Ownership – NBC Institute

AA – May 2017 – L2 – SC – Q5 – Internal Control Systems

Examination of internal control meaning, examples, and sources of audit evidence for completeness, ownership, and valuation.

Question

You are the Auditor of Bistro Bottling Limited (BBL), a major manufacturer and distributor of fruit juice drinks based in Lagos. A review of the previous year’s audit working papers revealed some weaknesses in internal controls with regard to safeguarding the company’s non-current assets.

The company uses a combination of both owned and leased motor vehicles for operational activities, including deliveries to customers. It has recently sold some old vehicles and bought new ones in a bid to lower motor vehicle running expenses.

During the planning of the audit, you have decided that motor vehicles will be a key area because of the likelihood of weaknesses in the company’s system of internal control over non-current assets.

You are required to:

(a) Explain with suitable illustration the meaning of Internal Control. (4 Marks)
(b) List FIVE examples of internal controls. (5 Marks)
(c) Identify TWO sources of audit evidence you will obtain for each of the following: completeness, ownership, and valuation, to provide reasonable assurance with regard to the company’s assets and liabilities. (6 Marks)

Answer

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Tags: Audit evidence, Completeness, Dividend valuation, Internal Control, Non-current Assets, Ownership, Valuation
Level: Level 2

Topic: Internal Control Systems
Series: MAY 2017

BL – May 2014 – L1 – SA – Q9 – Sale of Goods

Assessing an agreement to buy goods by installments and transfer ownership.

Question

An agreement to buy goods and subsequently pay for it by installments on the term that ownership will pass when the final installment is paid is:
A. A credit sale
B. A hire purchase
C. A conditional sale
D. An outright sale
E. A provisional sale

Answer

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Tags: Installment Sale, Ownership, Sale of Goods
Level: Level 1

Topic: Sale of Goods
Series: MAY 2014

BL – May 2018 – L1 – SA – Q15 – Hire Purchase and Consumer Credit Transactions

Identify the party with the option to purchase goods in a hire purchase agreement.

Question

The party who has the option to purchase goods in a Hire Purchase Agreement is the
A. Hirer
B. Hiree
C. Owner
D. Insurance company
E. Bailee

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contracts, Hire Purchase, Ownership
Level: Level 1

Topic: Hire Purchase and Consumer Credit Transactions
Series: MAY 2018

BL – Nov 2022 – L1 – SB – Q6c – Sale of Goods

Explaining the transfer of ownership in the sale of specific goods when no intention is expressed.

Question

The general rule under the Sale of Goods Act is that ownership in the goods passes when the parties intend.

Required:
Explain three circumstances for the transfer of ownership of specific goods where no intention of the parties appears in the contract.

Answer

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Tags: Contract, Ownership, Sale of Goods
Level: Level 1

Topic: Sale of Goods
Series: NOV 2022

BL – MAY 2016 – L1 – SA – Q16 – Hire Purchase and Consumer Credit Transactions

This question pertains to the conditions under which a hirer becomes the owner in a hire purchase transaction.

Question

In a hire purchase transaction, the hirer becomes the owner of the good when he
A. Pays a certain amount
B. Is in possession
C. Executes the agreement
D. Exercises the option to purchase as provided in the agreement
E. Completes the installment payments

Answer

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Tags: Agreement, Hire Purchase, Ownership
Level: Level 1

Topic: Hire Purchase and Consumer Credit Transactions
Series: MAY 2016

CR – May 2018 – L3 – Q5c – Accounting and reporting concepts

Identify and explain two different approaches to defining a reporting entity for financial reporting purposes.

Question

In May 2008, the International Accounting Standards Board (IASB) issued the discussion paper Preliminary Views on an Improved Conceptual Framework for Financial Reporting – The Reporting Entity. The objective of the Reporting Entity phase is to determine what constitutes a reporting entity for the purposes of financial reporting.

Required:
Identify and explain TWO different approaches to determining what a “reporting entity” should be for financial reporting purposes.

Answer

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Tags: Control, Financial Reporting, Legal form, Management, Ownership, Reporting entity
Level: Level 3

Topic: Accounting Concepts
Series: MAY 2018

AT – Nov 2019 – L3 – Q1b – Mergers, amalgamation, and reorganization

Analyze the tax implications of different ownership structures in a merger for Akolo Ltd and Abolo Ltd.

Question

The management of Akolo Ltd (Akolo) has been running this business entity for some time now. At a seminar organized for some select businesses at the Trade Fair-Accra last year, the management of Abolo Ltd (Abolo) realized at the seminar that the two companies (Akolo and Abolo) have a lot in common with the same market share. Consequently, the two companies commenced processes to merge as one strong entity. The two agreed on a merger arrangement to benefit from the synergetic efforts.

The two companies intend to form a new entity called Akobolo Ltd (Akobolo).

