Professional Body: ICA (Ghana)

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PSAF – Nov 2020 – L2 – Q3a – The Budgeting Process in the Public Sector

Explain the factors militating against the budgeting system in the public sector.

Question

The budgeting process is a cycle of events which occur sequentially every
year and which results in the approved budgets in ministries and extra ministerial departments.

Required:
Explain five factors militating against the budgeting system in the public sector.

Answer

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Tags: Budget Process, Government Expenditure, Public Sector Budgeting
Level: Level 2

Topic: The Budgeting Process in the Public Sector
Series: NOV 2020

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

Explain three business types available to individuals venturing into business.

Question

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)

Answer

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Tags: Business Types, Limited Liability Company, Partnership, Sole Proprietorship
Level: Level 1

Topic: The Business Organisation and its Stakeholders
Series: NOV 2019

BMIS – Nov 2019 – L1 – Q1c – Organization culture in business

Explains centralization, decentralization, and three advantages of decentralization for a company.

Question

At the last Management meeting of Cool Hearts Ltd, which is a fast-moving consumer product firm with outlets throughout the country, it came out that sales and other targets were being missed as a result of the failure of top managers to involve subordinates in decision-making. You have just joined the company as an Organizational Analyst and have decided to submit a proposed solution to the problem to your Board at its next meeting to be held in two weeks’ time.

Required:
Explain the following:
i) Centralization (2 marks)
ii) Decentralization (2 marks)
iii) THREE (3) advantages Cool Hearts Ltd would gain from decentralizing its operations. (6 marks)

Answer

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Tags: Centralization, Decentralization, Decision Making, Management Decisions, Organizational Structure
Level: Level 1

Topic: Organisation culture in business
Series: NOV 2019

BMIS – Nov 2019 – L1 – Q1b – Characteristics of a Private Limited Company

Explain two characteristics of a private limited liability company.

Question

Explain TWO (2) characteristics of a Private Limited Liability Company. (4 marks)

Answer

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Tags: Company Characteristics, Private Limited Liability
Level: Level 1

Topic: The Business Organisation and its Stakeholders
Series: NOV 2019

BMIS – Nov 2019 – L1 – Q2ai – Leadership Definition

Explain the term leadership in relation to its influence on group behavior.

Question

Explain the term Leadership. (2 Marks)

Answer

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Tags: Group Dynamics, Influence, Leadership
Level: Level 1

Topic: Management and leadership
Series: NOV 2019

BMIS – Nov 2019 – L1 – Q2aii – Theories of Leadership

Explain the Trait, Style, and Contingency Theories of Leadership.

Question

Explain the following Theories of Leadership:

Trait (3 Marks)
Style (3 Marks)
Contingency (3 Marks)

Answer

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Tags: Contingency Theory, Leadership Theories, Style Theory, Trait Theory
Level: Level 1

Topic: Management and leadership
Series: NOV 2019

BMIS – Nov 2019 – L1 – Q2bi – Extrinsic Rewards

Explain extrinsic rewards in relation to employee motivation.

Question

Explain the following in relation to the motivation of employees:
i) Extrinsic rewards (2 Marks)

Answer

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Tags: Employee Compensation, Motivation, Rewards
Level: Level 1

Topic: Motivation
Series: MAY 2019, NOV 2019

BMIS – Nov 2019 – L1 – Q2bii – Intrinsic Rewards

Explain intrinsic rewards in relation to employee motivation.

Question

Explain the following in relation to the motivation of employees:
ii) Intrinsic rewards (2 Marks)

Answer

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Tags: Job Satisfaction, Motivation, Psychological Rewards
Level: Level 1

Topic: Motivation
Series: NOV 2019

BMIS – Nov 2019 – L1 – Q2c – Group Development Stages

Outline the stages of group development in an organizational context.

Question

Outline the stages of group development. (5 Marks)

Answer

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Tags: Group Development, Organizational Behavior, Team Formation
Level: Level 1

Topic: Teams
Series: NOV 2019

BMIS – NOV 2019 – L1 – Q3a – Mission Statement

Write a mission statement for Hard Leather Limited, a footwear manufacturing company with products for middle and upper classes.

Question

a) Hard Leather Limited is a footwear manufacturing company with a wide range of products for middle and upper classes.

Required: Write a mission statement for the company. (5 marks)

Answer

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Tags: Company objectives, Mission Statement, Strategic Planning
Level: Level 1

Topic: Introduction to Business Strategy
Series: NOV 2019

FR – May 2020 – L2 – Q1a – Consolidated statement of profit or loss and OCI

Prepare a consolidated statement of profit or loss and other comprehensive income for Naa Ltd and its subsidiary, Shormeh Ltd, for the year ended 30 September 2019.

Question

Answer

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Tags: Consolidation, Group Financial Statements, Other Comprehensive Income, Profit and Loss
Level: Level 2

FR – May 2020 – L2 – Q1b – Consolidated Goodwill Calculation

Calculate the goodwill for the acquisition of Shormeh Ltd by Naa Ltd on 1st April 2019.

