Series: MAR 2024

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Has Case Study
  • 7 Marks

SCS – MAR 2024 – L3 – Q6c – Strategy, stakeholders, and mission

Describe and explain the four broad roles of NEDs identified in the Higgs Guidance (2003).

Prestige’s Board acknowledges that by adopting and implementing the highest standards of
corporate governance, this sets the standards and values for the entire Company. The
Company seeks to comply with best practice in all areas of corporate governance and
continues to review the Company’s procedures to maintain proper control and
accountability.
Required

There are nine members on Prestige’s Board of Directors. They include the Chairman, Chief Executive, three executive directors, and four non-executive directors (NEDs). Describe and explain four broad roles for NEDs identified in the document published in the UK in 2003, known as the Higgs Guidance.

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Has Case Study
  • 5 Marks

SCS – MAR 2024 – L3 – Q6b – Strategy, stakeholders, and mission

Explain how Principles V and VI of the OECD Principles of Corporate Governance could be applied at Prestige.

Prestige’s Board acknowledges that by adopting and implementing the highest standards of
corporate governance, this sets the standards and values for the entire Company. The
Company seeks to comply with best practice in all areas of corporate governance and
continues to review the Company’s procedures to maintain proper control and
accountability.
Required

Describe and explain how Principles V and VI of the OECD Principles of Corporate Governance – 2015 Edition, could be applied at Prestige to ensure good corporate governance practices.

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Has Case Study
  • 8 Marks

SCS – MAR 2024 – L3 – Q6a – Strategy, stakeholders, and mission

Describe and explain 5 key issues in corporate governance for Prestige.

Prestige’s Board acknowledges that by adopting and implementing the highest standards of corporate governance, this sets the standards and values for the entire Company. The Company seeks to comply with best practices in all areas of corporate governance and continues to review its procedures to maintain proper control and accountability.

Required:
Describe and explain five key issues in corporate governance that would establish how well or badly Prestige is governed.

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Has Case Study
  • 5 Marks

SCS – MAR 2024 – L3 – Q5c – International financial management

Evaluate the factors restricting foreign investment despite potential good returns.

With reference to Option Three, evaluate the factors that restrict foreign investment despite the perceived potential for good returns. 

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Has Case Study
  • 5 Marks

SCS – MAR 2024 – L3 – Q5b – Financial management

Calculate the effective rate of borrowing for three months and explain the advantages of convertible bonds.

With reference to Option Two:

i) What would be its effective rate of borrowing for the three months if US dollar LIBOR is 4.50% at the start of the notional interest period for the FRA? (2 marks)
ii) What are the advantages of Convertible Bonds? (3 marks)

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Has Case Study
  • 10 Marks

SCS – MAR 2024 – L3 – Q5a – Financial management

Calculate various financial ratios including ROCE, EPS, DPS, and TSR based on given financial data.

With reference to the information in Option One available to Prestige as presented by Professor Joseph Laing, a business consultant, calculate the following:

i) Return on Capital Employed (ROCE) (1 mark)
ii) Earnings Per Share (EPS) (1 mark)
iii) Dividend Per Share (DPS) (2 marks)
iv) Total Shareholders Return (TSR) (2 marks)
v) Explain the difference between ROCE and Accounting Rate of Return, their essential features, and relationship (4 marks)

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Has Case Study
  • 12 Marks

SCS – MAR 2024 – L3 – Q4b – Strategy implementation

Advise on an appropriate HR strategy to harmonize the organizational structure for effective delivery at Prestige.

Each company acquired or merged by Prestige was allowed to maintain its human resource structure.

Required:
Analyze and advise on an appropriate HR strategy Prestige should adopt to harmonize the organizational structure for effective delivery of the company’s objectives.

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Has Case Study
  • 8 Marks

SCS – MAR 2024 – L3 – Q4a – Strategy implementation

Explain how Prestige could leverage ICT using the four broad stages of e-business development to compete.

Prestige’s Board has shifted from their long-standing reluctance to venture into foreign markets to seriously consider the possibility of expansion overseas. An important implication of this decision is that as the size of the market increases, competition becomes international. The main rivals are no longer local suppliers to a domestic market.

Required:
Using the four broad stages of development to a full e-business model, explain how Prestige could leverage ICT to compete.

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Has Case Study
  • 10 Marks

SCS – MAR 2024 – L3 – Q3 – Functional strategies

Explain the potential benefits of resource sharing through common IT systems at Prestige.

