Question Tag: Business Decisions

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  • 7 Marks

BL – May 2018 – L1 – SB – Q2b – Partnership Law

Discuss partnership roles and management changes.

de and Bola are partners in a firm consisting of ten other partners. Ade solely manages the business of the firm, while Bola is interested only in the profits of the business. In the course of managing the business of the firm, Ade made a payment of N10,000.00 for electricity and also incurred expenses on hotel bills while representing the firm in Tema, Ghana. Ade, who is now overwhelmed by the running of the firm, intends to introduce a friend into the business as a partner. In addition, Ade wants the business of the firm to be changed in order to attract more profit.

Required:
(i) What type of partners are Ade and Bola? Give reasons for your answer. (3 Marks)
(ii) Advise Ade on the money he paid for the electricity, the hotel bills as well as the plan to introduce a new partner. (4 Marks)

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  • 1 Marks

BMF – May 2024 – L1 – SA – Q19 – Basics of Business Finance and Financial Markets

Understanding the role of the statement of changes in equity in financial reporting.

What role does the statement of changes in equity play in a company’s financial reporting and decision-making?
A. It helps in assessing a company’s non-current assets and depreciation methods
B. It provides a detailed breakdown of a company’s cash flows from operating, investing, and financing activities
C. It presents a summary of a company’s equity transactions, aiding stakeholders in understanding financial performance and ownership changes over time
D. It shows the company’s income and expenses, enabling stakeholders to evaluate profitability and cash generation
E. It outlines a company’s long-term debt obligations and interest expense, assisting stakeholders in assessing capital structure and financial stability

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  • 1 Marks

BMF – May 2024 – L1 – SA – Q10 – Basics of Business Finance and Financial Markets

Identifying how the statement of profit or loss relates to the statement of financial position in financial reporting.

Which of the following correctly explains the links between the statement of financial position and the statement of profit or loss?
A. The statement of profit or loss shows the financial position of a business at a given point in time, while the statement of financial position shows the profit or loss for a period of time
B. The statement of financial position affects the statement of profit or loss by adding to the owner’s capital
C. The statement of profit or loss affects the statement of financial position, by either adding to or reducing the owner’s capital
D. The statement of profit or loss affects the statement of financial position, by adding to and reducing the owner’s capital
E. The statement of financial position affects the statement of profit or loss, by reducing the owner’s capital

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  • 7 Marks

BL – May 2018 – L1 – SB – Q2b – Partnership Law

Discuss partnership roles and management changes.

de and Bola are partners in a firm consisting of ten other partners. Ade solely manages the business of the firm, while Bola is interested only in the profits of the business. In the course of managing the business of the firm, Ade made a payment of N10,000.00 for electricity and also incurred expenses on hotel bills while representing the firm in Tema, Ghana. Ade, who is now overwhelmed by the running of the firm, intends to introduce a friend into the business as a partner. In addition, Ade wants the business of the firm to be changed in order to attract more profit.

Required:
(i) What type of partners are Ade and Bola? Give reasons for your answer. (3 Marks)
(ii) Advise Ade on the money he paid for the electricity, the hotel bills as well as the plan to introduce a new partner. (4 Marks)

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  • 1 Marks

BMF – May 2024 – L1 – SA – Q19 – Basics of Business Finance and Financial Markets

Understanding the role of the statement of changes in equity in financial reporting.

What role does the statement of changes in equity play in a company’s financial reporting and decision-making?
A. It helps in assessing a company’s non-current assets and depreciation methods
B. It provides a detailed breakdown of a company’s cash flows from operating, investing, and financing activities
C. It presents a summary of a company’s equity transactions, aiding stakeholders in understanding financial performance and ownership changes over time
D. It shows the company’s income and expenses, enabling stakeholders to evaluate profitability and cash generation
E. It outlines a company’s long-term debt obligations and interest expense, assisting stakeholders in assessing capital structure and financial stability

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  • 1 Marks

BMF – May 2024 – L1 – SA – Q10 – Basics of Business Finance and Financial Markets

Identifying how the statement of profit or loss relates to the statement of financial position in financial reporting.

Which of the following correctly explains the links between the statement of financial position and the statement of profit or loss?
A. The statement of profit or loss shows the financial position of a business at a given point in time, while the statement of financial position shows the profit or loss for a period of time
B. The statement of financial position affects the statement of profit or loss by adding to the owner’s capital
C. The statement of profit or loss affects the statement of financial position, by either adding to or reducing the owner’s capital
D. The statement of profit or loss affects the statement of financial position, by adding to and reducing the owner’s capital
E. The statement of financial position affects the statement of profit or loss, by reducing the owner’s capital

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