Question

Calculate the consolidated goodwill that arose on the acquisition date for Naa Ltd’s acquisition of Shormeh Ltd. (3 Marks)

Answer

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Tags: Acquisition, consolidated financial statements, Goodwill
Level: Level 2

Topic: Group Financial Statements and Consolidation
Series: MAY 2020

FR – May 2020 – L2 – Q2a – Revenue Recognition under IFRS 15

Determine the appropriate accounting treatment for a sales transaction with a free two-year maintenance contract under IFRS 15.

Question

Ejura Ltd (Ejura) is a manufacturing and retail company that prepares financial statements in accordance with International Financial Reporting Standards (IFRS) up to 31 December each year.

In order to generate or improve sales on one of its older products, Ejura offered a promotion named ‘something for free.’ The promotion included free maintenance services for the first two years. On 1 October 2019, under the promotional offer, Ejura sold goods to a supermarket chain for GH¢4.4 million. A two-year maintenance contract would normally be sold for GH¢0.5 million, and the list price of the product would normally be GH¢5 million. The transaction has been included in revenue at GH¢4.4 million.

Required:
In accordance with IFRS 15: Revenue from Contracts with Customers, justify the appropriate accounting treatment for the above transaction in the financial statements of Ejura for the year ended 31 December 2019.

Answer

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Tags: Contracts with Customers, Deferred Income, IFRS 15, Revenue
Level: Level 2

Topic: Financial Reporting Standards and Their Applications
Series: MAY 2020

FR – May 2020 – L2 – Q2b – Classification of Discontinued Operations under IFRS 5

Assess the classification of certain operations as discontinued operations under IFRS 5 for two scenarios.

Question

In accordance with IFRS 5: Non-Current Assets held for Sale and Discontinued Operations, explain with reasons whether each of the following could most likely be classified as a discontinued operation in this year’s financial statements:

i) A reportable operating segment that met the definition of held for sale after the year-end but before the financial statements were authorised for issue.
ii) A division of a business, classified as held for sale, that was correctly treated as a discontinued operation in last year’s financial statements but which has not been sold by this year-end due to the sale being referred to the Securities and Exchange Commission (SEC). SEC is not expected to report its findings until 6 months after this year-end.

Answer

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Tags: Discontinued Operations, Financial Reporting, IFRS 5, Non-current Assets
Level: Level 2

Series: MAY 2020

FR – May 2020 – L2 – Q2c – Bond Recognition under IFRS 9

Calculate the amount to be recognized in Asamankese Ltd’s financial statements for a bond purchased at a discount under IFRS 9.

Question

Asamankese Ltd (Asamankese) purchased a 6% GH¢50 million bond on 1 August 2018 at a 10% discount to par value. Expenses of purchase were GH¢500,000. The bond is due for redemption on 31 July 2028 at par. The effective annual interest rate to maturity is 7.3%. Asamankese intends to hold the bond until its maturity date.

Required:
In accordance with IFRS 9: Financial Instruments, how much should be recognized in Asamankese’s financial statements in respect of the above transaction for the year ended 31 July 2019 (to two decimal places)?

Answer

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Tags: Amortized Cost, Bonds, Effective Interest Rate, IFRS 9
Level: Level 2

Topic: Financial Reporting Standards and Their Applications
Series: MAY 2020

FR – May 2020 – L2 – Q2c – Bond Recognition under IFRS 9

Calculate the amount to be recognized in Asamankese Ltd’s financial statements for a bond purchased at a discount under IFRS 9.

Question

Answer

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Tags: Amortized Cost, Bonds, Effective Interest Rate, IFRS 9
Level: Level 2

Topic: Financial Reporting Standards and Their Applications
Series: MAY 2020

FR – May 2020 – L2 – Q2d – Accounting for Government Grants under IAS 20

Explain the financial reporting treatment of government grants in Dambai Ltd’s financial statements under IAS 20.

Question

Dambai Ltd is a large manufacturing company. During the year, it decided to relocate some operations to a regional development area, which offers attractive labour costs and tax incentives. The regional government agreed to contribute GH¢200,000 as a result of Dambai setting up in the regional development area. There are no particular conditions as to what the money should be spent on. The cash was received on 1 August 2019.

Required:
In accordance with IAS 20: Accounting for Government Grants and Disclosure of Government Assistance, explain the financial reporting treatment of the above in the financial statements of Dambai for the year ended 31 December 2019.

Answer

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Tags: Financial Reporting, Government Grants, IAS 20, Revenue Recognition
Level: Level 2

Topic: Financial Reporting Standards and Their Applications
Series: MAY 2020

FR – May 2020 – L2 – Q3a – Preparation of Statement of Profit or Loss

Prepare the statement of profit or loss for Badu Trading Ltd for the year ended 31 May 2020.

Question

Answer

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Tags: Final Accounts, Financial Reporting, Statement of Profit or Loss
Level: Level 2

Topic: Preparation of Financial Statements
Series: MAY 2020

FR – May 2020 – L2 – Q3b – Statement of Financial Position

Prepare the statement of financial position for Badu Trading Ltd for the year ended 31 May 2020.

Question

Prepare the statement of financial position for Badu Trading Ltd for the year ended 31 May 2020.

