Series: NOV 2019

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CSME – Nov 2019 – L2 – Q6c – Ethics in Business

Discusses ethical non-consequentialism with a focus on duty and highlights problems associated with this ethical theory.

Question

Answer

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Tags: Deontological Ethics, Duty Ethics, Non-Consequentialism
Level: Level 2

Topic: Ethics in Business
Series: NOV 2019

CSME – Nov 2019 – L2 – Q6b – Ethics in Business

Discusses the differences between ethical subjectivism and situation ethics.

Question

b) Distinguish ethical subjectivism from situation ethics. (6 Marks)

Answer

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Tags: Business Ethics, Ethical Subjectivism, Situation Ethics
Level: Level 2

Topic: Ethics in Business
Series: NOV 2019

CSME – Nov 2019 – L2 – Q6a – Strategic Planning Process

Defines business strategy and highlights key questions that a five-year business strategy must answer.

Question

(a) Define “business strategy” and highlight EIGHT questions that a five-year business strategy must seek to answer. (5 Marks)

Answer

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Tags: Business Strategy, Organizational Growth, Strategic Planning
Level: Level 2

Topic: Strategic Planning Process
Series: NOV 2019

CSME – Nov 2019 – L2 – Q5b – Corporate Governance

Analyzes the alternative types of board structures and provides arguments for the most viable option.

Question

(b) Analyze the alternative types of board structure that a company might adopt and provide an argument in support of the one you consider to be more viable. (10 Marks)

Answer

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Tags: Board Structure, Corporate Governance, Two-Tier Board, Unitary Board
Level: Level 2

Topic: Corporate Governance
Series: NOV 2019

CSME – Nov 2019 – L2 – Q5a – Risk Management and Corporate Strategy

Outlines a presentation on the functions and determinants of the efficiency of a risk manager.

Question

(a) You are preparing for a job interview as a risk manager. This requires you to make a ten-minute presentation on the functions and determinants of the efficiency of a risk manager.

Required:
Present an outline of your 10-minute presentation. (10 Marks)

Answer

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Tags: Corporate Strategy, Risk Management, Risk Manager Efficiency
Level: Level 2

Topic: Risk Management, Risk Management and Corporate Strategy
Series: NOV 2019

CSME – Nov 2019 – L2 – Q4c – Corporate Social Responsibility (CSR)

Explores the concept of social ecology and its impact on corporate social responsibility.

Question

Answer

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Tags: Corporate Sustainability, Environmental Responsibility, Social Ecology
Level: Level 2

Topic: Corporate social responsibility
Series: NOV 2019

CSME – Nov 2019 – L2 – Q4b – Corporate Social Responsibility (CSR)

Explores the concept of carbon neutrality and its application to corporate operations.

Question

(b) Discuss the concept of carbon neutrality in relation to the operations of companies. (5 Marks)

Answer

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Tags: Carbon Neutrality, Corporate Sustainability, Environmental impact
Level: Level 2

Topic: Corporate social responsibility
Series: NOV 2019

CSME – Nov 2019 – L2 – Q4a – Corporate Social Responsibility (CSR)

Discusses the environmental and social impacts created by organizations in their pursuit of economic wealth.

Question

a) In their quest to create economic wealth, business organizations leave environmental and social footprints.

Required:
Discuss environmental and social footprints of organizations. (10 Marks)

Answer

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Tags: Corporate Social Responsibility, Environmental Footprint, Social Impact
Level: Level 2

Topic: Corporate social responsibility
Series: NOV 2019

CSME – Nov 2019 – L2 – Q3b – Ethical Issues in Corporate Governance

Discusses the application of six principles of the Nolan Committee in public finance management.

Question

(b) The public sector is the driver of the economies of many developing nations. Public Finance Management has become a focus of attention in these economies. Development partners have therefore drawn the attention of governments to the Nolan Committee’s report on Standards in Public Life.

Required:
Discuss SIX of these principles for public office holders and show how they can enhance performance in the public sector. (6 Marks)

Answer

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Tags: Nolan Committee, Public Finance, Public sector governance
Level: Level 2

Topic: Ethical Issues in Corporate Governance
Series: NOV 2019

CSME – Nov 2019 – L2 – Q3a – Corporate Governance

Discusses basic concepts that are essential for good corporate governance and their relation to governance practices.

Question

(a) There are basic concepts that must be observed for good corporate governance in an entity.

Required:
Discuss these concepts and show how they relate to good corporate governance. (14 Marks)

Answer

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Tags: Accountability, Corporate Governance, Fairness, Transparency
Level: Level 2

Topic: Corporate Governance
Series: NOV 2019

FA – Nov 2019 – L1 – SB – Q1a – Trial Balance: Usefulness and Limitations

Explains the definition of trial balance and identifies errors affecting and not affecting it.

Question

a. Explain the term trial balance. (2 Marks)

Answer

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Tags: Double-entry Principles, Error Identification, Trial Balance
Level: Level 1

Topic: Trial Balance: Usefulness and Limitations
Series: NOV 2019

FA – Nov 2019 – L1 – SA – Q20 – Partnership Accounts

Calculate the balance in Ora’s current account at the end of the reporting period.

