Question Tag: Nigeria

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CR – May 2021 – L3 – Q6 – Regulatory Environment for Corporate Reporting

Discuss the rationale for different regulatory frameworks and analyze sources of corporate financial reporting regulations in Nigeria.

Question

International Financial Reporting Standards (IFRS) are sets of accounting standards, and it is unrealistic to assume that these standards could not replace those based around rules. However, where a rule-based system has been in operation, there is likely to be an expansion of ethical challenges for both accountants and auditors involved with financial statements if a principles-based approach is adopted. Therefore, regulatory authorities need to ensure ethical practices to achieve high-quality financial statements. This is drawing attention to the need for closer or greater monitoring. Apart from this fact, corporate financial reporting regulations have been in operation before the advent of IFRS.

Required:

a. Appraise the rationale behind different regulatory frameworks for corporate financial reporting. (8 Marks)

b. Analyze in detail the various sources of regulations for corporate financial reporting in Nigeria. (7 Marks)

Answer

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Tags: Corporate Reporting Regulations, Ethical Challenges, IFRS, Nigeria, Regulatory Frameworks
Level: Level 3

Topic: Regulatory Environment for Corporate Reporting

AAA – Nov 2011 – L3 – SAII – Q13 – Audit of Corporate Governance

Source of corporate governance guidelines in Nigeria.

Question

Issues on Corporate Governance in Nigeria are listed in the ……………….

Answer

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Tags: Audit, Corporate Governance, Nigeria, Regulatory Guidelines
Level: Level 3

Topic: Audit of Corporate Governance
Series: NOV 2011

AT – May 2024 – L3 – SC – Q5 – Tax Administration and Dispute Resolution

Discuss NEITI's vision, mission, and objectives, and explain the responsibilities of stakeholders in Nigeria's tax policy.

Question

The Nigeria Extractive Industries Transparency Initiative (NEITI) was established through the NEITI Act, 2007. The body has the responsibility for the development of a framework for transparency and accountability in the reporting and disclosure of revenue due to or paid to the Federal Government by companies in the extractive industry.

In the same vein, the National Tax Policy, 2017, expressly stipulates the responsibilities of the various stakeholders towards the achievement of efficient tax administration in Nigeria.

Required:

a. Discuss the vision, mission and FOUR primary objectives of NEITI as provided for in the enabling Act. (6 Marks)

b. Explain THREE responsibilities of each of the underlisted stakeholders as provided for in the National Tax Policy, 2017:
(i) The government (3 Marks)
(ii) The taxpayer (3 Marks)
(iii) Revenue agencies (3 Marks)

(Total 15 Marks)

Answer

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Tags: Accountability, Government, NEITI, Nigeria, Revenue Agencies, Taxpayer, Transparency
Level: Level 3

Topic: Tax Administration and Dispute Resolution
Series: MAY 2024

CR – Nov 2020 – L3 – Q4a – Sustainability Reporting

Discuss three developments in Nigeria pressuring listed companies to adopt sustainability reporting.

Question

a. There have been many developments in Nigeria that increasingly put pressure on listed companies to embrace sustainability reporting.

Required: Discuss any THREE of such developments. (7 Marks)

Answer

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Tags: Corporate Governance, Nigeria, Regulatory Developments, Sustainability Reporting
Level: Level 3

Topic: Sustainability Reporting

ATAX – Nov 2018 – L3 – Q4a – Tax Incentives and Reliefs

Explanation of Foreign Direct Investment and incentives for foreign investors in Nigeria.

Question

(a) Write a short note on Foreign Direct Investment (FDI) and incentives available to foreign investors in Nigeria.

Answer

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Tags: Economic growth, FDI, Foreign Investment, Incentives, Investment Protection, Nigeria, Tax Reliefs
Level: Level 3

Topic: Tax Incentives and Reliefs

PSAF – May 2017 – L2 – SC – Q7 – Government Expenditure

Identify and explain factors contributing to the rapid growth in Nigeria's government spending.

Question

A number of factors have been identified as inevitably leading to rapid growth in government spending in many countries over time.

Required:

Identify and explain FIVE of these factors as they apply to Nigeria.

Answer

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Tags: Economic Drivers, Fiscal Policy, Government Spending, Nigeria, Public Finance
Level: Level 2

Topic: Government Expenditure
Series: MAY 2017

TAX – May 2017 – L2 – SB – Q2 – Tax Administration and Enforcement

Explanation of transactions requiring a Tax Clearance Certificate and the procedures for hearing an appeal before the Tax Appeal Tribunal.

Question

a. Mr. Bull Dozer has just submitted his application for an export license to the Nigerian Export Promotion Council. The Council demanded a Tax Clearance Certificate before granting him the export license.