Required:

i) What is the tax implication of the arrangement if, in the new company-(Akobolo), Akolo intends to hold 40% in the underlying ownership in the assets of the new company while Abolo holds 60%? (3 marks)

ii) What is the tax implication if both companies hold 50% each in the underlying ownership of the assets of the new company – Akobolo? (2 marks)

Answer

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Tags: Business Reorganization, Mergers, Ownership, Tax Exemptions
Level: Level 3

Topic: Tax planning
Series: NOV 2019

BCL – May 2017 – L1 – Q6b – Company Law

Explain the concept of legal personality of a company in a scenario of ownership disputes among friends.

Question

b) Three friends pooled their resources to form a company. After some time and while the company was running, differences arose among them. Each claimed ownership of the company.

Required: Explain the concept of legal personality of a Company in the light of the above facts. (7 marks)

Answer

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Tags: Company Law, Dispute Resolution, Legal Personality, Ownership
Level: Level 1

Topic: Contract Law
Series: MAY 2017

BCL – May 2018 – L1 – Q5b – Types of Capital and the Financing of Companies

Explain whether members can claim ownership in an incorporated company.

Question

Explain whether any of them can claim ownership of the company. (6 marks)

Answer

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Tags: Incorporated Company, Legal Personality, Ownership
Level: Level 1

Topic: Types of capital and the financing of companies
Series: MAY 2018

AA – May 2017 – L2 – SC – Q5 – Internal Control Systems

Examination of internal control meaning, examples, and sources of audit evidence for completeness, ownership, and valuation.

Question

You are required to:

(a) Explain with suitable illustration the meaning of Internal Control. (4 Marks)
(b) List FIVE examples of internal controls. (5 Marks)
(c) Identify TWO sources of audit evidence you will obtain for each of the following: completeness, ownership, and valuation, to provide reasonable assurance with regard to the company’s assets and liabilities. (6 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit evidence, Completeness, Dividend valuation, Internal Control, Non-current Assets, Ownership, Valuation
Level: Level 2

Topic: Internal Control Systems
Series: MAY 2017

BL – May 2014 – L1 – SA – Q9 – Sale of Goods

Assessing an agreement to buy goods by installments and transfer ownership.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Installment Sale, Ownership, Sale of Goods
Level: Level 1

Topic: Sale of Goods
Series: MAY 2014

BL – May 2018 – L1 – SA – Q15 – Hire Purchase and Consumer Credit Transactions

Identify the party with the option to purchase goods in a hire purchase agreement.

Question

The party who has the option to purchase goods in a Hire Purchase Agreement is the
A. Hirer
B. Hiree
C. Owner
D. Insurance company
E. Bailee

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contracts, Hire Purchase, Ownership
Level: Level 1

Topic: Hire Purchase and Consumer Credit Transactions
Series: MAY 2018

BL – Nov 2022 – L1 – SB – Q6c – Sale of Goods

Explaining the transfer of ownership in the sale of specific goods when no intention is expressed.

Question

The general rule under the Sale of Goods Act is that ownership in the goods passes when the parties intend.

Required:
Explain three circumstances for the transfer of ownership of specific goods where no intention of the parties appears in the contract.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contract, Ownership, Sale of Goods
Level: Level 1

Topic: Sale of Goods
Series: NOV 2022

BL – MAY 2016 – L1 – SA – Q16 – Hire Purchase and Consumer Credit Transactions

This question pertains to the conditions under which a hirer becomes the owner in a hire purchase transaction.

Question

Answer

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Tags: Agreement, Hire Purchase, Ownership
Level: Level 1

Topic: Hire Purchase and Consumer Credit Transactions
Series: MAY 2016

CR – May 2018 – L3 – Q5c – Accounting and reporting concepts

Identify and explain two different approaches to defining a reporting entity for financial reporting purposes.

Question

Required:
Identify and explain TWO different approaches to determining what a “reporting entity” should be for financial reporting purposes.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Control, Financial Reporting, Legal form, Management, Ownership, Reporting entity
Level: Level 3

Topic: Accounting Concepts
Series: MAY 2018

AT – Nov 2019 – L3 – Q1b – Mergers, amalgamation, and reorganization

Analyze the tax implications of different ownership structures in a merger for Akolo Ltd and Abolo Ltd.

Question

The two companies intend to form a new entity called Akobolo Ltd (Akobolo).

Required:

ii) What is the tax implication if both companies hold 50% each in the underlying ownership of the assets of the new company – Akobolo? (2 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Reorganization, Mergers, Ownership, Tax Exemptions
Level: Level 3

Topic: Tax planning
Series: NOV 2019

BCL – May 2017 – L1 – Q6b – Company Law

Explain the concept of legal personality of a company in a scenario of ownership disputes among friends.

Question

b) Three friends pooled their resources to form a company. After some time and while the company was running, differences arose among them. Each claimed ownership of the company.

Required: Explain the concept of legal personality of a Company in the light of the above facts. (7 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Company Law, Dispute Resolution, Legal Personality, Ownership
Level: Level 1

Topic: Contract Law
Series: MAY 2017

BCL – May 2018 – L1 – Q5b – Types of Capital and the Financing of Companies

Explain whether members can claim ownership in an incorporated company.

