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

FA – May 2017 – L1 – SA – Q13 – Elements of Financial Statements

Identifies components of equity in financial statements.

Question

The following are components of equity EXCEPT:
A. Ordinary share capital
B. Share premium
C. Revaluation reserves
D. Retained earnings
E. Loan notes

Answer

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Tags: Equity, Financial Statements, Loan Notes, Share Capital
Level: Level 1

Topic: Elements of Financial Statements
Series: MAY 2017

FA – May 2017 – L1 – SA – Q12 – Partnership Accounts

Identifies the correct treatment of a partner’s loan in partnership accounts.

Question

Loan advanced by a partner to the partnership would be shown in
A. Receivables account
B. Partner’s capital account
C. Partner’s current account
D. Non-current liability account
E. Goodwill account

Answer

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Tags: Loan, Non-current Liabilities, Partnership Accounts, Partnership Financing
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: MAY 2017

FA – May 2017 – L1 – SA – Q11 – Control Accounts

Involves adjusting a Payable Ledger Control Account balance after a contra entry was wrongly entered.

Question

A Payable Ledger Control Account had a closing balance of N102,000. This included a contra to the sales ledger of N4,800, which had been entered on the wrong side of the control account.

The correct balance on the control account should be:
A. N92,400 credit
B. N98,200 credit
C. N100,800 credit
D. N106,800 credit
E. N111,600 credit

Answer

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Tags: Accounting Errors, Contra Entry, Control Accounts, Payables Ledger
Level: Level 1

Topic: Control Accounts
Series: MAY 2017

FA – May 2017 – L1 – SA – Q10 – Accounting Treatment for Accruals and Prepayments

Concerns the treatment of rent received for 12 months over two financial periods.

Question

On June 1, 2015, Nkiwe Enterprises received a rent of N240,000 for 12 months to May 31, 2016. The reporting date of Nkiwe is December 31. What are the entries in the statement of profit or loss for the year ended, and statement of financial position as at, December 31, 2015?

Profit or loss Statement of financial position
N N
A. 100,000 income 140,000 liability
B. 100,000 expenses 140,000 asset
C. 140,000 income 100,000 liability
D. 140,000 expenses 100,000 asset
E. 240,000 income no entry

Answer

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Tags: Accrual Accounting, Financial Statements, Prepayments, Rent Treatment
Level: Level 1

Topic: Accruals and Prepayments
Series: MAY 2017

FA – May 2017 – L1 – SA – Q9 – Accounting for Inventories in Accordance with IAS 2

Identifies the appropriate valuation method during liquidation.

Question

Which of the following valuation methods should be used when an entity is faced with liquidation?
A. Fair value
B. Historical cost
C. Current cost
D. Realisable value
E. Present value

Answer

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Tags: Liquidation, Realizable value, Valuation Methods
Level: Level 1

Topic: Accounting for Inventories (IAS 2)
Series: MAY 2017

FA – May 2017 – L1 – SA – Q8 – Users of Accounting Information and Their Needs

Examines the fundamental objective of accounting.

Question

The core objective of accounting is to
A. Keep record of transactions
B. Produce a trial balance
C. Maintain records of assets and liabilities
D. Provide financial information to users for decision making
E. Maintain register for non-current assets

Answer

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Tags: Decision Making, Financial Reporting, Objective of Accounting
Level: Level 1

Topic: Users of Accounting Information and Their Needs
Series: MAY 2017

FA – May 2017 – L1 – SA – Q7 – Accounting for Property, Plant, and Equipment (IAS 16)

Identifies the correct term for the expected disposal value of a non-current asset.

Question

The expected disposal value of the non-current asset at the end of its expected useful life is called
A. Back-up value
B. Replacement value
C. Carrying amount
D. Residual value
E. Sales value

Answer

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Tags: Depreciation, Non-current Assets, Residual Value
Level: Level 1

Topic: Accounting for Property, Plant, and Equipment (PPE) IAS 16
Series: MAY 2017

FA – May 2017 – L1 – SA – Q6 – Accounting for Inventories in Accordance with IAS 2

Deals with IAS 2 on inventories and the financial statements that pertain to it.

