NOV 2013 – NBC Institute

AAA – Nov 2013 – L3 – A – Q9 – Regulatory Framework and Professional Standards

This question tests understanding of the required components of IFRS-compliant financial statements.

Question

Which of the following is NOT required as part of Financial Statements that are International Financial Reporting Standards (IFRS) compliant?
A. Statement of financial position
B. Statement of cash flows
C. Account receivable
D. Chairman’s statement
E. Non-current assets

Answer

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Tags: Financial Statements, IFRS Compliance, Reporting Standards
Level: Level 3

Topic: Regulatory Framework and Professional Standards
Series: NOV 2013

AAA – Nov 2013 – L3 – A – Q2 – Audit of IT Systems and Data Analytics

This question assesses the knowledge of internal controls in a computerized accounting system.

Question

In order to understand the internal control system of a computerized accounting system of a client, which of the following computer documentation will assist the auditor the most?
A. System narrative
B. Record layout
C. Programme listing
D. Record counts
E. System flow charts

Answer

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Tags: Audit, Internal Control, IT Systems
Level: Level 3

Topic: Audit of IT Systems and Data Analytics
Series: NOV 2013

AAA – Nov 2013 – L3 – A – Q1 – Audit Reporting

This question tests understanding of considerations for report writing in investigations.

Question

Which of the following may NOT be taken into consideration when writing a report of an investigation?
A. The language of the report must take into consideration the technical knowledge of the users
B. The computation should be detailed in the body of the report
C. The subject-matter of the investigation must be clear from the heading of the report
D. Any reservation should be clearly stated in the body of the report
E. The users of the report must be clearly identifiable

Answer

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Tags: Audit, Investigation, Report Writing, Reporting Standards
Level: Level 3

Topic: Audit Reporting
Series: NOV 2013

BL – Nov 2013 – L1 – SB – Q6c – Law of Trusts

Listing three types of authorized securities under the Trustee Investments Act.

Question

Ade is a Trustee of the Estate of late Konga. Konga’s Will empowered the Trustees of his Estate to invest in securities authorized by the Trustee Investments Act.

You are required to:
State THREE of such authorized securities, without stating the limit of the investment. (6 Marks)

Answer

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Tags: Investment, Trust Law, Trustee Obligations
Level: Level 1

Topic: Law of Trusts
Series: NOV 2013

BL – Nov 2013 – L1 – SB – Q6b – Agency Law

Stating three acts of bankruptcy for which proceedings may be instituted.

Question

A debtor who could not pay his debts or meet his legal financial obligations may be insolvent.

You are required to:
State THREE acts of bankruptcy for which bankruptcy proceedings may be instituted against a debtor.

Answer

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Tags: Bankruptcy, Insolvency, Legal Financial Obligations
Level: Level 1

Topic: Agency Law
Series: NOV 2013

BL – Nov 2013 – L1 – SB – Q6a – Negotiable Instruments

Explaining three types of bills of exchange.

Question

State and explain THREE types of Bills of Exchange.

Answer

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Tags: Bills of Exchange, Legal Documentation, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2013

BL – Nov 2013 – L1 – SB – Q5c – Partnership Law

Advising partners on the liability for partnership debts.

Question

Yaya and Omegie contributed money to do business together and they both invited Obi to join them in the business. The firm traded for four years without making a profit but incurred a huge debt of N45,000,000. Yaya wants to leave the business and the debts to Omegie and Obi to pay.

You are required to:
Advise Omegie, Yaya, and Obi. (5 Marks)

Answer

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Tags: Debt Obligation, Joint Liability, Partnership Law
Level: Level 1

Topic: Partnership Law
Series: NOV 2013

BL – Nov 2013 – L1 – SB – Q5b – Partnership Law

Stating five implied authorities of partners under the law of partnership.

Question

State FIVE implied authorities of partners under the Law of Partnership.

Answer

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Tags: Business Authority, Implied Authority, Partnership Law
Level: Level 1

Topic: Partnership Law
Series: NOV 2013

BL – Nov 2013 – L1 – SB – Q5a – Company Law

Stating reasons for which a court may order a company to be wound up.

Question

When a company is not well managed, it may need to be wound up either voluntarily or by court order.

You are required to:
State FIVE reasons for which a court may order that a company be wound up.

