Series: NOV 2019

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  • 9 Marks

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.

(c) Discuss ethical non-consequentialism, its emphasis on duty, and highlight TWO of its problems. (9 Marks)

 

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  • 6 Marks

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

Discusses the differences between ethical subjectivism and situation ethics.

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

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  • 5 Marks

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

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

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

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  • 10 Marks

CSME – Nov 2019 – L2 – Q5b – Corporate Governance

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

(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)

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  • 10 Marks

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.

(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)

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  • 5 Marks

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

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

(c) Discuss the concept of social ecology. (5 Marks)

 

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  • 5 Marks

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

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

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

 

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  • 10 Marks

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

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

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)

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  • 6 Marks

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

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

(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)

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  • 14 Marks

CSME – Nov 2019 – L2 – Q3a – Corporate Governance

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

(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)

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  • 20 Marks

FR – Nov 2019 – L2 – Q5 – Financial Instruments (IAS 32, IFRS 9)

Analyze the performance of Sekiri Nigeria Limited and identify areas for further investigation based on financial information.

Sekiri Nigeria Limited is a major competitor to Ijor Ventures Limited. Both companies operate in the same industry over the last 20 years.

The summarised financial information of Sekiri Nigeria Limited for the last 2 years is as follows:

Summarised Profit or Loss for the Year Ended September 30:

Description 2019 (N’m) 2018 (N’m)
Revenue 4,565 4,905
Cost of Sales (2,950) (3,225)
Gross Profit 1,615 1,680
Selling, Distribution & Admin Expenses (1,095) (1,070)
Interest Expense (95) (75)
Net Profit Before Taxation 425 535
Taxation (225) (260)
Profit for the Year 200 275

Statement of Financial Position as at September 30:

Description 2019 (N’m) 2018 (N’m)
Non-Current Assets:
Intangible Assets 240 200
Tangible Assets (Carrying Amount) 1,080 1,030
Total Non-Current Assets 1,320 1,230
Current Assets:
Inventories 1,470 1,515
Trade Receivables 800 705
Bank 260 290
Total Current Assets 3,850 3,740
Total Assets 5,170 4,970

Equity & Liabilities:

Description 2019 (N’m) 2018 (N’m)
Equity
Ordinary Share Capital 500 500
Retained Earnings 1,730 1,650
Total Equity 2,230 2,150
Non-Current Liabilities 690 690
Current Liabilities:
Trade Payables 375 375
Other Payables 555 525
Total Liabilities 3,850 3,740

Sekiri Nigeria Limited declared dividend of N120m each in years 2018 and 2019

Required:

(a) As the Chief Accountant of Ijor Ventures Limited, write a report to your company’s Finance Director analyzing the performance of Sekiri Nigeria Limited.
(10 Marks)

(b) Highlight FIVE areas that will require further investigation, including reference to other pieces of information that would complement your analysis of the performance of Sekiri Nigeria Limited.
(10 Marks)

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  • 14 Marks

FR – Nov 2019 – L2 – Q4b – Provisions, Contingent Liabilities and Contingent Assets (IAS 37)

Distinguish between provisions, contingent liabilities, and contingent assets as defined in IAS 37.

IAS 37 – Provisions, Contingent Liabilities and Contingent Assets, sets out the principles of accounting for these items and classifies when provisions should not be made prior to its issue. The inappropriate use of provisions has been an area where companies have been accused of manipulating financial statements and of creative accounting.

Required:

Distinguish between provisions, contingent liabilities, and contingent assets as contained in IAS 37.
(14 Marks)

IAS 37 – Provisions, Contingent Liabilities and Contingent Assets, sets out the principles of accounting for these items and classifies when provisions should not be made prior to its issue. The inappropriate use of provisions has been an area where companies have been accused of manipulating financial statements and of creative accounting.

Required:

Distinguish between provisions, contingent liabilities, and contingent assets as contained in IAS 37.
(14 Marks)

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  • 6 Marks

FR – Nov 2019 – L2 – Q4a – Ethical Issues in Financial Reporting

Explain the concepts of substance over form and going concern in financial reporting.

The IASB’s framework for preparation and presentation of financial statements requires financial statements to be prepared on the basis that they comply with certain accounting concepts and underlying assumptions.

