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

PT – Nov2019 – L2 – Q5c – Income Tax Liabilities

This question asks to determine any tax payable and comment on the relevant tax implications of gifts received by Madam Okailey.

Question

Madam Okailey Armah, a prominent market queen and Philanthropist, was nominated Asafouakye of Namoale Traditional Area in Accra in January 2018. At her out-dooring in August 2018 as Naa Okailey Tsofatse II, she sat in state and received homage and gifts from her people, friends, and business associates. The following were the quantifiable gifts she received:
GH¢
Market Queens Association 1,000
Commercial Bank (Pick-Up) 5,000
Namoale Traditional Council 500
Father-in-Law 500
Anonymous admirer
1,000
A week after her out-dooring,
she made the following donations:
Osu Children’s Home Pick-Up Vehicle
GH¢
Children’s Hospital (Accra) 1,000
Weija Leprosarium 500
Children’s Ward Korle Bu (Assorted Biscuits) 200
Thanksgiving Offering (Freeman Memorial Church, Bukom) 200

Determine any tax payable and briefly comment on the relevant tax implications.
(5 marks)

Answer

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Tags: Gift tax, Gifts, Philanthropy, Taxation
Level: Level 2

Series: NOV 2019

PT – Nov2019 – L2 – Q5a – Taxation of Capital Gains

This question asks to compute the capital gains tax payable on the disposal of a land asset.

Question

Mamavi Dekey (Mamavi) purchased land in Ho in the Volta Region for a cost of GH¢200,000 in 2010. In 2011, she spent GH¢8,000 for grading the land. In March 2019, she spent another GH¢10,000 to reshape the land with the intention to sell it. Mamavi engaged Kobina Ebo, a Valuer, in June 2019 to value the land, and he charged GH¢2,000. In July 2019, she placed an advert at ‘Ho Bankoe FM’ on the sale of the land and paid GH¢1,000. In October 2019, she sold the land through an agent for GH¢300,000 to Kalika, and the agent’s commission was 2% of the sale value. Mamavi also paid GH¢600 for stamp duty and legal permit for conveyance of the land to Kalika.

Required:
Compute any tax payable.
(5 marks)

Answer

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Tags: Asset Disposal, Capital Gains, Land Sale, Tax computation
Level: Level 2

Topic: Taxation of Capital Gains
Series: NOV 2019

PT – Nov2019 – L2 – Q4c – Income Tax Liabilities

This question asks to explain the taxation rules governing research and development expenses.

Question

c) Explain briefly the taxation rules governing research and development expenses. (4 marks)

Answer

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Tags: Corporate Tax, Research and Development, Tax deduction
Level: Level 2

Topic: Corporate Tax Liabilities
Series: NOV 2019

PT – Nov2019 – L2 – Q4b – Income Tax Liabilities

This question asks to identify items that constitute domestic and excluded expenditures for tax purposes.

Question

b) ‘No deductions are allowed for domestic or excluded expenditure incurred by a person in the computation of assessable income.’

Required:
i) Identify FOUR (4) items that constitute domestic expenditure. (4 marks)
ii) Identify FOUR (4) items that constitute excluded expenditure. (4 marks)

Answer

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Tags: Allowable Deductions, Domestic expenditure, Excluded Expenditure, Non-Allowable Deductions
Level: Level 2

Topic: Corporate Tax Liabilities
Series: NOV 2019

PT – Nov2019 – L2 – Q4a – Corporate Tax Liabilities

This question asks to compute the chargeable income of Valentine Ghana Limited for the 2018 tax year based on the provided financial statements and additional information.

Question

Valentine Ghana Limited is a producer of love greeting cards, and the following was extracted from its financial statements for the year ended 31 December 2018.
a) Valentine Ghana Limited is a producer of love greeting cards and the following was
extracted from its financial statements for the year ended 31 December,2018.

Deduct:

Net Profit: GH¢346,110
Additional Information:
i) Capital allowances for the year were GH¢204,000, as agreed with the Ghana Revenue Authority (GRA).
ii) The figures for repairs and maintenance include an amount of GH¢33,150 for the cost of erecting a new gate to the factory.
iii) 50% of other income was the personal rental income of the Managing Director.
iv) One-third of vehicle running expenses was expended on the personal car of the Managing Director, used for the company’s operation based on company policy.

Required:
Calculate the chargeable income of Valentine Ghana Limited for 2018 Year of Assessment.
(8 marks)

Answer

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Tags: Adjustments, Capital allowances, chargeable income, Corporate Tax
Level: Level 2

Topic: Corporate Tax Liabilities
Series: NOV 2019

PT – Nov2019 – L2 – Q3d – Tax Administration

This question asks to identify the key features of the Vehicle Income Tax Stickers (VITS) tax system.

Question

In 2003, the Vehicle Income Tax Stickers (VITS) was introduced by way of LI 1727 and amended by Income Tax Regulations, 2016 (LI 2244).

Required:
Identify the key features of the VITS tax system.
(6 marks)

Answer

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Tags: Income Tax Regulations, Vehicle Income Tax, VITS
Level: Level 2

Topic: Income Tax Liabilities
Series: NOV 2019

PT – Nov 2019 – L2 – Q3b – Income Tax Liabilities

This question asks to calculate the tax implications of overtime payments for a senior staff member.

Question

Amos is a Senior Staff member of Sims Company Limited. His monthly basic salary is GH¢1,490.00. He was paid an overtime totalling GH¢650.00 during the month of January, 2019.

Required:
What is the tax implication? (3 marks)

Answer

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Tags: Income Tax, Overtime, Tax computation
Level: Level 2

Topic: Income Tax Liabilities
Series: NOV 2019

PT – Nov 2019 – L2 – Q3a – Income Tax Liabilities

Computes King Peter’s tax liability on overtime for the months of January and February 2019.

