Legislation – NBC Institute

CR – May 2016 – L3 – Q4b – Provisions, Contingent Liabilities and Contingent Assets (IAS 37)

Discuss how the environmental liability for LALUPON Plc, arising from hazardous pollution, should be accounted for in its financial statements.

Question

LALUPON Plc owns a piece of land in a residential area. PONJEB Ltd has leased the piece of land from LALUPON Plc and is using it to store and dispense gas. The Federal government has announced its intention to enact environmental legislation requiring property owners to accept liability for environmental pollution. As a result, LALUPON Plc introduced a hazardous policy and has begun to apply the policy to its properties.

LALUPON Plc has had a report of a gas leakage and subsequent fire outbreak which damaged surrounding properties, but no life was lost. LALUPON Plc has no right of recourse against PONJEB Ltd or its insurance company for the clean-up and compensations to owners of properties destroyed. At April 30, 2014, it is virtually certain that draft legislation requiring a clean-up of the land and payment of compensations to victims will be enacted.

Required:
Discuss how the above events should be accounted for in the financial statements of LALUPON Plc.

Answer

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Tags: Contingent Liabilities, Environmental Liability, IAS 37, Land Pollution, Legislation, Provisions
Level: Level 3

Topic: Provisions, Contingent Liabilities and Contingent Assets (IAS 37)

BL – May 2012 – L1 – SA – Q1 – Sources of Nigerian Law

Identify the official name of a law passed by the National Assembly and signed by the President.

Question

State the official name of a law which is made by the National Assembly and signed by the President.

Answer

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Tags: Business Law, Legislation, National Assembly, Nigerian Law
Level: Level 1

Topic: Sources of Nigerian Law
Series: MAY 2012

AA – Nov 2021 – L2 – Q6 – Ethical Issues in Auditing

Explains reasons for auditor resignation, resignation procedures, and ethical position for successor auditors.

Question

Ade, Chika, Idris and company is an independent firm of Chartered Accountants. The firm intends to resign its appointment for non-payment of professional fees to it for some time by the management of Tisco Ventures Limited.

Required:

a. Explain other reasons that may cause a professional firm to resign from an audit engagement. (3 Marks)

b. Explain the procedures for the resignation of current auditors as per provision of company legislations. (10 Marks)

c. State the ethical position as stated in the ICAN code on another auditor taking up the appointment after the resignation of the current auditor applicable to this type of situation. (2 Marks)

Answer

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Tags: Audit Engagement, Auditor Resignation, Ethical Requirements, ICAN Code, Legislation, Professional Conduct
Level: Level 2

Topic: Ethical Issues in Auditing
Series: NOV 2021

BL – May 2014 – L1 – SA – Q1 – Sources of Nigerian Law

Identifying the name of laws made by the National Assembly.

Question

Laws made by the National Assembly are known as ____________.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Legislation, National Assembly, Nigerian Law
Level: Level 1

Topic: Sources of Nigerian Law
Series: MAY 2014

BL – May 2023 – L1 – SA – Q12 – Company Law

Identify the term for a law passed by the National Assembly and assented to by the President.

Question

A law passed by the National Assembly and assented to by the President is referred to as:

A. Edict
B. By-law
C. Decree
D. Act
E. Bill

Answer

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Tags: Law, Legal Terminology, Legislation, National Assembly
Level: Level 1

Topic: Company Law
Series: MAY 2023

PSAF – Dec 2023 – L2 – Q5a – Public sector fiscal planning and budgeting

Discuss ways Parliament can enhance public financial management in Ghana.

Question

Parliament has a constitutional mandate to scrutinize government spending. This oversight function is vested in the legislature as a fundamental principle of the separation of powers. There is, however, the need to improve the capacity of Parliament, especially the committees given the authority to keep the executive in check and to spend within the budget.

Required:
Discuss FOUR (4) ways by which Parliament can enhance public financial management in Ghana, bearing in mind relevant legislations. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Legislation, Oversight, Parliament, Public Financial Management
Level: Level 2

Topic: Public sector fiscal planning and budgeting
Series: DEC 2023

CR – May 2016 – L3 – Q4b – Provisions, Contingent Liabilities and Contingent Assets (IAS 37)

Discuss how the environmental liability for LALUPON Plc, arising from hazardous pollution, should be accounted for in its financial statements.