When five years ago the present regional divisional structure of Greater Accra, Ashanti, and Eastern was formalized, an attempt was made to ensure that common systems and ways of working were adopted across each of the three regions. However, due to the pressures on the Company, this was never fully implemented.

Required:
Explain the potential benefits of resource sharing (configuring an organization’s computing system in such a way that the information and resources within it can be accessed, and remotely accessed, across multiple administrative domains) to Prestige if they adopt common IT systems.

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Has Case Study
  • 10 Marks

SCS – MAR 2024 – L3 – Q2 – Competitive advantage

Apply and appraise Porter’s three strategies for sustaining competitive advantage for Prestige Designers Ltd.

A strategic clock can be used to consider different business strategies for gaining competitive advantage, based on providing a combination of price and perceived benefits. Porter has suggested three strategies for sustaining competitive advantage over rival firms and their products or services. They are a cost leadership strategy, a differentiation strategy, and a focus strategy.

Required:
Apply and appraise how effective the suggested three strategies for sustaining competitive advantage over rival firms would be useful to Prestige. (10 marks)

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  • 5 Marks

PT – Mar 2024 – L2 – Q2c – Income Tax Liabilities

Compute the monthly pension payable to Ama Adaklu after retirement based on her last five years' salary.

Ama Adaklu retired in December 2022 after contributing to SSNIT for 300 months, working with three different employers. The last 5 years of her annual salary are as follows:

Year Annual Salary (GH¢)
2018 200,000
2019 220,000
2020 250,000
2021 450,000
2022 500,000

Required:
Compute the monthly pension payable to Ama Adaklu. (5 marks

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  • 5 Marks

PT – Mar 2024 – L2 – Q2b – Value-Added Tax (VAT), Customs, and Excise Duties

State five conditions under which goods supplied on "sale or return" basis become taxable.

State FIVE (5) conditions under which goods supplied on “sales or return” basis become taxable.

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  • 10 Marks

PT – Mar 2024 – L2 – Q2a -Value-Added Tax (VAT), Customs, and Excise Duties

Compute VAT and Levies payable by Pioneer Products Ltd for the year 2023.

Pioneer Products Ltd (PPL) is a manufacturer of plastic products which are supplied into both domestic and foreign markets.

The following transactions took place in the year 2023:

Transaction Amount (GH¢)
Turnover for the year 2,350,000
Export sales 570,000
Supplies to the presidency of Ghana for maintenance 205,200
Import duties paid 12,900
Import VAT Paid 43,100
Cost of local purchases (Excluding VAT) 17,100
Cost of electricity bills paid (Including VAT) 63,200
VAT paid to Ghana Revenue Authority during the year 15,900
Levies paid to Ghana Revenue Authority during the year 3,200

Required:
Compute VAT and Levies payable at the end of the year 2023. (10 marks)

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  • 5 Marks

PT – Mar 2024 – L2 – Q1d – Tax Administration

State five benefits of integrating the revenue agencies into the Ghana Revenue Authority (GRA).

The erstwhile revenue agencies (VAT, IRS & CEPS) were integrated into the Ghana Revenue Authority (GRA) in 2009. It was envisaged that the integration of the Revenue Agencies would bring certain benefits to taxpayers and tax administration.

Required:
State FIVE (5) of such benefits. (5 marks)

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  • 5 Marks

PT – Mar 2024 – L2 – Q1c – Tax Administration

State five direct taxes administered by the Domestic Tax Revenue Division (DTRD) of GRA.

The Ghana Revenue Authority is made up of two operational divisions: Domestic Tax Revenue Division (DTRD) and Customs Division (CD) with assistance from the Support Services Division (SSD).

Required:
In reference to the statement above, state FIVE (5) direct taxes administered by the Domestic Tax Revenue Division of the Ghana Revenue Authority. (5 marks)

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  • 5 Marks

PT – Mar 2024 – L2 – Q1b – Overview of the Ghanaian Tax System and Fiscal Policy

Explain the features that distinguish progressive, proportional, and regressive taxes.

A tax may be described in a number of ways based on the relationship between income earned by a person and the tax rate applicable to that income. Again, an important feature of a tax system is the percentage of the tax burden relative to income or consumption, thus, the terms progressive, proportional, and regressive are used to describe the way the rate of tax progresses from low to high; from high to low or proportionally.