Answer

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Tags: Final Accounts, Financial Reporting, Statement of Financial Position
Level: Level 2

Topic: Preparation of Financial Statements
Series: MAY 2020

FR – May 2020 – L2 – Q5a – Ethical Dilemmas in Tendering Process

This question focuses on the ethical course of action in tendering when faced with insider information in the internal audit context.

Question

Mrs. Stella Amoah (Stella), a Chartered Accountant and Head of Internal Audit in Ningo Communications Authority (NCA), is about to tender for a contract in Internal Audit Service. A new member of her team, Mr. Stephen Appiah Coker (Stephen), has been recruited from the Internal Audit Service, where he previously worked in the department responsible for devising the tender contract. Although Stephen was not involved with the tender process, his former colleague and friend is responsible for the tender specification document and the evaluation process.

Stephen had sight of some of the requirements and has offered to share with Stella information that may be of use when preparing the tender. However, this information is confidential and should not be seen by any of the tendering parties.

It will be an open tender process for both external and internal providers. Bids from external providers are being encouraged. The evaluation process has been designed with this in mind. If the contract is awarded externally, Stella will be unsure of her personal position in the organization. She understands that using any insider knowledge of the tendering process would be inappropriate when preparing the tender proposal, but she feels she would have a better chance of success if she used this confidential information.

Required:
Advise Mrs. Stella Amoah on THREE (3) courses of action she should take in order to act ethically in the tendering process given in the above scenario.

Answer

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Tags: Confidentiality, Ethics, Internal Audit, Professional Responsibility, Tender Process
Level: Level 2

Topic: Professional and Ethical Considerations, Professional and Ethical Issues in Financial Reporting

Professional Body: ICA (Ghana)

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PSAF – Nov 2020 – L2 – Q3a – The Budgeting Process in the Public Sector

Explain the factors militating against the budgeting system in the public sector.

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

Explain three business types available to individuals venturing into business.

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BMIS – Nov 2019 – L1 – Q1c – Organization culture in business

Explains centralization, decentralization, and three advantages of decentralization for a company.

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BMIS – Nov 2019 – L1 – Q1b – Characteristics of a Private Limited Company

Explain two characteristics of a private limited liability company.

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BMIS – Nov 2019 – L1 – Q2ai – Leadership Definition

Explain the term leadership in relation to its influence on group behavior.

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BMIS – Nov 2019 – L1 – Q2aii – Theories of Leadership

Explain the Trait, Style, and Contingency Theories of Leadership.

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BMIS – Nov 2019 – L1 – Q2bi – Extrinsic Rewards

Explain extrinsic rewards in relation to employee motivation.

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BMIS – Nov 2019 – L1 – Q2bii – Intrinsic Rewards

Explain intrinsic rewards in relation to employee motivation.

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BMIS – Nov 2019 – L1 – Q2c – Group Development Stages

Outline the stages of group development in an organizational context.

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BMIS – NOV 2019 – L1 – Q3a – Mission Statement

Write a mission statement for Hard Leather Limited, a footwear manufacturing company with products for middle and upper classes.

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FR – May 2020 – L2 – Q1a – Consolidated statement of profit or loss and OCI

Prepare a consolidated statement of profit or loss and other comprehensive income for Naa Ltd and its subsidiary, Shormeh Ltd, for the year ended 30 September 2019.

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FR – May 2020 – L2 – Q1b – Consolidated Goodwill Calculation

Calculate the goodwill for the acquisition of Shormeh Ltd by Naa Ltd on 1st April 2019.

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FR – May 2020 – L2 – Q2a – Revenue Recognition under IFRS 15

Determine the appropriate accounting treatment for a sales transaction with a free two-year maintenance contract under IFRS 15.

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FR – May 2020 – L2 – Q2b – Classification of Discontinued Operations under IFRS 5

Assess the classification of certain operations as discontinued operations under IFRS 5 for two scenarios.

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FR – May 2020 – L2 – Q2c – Bond Recognition under IFRS 9

Calculate the amount to be recognized in Asamankese Ltd’s financial statements for a bond purchased at a discount under IFRS 9.

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FR – May 2020 – L2 – Q2c – Bond Recognition under IFRS 9

Calculate the amount to be recognized in Asamankese Ltd’s financial statements for a bond purchased at a discount under IFRS 9.

You're reporting an error for "FR – May 2020 – L2 – Q2c – Bond Recognition under IFRS 9"

FR – May 2020 – L2 – Q2d – Accounting for Government Grants under IAS 20

Explain the financial reporting treatment of government grants in Dambai Ltd’s financial statements under IAS 20.

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FR – May 2020 – L2 – Q3a – Preparation of Statement of Profit or Loss

Prepare the statement of profit or loss for Badu Trading Ltd for the year ended 31 May 2020.

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FR – May 2020 – L2 – Q3b – Statement of Financial Position

Prepare the statement of financial position for Badu Trading Ltd for the year ended 31 May 2020.

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FR – May 2020 – L2 – Q5a – Ethical Dilemmas in Tendering Process

This question focuses on the ethical course of action in tendering when faced with insider information in the internal audit context.

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