Question

Required:
Discuss how the above events should be accounted for in the financial statements of LALUPON Plc.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contingent Liabilities, Environmental Liability, IAS 37, Land Pollution, Legislation, Provisions
Level: Level 3

Topic: Provisions, Contingent Liabilities and Contingent Assets (IAS 37)

BL – May 2012 – L1 – SA – Q1 – Sources of Nigerian Law

Identify the official name of a law passed by the National Assembly and signed by the President.

Question

State the official name of a law which is made by the National Assembly and signed by the President.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Law, Legislation, National Assembly, Nigerian Law
Level: Level 1

Topic: Sources of Nigerian Law
Series: MAY 2012

AA – Nov 2021 – L2 – Q6 – Ethical Issues in Auditing

Explains reasons for auditor resignation, resignation procedures, and ethical position for successor auditors.

Question

Required:

a. Explain other reasons that may cause a professional firm to resign from an audit engagement. (3 Marks)

b. Explain the procedures for the resignation of current auditors as per provision of company legislations. (10 Marks)

c. State the ethical position as stated in the ICAN code on another auditor taking up the appointment after the resignation of the current auditor applicable to this type of situation. (2 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Engagement, Auditor Resignation, Ethical Requirements, ICAN Code, Legislation, Professional Conduct
Level: Level 2

Topic: Ethical Issues in Auditing
Series: NOV 2021

BL – May 2014 – L1 – SA – Q1 – Sources of Nigerian Law

Identifying the name of laws made by the National Assembly.

Question

Laws made by the National Assembly are known as ____________.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Legislation, National Assembly, Nigerian Law
Level: Level 1

Topic: Sources of Nigerian Law
Series: MAY 2014

BL – May 2023 – L1 – SA – Q12 – Company Law

Identify the term for a law passed by the National Assembly and assented to by the President.

Question

A law passed by the National Assembly and assented to by the President is referred to as:

A. Edict
B. By-law
C. Decree
D. Act
E. Bill

Answer

Find Related Questions by Tags, levels, etc.

Tags: Law, Legal Terminology, Legislation, National Assembly
Level: Level 1

Topic: Company Law
Series: MAY 2023

PSAF – Dec 2023 – L2 – Q5a – Public sector fiscal planning and budgeting

Discuss ways Parliament can enhance public financial management in Ghana.

Question

Required:
Discuss FOUR (4) ways by which Parliament can enhance public financial management in Ghana, bearing in mind relevant legislations. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Legislation, Oversight, Parliament, Public Financial Management
Level: Level 2

Topic: Public sector fiscal planning and budgeting
Series: DEC 2023

Question Tag: Legislation

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CR – May 2016 – L3 – Q4b – Provisions, Contingent Liabilities and Contingent Assets (IAS 37)

Discuss how the environmental liability for LALUPON Plc, arising from hazardous pollution, should be accounted for in its financial statements.

BL – May 2012 – L1 – SA – Q1 – Sources of Nigerian Law

Identify the official name of a law passed by the National Assembly and signed by the President.

AA – Nov 2021 – L2 – Q6 – Ethical Issues in Auditing

Explains reasons for auditor resignation, resignation procedures, and ethical position for successor auditors.

BL – May 2014 – L1 – SA – Q1 – Sources of Nigerian Law

Identifying the name of laws made by the National Assembly.

BL – May 2023 – L1 – SA – Q12 – Company Law

Identify the term for a law passed by the National Assembly and assented to by the President.

PSAF – Dec 2023 – L2 – Q5a – Public sector fiscal planning and budgeting

Discuss ways Parliament can enhance public financial management in Ghana.

CR – May 2016 – L3 – Q4b – Provisions, Contingent Liabilities and Contingent Assets (IAS 37)

Discuss how the environmental liability for LALUPON Plc, arising from hazardous pollution, should be accounted for in its financial statements.