Required:
In relation to the scenario above, explain progressive, proportional, and regressive taxes, stating the main features that distinguish them. (5 marks)

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  • 4 Marks

PT – Mar 2024 – L2 – Q1a – Tax Administration

Explain the benefits of the new tax administration reforms in Ghana for taxpayers and GRA.

In recent years, the Ghana Revenue Authority (GRA) has embarked on some tax administrative reforms. One of the key administrative reforms is the merger of the Medium Taxpayer Office (MTO) and Small Taxpayer Office (STO) systems in the management of taxpayers, which has resulted in the introduction of the Taxpayer Services Centres (TSCs) concept whereby taxpayers are migrated to tax offices closer to their business locations, irrespective of their turnovers.

Required:

i) Explain TWO (2) benefits of the new tax administration reform to the taxpayer. (2 marks)

ii) Explain THREE (3) benefits of the new tax administration reform to the GRA. (3 marks)

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  • 20 Marks

CR – Mar 2024 – Q5 – Analysis and interpretation of financial statements

Analyze and compare cash flow statements of two companies to recommend an investment choice between them.

You are the Financial Consultant of Nkoso Funds, a pension fund in Ghana. Your company has identified two companies which you have been asked to evaluate as possible investments. The two companies, Trokaa Plc (Trokaa Plc) and Krokro Plc (Krokro Plc), are both publicly held and similar in size. Assume that all other publicly available information, including all climate, sustainability, and governance disclosures, have already been analysed and the decision concerning which company’s shares to acquire depends on their cash flow data given below:

Statement of cash flows for the years ended December 31, 2023 and 2022 Trokaa Plc Krokro Plc

Required:
a) Conduct a horizontal analysis for each of the two companies. (6 marks)

b) Write a report to the investment manager of Nkoso Funds discussing the relative strengths and weaknesses of each of the two companies. Conclude your report by recommending one company’s share as an investment avenue. (14 marks)

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  • 5 Marks

CR – Mar 2024 – Q4b – Business combinations and consolidation

Identify factors to consider when determining if reacquired rights constitute identifiable intangible assets in a business combination.

An acquirer may reacquire a right that it had previously granted to the acquiree to use one or more of the acquirer’s recognised or unrecognised assets. Examples of such rights include a right to use the acquirer’s trade name under a franchise agreement or a right to use the acquirer’s technology under a technology licensing agreement. Such reacquired rights generally are identifiable intangible assets that the acquirer separately recognises from goodwill.

Required: Identify FOUR (4) factors that should be considered in deciding on whether reacquired rights constitute an identifiable intangible asset.

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  • 15 Marks

CR – Mar 2024 – Q4a – Business valuation

Apply various valuation methods to determine the value of Meddy Ltd's shares in a potential merger scenario with Flossybeats Ltd.

Flossybeats Ltd is a major competitor of Meddy Ltd in the telecommunication industry. Flossybeats Ltd is listed on the Ghana Stock Exchange with a P/E ratio of 11 and a dividend yield of 7.2%. Directors of Flossybeats Ltd have been presented with a proposal to merge with Meddy Ltd which owns 45% of the market share but not yet listed. The summarized financial statements of Meddy Ltd for the year 2023 are given below:

Statement of Financial Position as at 31 December 2023

Additional information: i) An existing property included in property, plant and equipment with a carrying value of GH¢675,000 could be developed as a site for residential use at a cost of GH¢75,000 and would then be worth GH¢975,000. The remaining property, plant and equipment can be used to generate a net cashflow of GH¢300,000 each year for the foreseeable future.

ii) The worth of the Investment Property is difficult to value, as there is no active market. A normal sale in the present condition could be reasonably expected to yield GH¢600,000 based on an analysis of transactions in similar assets.

iii) The trademark represents a license to produce and sell a special product which is expected to generate an after-tax profit of GH¢1,500,000 over the next four years. The expected after-tax profit projection was made without the consideration of amortisation of the book value of the trademark over the same period.

iv) The discounted present value of future cash payments in respect of long-term loan is GH¢975,000. The discount rate of Meddy Ltd is 25% per annum but the financial controller asserts that beta of the company is 1.5. The Treasury bill rate and the return on the market are estimated to be 16% and 23% respectively.

v) Dividend payments of Meddy Ltd in 2022 was GH¢112,500. The dividend growth achieved in 2023 is expected to be sustained in the foreseeable future.

Required: Advise the directors of Meddy Ltd on the value to be placed on the ordinary shares using:

  • Net Assets Method
  • Constant Dividend Method
  • Dividend Growth Method
  • Earning based (P/E) Method

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