Required:

Explain the meaning of each of the following concepts and the underlying assumption:

  • Substance over form
  • Going concern
    (6 Marks)

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  • 20 Marks

FR – Nov 2019 – L2 – Q3 – Consolidated Financial Statements (IFRS 10)

Prepare a consolidated statement of financial position for Family Plc as of September 30, 2019, including the calculation of goodwill, unrealised profit, and non-controlling interests.

Family Plc. is the parent company of Children Limited. The statements of financial position of the two companies as at September 30, 2019, are presented below:

Statement of Financial Position as at September 30, 2019

Assets Family Plc Children Ltd
Office building complex 5,000 1,920
Plant and machinery 7,000 6,000
Investment in Children Ltd shares 6,028 –
Total Non-current Assets 18,028 7,920
Current Assets
Inventory 3,600 1,900
Trade receivables 4,100 1,700
Other receivables 300 20
Tax assets 0 100
Bank balances 1,440 840
Total Current Assets 9,440 4,560
Total Assets 27,468 12,480
Equity and Liabilities Family Plc Children Ltd
Ordinary shares of N1.50 each 21,600 9,600
Retained earnings 1,260 480
Total Equity 22,860 10,080
Current Liabilities
Trade payables 2,000 280
Other payables 928 200
Overdrafts 1,680 1,920
Total Current Liabilities 4,608 2,400
Total Equity and Liabilities 27,468 12,480

Additional Information:

  1. Family Plc acquired 4.8 billion shares in Children Limited a year ago when Children Limited had retained earnings of N144 million, and the fair value of the non-controlling interest was N3.396 billion. Profits were evenly distributed over the years.
  2. During the year ended September 30, 2019, Family Plc sold goods with an invoiced value of N576 million at cost plus 20% to Children Limited. Half of the goods were still in Children Limited’s inventory as at the end of the year.
  3. Children Limited owed Family Plc N72 million for goods purchased during the year.
  4. Included in the other payables is the proposed dividend of 2.5 kobo per share for Children Limited for the year ended September 30, 2019. Both companies agreed that the proposed dividend should be paid by the directors of Children Limited before consolidation.

Required:

Prepare the Consolidated Statement of Financial Position for Family Plc as at September 30, 2019.
(20 Marks)

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  • 15 Marks

FR – Nov 2019 – L2 – Q2b – Accounting for Income Taxes (IAS 12)

Calculate current and deferred tax for Dan Ruwa Nigeria Limited and prepare the statement of profit or loss.

b. Dan Ruwa Nigeria Limited is a company that specializes in the production of bottled and sachet water. The company was incorporated on January 1, 2018.

The summarised financial statements of the company for the year ended December 31, 2018, are as follows:

Extract of Statement of Profit or Loss for the year ended December 31, 2018:

Description N’000
Revenue 270,000
Administrative and other allowable expenses (138,000)
Accounting depreciation (11,000)
Net profit before taxation 121,000

Extract of Statement of Financial Position as at December 31, 2018:

Description N’000
Property, plant & equipment 48,000
Motor vehicle 12,000
Less: Depreciation (11,000)
Carrying amount 49,000
Description N’000
Ordinary share capital 17,000
Retained earnings 12,000
Other liabilities 20,000
Total 49,000

The Federal Inland Revenue Service (FIRS) granted the company a capital allowance on its non-current assets, which amounted to N15,000,000, and the company income tax rate is 30%.

Required:

i. Calculate the current income tax expense and the deferred tax liability balance that should be disclosed in the statement of financial position of the company as at December 31, 2018.
(10 Marks)

ii. Prepare the statement of profit or loss of Dan Ruwa Nigeria Limited showing the tax expense for the year ended December 31, 2018.
(5 Marks)

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  • 5 Marks

FR – Nov 2019 – L2 – Q2a – Accounting for Income Taxes (IAS 12)

Explain the concepts of current tax and deferred tax in accordance with IAS 12.

a. In accordance with IAS 12 on Income Tax, the income tax expense in the statement of profit or loss is composed of two tax components:

i. Current tax
ii. Deferred tax

Required:

Explain these two tax components.
(5 Marks)

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  • 12 Marks

FR – Nov 2019 – L2 – Q1c – Accounting Policies, Changes in Accounting Estimates, and Errors (IAS 8)

Explain the factors required for selecting and applying accounting policies per IAS 8, and identify alternative policies for inventory and depreciation.

c. State the main factors that IAS 8 requires management of a company to consider in selecting and applying accounting policies in the absence of any IFRS and identify the alternative accounting policies on the following items in the financial statements:

i. Inventories
ii. Depreciation

(12 Marks)

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  • 16 Marks

FR – Nov 2019 – L2 – Q1b – Presentation of Financial Statements (IAS 1)

Prepare financial statements for Uchena Nigeria Plc, including profit or loss, changes in equity, and financial position.

