- 1 Marks
BF – Nov 2015 – L1 – SA – Q5 – The Business Environment
dentifying what is not a characteristic of the business environment.
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Question Tag: Characteristics
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BMF – May 2023 – L1 – SA – Q8 – The Role of Professional Accountants in Business and Society
Identify an incorrect feature describing a profession.
Question
A profession is an economic activity involving the provision of a personal service of a specialised nature. All the following features describe a profession, EXCEPT:
A. Main motive is to make a profit
B. Regulated by a professional body
C. Charges a fee for services rendered
D. Mandatory acquisition of a special knowledge and skill
E. Subject to discipline for breach of the code of conduct of the regulatory body
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- 6 Marks
BMF – Nov 2019 – L1 – SB – Q1b – Business and Organizational Structures and Choices
State two characteristics of formal organisations and four characteristics of informal organisations.
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- Tags: Characteristics, Formal Organisation, Informal Organisation, Structure
- Level: Level 1
- Topic: Business and Organizational Structures and Choices
- Series: NOV 2019
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- 6 Marks
BL – MAY 2016 – L1 – SB – Q1a – The Nigerian Legal System
This question asks for the characteristics of the Constitution of the Federal Republic of Nigeria.
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- Tags: Characteristics, Legal System, Nigerian Constitution
- Level: Level 1
- Topic: The Nigerian Legal System
- Series: MAY 2016
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- 6 Marks
BL – May 2015 – L1 – SB – Q5c – Negotiable Instruments
Explain three key characteristics of a negotiable instrument.
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- Tags: Bills of Exchange, Characteristics, Negotiable Instruments
- Level: Level 1
- Topic: Negotiable Instruments
- Series: MAY 2015
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- 6 Marks
PT – May 2020 – L2 – Q3b – Scope and computation of income tax for individuals and partnerships.
Characteristics of a contract of service from a taxation perspective.
Question
b) It is necessary to find out whether an activity carried out by an individual amounts to a profession (contract for service) or employment (contract of service). From a taxation point of view, there is the existence of employment where there is a contract of service.
Required:
What are the characteristics of a contract of service?
(6 marks)
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- Tags: Characteristics, Contract for Service, Contract of Service, Employment
- Level: Level 2
- Topic: Income Tax Liabilities
- Series: MAY 2020
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- 1 Marks
BF – Nov 2015 – L1 – SA – Q5 – The Business Environment
dentifying what is not a characteristic of the business environment.
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- 1 Marks
BMF – May 2023 – L1 – SA – Q8 – The Role of Professional Accountants in Business and Society
Identify an incorrect feature describing a profession.
Question
A profession is an economic activity involving the provision of a personal service of a specialised nature. All the following features describe a profession, EXCEPT:
A. Main motive is to make a profit
B. Regulated by a professional body
C. Charges a fee for services rendered
D. Mandatory acquisition of a special knowledge and skill
E. Subject to discipline for breach of the code of conduct of the regulatory body
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- 6 Marks
BMF – Nov 2019 – L1 – SB – Q1b – Business and Organizational Structures and Choices
State two characteristics of formal organisations and four characteristics of informal organisations.
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- Tags: Characteristics, Formal Organisation, Informal Organisation, Structure
- Level: Level 1
- Topic: Business and Organizational Structures and Choices
- Series: NOV 2019
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- 6 Marks
BL – MAY 2016 – L1 – SB – Q1a – The Nigerian Legal System
This question asks for the characteristics of the Constitution of the Federal Republic of Nigeria.
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- Tags: Characteristics, Legal System, Nigerian Constitution
- Level: Level 1
- Topic: The Nigerian Legal System
- Series: MAY 2016
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- 6 Marks
BL – May 2015 – L1 – SB – Q5c – Negotiable Instruments
Explain three key characteristics of a negotiable instrument.
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- Tags: Bills of Exchange, Characteristics, Negotiable Instruments
- Level: Level 1
- Topic: Negotiable Instruments
- Series: MAY 2015
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- 6 Marks
PT – May 2020 – L2 – Q3b – Scope and computation of income tax for individuals and partnerships.
Characteristics of a contract of service from a taxation perspective.
Question
b) It is necessary to find out whether an activity carried out by an individual amounts to a profession (contract for service) or employment (contract of service). From a taxation point of view, there is the existence of employment where there is a contract of service.
Required:
What are the characteristics of a contract of service?
(6 marks)
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- Tags: Characteristics, Contract for Service, Contract of Service, Employment
- Level: Level 2
- Topic: Income Tax Liabilities
- Series: MAY 2020
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