Question

What is the balance in Ora’s current account at the end of the reporting period?

The extract from the partnership books for the period ended September 30, 2019, is as follows:

Obi and Ora are partners, trading under the name, Obiora & Co.
The profit-sharing ratio is equal.
Profit for the period amounted to N240,000.
Interest on capital is 10%.
Other details:
- Obi: N200,000 (opening capital), N40,000 (current account balance)
- Ora: N100,000 (opening capital), N80,000 (current account balance)
- Drawings: Obi N20,000, Ora N30,000
- Salaries: Obi N28,000, Ora N24,000

A. N79,000
B. N82,000
C. N101,000
D. N115,000
E. N163,000

Answer

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Tags: Current Account, Partnership Accounts, Share of Profit
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: NOV 2019

FA – Nov 2019 – L1 – SA – Q19 – Partnership Accounts

Determine Obi’s share of profit in the partnership.

Question

What is Obi’s share of profit for the year?

The extract from the partnership books for the period ended September 30, 2019, is as follows:

Obi and Ora are partners, trading under the name, Obiora & Co.
The profit-sharing ratio is equal.
Profit for the period amounted to N240,000.
Interest on capital is 10%.
Other details:
- Obi: N200,000 (opening capital), N40,000 (current account balance)
- Ora: N100,000 (opening capital), N80,000 (current account balance)

A. N20,000
B. N28,000
C. N39,000
D. N79,000
E. N89,000

Answer

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Tags: Partnership Accounts, Profit Sharing, Share of Profit
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: NOV 2019

FA – Nov 2019 – L1 – SA – Q18 – Bank Reconciliation

Identify what will not affect the agreement between the cash book balance and the bank statement balance.

Question

Which of the following will not affect the agreement of the cash book balance and the bank statement balance?

A. Dishonoured lodgement
B. Cash payments
C. Bank charges
D. Standing order for the payment of annual subscription
E. Error in the bank statement

Answer

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Tags: Bank Reconciliation, Bank Statement, Cash Book
Level: Level 1

Topic: Bank reconciliations
Series: NOV 2019

FA – Nov 2019 – L1 – SA – Q17 – Accounting Treatment for Accruals and Prepayments-

Identify where students' subscription received in advance is recognized in the statement of financial position.

Question

In which of the following segments of the statement of financial position of the Institute of Professional Accountants is students’ subscription received in advance recognized?

A. Non-current assets
B. Fictitious assets
C. Current assets
D. Current liabilities
E. Intangible assets

Answer

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Tags: Current Liabilities, Prepayments, Subscription
Level: Level 1

Topic: Accruals and Prepayments
Series: NOV 2019

FA – Nov 2019 – L1 – SA – Q16 – Accounts of Not-for-Profit Entities-

Identify what represents members’ interest in a society or club.

Question

Which of the following represents members’ interest in a Society or Club?

A. Recurrent fund
B. General reserve
C. Working capital fund
D. Unwinding fund
E. Accumulated fund

Answer

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Tags: Accumulated Fund, Members’ Interest, Not-for-profit
Level: Level 1

Topic: Accounts of Not-for-Profit Entities
Series: NOV 2019

FA – Nov 2019 – L1 – SA – Q15 – Financial Statements Preparation-

Calculate the adjusted net profit after correcting an error related to motor van expenses.

Question

Your company’s statement of profit or loss for the year ended October 31, 2019, showed a profit of N836,000. It was later discovered that N180,000 paid for the purchase of a motor van had been debited to the motor expenses account. It is the company’s policy to depreciate the motor van at 25% per annum on a straight-line basis, with full depreciation charged in the year of purchase.

What will be the net profit after adjusting for this error?

A. N656,100
B. N701,000
C. N791,000
D. N971,000
E. N1,016,100

Answer

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Tags: Depreciation, Error Correction, Net Profit Adjustment
Level: Level 1

Topic: Financial Statements Preparation
Series: NOV 2019

FA – Nov 2019 – L1 – SA – Q14 Control Accounts

Identify the statement that does not explain the imprest system of petty cash.

Question

The following explains the imprest system of operating petty cash, EXCEPT:

A. Weekly expenditure cannot exceed a set amount
B. The exact amount of expenditure is reimbursed at intervals to maintain a fixed float
C. The petty cashier collects revenue on behalf of the organization
D. A petty cashier receives cash, makes expenses of relatively small amounts, and maintains records for the transactions
E. Regular equal amounts of cash are transferred into petty cash at regular intervals

Answer

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Tags: Accounting Process, Imprest System, Petty Cash
Level: Level 1

Topic: Control Accounts
Series: NOV 2019

FA – Nov 2019 – L1 – SA – Q13 – Trial Balance: Usefulness and Limitations

Identify the reason for the imbalance in the trial balance.

Question

An Accounts officer extracted a trial balance for the year ended October 31, 2019, and discovered that the debit side exceeded the credit side by N30,000. Which of the following could explain the reason for the imbalance?

