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

BL – May 2017 – L1 – SB – Q5c – Law of Tort | Agency Law

Discusses whether a principal (Kalu) is liable for the negligent advice given by his agent (Kazeem) in his absence.

Question

While Kalu was away, Kazeem acted for him as the manager of KK Firm. In the process, Kazeem gave a client a wrong advice, although Kalu had advised Kazeem to refrain from giving such an advice in his absence.

Required:
Explain briefly whether or not Kalu is liable in tort to the client.

Answer

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Tags: Agency Law, Negligent Advice, Tort Liability
Level: Level 1

Topic: Agency Law, Law of Tort
Series: MAY 2017

BL – May 2017 – L1 – SB – Q5b – Agency Law

Identifies the rights that an agent is entitled to under the law.

Question

Agents have rights that the law accords them.

Required:
State THREE rights of an agent.

Answer

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Tags: Agency Law, Contractual Rights, Rights of Agents
Level: Level 1

Topic: Agency Law
Series: MAY 2017

BL – May 2017 – L1 – SB – Q5a – Company Law

Advises on the distribution of profits and reserve funds based on the provisions of the Banks and Other Financial Institutions Act.

Question

The Directors of Kitanga Bank Plc intend to please the shareholders of the bank by ensuring that they distribute all the profits of the bank as dividends without any fund conservation. They plan to do that so that the shareholders may vote to retain them in office. The bank’s paid-up capital is less than its reserve.

Required:
As the Company Secretary of Kitanga Bank Plc with knowledge of the Banks and Other Financial Institutions Act, advise the bank on reserve funds.

Answer

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Tags: Banks and Financial Institutions Act, Corporate Governance, Dividend Distribution, Reserve Funds
Level: Level 1

Topic: Company Law
Series: MAY 2017

BL – May 2017 – L1 – SB – Q4d – Business Ethics and Corporate Governance

Distinguishes the difference between a criminal offence and ethics in law and professional conduct.

Question

There is a marked difference between criminal law and ethics.

Required:
Distinguish between an offence and ethics.

Answer

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Tags: Criminal Law, Ethics, Offences, Professional Conduct
Level: Level 1

Topic: Business Ethics and Corporate Governance
Series: MAY 2017

BL – May 2017 – L1 – SB – Q4c – Intellectual Property Law

Examines the requirements for an accountant acting as an expert witness in a computer fraud case.

Question

The law on computer fraud cases allows the calling of expert witnesses.

Required:
State THREE things that an Accountant must satisfy the court on as an expert witness in a computer fraud case.

Answer

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Tags: Accounting Evidence, Computer Fraud, Expert Witness
Level: Level 1

Topic: Intellectual Property Law
Series: MAY 2017

BL – May 2017 – L1 – SB – Q4b – Law of Contract

Identifies the different types of electronic contracts.

Question

Electronic contracts vary in types from paper and parol contracts.

Required:
State THREE types of e-contract.

Answer

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Tags: E-commerce, Electronic Contracts, Types of Contracts
Level: Level 1

Topic: Law of Contract
Series: MAY 2017

BL – May 2017 – L1 – SB – Q4a – Law of Contract

Examines ways in which terms can be read into a contract as if both parties agreed.

Question

The terms of a contract may be express or implied.

Required:
State THREE ways by which a term may be read into a contract as if the parties had agreed to them.

Answer

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Tags: Contract Interpretation, Contracts, Express Terms, Implied Terms
Level: Level 1

Topic: Law of Contract
Series: MAY 2017

BL – May 2017 – L1 – SB – Q3d – Law Relating to Banking

Identifies the powers the National Drug Law Enforcement Agency can exercise under the Money Laundering (Prohibition) Act to locate proceeds related to crimes.

Question

The National Drug Law Enforcement Agency has certain powers over bank accounts pursuant to the Money Laundering (Prohibition) Act.

Required:
State THREE powers that the Agency may exercise to identify and locate proceeds of property or things related to commission of offence.