Mr. Bull Dozer was concerned and approached you to explain whether the presentation of this document is required for all government transactions in Nigeria.

Required:
State TEN transactions in respect of which a Tax Clearance Certificate may be demanded by a government agency. (10 Marks)

b. The Tax Appeal Tribunal has the authority to adjudicate on tax disputes and controversies when the appellant does not discontinue the appeal.

Required:
List TEN procedures for hearing the appeal before the Tax Appeal Tribunal. (10 Marks)

Answer

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Tags: Government Transactions, Nigeria, Tax Appeal Tribunal, Tax Clearance Certificate, Tax Dispute Resolution
Level: Level 2

Topic: Tax Administration and Enforcement
Series: MAY 2017

PSAF – May 2023 – L1 – SC – Q7 – Government Revenue

Differentiates public revenue and receipts, oil and non-oil revenue, and discusses revenue allocation challenges in Nigeria.

Question

Government, like any other economic unit, needs funds, which can be raised from various sources for the purpose of financing its activities.

Required:

a. Differentiate between:
i. Public revenue and public receipts, and state their sources. (3 Marks)
ii. Oil and non-oil revenue. (2 Marks)

b. Discuss FIVE problems associated with revenue allocation in Nigeria. (10 Marks)

Answer

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Tags: Nigeria, Public Revenue, Revenue Allocation, Revenue Sources
Level: Level 2

Topic: Government Revenue
Series: MAY 2023

PSAF – May 2023 – L1 – SA – Q5 – Fiscal Policy and Public Finance

Explains why government intervenes in the economy and identifies Nigeria's macroeconomic objectives.

Question

A national economy requires the involvement of government to thrive, and its presence supports citizens’ livelihoods.

Required:

i. Identify and explain FIVE reasons why the government intervenes in the economy. (7.5 Marks)
ii. Identify and explain FIVE macroeconomic objectives in Nigeria. (7.5 Marks)

Answer

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Tags: Economic Objectives, Government intervention, Nigeria, Public Finance
Level: Level 2

Topic: Fiscal Policy and Public Finance
Series: MAY 2023

PSAF – Nov 2015 – L2 – Q6a – Introduction to Public Sector Accounting

Describe key characteristics of a developing economy with reference to Nigeria.

Question

In spite of the abundant human and natural resources with which Nigeria is endowed, the country is conspicuously listed among developing countries of the world. In light of the foregoing:

a. Explain FOUR features of a developing economy with particular reference to Nigeria.

Answer

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Tags: Dependency Burdens, Developing Economy, Economic Characteristics, Low Living Standards, Nigeria
Level: Level 2

Topic: Introduction to Public Sector Accounting
Series: NOV 2015

CR – May 2021 – L3 – Q6 – Regulatory Environment for Corporate Reporting

Discuss the rationale for different regulatory frameworks and analyze sources of corporate financial reporting regulations in Nigeria.

Question

Required:

a. Appraise the rationale behind different regulatory frameworks for corporate financial reporting. (8 Marks)

b. Analyze in detail the various sources of regulations for corporate financial reporting in Nigeria. (7 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Corporate Reporting Regulations, Ethical Challenges, IFRS, Nigeria, Regulatory Frameworks
Level: Level 3

Topic: Regulatory Environment for Corporate Reporting

AAA – Nov 2011 – L3 – SAII – Q13 – Audit of Corporate Governance

Source of corporate governance guidelines in Nigeria.

Question

Issues on Corporate Governance in Nigeria are listed in the ……………….

Answer

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Tags: Audit, Corporate Governance, Nigeria, Regulatory Guidelines
Level: Level 3

Topic: Audit of Corporate Governance
Series: NOV 2011

AT – May 2024 – L3 – SC – Q5 – Tax Administration and Dispute Resolution

Discuss NEITI's vision, mission, and objectives, and explain the responsibilities of stakeholders in Nigeria's tax policy.

Question

In the same vein, the National Tax Policy, 2017, expressly stipulates the responsibilities of the various stakeholders towards the achievement of efficient tax administration in Nigeria.

Required:

a. Discuss the vision, mission and FOUR primary objectives of NEITI as provided for in the enabling Act. (6 Marks)

(Total 15 Marks)

Answer

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Tags: Accountability, Government, NEITI, Nigeria, Revenue Agencies, Taxpayer, Transparency
Level: Level 3

Topic: Tax Administration and Dispute Resolution
Series: MAY 2024

CR – Nov 2020 – L3 – Q4a – Sustainability Reporting

Discuss three developments in Nigeria pressuring listed companies to adopt sustainability reporting.

Question

a. There have been many developments in Nigeria that increasingly put pressure on listed companies to embrace sustainability reporting.