Answer

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Tags: Company Law, Corporate Affairs, Insolvency, Winding-up
Level: Level 1

Topic: Company Law
Series: NOV 2013

BL – Nov 2013 – L1 – SB – Q4 – Company Law

Explaining the disqualification and circumstances for vacating office as a director.

Question

Directors of a company are the executives that direct the “mind and will” of the company. Persons who occupy such important positions must have certain attributes.

You are required to:
(a) Explain briefly TWO types of persons that are disqualified from being Directors of a company. (5 Marks)
(b) Explain briefly FIVE circumstances under which a person must vacate office as a Director.

Answer

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Tags: Company Law, Corporate Governance, Directors' Removal, Disqualification
Level: Level 1

Topic: Company Law
Series: NOV 2013

AAA – Nov 2013 – L3 – A – Q9 – Regulatory Framework and Professional Standards

This question tests understanding of the required components of IFRS-compliant financial statements.

Question

Answer

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Tags: Financial Statements, IFRS Compliance, Reporting Standards
Level: Level 3

Topic: Regulatory Framework and Professional Standards
Series: NOV 2013

AAA – Nov 2013 – L3 – A – Q2 – Audit of IT Systems and Data Analytics

This question assesses the knowledge of internal controls in a computerized accounting system.

Question

Answer

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Tags: Audit, Internal Control, IT Systems
Level: Level 3

Topic: Audit of IT Systems and Data Analytics
Series: NOV 2013

AAA – Nov 2013 – L3 – A – Q1 – Audit Reporting

This question tests understanding of considerations for report writing in investigations.

Question

Answer

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Tags: Audit, Investigation, Report Writing, Reporting Standards
Level: Level 3

Topic: Audit Reporting
Series: NOV 2013

BL – Nov 2013 – L1 – SB – Q6c – Law of Trusts

Listing three types of authorized securities under the Trustee Investments Act.

Question

Ade is a Trustee of the Estate of late Konga. Konga’s Will empowered the Trustees of his Estate to invest in securities authorized by the Trustee Investments Act.

You are required to:
State THREE of such authorized securities, without stating the limit of the investment. (6 Marks)

Answer

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Tags: Investment, Trust Law, Trustee Obligations
Level: Level 1

Topic: Law of Trusts
Series: NOV 2013

BL – Nov 2013 – L1 – SB – Q6b – Agency Law

Stating three acts of bankruptcy for which proceedings may be instituted.

Question

A debtor who could not pay his debts or meet his legal financial obligations may be insolvent.

You are required to:
State THREE acts of bankruptcy for which bankruptcy proceedings may be instituted against a debtor.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bankruptcy, Insolvency, Legal Financial Obligations
Level: Level 1

Topic: Agency Law
Series: NOV 2013

BL – Nov 2013 – L1 – SB – Q6a – Negotiable Instruments

Explaining three types of bills of exchange.

Question

State and explain THREE types of Bills of Exchange.

Answer

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Tags: Bills of Exchange, Legal Documentation, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2013

BL – Nov 2013 – L1 – SB – Q5c – Partnership Law

Advising partners on the liability for partnership debts.

Question

You are required to:
Advise Omegie, Yaya, and Obi. (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Debt Obligation, Joint Liability, Partnership Law
Level: Level 1

Topic: Partnership Law
Series: NOV 2013

BL – Nov 2013 – L1 – SB – Q5b – Partnership Law

Stating five implied authorities of partners under the law of partnership.

Question

State FIVE implied authorities of partners under the Law of Partnership.

Answer

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Tags: Business Authority, Implied Authority, Partnership Law
Level: Level 1

Topic: Partnership Law
Series: NOV 2013

BL – Nov 2013 – L1 – SB – Q5a – Company Law

Stating reasons for which a court may order a company to be wound up.

Question

When a company is not well managed, it may need to be wound up either voluntarily or by court order.

You are required to:
State FIVE reasons for which a court may order that a company be wound up.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Company Law, Corporate Affairs, Insolvency, Winding-up
Level: Level 1

Topic: Company Law
Series: NOV 2013

BL – Nov 2013 – L1 – SB – Q4 – Company Law

Explaining the disqualification and circumstances for vacating office as a director.

