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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)
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Find Related Questions by Tags, levels, etc.
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)
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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)
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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)
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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)
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Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
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)
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Shoema is a sole proprietor who has not kept a complete set of books for his business. He has now asked you to prepare his accounts. The following information is made available to you.
| Account | 31 December 2015 (₦) | 31 December 2014 (₦) |
|---|---|---|
| Plant and machinery | 242,550 | 272,195 |
| Inventories | 116,424 | 132,864 |
| Trade receivables | 87,749 | 100,254 |
| Trade payables | 46,354 | 49,804 |
| Rates paid in advance | – | 2,695 |
| Rent accrued | 7,007 | 1,348 |
| Salary accrued | 6,468 | 8,085 |
Shoema pays all cash received into the bank and makes all payments by cheque. A summary of his bank account for the year is as follows:
| Bank Account | Amount (₦) |
|---|---|
| Balance b/f | 14,122 |
| Cash sales | 897,758 |
| Trade receivables | 439,930 |
| Trade payables | 917,162 |
| Salaries | 143,751 |
| Rent | 40,425 |
| Insurance | 87,641 |
| Rates | 13,475 |
| New machine | 53,900 |
| Drawings | 58,212 |
| Balance c/f | 37,244 |
| Total | 1,351,810 |
Required:
Prepare Shoema’s statement of profit or loss for the year ended December 31, 2015, and statement of financial position as at December 31, 2015.
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a. The following transactions are extracts from the records of Votle Limited in 2016, the year of commencement of its business operations.
| Date | Transaction Description | Amount (₦’000) |
|---|---|---|
| 1 January | Cost of land acquisition brought forward | 7,500 |
| 1 January | Building construction work in progress brought forward | 9,675 |
| 10 January | Invoice price of imported machinery received | 13,000 |
| 10 January | Agency fees for land acquisition paid | 750 |
| 12 January | Discount on purchase of machinery | (400) |
| 12 January | Freight and insurance of machinery | 300 |
| 12 January | Import duties on machinery paid | 630 |
| 15 January | Cost of additional construction materials used paid | 3,550 |
| 21 January | Legal fees for land acquisition agreement paid | 350 |
| 25 January | Clearing agent’s fees for machinery paid | 315 |
| 31 January | Initial ground rent for land paid | 600 |
| 2 February | Annual ground rent for land paid | 250 |
| 7 February | Cost of fairly used motor vehicle paid | 3,750 |
| 14 February | Cost of haulage of machinery | 252 |
| 14 February | Cost of major repair to bring the motor vehicle into a usable condition | 1,550 |
| 22 February | Cost of construction of platform for machinery paid | 1,050 |
| 25 February | Cost of labour used in construction of building paid | 1,975 |
| 28 February | Architect’s fees in respect of building construction paid | 1,250 |
| 4 March | Cost of connection of power and water to machinery | 1,450 |
| 6 March | Repair and maintenance of motor vehicle | 250 |
| 10 March | Cost of testing the machinery | 603 |
| 15 March | Cost of commissioning the building | 950 |
Required:
Determine the value of the following non-current assets brought into use as at March 15, 2016.
i. Land and Building (4 Marks)
ii. Plant and Machinery (4 Marks)
iii. Motor Vehicle (4 Marks)
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The IASB Conceptual Framework for Financial Reporting provides a conceptual underpinning of IFRS. The objective of general-purpose financial reporting forms the foundation of the conceptual framework.
Required:
a. Explain the objective of general purpose financial statements and the nature of the information in the statements. (6 Marks)
b. Define the following concepts and explain the significance of each on financial reporting.
i. Materiality (5 Marks)
ii. Consistency (5 Marks)
iii. Offsetting (4 Marks)
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Consider the following items:
(i.) Gain on disposal
(ii.) Loss on disposal
(iii.) Receipt on disposal
Which of the above represents cash movement from the sale of an asset?
A. (i)
B. (ii)
C. (iii)
D. (i) & (ii)
E. (ii) & (iii)
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Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
An accounts officer recorded ₦90,000, being the purchase price of a new machine, as repairs and maintenance costs. A draft profit of ₦450,000 for the period was calculated before the discovery of the error. The depreciation rate for machinery is 25% on cost with a full year’s charge in the year of purchase. What is the correct profit?
A. N360,000
B. N382,500
C. N427,500
D. N472,500
E. N517,500
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The following information is obtained from the books of a sole trader:
(i) Opening capital as at January 1, 2015 N300,000
(ii) Closing capital as at December 31, 2015 N65,000
(iii) Additional capital introduced during 2015 N120,000
(iv) Cash withdrawn during 2015 N320,000
Calculate the profit or loss during the period.
A. N285,000 loss
B. N35,000 loss
C. N35,000 profit
D. N225,000 profit
E. N522,500 profit
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