Required: Discuss any THREE of such developments. (7 Marks)

Answer

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Tags: Corporate Governance, Nigeria, Regulatory Developments, Sustainability Reporting
Level: Level 3

Topic: Sustainability Reporting

ATAX – Nov 2018 – L3 – Q4a – Tax Incentives and Reliefs

Explanation of Foreign Direct Investment and incentives for foreign investors in Nigeria.

Question

(a) Write a short note on Foreign Direct Investment (FDI) and incentives available to foreign investors in Nigeria.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Economic growth, FDI, Foreign Investment, Incentives, Investment Protection, Nigeria, Tax Reliefs
Level: Level 3

Topic: Tax Incentives and Reliefs

PSAF – May 2017 – L2 – SC – Q7 – Government Expenditure

Identify and explain factors contributing to the rapid growth in Nigeria's government spending.

Question

A number of factors have been identified as inevitably leading to rapid growth in government spending in many countries over time.

Required:

Identify and explain FIVE of these factors as they apply to Nigeria.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Economic Drivers, Fiscal Policy, Government Spending, Nigeria, Public Finance
Level: Level 2

Topic: Government Expenditure
Series: MAY 2017

TAX – May 2017 – L2 – SB – Q2 – Tax Administration and Enforcement

Explanation of transactions requiring a Tax Clearance Certificate and the procedures for hearing an appeal before the Tax Appeal Tribunal.

Question

Mr. Bull Dozer was concerned and approached you to explain whether the presentation of this document is required for all government transactions in Nigeria.

Required:
State TEN transactions in respect of which a Tax Clearance Certificate may be demanded by a government agency. (10 Marks)

b. The Tax Appeal Tribunal has the authority to adjudicate on tax disputes and controversies when the appellant does not discontinue the appeal.

Required:
List TEN procedures for hearing the appeal before the Tax Appeal Tribunal. (10 Marks)

Answer

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Tags: Government Transactions, Nigeria, Tax Appeal Tribunal, Tax Clearance Certificate, Tax Dispute Resolution
Level: Level 2

Topic: Tax Administration and Enforcement
Series: MAY 2017

PSAF – May 2023 – L1 – SC – Q7 – Government Revenue

Differentiates public revenue and receipts, oil and non-oil revenue, and discusses revenue allocation challenges in Nigeria.

Question

Government, like any other economic unit, needs funds, which can be raised from various sources for the purpose of financing its activities.

Required:

a. Differentiate between:
i. Public revenue and public receipts, and state their sources. (3 Marks)
ii. Oil and non-oil revenue. (2 Marks)

b. Discuss FIVE problems associated with revenue allocation in Nigeria. (10 Marks)

Answer

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Tags: Nigeria, Public Revenue, Revenue Allocation, Revenue Sources
Level: Level 2

Topic: Government Revenue
Series: MAY 2023

PSAF – May 2023 – L1 – SA – Q5 – Fiscal Policy and Public Finance

Explains why government intervenes in the economy and identifies Nigeria's macroeconomic objectives.

Question

A national economy requires the involvement of government to thrive, and its presence supports citizens’ livelihoods.

Required:

i. Identify and explain FIVE reasons why the government intervenes in the economy. (7.5 Marks)
ii. Identify and explain FIVE macroeconomic objectives in Nigeria. (7.5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Economic Objectives, Government intervention, Nigeria, Public Finance
Level: Level 2

Topic: Fiscal Policy and Public Finance
Series: MAY 2023

PSAF – Nov 2015 – L2 – Q6a – Introduction to Public Sector Accounting

Describe key characteristics of a developing economy with reference to Nigeria.

Question

In spite of the abundant human and natural resources with which Nigeria is endowed, the country is conspicuously listed among developing countries of the world. In light of the foregoing:

a. Explain FOUR features of a developing economy with particular reference to Nigeria.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Dependency Burdens, Developing Economy, Economic Characteristics, Low Living Standards, Nigeria
Level: Level 2

Topic: Introduction to Public Sector Accounting
Series: NOV 2015

Question Tag: Nigeria

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CR – May 2021 – L3 – Q6 – Regulatory Environment for Corporate Reporting

Discuss the rationale for different regulatory frameworks and analyze sources of corporate financial reporting regulations in Nigeria.

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AAA – Nov 2011 – L3 – SAII – Q13 – Audit of Corporate Governance

Source of corporate governance guidelines in Nigeria.

You're reporting an error for "AAA – Nov 2011 – L3 – SAII – Q13 – Audit of Corporate Governance"

AT – May 2024 – L3 – SC – Q5 – Tax Administration and Dispute Resolution

Discuss NEITI's vision, mission, and objectives, and explain the responsibilities of stakeholders in Nigeria's tax policy.

You're reporting an error for "AT – May 2024 – L3 – SC – Q5 – Tax Administration and Dispute Resolution"

CR – Nov 2020 – L3 – Q4a – Sustainability Reporting

Discuss three developments in Nigeria pressuring listed companies to adopt sustainability reporting.