Question

Directors of a company are the executives that direct the “mind and will” of the company. Persons who occupy such important positions must have certain attributes.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Company Law, Corporate Governance, Directors' Removal, Disqualification
Level: Level 1

Topic: Company Law
Series: NOV 2013

Series: NOV 2013

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AAA – Nov 2013 – L3 – A – Q9 – Regulatory Framework and Professional Standards

This question tests understanding of the required components of IFRS-compliant financial statements.

You're reporting an error for "AAA – Nov 2013 – L3 – A – Q9 – Regulatory Framework and Professional Standards"

AAA – Nov 2013 – L3 – A – Q2 – Audit of IT Systems and Data Analytics

This question assesses the knowledge of internal controls in a computerized accounting system.

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AAA – Nov 2013 – L3 – A – Q1 – Audit Reporting

This question tests understanding of considerations for report writing in investigations.

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BL – Nov 2013 – L1 – SB – Q6c – Law of Trusts

Listing three types of authorized securities under the Trustee Investments Act.

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BL – Nov 2013 – L1 – SB – Q6b – Agency Law

Stating three acts of bankruptcy for which proceedings may be instituted.

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BL – Nov 2013 – L1 – SB – Q6a – Negotiable Instruments

Explaining three types of bills of exchange.

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BL – Nov 2013 – L1 – SB – Q5c – Partnership Law

Advising partners on the liability for partnership debts.

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BL – Nov 2013 – L1 – SB – Q5b – Partnership Law

Stating five implied authorities of partners under the law of partnership.

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BL – Nov 2013 – L1 – SB – Q5a – Company Law

Stating reasons for which a court may order a company to be wound up.

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BL – Nov 2013 – L1 – SB – Q4 – Company Law

Explaining the disqualification and circumstances for vacating office as a director.

You're reporting an error for "BL – Nov 2013 – L1 – SB – Q4 – Company Law"

AAA – Nov 2013 – L3 – A – Q9 – Regulatory Framework and Professional Standards

This question tests understanding of the required components of IFRS-compliant financial statements.

You're reporting an error for "AAA – Nov 2013 – L3 – A – Q9 – Regulatory Framework and Professional Standards"

AAA – Nov 2013 – L3 – A – Q2 – Audit of IT Systems and Data Analytics

This question assesses the knowledge of internal controls in a computerized accounting system.

You're reporting an error for "AAA – Nov 2013 – L3 – A – Q2 – Audit of IT Systems and Data Analytics"

AAA – Nov 2013 – L3 – A – Q1 – Audit Reporting

This question tests understanding of considerations for report writing in investigations.

You're reporting an error for "AAA – Nov 2013 – L3 – A – Q1 – Audit Reporting"

BL – Nov 2013 – L1 – SB – Q6c – Law of Trusts

Listing three types of authorized securities under the Trustee Investments Act.

You're reporting an error for "BL – Nov 2013 – L1 – SB – Q6c – Law of Trusts"

BL – Nov 2013 – L1 – SB – Q6b – Agency Law

Stating three acts of bankruptcy for which proceedings may be instituted.

You're reporting an error for "BL – Nov 2013 – L1 – SB – Q6b – Agency Law"

BL – Nov 2013 – L1 – SB – Q6a – Negotiable Instruments

Explaining three types of bills of exchange.

You're reporting an error for "BL – Nov 2013 – L1 – SB – Q6a – Negotiable Instruments"

BL – Nov 2013 – L1 – SB – Q5c – Partnership Law

Advising partners on the liability for partnership debts.

You're reporting an error for "BL – Nov 2013 – L1 – SB – Q5c – Partnership Law"

BL – Nov 2013 – L1 – SB – Q5b – Partnership Law

Stating five implied authorities of partners under the law of partnership.

You're reporting an error for "BL – Nov 2013 – L1 – SB – Q5b – Partnership Law"

BL – Nov 2013 – L1 – SB – Q5a – Company Law

Stating reasons for which a court may order a company to be wound up.

You're reporting an error for "BL – Nov 2013 – L1 – SB – Q5a – Company Law"

BL – Nov 2013 – L1 – SB – Q4 – Company Law

Explaining the disqualification and circumstances for vacating office as a director.

You're reporting an error for "BL – Nov 2013 – L1 – SB – Q4 – Company Law"

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