The Chief Accountant of Uchena Nigeria plc has just forwarded the trial balance of the company to you for review before the preparation of draft financial statements for the year ended December 31, 2018.

The trial balance is as follows:

Description Debit (N’m) Credit (N’m)
Ordinary share capital 43,200
Revenue 125,280
Staff cost 18,720
Leasehold building 21,600
Patent rights 4,320
Work-in-progress (Jan 1, 2018) 9,000
Accum. Depreciation on building (Jan 1, 2018) 4,320
Inventories of finished goods (Jan 1, 2018) 11,160
Consultancy fee 3,168
Directors’ salaries 25,920
Computer at cost (Hardware) 3,600
Accum. Depreciation on computer (Jan 1, 2018) 1,440
Retained earnings (Jan 1, 2018) 8,712
Dividend paid 9,000
Cash and bank 31,680
Trade receivables 30,240
Trade payables 6,624
Sundry expenses 21,168
Totals 189,576 189,576

Additional information:

  1. On January 1, 2018, buildings were revalued to N25,920 million. This has not been reflected in the accounts.
  2. Computer (hardware) is depreciated over five years. Buildings are now to be depreciated over 30 years.
  3. The patent rights relate to a computer software with a 3-year life span.
  4. An allowance for bad debts of 5% is to be created.
  5. Closing inventories of finished goods are valued at N12,960 million. Work-in-progress has increased to N10,080 million.
  6. There is an estimated liability for current tax of N8,640 million, which has not been recognized.

Required:

  1. Prepare a draft statement of profit or loss (analyzing expenses by nature) for the year ended December 31, 2018. (6 Marks)
  2. Prepare a statement of changes in equity for the year ended December 31, 2018. (4 Marks)
  3. Prepare a statement of financial position as at December 31, 2018. (6 Marks)

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  • 12 Marks

FR – Nov 2019 – L2 – Q1a – Property, Plant, and Equipment (IAS 16)

Explain the classification and measurement differences between investment properties and property, plant, and equipment.

You are the Financial Controller of Uchena Nigeria plc. The company was established about 15 years ago. At the last annual general meeting of the company, a new Managing Director was appointed.

The new Managing Director is a non-finance executive with very little knowledge of accounting. He has requested for the past five years financial statements of the company for review.

He has prepared a list of issues based on his review as follows:

  1. When I look at the statement of financial position of one of the past financial statements, one of the categories of non-current asset is investment properties and another category is property, plant, and equipment, in which all other properties are included. It is certain that the company invested in properties, so why do you have two categories for them in the statement of financial position? How did you decide what goes where?
  2. A note to the financial statements states that investment properties are measured at their fair values and not depreciated. Don’t all non-current assets have to be depreciated over their estimated useful lives?
  3. Another note to the financial statements states that property included in the property, plant, and equipment is measured at cost less accumulated depreciation rather than at fair value. Shouldn’t all properties be measured in financial statements on a consistent basis?
  4. Finally, I can’t see from the financial statements where gains or losses relating to the measurement of investment properties are included; the profit statement includes two main components: profit or loss and other comprehensive income; where would the gains or losses go? Presumably, the treatment of gains or losses is the same for any non-current assets, which one is measured at fair value?

Required:

Provide answers to the issues raised by the Managing Director. You should justify your answers with reference to the relevant IFRS. (12 Marks)

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  • 6 Marks

BMIS – Nov 2019 – L1 – Q1a – The Business Organization and its Stakeholders

Explain three business types available to individuals venturing into business.

Kofi Stone, Ama Black and Adwoa Sika who were your students at the Ultimate Business School have decided to venture into business after their National Service which ends in the next three months. They have approached you for your advice on the type(s) of business(es) which they should invest in, considering the country’s economic environment.

Required:
Explain THREE (3) business types available to them. (6 marks)

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