Question

a) King Peter is a Junior Staff member of Sir James Company Limited. His monthly basic salary is GH¢700.00. He was paid overtime totaling GH¢50.00 during the month of January 2019.

Required:
i) Compute his tax liability on overtime for the month of January 2019. (2 marks)

In the month of February 2019, King Peter was paid overtime totaling GH¢500.00.

ii) Compute his tax liability on the overtime payments for the month of February 2019. (3 marks)

Answer

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Tags: Employment Income, Income Tax Computation, Overtime Taxation
Level: Level 2

Topic: Income Tax Liabilities
Series: NOV 2019

PT – Nov 2019 – L2 – Q2c – Withholding Tax Administration

Calculates withholding tax due from various contracts awarded to KPP Books & Stationery Ltd. by Ghana Water Company.

Question

c) Below are the various contracts awarded to KPP Books and Stationery Limited by the Ghana Water Company for the 2018 year of assessment:

1st contract: supply of stationery costing GH¢1,000 in January 2018.
2nd contract: supply of Station Diaries costing GH¢900 in March 2018.
3rd contract: supply of additional stationery costing GH¢900 on August 16, 2018.
Required:
What amount of withholding tax is due to the Ghana Revenue Authority in the year 2018 from Ghana Water Company? (5 marks)

Answer

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Tags: Contracts, Tax deductions, Threshold, Withholding Tax
Level: Level 2

Topic: Withholding Tax Administration
Series: NOV 2019

PT – Nov 2019 – L2 – Q2b – Value-Added Tax (VAT)

Calculates withholding VAT, output VAT, and VAT payable by Akorfa Vinyo for equipment hire services.

Question

b) Akorfa Vinyo, an equipment hiring company, raises an invoice in the sum of GH¢500,000.00 in respect of hiring of equipment services to a withholding VAT agent (Sir James Enterprise). This supply excludes Value Added Tax (VAT of 12.5%), National Health Insurance Levy (NHIL of 2.5%), and Ghana Education Trust Fund Levy (GETFL of 2.5%).

Assume that this is the only supply of value-added activity done by Akorfa Vinyo in the period and payments are made in the same period.

Required:
i) Calculate the proportion of VAT that should be withheld by the agent in respect of payment of the invoice (the withholding VAT rate is 7%). (3 marks)
ii) Calculate the output VAT to be shown on the face of Akorfa’s monthly VAT Return. (3 marks)
iii) Calculate the VAT payable by Akorfa, if the total input VAT incurred for the period is GH¢25,000. (3 marks)
iv) Show the payment details by the Withholding Agent for the supply. (3 marks)

Answer

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Tags: Input VAT, Output VAT, Tax deduction, VAT, Withholding VAT
Level: Level 2

Topic: Value-Added Tax (VAT)
Series: NOV 2019

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.

You're reporting an error for "CSME – Nov 2019 – L2 – Q4b – Corporate Social Responsibility (CSR)"

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"

PT – Nov2019 – L2 – Q5c – Income Tax Liabilities

This question asks to determine any tax payable and comment on the relevant tax implications of gifts received by Madam Okailey.

You're reporting an error for "PT – Nov2019 – L2 – Q5c – Income Tax Liabilities"

PT – Nov2019 – L2 – Q5a – Taxation of Capital Gains

This question asks to compute the capital gains tax payable on the disposal of a land asset.

You're reporting an error for "PT – Nov2019 – L2 – Q5a – Taxation of Capital Gains"

PT – Nov2019 – L2 – Q4c – Income Tax Liabilities

This question asks to explain the taxation rules governing research and development expenses.

You're reporting an error for "PT – Nov2019 – L2 – Q4c – Income Tax Liabilities"

PT – Nov2019 – L2 – Q4b – Income Tax Liabilities

This question asks to identify items that constitute domestic and excluded expenditures for tax purposes.

You're reporting an error for "PT – Nov2019 – L2 – Q4b – Income Tax Liabilities"

PT – Nov2019 – L2 – Q4a – Corporate Tax Liabilities

This question asks to compute the chargeable income of Valentine Ghana Limited for the 2018 tax year based on the provided financial statements and additional information.

You're reporting an error for "PT – Nov2019 – L2 – Q4a – Corporate Tax Liabilities"

PT – Nov2019 – L2 – Q3d – Tax Administration

This question asks to identify the key features of the Vehicle Income Tax Stickers (VITS) tax system.

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PT – Nov 2019 – L2 – Q3b – Income Tax Liabilities

This question asks to calculate the tax implications of overtime payments for a senior staff member.

You're reporting an error for "PT – Nov 2019 – L2 – Q3b – Income Tax Liabilities"

PT – Nov 2019 – L2 – Q3a – Income Tax Liabilities

Computes King Peter’s tax liability on overtime for the months of January and February 2019.

You're reporting an error for "PT – Nov 2019 – L2 – Q3a – Income Tax Liabilities"

PT – Nov 2019 – L2 – Q2c – Withholding Tax Administration

Calculates withholding tax due from various contracts awarded to KPP Books & Stationery Ltd. by Ghana Water Company.

You're reporting an error for "PT – Nov 2019 – L2 – Q2c – Withholding Tax Administration"

PT – Nov 2019 – L2 – Q2b – Value-Added Tax (VAT)

Calculates withholding VAT, output VAT, and VAT payable by Akorfa Vinyo for equipment hire services.

You're reporting an error for "PT – Nov 2019 – L2 – Q2b – Value-Added Tax (VAT)"

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