Answer

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Tags: Financial Investigation, Law Enforcement Powers, Money laundering, Proceeds of Crime
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2017

BL – May 2017 – L1 – SB – Q3c – Law of Tort

Assesses the criminal implications of Adikolu’s actions in collecting rent without authorization and selling house fixtures.

Question

Adikolu, a tax consultant and real property dealer, took possession of a house at 2, Wharf Road, Kokoko in Delta State so as to collect the rent due from tenancy of the house on behalf of Boss who lives in the United States. Adikolu collected rents on the house for two years in advance to the tune of N50 million without informing Boss. On learning that Boss would be visiting Nigeria after five years, he removed from the house and sold fifty air-conditioning units and thereafter set the property on fire.

Required:

In criminal law, explain the implication of Adikolu’s conduct in:

i Collection of the rent without informing Boss (3 Marks)

ii Removing and selling the air-conditioning units (3 Marks)

Answer

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Tags: Criminal Law, Misappropriation, Property Damage, Rent Collection, Sale of Property
Level: Level 1

Topic: Law of Tort
Series: MAY 2017

BL – May 2017 – L1 – SB – Q3b – Law Relating to Banking

Examines the nature of security provided for indebtedness under insolvency law and classifies the form of security (mortgage or pledge) based on the facts provided.

Question

Jaugernault Plc borrowed N100 million from Kokote Bank Plc and secured the payment of the loan with a property named in the loan document as the house at No 2, Coconut Avenue, Enugu. The document is expressed to be a deed, and the borrower company does not have the power to manage the house in the ordinary course of business. The house is transferred to Kokote Bank Plc subject to cessation on redemption.

Required:

i. Explain the nature of the security of the indebtedness under insolvency law. (2 Marks)

ii. From the facts, state if it amounts to a mortgage or pledge and indicate the type. (4 Marks)

Answer

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Tags: Corporate Borrowing, Insolvency Law, Mortgage, Pledge, Security
Level: Level 1

Topic: Law Relating to Banking
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.

You're reporting an error for "CSME – May 2017 – L2 – SB – Q4 – Strategic Management in the Public Sector"

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"

BL – May 2017 – L1 – SB – Q5c – Law of Tort | Agency Law

Discusses whether a principal (Kalu) is liable for the negligent advice given by his agent (Kazeem) in his absence.

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BL – May 2017 – L1 – SB – Q5b – Agency Law

Identifies the rights that an agent is entitled to under the law.

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BL – May 2017 – L1 – SB – Q5a – Company Law

Advises on the distribution of profits and reserve funds based on the provisions of the Banks and Other Financial Institutions Act.

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BL – May 2017 – L1 – SB – Q4d – Business Ethics and Corporate Governance

Distinguishes the difference between a criminal offence and ethics in law and professional conduct.

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BL – May 2017 – L1 – SB – Q4c – Intellectual Property Law

Examines the requirements for an accountant acting as an expert witness in a computer fraud case.

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BL – May 2017 – L1 – SB – Q4b – Law of Contract

Identifies the different types of electronic contracts.

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BL – May 2017 – L1 – SB – Q4a – Law of Contract

Examines ways in which terms can be read into a contract as if both parties agreed.

You're reporting an error for "BL – May 2017 – L1 – SB – Q4a – Law of Contract"

BL – May 2017 – L1 – SB – Q3d – Law Relating to Banking

Identifies the powers the National Drug Law Enforcement Agency can exercise under the Money Laundering (Prohibition) Act to locate proceeds related to crimes.

You're reporting an error for "BL – May 2017 – L1 – SB – Q3d – Law Relating to Banking"

BL – May 2017 – L1 – SB – Q3c – Law of Tort

Assesses the criminal implications of Adikolu’s actions in collecting rent without authorization and selling house fixtures.

You're reporting an error for "BL – May 2017 – L1 – SB – Q3c – Law of Tort"

BL – May 2017 – L1 – SB – Q3b – Law Relating to Banking

Examines the nature of security provided for indebtedness under insolvency law and classifies the form of security (mortgage or pledge) based on the facts provided.

You're reporting an error for "BL – May 2017 – L1 – SB – Q3b – Law Relating to Banking"

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