Find Related Questions by Tags, levels, etc.
Xeyoze Limited was incorporated by the Corporate Affairs Commission on February 1, 2010. On March 1, 2011, the company bid for a contract to rehabilitate one of the nation’s oil refineries. This contract attracted scores of bidders because it was seen as a very lucrative one. A rival bidder objected to the competence of Xeyoze Limited to bid for the contract on the ground that an investigation at the Corporate Affairs Commission revealed that the company has not filed its annual returns.
Required: Advise Xeyoze Limited on the following:
(i) The importance of filing annual returns. (2 Marks)
(ii) The period within which the annual returns must be filed. (2 Marks)
(iii) The consequences of failure to file annual returns. (2 Marks)
(iv) Whether it is optional to file the annual returns or not (2 Marks)
(v) What is your advice if the contract was bid for on October 1, 2010? (3 Marks)
Find Related Questions by Tags, levels, etc.
Stella works as a sales girl for Kampus Multipurpose Stores (KMS), operated by Lucas on the University Campus. Recently, Lucas discovered that whenever he was not around, Stella would pack Lucas’ wares off the shelves and display her own wares on the shelves. Thus, Stella used her employer’s time, resources and facilities to sell her own wares in place of her employer’s. The financial books of KMS were audited last month and the audit revealed that on some occasions, Stella sold her employer’s wares at a higher rate than that recommended and she pocketed the difference. Required: Advise the following parties on the legal implications of their actions: (i) KMS (5 Marks) (ii) Stella (6 Marks)
Find Related Questions by Tags, levels, etc.
For a contract to be binding on all the parties to it, it must not be tainted by any vitiating element. Undue influence is one of such vitiating elements.
Required: Explain briefly undue influence as a vitiating element in a contract.
Find Related Questions by Tags, levels, etc.
Samuel, aged 16, is the son of Chief Luke Umeh, a multi-billionaire. Two weeks ago, Samuel drove his father’s 2011 model Jeep vehicle to a car exhibition. At the exhibition, he saw a year 2012 model of the same Jeep and entered into a contract with the manufacturers to buy two of the latest Jeep. The two Jeeps were delivered to Samuel and he drives them to his secondary school to impress his school mates. The manufacturers of the Jeep, Manny Auto Engineering Limited, requested payment for the Jeeps but Samuel refused to pay, claiming that he is an infant. The manufacturers are insisting on full payment for the vehicles by Chief Umeh.
Required: Advise the following parties on the implications of their actions:
(i) The manufacturers;
(ii) Samuel; and
(iii) Chief Luke Umeh.
Find Related Questions by Tags, levels, etc.
The law of tort deals with civil liabilities of wrongdoers. There are many heads of liability under the law. One of the heads of liability is the tort of vicarious liability. You are required to explain the tort of vicarious liability.
Find Related Questions by Tags, levels, etc.
Every human being has rights which are fundamental and which he enjoys because he is a person. In Nigeria, the fundamental human rights are guaranteed under the Nigerian Constitution. You are required to state any FIVE fundamental human rights guaranteed by Chapter IV of the Nigerian Constitution.
Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
Which of the following will NOT affect cash and bank balances in the statement of financial position of a company?
A. Cash paid into the bank
B. Company’s cheque returned unpaid
C. Cheque received on account receivable paid to the bank but was returned unpaid
D. Bank charges in the statement of account
E. Cash discount on accounts receivable.
Find Related Questions by Tags, levels, etc.
Which of the following is NOT an action for admission of a partner during the year?
A. Preparing the financial statements up to the date of admission
B. Determining goodwill, if any, at that date
C. Preparing a statement of account
D. Preparing a statement of financial position
E. Partners will decide if goodwill should be maintained in books or not.
Find Related Questions by Tags, levels, etc.
Which accounting entries should be raised to record an increase in the value of assets on revaluation by the partners?
A. Debit revaluation account and credit partners’ capital account
B. Debit partners’ capital account and credit revaluation account
C. Debit revaluation account and credit partners’ current account
D. Debit revaluation account and credit assets account
E. Debit assets account and credit revaluation account.
Find Related Questions by Tags, levels, etc.
The profits of ABC Partnership firm for 5 years ended 31 December 2011 were as follows:
Year Profits
2007 N15,000,000
2008 N9,000,000
2009 N4,500,000
2010 N7,500,000
2011 N10,500,000
The firm intends to admit a new partner on 1 January 2012. What is the value of goodwill where the partners have decided to value goodwill at 4 years’ purchase of the average super profit over the last 5 years based on normal profits of N3,000,000 per annum?
A. N6,300,000
B. N9,300,000
C. N25,200,000
D. N25,300,000
E. N25,350,000.
Find Related Questions by Tags, levels, etc.
According to IAS 16 – “Accounting for Property, Plant and Equipment” all of the following are features of non-current assets EXCEPT where they are:
A. Held by an enterprise for use in the production or supply of goods and services
B. Expected to be used on a continuing basis
C. Intended for sale in the ordinary course of business
D. Financed by leasehold rights
E. Held for rental to others, or for administration purpose.
Find Related Questions by Tags, levels, etc.
Which of the following is NOT a function of the Financial Reporting Council of Nigeria?
A. Promoting and enforcing compliance with the accounting standards developed by the Board
B. Developing and publishing in the public interest accounting standards to be observed in the preparation of financial statements
C. Advising State Governments on matters relating to accounting standards
D. Receiving notices of non-compliance with its standards from the preparer
E. Advising the Minister on making of regulations under Section 356 of Companies and Allied Matters, Cap C20, LFN 2004
Find Related Questions by Tags, levels, etc.
In which of the following circumstances will the preparation of a Trial Balance assist in disclosing an error?
A. Failure to post an entry journal
B. Posting rent expenses to motor running account
C. Failure to post part of a journal entry
D. Posting the debit of a journal entry as a credit and vice versa
E. Failure to record an entry in the journal
Find Related Questions by Tags, levels, etc.
Which of the following is NOT a shortcoming of single entry book-keeping?
A. A trial balance is not available
B. Profits are overstated
C. There are no subsidiary books
D. There are no control accounts
E. There are no ledger accounts.
Find Related Questions by Tags, levels, etc.
The following items normally feature in the statement of financial position of a club EXCEPT:
A. Current year’s subscription
B. Salary in arrears
C. Rental income received in advance
D. Advance subscription in respect of a coming year
E. Subscription in arrears.
Find Related Questions by Tags, levels, etc.
Elevate your professional expertise across key business domains with our comprehensive training programs
Follow us on our social media and get daily updates.
This feature is only available in selected plans.
Click on the login button below to login if you’re already subscribed to a plan or click on the upgrade button below to upgrade your current plan.
If you’re not subscribed to a plan, click on the button below to choose a plan