Question

IAS 2 deals with
A. Statement of Financial Position
B. Statement of Comprehensive Income
C. Statement of Cash Flow
D. Inventories
E. Depreciation

Answer

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Tags: Depreciation, IAS 2, Inventories, Statement of Comprehensive Income, Statement of Financial Position
Level: Level 1

Topic: Accounting for Inventories (IAS 2)
Series: MAY 2017

FA – May 2017 – L1 – SA – Q5 – Accounting Treatment for Bad and Doubtful Debts

Double-entry for cash received on previously written-off debt.

Question

The double entry to record cash received in a subsequent year on debt which had been written off as bad in a previous period is

A. Debit trade receivables account, Credit cash account
B. Debit bad and doubtful debts expense account, Credit cash account
C. Debit cash account, Credit bad debt expense account
D. Debit trade receivables account, Credit bad debt expense account
E. Debit cash account, Credit profit or loss account

Answer

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Tags: Bad Debts, Debt Recovery, Double Entry
Level: Level 1

Topic: Bad and Doubtful Debts
Series: MAY 2017

FA – May 2017 – L1 – SA – Q4 – Depreciation Methods and Accounting for Disposals

Highlights the difference between depreciation and other expenses.

Question

The major difference between depreciation and other types of expenses is that it

A. Does not involve any cash outlay
B. Is subject to more precise measurement
C. Can be avoided if the asset is in good condition as when purchased
D. Is not deductible if it will cause a net loss
E. Requires no provision

Answer

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Tags: Cash Outlay, Depreciation, Expense Characteristics
Level: Level 1

Topic: Depreciation Methods and Accounting for Disposals
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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FA – May 2017 – L1 – SA – Q13 – Elements of Financial Statements

Identifies components of equity in financial statements.

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FA – May 2017 – L1 – SA – Q12 – Partnership Accounts

Identifies the correct treatment of a partner’s loan in partnership accounts.

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FA – May 2017 – L1 – SA – Q11 – Control Accounts

Involves adjusting a Payable Ledger Control Account balance after a contra entry was wrongly entered.

You're reporting an error for "FA – May 2017 – L1 – SA – Q11 – Control Accounts"

FA – May 2017 – L1 – SA – Q10 – Accounting Treatment for Accruals and Prepayments

Concerns the treatment of rent received for 12 months over two financial periods.

You're reporting an error for "FA – May 2017 – L1 – SA – Q10 – Accounting Treatment for Accruals and Prepayments"

FA – May 2017 – L1 – SA – Q9 – Accounting for Inventories in Accordance with IAS 2

Identifies the appropriate valuation method during liquidation.

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FA – May 2017 – L1 – SA – Q8 – Users of Accounting Information and Their Needs

Examines the fundamental objective of accounting.

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FA – May 2017 – L1 – SA – Q7 – Accounting for Property, Plant, and Equipment (IAS 16)

Identifies the correct term for the expected disposal value of a non-current asset.

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FA – May 2017 – L1 – SA – Q6 – Accounting for Inventories in Accordance with IAS 2

Deals with IAS 2 on inventories and the financial statements that pertain to it.

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FA – May 2017 – L1 – SA – Q5 – Accounting Treatment for Bad and Doubtful Debts

Double-entry for cash received on previously written-off debt.

You're reporting an error for "FA – May 2017 – L1 – SA – Q5 – Accounting Treatment for Bad and Doubtful Debts"

FA – May 2017 – L1 – SA – Q4 – Depreciation Methods and Accounting for Disposals

Highlights the difference between depreciation and other expenses.

You're reporting an error for "FA – May 2017 – L1 – SA – Q4 – Depreciation Methods and Accounting for Disposals"

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