You're reporting an error for "CR – Nov 2020 – L3 – Q4a – Sustainability Reporting"

ATAX – Nov 2018 – L3 – Q4a – Tax Incentives and Reliefs

Explanation of Foreign Direct Investment and incentives for foreign investors in Nigeria.

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PSAF – May 2017 – L2 – SC – Q7 – Government Expenditure

Identify and explain factors contributing to the rapid growth in Nigeria's government spending.

You're reporting an error for "PSAF – May 2017 – L2 – SC – Q7 – Government Expenditure"

TAX – May 2017 – L2 – SB – Q2 – Tax Administration and Enforcement

Explanation of transactions requiring a Tax Clearance Certificate and the procedures for hearing an appeal before the Tax Appeal Tribunal.

You're reporting an error for "TAX – May 2017 – L2 – SB – Q2 – Tax Administration and Enforcement"

PSAF – May 2023 – L1 – SC – Q7 – Government Revenue

Differentiates public revenue and receipts, oil and non-oil revenue, and discusses revenue allocation challenges in Nigeria.

You're reporting an error for "PSAF – May 2023 – L1 – SC – Q7 – Government Revenue"

PSAF – May 2023 – L1 – SA – Q5 – Fiscal Policy and Public Finance

Explains why government intervenes in the economy and identifies Nigeria's macroeconomic objectives.

You're reporting an error for "PSAF – May 2023 – L1 – SA – Q5 – Fiscal Policy and Public Finance"

PSAF – Nov 2015 – L2 – Q6a – Introduction to Public Sector Accounting

Describe key characteristics of a developing economy with reference to Nigeria.

You're reporting an error for "PSAF – Nov 2015 – L2 – Q6a – Introduction to Public Sector Accounting"

CR – May 2021 – L3 – Q6 – Regulatory Environment for Corporate Reporting

Discuss the rationale for different regulatory frameworks and analyze sources of corporate financial reporting regulations in Nigeria.

You're reporting an error for "CR – May 2021 – L3 – Q6 – Regulatory Environment for Corporate Reporting"

AAA – Nov 2011 – L3 – SAII – Q13 – Audit of Corporate Governance

Source of corporate governance guidelines in Nigeria.

You're reporting an error for "AAA – Nov 2011 – L3 – SAII – Q13 – Audit of Corporate Governance"

AT – May 2024 – L3 – SC – Q5 – Tax Administration and Dispute Resolution

Discuss NEITI's vision, mission, and objectives, and explain the responsibilities of stakeholders in Nigeria's tax policy.

You're reporting an error for "AT – May 2024 – L3 – SC – Q5 – Tax Administration and Dispute Resolution"

CR – Nov 2020 – L3 – Q4a – Sustainability Reporting

Discuss three developments in Nigeria pressuring listed companies to adopt sustainability reporting.

You're reporting an error for "CR – Nov 2020 – L3 – Q4a – Sustainability Reporting"

ATAX – Nov 2018 – L3 – Q4a – Tax Incentives and Reliefs

Explanation of Foreign Direct Investment and incentives for foreign investors in Nigeria.

You're reporting an error for "ATAX – Nov 2018 – L3 – Q4a – Tax Incentives and Reliefs"

PSAF – May 2017 – L2 – SC – Q7 – Government Expenditure

Identify and explain factors contributing to the rapid growth in Nigeria's government spending.

You're reporting an error for "PSAF – May 2017 – L2 – SC – Q7 – Government Expenditure"

TAX – May 2017 – L2 – SB – Q2 – Tax Administration and Enforcement

Explanation of transactions requiring a Tax Clearance Certificate and the procedures for hearing an appeal before the Tax Appeal Tribunal.

You're reporting an error for "TAX – May 2017 – L2 – SB – Q2 – Tax Administration and Enforcement"

PSAF – May 2023 – L1 – SC – Q7 – Government Revenue

Differentiates public revenue and receipts, oil and non-oil revenue, and discusses revenue allocation challenges in Nigeria.

You're reporting an error for "PSAF – May 2023 – L1 – SC – Q7 – Government Revenue"

PSAF – May 2023 – L1 – SA – Q5 – Fiscal Policy and Public Finance

Explains why government intervenes in the economy and identifies Nigeria's macroeconomic objectives.

You're reporting an error for "PSAF – May 2023 – L1 – SA – Q5 – Fiscal Policy and Public Finance"

PSAF – Nov 2015 – L2 – Q6a – Introduction to Public Sector Accounting

Describe key characteristics of a developing economy with reference to Nigeria.

You're reporting an error for "PSAF – Nov 2015 – L2 – Q6a – Introduction to Public Sector Accounting"

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