Question

Explain whether any of them can claim ownership of the company. (6 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Incorporated Company, Legal Personality, Ownership
Level: Level 1

Topic: Types of capital and the financing of companies
Series: MAY 2018

Question Tag: Ownership

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AA – May 2017 – L2 – SC – Q5 – Internal Control Systems

Examination of internal control meaning, examples, and sources of audit evidence for completeness, ownership, and valuation.

You're reporting an error for "AA – May 2017 – L2 – SC – Q5 – Internal Control Systems"

BL – May 2014 – L1 – SA – Q9 – Sale of Goods

Assessing an agreement to buy goods by installments and transfer ownership.

You're reporting an error for "BL – May 2014 – L1 – SA – Q9 – Sale of Goods"

BL – May 2018 – L1 – SA – Q15 – Hire Purchase and Consumer Credit Transactions

Identify the party with the option to purchase goods in a hire purchase agreement.

You're reporting an error for "BL – May 2018 – L1 – SA – Q15 – Hire Purchase and Consumer Credit Transactions"

BL – Nov 2022 – L1 – SB – Q6c – Sale of Goods

Explaining the transfer of ownership in the sale of specific goods when no intention is expressed.

You're reporting an error for "BL – Nov 2022 – L1 – SB – Q6c – Sale of Goods"

BL – MAY 2016 – L1 – SA – Q16 – Hire Purchase and Consumer Credit Transactions

This question pertains to the conditions under which a hirer becomes the owner in a hire purchase transaction.

You're reporting an error for "BL – MAY 2016 – L1 – SA – Q16 – Hire Purchase and Consumer Credit Transactions"

CR – May 2018 – L3 – Q5c – Accounting and reporting concepts

Identify and explain two different approaches to defining a reporting entity for financial reporting purposes.

You're reporting an error for "CR – May 2018 – L3 – Q5c – Accounting and reporting concepts"

AT – Nov 2019 – L3 – Q1b – Mergers, amalgamation, and reorganization

Analyze the tax implications of different ownership structures in a merger for Akolo Ltd and Abolo Ltd.

You're reporting an error for "AT – Nov 2019 – L3 – Q1b – Mergers, amalgamation, and reorganization"

BCL – May 2017 – L1 – Q6b – Company Law

Explain the concept of legal personality of a company in a scenario of ownership disputes among friends.

You're reporting an error for "BCL – May 2017 – L1 – Q6b – Company Law"

BCL – May 2018 – L1 – Q5b – Types of Capital and the Financing of Companies

Explain whether members can claim ownership in an incorporated company.

You're reporting an error for "BCL – May 2018 – L1 – Q5b – Types of Capital and the Financing of Companies"

AA – May 2017 – L2 – SC – Q5 – Internal Control Systems

Examination of internal control meaning, examples, and sources of audit evidence for completeness, ownership, and valuation.

You're reporting an error for "AA – May 2017 – L2 – SC – Q5 – Internal Control Systems"

BL – May 2014 – L1 – SA – Q9 – Sale of Goods

Assessing an agreement to buy goods by installments and transfer ownership.

You're reporting an error for "BL – May 2014 – L1 – SA – Q9 – Sale of Goods"

BL – May 2018 – L1 – SA – Q15 – Hire Purchase and Consumer Credit Transactions

Identify the party with the option to purchase goods in a hire purchase agreement.

You're reporting an error for "BL – May 2018 – L1 – SA – Q15 – Hire Purchase and Consumer Credit Transactions"

BL – Nov 2022 – L1 – SB – Q6c – Sale of Goods

Explaining the transfer of ownership in the sale of specific goods when no intention is expressed.

You're reporting an error for "BL – Nov 2022 – L1 – SB – Q6c – Sale of Goods"

BL – MAY 2016 – L1 – SA – Q16 – Hire Purchase and Consumer Credit Transactions

This question pertains to the conditions under which a hirer becomes the owner in a hire purchase transaction.

You're reporting an error for "BL – MAY 2016 – L1 – SA – Q16 – Hire Purchase and Consumer Credit Transactions"

CR – May 2018 – L3 – Q5c – Accounting and reporting concepts

Identify and explain two different approaches to defining a reporting entity for financial reporting purposes.

You're reporting an error for "CR – May 2018 – L3 – Q5c – Accounting and reporting concepts"

AT – Nov 2019 – L3 – Q1b – Mergers, amalgamation, and reorganization

Analyze the tax implications of different ownership structures in a merger for Akolo Ltd and Abolo Ltd.

You're reporting an error for "AT – Nov 2019 – L3 – Q1b – Mergers, amalgamation, and reorganization"

BCL – May 2017 – L1 – Q6b – Company Law

Explain the concept of legal personality of a company in a scenario of ownership disputes among friends.

You're reporting an error for "BCL – May 2017 – L1 – Q6b – Company Law"

BCL – May 2018 – L1 – Q5b – Types of Capital and the Financing of Companies

Explain whether members can claim ownership in an incorporated company.

You're reporting an error for "BCL – May 2018 – L1 – Q5b – Types of Capital and the Financing of Companies"

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