BL – May 2012 – L1 – SA – Q1 – Sources of Nigerian Law

Identify the official name of a law passed by the National Assembly and signed by the President.

AA – Nov 2021 – L2 – Q6 – Ethical Issues in Auditing

Explains reasons for auditor resignation, resignation procedures, and ethical position for successor auditors.

BL – May 2014 – L1 – SA – Q1 – Sources of Nigerian Law

Identifying the name of laws made by the National Assembly.

BL – May 2023 – L1 – SA – Q12 – Company Law

Identify the term for a law passed by the National Assembly and assented to by the President.

PSAF – Dec 2023 – L2 – Q5a – Public sector fiscal planning and budgeting

Discuss ways Parliament can enhance public financial management in Ghana.

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CR – May 2016 – L3 – Q4b – Provisions, Contingent Liabilities and Contingent Assets (IAS 37)

Discuss how the environmental liability for LALUPON Plc, arising from hazardous pollution, should be accounted for in its financial statements.

You're reporting an error for "CR – May 2016 – L3 – Q4b – Provisions, Contingent Liabilities and Contingent Assets (IAS 37)"

BL – May 2012 – L1 – SA – Q1 – Sources of Nigerian Law

Identify the official name of a law passed by the National Assembly and signed by the President.

You're reporting an error for "BL – May 2012 – L1 – SA – Q1 – Sources of Nigerian Law"

AA – Nov 2021 – L2 – Q6 – Ethical Issues in Auditing

Explains reasons for auditor resignation, resignation procedures, and ethical position for successor auditors.

You're reporting an error for "AA – Nov 2021 – L2 – Q6 – Ethical Issues in Auditing"

BL – May 2014 – L1 – SA – Q1 – Sources of Nigerian Law

Identifying the name of laws made by the National Assembly.

You're reporting an error for "BL – May 2014 – L1 – SA – Q1 – Sources of Nigerian Law"

BL – May 2023 – L1 – SA – Q12 – Company Law

Identify the term for a law passed by the National Assembly and assented to by the President.

You're reporting an error for "BL – May 2023 – L1 – SA – Q12 – Company Law"

PSAF – Dec 2023 – L2 – Q5a – Public sector fiscal planning and budgeting

Discuss ways Parliament can enhance public financial management in Ghana.

You're reporting an error for "PSAF – Dec 2023 – L2 – Q5a – Public sector fiscal planning and budgeting"

CR – May 2016 – L3 – Q4b – Provisions, Contingent Liabilities and Contingent Assets (IAS 37)

Discuss how the environmental liability for LALUPON Plc, arising from hazardous pollution, should be accounted for in its financial statements.

You're reporting an error for "CR – May 2016 – L3 – Q4b – Provisions, Contingent Liabilities and Contingent Assets (IAS 37)"

BL – May 2012 – L1 – SA – Q1 – Sources of Nigerian Law

Identify the official name of a law passed by the National Assembly and signed by the President.

You're reporting an error for "BL – May 2012 – L1 – SA – Q1 – Sources of Nigerian Law"

AA – Nov 2021 – L2 – Q6 – Ethical Issues in Auditing

Explains reasons for auditor resignation, resignation procedures, and ethical position for successor auditors.

You're reporting an error for "AA – Nov 2021 – L2 – Q6 – Ethical Issues in Auditing"

BL – May 2014 – L1 – SA – Q1 – Sources of Nigerian Law

Identifying the name of laws made by the National Assembly.

You're reporting an error for "BL – May 2014 – L1 – SA – Q1 – Sources of Nigerian Law"

BL – May 2023 – L1 – SA – Q12 – Company Law

Identify the term for a law passed by the National Assembly and assented to by the President.

You're reporting an error for "BL – May 2023 – L1 – SA – Q12 – Company Law"

PSAF – Dec 2023 – L2 – Q5a – Public sector fiscal planning and budgeting

Discuss ways Parliament can enhance public financial management in Ghana.

You're reporting an error for "PSAF – Dec 2023 – L2 – Q5a – Public sector fiscal planning and budgeting"

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