A. Sales of N30,000 was omitted from the sales journal
B. Returns inwards of N15,000 was posted to the debit side of the trial balance
C. Discounts received of N15,000 were posted to the credit side of the trial balance
D. The bank ledger account did not agree with the bank statement by a debit of N30,000
E. N30,000 spent on repairs of office equipment was debited to office equipment account

Answer

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Tags: Accounting Process, Errors, Trial Balance
Level: Level 1

Topic: Trial Balance: Usefulness and Limitations
Series: NOV 2019

FA – Nov 2019 – L1 – SA – 12 – Recording Financial TransactionsQ12 –

Identify which is not a book of prime entry.

Question

Which of the following is not a book of prime entry?

A. Cash book
B. Purchases journal
C. Trial balance
D. Returns inwards day book
E. Sales day book

Answer

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Tags: Books of Prime Entry, Trial Balance
Level: Level 1

Series: NOV 2019

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CSME – Nov 2019 – L2 – Q6c – Ethics in Business

Discusses ethical non-consequentialism with a focus on duty and highlights problems associated with this ethical theory.

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CSME – Nov 2019 – L2 – Q6b – Ethics in Business

Discusses the differences between ethical subjectivism and situation ethics.

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CSME – Nov 2019 – L2 – Q6a – Strategic Planning Process

Defines business strategy and highlights key questions that a five-year business strategy must answer.

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CSME – Nov 2019 – L2 – Q5b – Corporate Governance

Analyzes the alternative types of board structures and provides arguments for the most viable option.

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CSME – Nov 2019 – L2 – Q5a – Risk Management and Corporate Strategy

Outlines a presentation on the functions and determinants of the efficiency of a risk manager.

You're reporting an error for "CSME – Nov 2019 – L2 – Q5a – Risk Management and Corporate Strategy"

CSME – Nov 2019 – L2 – Q4c – Corporate Social Responsibility (CSR)

Explores the concept of social ecology and its impact on corporate social responsibility.

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CSME – Nov 2019 – L2 – Q4b – Corporate Social Responsibility (CSR)

Explores the concept of carbon neutrality and its application to corporate operations.

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CSME – Nov 2019 – L2 – Q4a – Corporate Social Responsibility (CSR)

Discusses the environmental and social impacts created by organizations in their pursuit of economic wealth.

You're reporting an error for "CSME – Nov 2019 – L2 – Q4a – Corporate Social Responsibility (CSR)"

CSME – Nov 2019 – L2 – Q3b – Ethical Issues in Corporate Governance

Discusses the application of six principles of the Nolan Committee in public finance management.

You're reporting an error for "CSME – Nov 2019 – L2 – Q3b – Ethical Issues in Corporate Governance"

CSME – Nov 2019 – L2 – Q3a – Corporate Governance

Discusses basic concepts that are essential for good corporate governance and their relation to governance practices.

You're reporting an error for "CSME – Nov 2019 – L2 – Q3a – Corporate Governance"

FA – Nov 2019 – L1 – SB – Q1a – Trial Balance: Usefulness and Limitations

Explains the definition of trial balance and identifies errors affecting and not affecting it.

You're reporting an error for "FA – Nov 2019 – L1 – SB – Q1a – Trial Balance: Usefulness and Limitations"

FA – Nov 2019 – L1 – SA – Q20 – Partnership Accounts

Calculate the balance in Ora’s current account at the end of the reporting period.

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FA – Nov 2019 – L1 – SA – Q19 – Partnership Accounts

Determine Obi’s share of profit in the partnership.

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FA – Nov 2019 – L1 – SA – Q18 – Bank Reconciliation

Identify what will not affect the agreement between the cash book balance and the bank statement balance.

You're reporting an error for "FA – Nov 2019 – L1 – SA – Q18 – Bank Reconciliation"

FA – Nov 2019 – L1 – SA – Q17 – Accounting Treatment for Accruals and Prepayments-

Identify where students' subscription received in advance is recognized in the statement of financial position.

You're reporting an error for "FA – Nov 2019 – L1 – SA – Q17 – Accounting Treatment for Accruals and Prepayments-"

FA – Nov 2019 – L1 – SA – Q16 – Accounts of Not-for-Profit Entities-

Identify what represents members’ interest in a society or club.

You're reporting an error for "FA – Nov 2019 – L1 – SA – Q16 – Accounts of Not-for-Profit Entities-"

FA – Nov 2019 – L1 – SA – Q15 – Financial Statements Preparation-

Calculate the adjusted net profit after correcting an error related to motor van expenses.

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FA – Nov 2019 – L1 – SA – Q14 Control Accounts

Identify the statement that does not explain the imprest system of petty cash.

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FA – Nov 2019 – L1 – SA – Q13 – Trial Balance: Usefulness and Limitations

Identify the reason for the imbalance in the trial balance.

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FA – Nov 2019 – L1 – SA – 12 – Recording Financial TransactionsQ12 –

Identify which is not a book of prime entry.

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