NOV 2013 – Page 2 – 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

BL – Nov 2013 – L1 – SB – Q3c – Hire Purchase, Consumer Credit Transactions

Explaining two key characteristics of hire purchase transactions.

Question

Explain briefly TWO characteristics of a hire purchase transaction. (5 Marks)

Answer

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Tags: Bailor and Bailee Relationship, Contract Law, Hire Purchase
Level: Level 1

Topic: Hire Purchase and Consumer Credit Transactions
Series: NOV 2013

BL – Nov 2013 – L1 – SB – Q3b – Agency Law

Stating five different types of agents recognized under the law of agency.

Question

In modern society, no one person can do all things. Therefore, power or authority to act has to be given to other persons to act or do certain things on behalf of another. As such, agents must be appointed one way or the other.

You are required to:
State FIVE types of agents under the law of agency.

Answer

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Tags: Law of Agency, Legal Authority, Types of Agents
Level: Level 1

Topic: Agency Law
Series: NOV 2013

BL – Nov 2013 – L1 – SB – Q3a – Sale of Goods

Stating five essential elements of a sale of goods contract.

Question

In a contract of sale of goods, the seller must transfer to the buyer goods bought, and the goods must have certain qualities.

You are required to:
State FIVE essential elements of a contract of sale of goods.

Answer

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Tags: Contractual Agreements, Essential Elements, Sale of Goods
Level: Level 1

Topic: Sale of Goods
Series: NOV 2013

BL – Nov 2013 – L1 – SB – Q2b – Law of Contract

Advising on the legal enforceability of a promise made between a married couple.

Question

Meke is a medical doctor who got married to Neki five years ago. Neki is a smoker, a fact unknown to Meke before the marriage. Because of Meke’s love for his wife, he promised to buy her a gold wristwatch if she stopped smoking. Neki has stopped smoking for more than one year now, but Meke has reneged on his promise. Neki has been reminding her husband that if he refused to fulfill his promise, she would enforce her right by suing him for breach of contract.

You are required to:
State the law applicable to this case and advise Neki accordingly. (6 Marks)

Answer

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Tags: Contractual Agreements, Family Agreements, Intention to Create Legal Relations
Level: Level 1

Topic: Law of Contract
Series: NOV 2013

BL – Nov 2013 – L1 – SB – Q2a – Law of Contract

Explaining the principle of privity of contract and its exceptions.

Question

In the law of contract, there is the principle of privity of contract. However, there are some exceptions to this principle.

You are required to:
(i) Explain briefly the principle of privity of contract. (3 Marks)
(ii) Explain THREE exceptions to the principle of privity of contract. (6 Marks)

Answer

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Tags: Contract Law, Contractual Relationships, Privity of Contract
Level: Level 1

Topic: Law of Contract
Series: NOV 2013

BL – Nov 2013 – L1 – SB – Q1c – Accounting Concepts

Stating three advantages of e-contracts in contemporary society.

Question

As society progressed, technology also advanced to meet the needs of the Society in terms of internet facilities.

You are required to:
State THREE advantages of e-contract.

Answer

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Tags: Contract Law, E-Contract, Internet Facilities
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2013

BL – Nov 2013 – L1 – SB – Q1b – Agency Law

Advising on employer's liability when an employee causes injury during unauthorized activity.

Question

Anjori Engineering Company Limited has a bus that conveys its staff to work, and employed Okan as the driver of the bus. It is clearly written on the bus that non-staff passengers are not allowed on board. Okan, on his way to work one morning, used the company’s bus to convey non-staff passengers and had an accident with the bus, injuring some of the passengers. Efe, one of the non-staff passengers, threatens to sue Anjori Engineering Company Limited for damages for the injury he suffered as a result of the accident.

You are required to:
Advise Anjori Engineering Company Limited, stating the applicable principle of law.

Answer

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Tags: Employer's Responsibility, Legal Liability, Vicarious Liability
Level: Level 1

Topic: Agency Law
Series: NOV 2013

BL – Nov 2013 – L1 – SB – Q1a – Nigerian Legal System

Question on matters where the Supreme Court and the Court of Appeal have exclusive jurisdiction.

Question

In Nigeria, Courts are arranged in hierarchy for settlement of disputes. The jurisdiction of the various courts is provided for in the Constitution. Some are original, while others are exclusive and appellate in nature.

You are required to:

State FOUR matters in which:
i. The Supreme Court has exclusive jurisdiction
ii. The Court of Appeal has exclusive jurisdiction (8 Marks)

Answer

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Tags: Court of Appeal, Jurisdiction, Legal System, Nigerian Constitution, Supreme Court
Level: Level 1

Topic: Nigerian Legal System
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q20 – Law of Trusts

Question about the minimum debt amount required to file a bankruptcy petition.

Question

A creditor shall not be entitled to present a bankruptcy petition against the debtor where the debt is less than ……………………………………….

Answer

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Tags: Bankruptcy, Creditor, Debt Threshold, Debtor, Legal Proceedings
Level: Level 1

Topic: Law of Trusts
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q19 -Law of Trusts

Question on the fiduciary position of a trustee in relation to a beneficiary.

Question

A Trustee occupies a fiduciary position in relation to the ………………………….

Answer

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Tags: Beneficiary, Fiduciary Duty, Law of Trusts, Trustee
Level: Level 1

Topic: Law of Trusts
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.

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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.

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BL – Nov 2013 – L1 – SB – Q3c – Hire Purchase, Consumer Credit Transactions

Explaining two key characteristics of hire purchase transactions.

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BL – Nov 2013 – L1 – SB – Q3b – Agency Law

Stating five different types of agents recognized under the law of agency.

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BL – Nov 2013 – L1 – SB – Q3a – Sale of Goods

Stating five essential elements of a sale of goods contract.

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BL – Nov 2013 – L1 – SB – Q2b – Law of Contract

Advising on the legal enforceability of a promise made between a married couple.

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BL – Nov 2013 – L1 – SB – Q2a – Law of Contract

Explaining the principle of privity of contract and its exceptions.

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BL – Nov 2013 – L1 – SB – Q1c – Accounting Concepts

Stating three advantages of e-contracts in contemporary society.

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BL – Nov 2013 – L1 – SB – Q1b – Agency Law

Advising on employer's liability when an employee causes injury during unauthorized activity.

You're reporting an error for "BL – Nov 2013 – L1 – SB – Q1b – Agency Law"

BL – Nov 2013 – L1 – SB – Q1a – Nigerian Legal System

Question on matters where the Supreme Court and the Court of Appeal have exclusive jurisdiction.

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BL – Nov 2013 – L1 – SA – Q20 – Law of Trusts

Question about the minimum debt amount required to file a bankruptcy petition.

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BL – Nov 2013 – L1 – SA – Q19 -Law of Trusts

Question on the fiduciary position of a trustee in relation to a beneficiary.

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