May 2017 – L2 – SB – Q3 – Risk Management and Corporate Strategy"

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.

You're reporting an error for "CSME – May 2017 – L2 – SA – Q1 – Strategic Planning Process"

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

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

You're reporting an error for "PSAF – May 2017 – L2 – SC – Q7 – Government Expenditure"

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"

MI – May 2017 – L1 – SB – Q6b – Information System Development and Security

Definition of feasibility study, functions of a steering committee, and uses of feasibility study report.

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MI – May 2017 – L1 – SB – Q6a – Information Systems

List and explanation of four techniques for gathering facts about an information system.

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MI – May 2017 – L1 – SB – Q5c -Computer Hardware, Software, and Data Life Cycle

Advantages and disadvantages of using tailored software in an organization.

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MI – May 2017 – L1 – SB – Q5b – Computer Hardware, Software, and Data Life Cycle

Describe two broad areas of application software.

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MI – May 2017 – L1 – SB – Q5a – Computer Hardware, Software, and Data Life Cycle

Define an operating system and outline its key functions.

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MI – May 2017 – L1 – SB – Q4b – Information Systems

Discuss how IT strategy helps business objectives and the pros and cons of IT outsourcing.

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MI – May 2017 – L1 – SB – Q4a – Decision-Making Techniques

Briefly describe the principles and applications of JIT, Backflush Accounting, Lifecycle Costing, Cost Audit, and Value Engineering.

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MI – May 2017 – L1 – SB – Q3 – Decision-Making Techniques

Evaluate whether to continue outsourcing or manufacture in-house using cost analysis.

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MI – May 2017 – L1 – SA – Q19 – Information Systems

Identify the system best suited for high volume transactions.

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MI – May 2017 – L1 – SA – Q18 – Information System Development and Security

Identify the type of security measure that detects unauthorized operations.

You're reporting an error for "MI – May 2017 – L1 – SA – Q18 – Information System Development and Security"

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