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 – SA – Q17 – Information System Development and Security

Identify the type of maintenance for replacing an operating system.

Question

Replacement of a package operating in a Windows XP environment with Windows 7 is an example of:
A. Corrective
B. Adaptive
C. Preventive
D. Defective
E. Perfective

Answer

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Tags: IT Management, Software Updates, System Maintenance
Level: Level 1

Topic: Information Systems Development and Security
Series: MAY 2017

MI – May 2017 – L1 – SA – Q16 – Information Systems

Identify the tool that is not used in data warehousing.

Question

Which of the following is NOT a tool for Data Warehousing?
A. Hypermedia tools
B. Analytical tools
C. Ad-hoc and standardized query tools
D. Graphical reporting tools
E. Graphical user interface tools

Answer

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Tags: Business Intelligence, Data Warehousing, IT Tools
Level: Level 1

Topic: Information Systems
Series: MAY 2017

MI – May 2017 – L1 – SA – Q15 – Information System Development and Security

Identify the type of feasibility study that appraises organizational impact.

Question

Which type of feasibility study appraises the impact of a proposed solution within the organizational framework?
A. Operational
B. Social
C. Economic
D. Technical
E. Cost-benefit

Answer

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Tags: Business Evaluation, Feasibility Study, Systems Analysis
Level: Level 1

Topic: Information Systems Development and Security
Series: MAY 2017

MI – May 2017 – L1 – SA – Q14 – Information Systems

Identify the technology used by Wireless Local Area Network (WLAN).

Question

Which type of technology does Wireless Local Area Network (WLAN) use?
A. High frequency radio signals or infrared light beams only
B. High frequency radio signals, infrared beams or laser beams
C. Infrared light beams or laser beams only
D. High frequency radio signals with switches or laser beams only
E. High frequency radio signals with switches only

Answer

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Tags: Networking, Wireless Technology, WLAN
Level: Level 1

Topic: Information Systems
Series: MAY 2017

MI – May 2017 – L1 – SA – Q13 – Computer Hardware, Software, and Data Life Cycle

Identify the device used for capturing image and video in digital form.

Question

Which of the following devices is used for capturing image and video in digital form for transfer to the computer for processing?
A. Optical Scanner
B. Optical Character Reader
C. Optical Mark Reader
D. Digital Camera
E. Magnetic Ink Character Reader

Answer

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Tags: Computer Hardware, Digital Image Capture, IT Tools
Level: Level 1

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

MI – May 2017 – L1 – SA – Q12 – Budgeting

Identify the component that is not part of working capital.

Question

Which of the following is NOT part of the component of working capital?
A. Stock of raw material
B. Stock of finished goods
C. Debenture
D. Receivables
E. Payables

Answer

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Tags: Business operations, Financial management, Working Capital
Level: Level 1

Topic: Budgeting
Series: MAY 2017

MI – May 2017 – L1 – SA – Q11 – Cost-Volume-Profit (CVP) Analysis

Identify the definition of Margin of Safety in value.

Question

The margin of safety in value is expected to be:
A. Sales less profit at break-even point
B. Sales less cost at break-even point
C. Cost less cost at break-even point
D. Sales less sales at break-even point
E. Profit less profit at break-even point

Answer

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Tags: Break-even Analysis, Margin of Safety, Profitability
Level: Level 1

Topic: Cost-Volume-Profit (CVP) Analysis
Series: MAY 2017

MI – May 2017 – L1 – SA – Q10 – Costing Techniques

Identify incorrect cost pool to cost driver relationship.

Question

Which of the following cost pools to cost drivers relationship is incorrect?
A. Set-up to number of set-ups
B. Material handling to number of material movement
C. Maintenance to number of maintenance
D. Depreciation of machine to number of machine hours
E. Material procurement to number of inspection

Answer

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Tags: ABC, Cost Drivers, Cost Pools
Level: Level 1

Topic: Costing Techniques
Series: MAY 2017

MI – May 2017 – L1 – SA – Q9 – Costing Techniques

Determine when overhead is under-absorbed.

Question

Overhead is under-absorbed when:
A. Budgeted cost exceeds actual costs
B. Budgeted cost equals actual costs
C. Budgeted cost is less than standard cost
D. Actual cost exceeds budgeted cost
E. Actual cost is more than the variance achieved

Answer

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Tags: Budgeting, Cost Management, Overhead Absorption
Level: Level 1

Topic: Costing Techniques
Series: MAY 2017

MI – May 2017 – L1 – SA – Q8 – Cost-Volume-Profit (CVP) Analysis

Calculate the break-even point in units.

Question

What will be the Break-even point, in units, where Total fixed cost = N240,000, Selling price = N24 per unit, and Variable cost = N18 per unit?
A. 20,000 units
B. 30,000 units
C. 40,000 units
D. 50,000 units
E. 60,000 units

Answer

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Tags: Break-even Analysis, Fixed Cost, Variable Cost
Level: Level 1

Topic: Cost-Volume-Profit (CVP) Analysis
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.

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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.

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MI – May 2017 – L1 – SA – Q17 – Information System Development and Security

Identify the type of maintenance for replacing an operating system.

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MI – May 2017 – L1 – SA – Q16 – Information Systems

Identify the tool that is not used in data warehousing.

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MI – May 2017 – L1 – SA – Q15 – Information System Development and Security

Identify the type of feasibility study that appraises organizational impact.

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MI – May 2017 – L1 – SA – Q14 – Information Systems

Identify the technology used by Wireless Local Area Network (WLAN).

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MI – May 2017 – L1 – SA – Q13 – Computer Hardware, Software, and Data Life Cycle

Identify the device used for capturing image and video in digital form.

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MI – May 2017 – L1 – SA – Q12 – Budgeting

Identify the component that is not part of working capital.

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MI – May 2017 – L1 – SA – Q11 – Cost-Volume-Profit (CVP) Analysis

Identify the definition of Margin of Safety in value.

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MI – May 2017 – L1 – SA – Q10 – Costing Techniques

Identify incorrect cost pool to cost driver relationship.

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MI – May 2017 – L1 – SA – Q9 – Costing Techniques

Determine when overhead is under-absorbed.

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MI – May 2017 – L1 – SA – Q8 – Cost-Volume-Profit (CVP) Analysis

Calculate the break-even point in units.

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