March 2010 Part 1 Insight

INSIGHT
EXAMINERS GENERAL COMMENTS

BREACH OF EXAMINATION INSTRUCTIONS
IN SPITE OF THE EXAMINERS GENERAL COMMENT IN PREVIOUS EDITIONS OF THE INSIGHT, IT WAS OBSERVED THAT A NUMBER OF CANDIDATES HAVE CONTINUED TO BREACH EXAMINATION INSTRUCTIONS AS STATED BELOW:
A) BY ATTEMPTING MORE QUESTIONS THAN ALLOWED IN EACH PAPER; AND B) BY ATTEMPTING MORE QUESTIONS THAN ALLOWED IN EACH SECTION.
INADEQUATE COVERAGE OF THE SYLLABUS

IT HAS BECOME MANIFEST THAT MANY CANDIDATES DO NOT COVER THE SYLLABUS IN DEPTH BEFORE PRESENTING THEMSELVES FOR THE EXAMINATION. CANDIDATES ARE THEREFORE ADVISED TO BE ADEQUATELY CONVERSANT WITH ALL ASPECTS OF THE SYLLABUS.
ATSWA PART 1 MARCH 2010
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FOREWORD
This issue of INSIGHT is published principally, in response to a growing demand, as an aid to: (i) Candidates preparing to write future examinations of the Institute of Chartered Accountants of Nigeria (ICAN) at an equivalent level; Unsuccessful candidates in the identification of those areas in which they lost marks and need to improve their knowledge and presentation; Lecturers and students interested in acquisition of knowledge in the relevant subjects contained therein; and The profession in improving pre-examination and screening processes, and so the professional performance.
(ii)
(iii)
(iv)
The answers provided in this book do not exhaust all possible alternative approaches to solving the questions. Efforts have been made to use methods, which will save much of the scarce examination time. It is hoped that the suggested answers will prove to be of tremendous assistance to students and those who assist them in their preparations for the Institutes Examinations.
NOTE
Although these suggested solutions have been published under the Institutes name, they do not represent the views of the Council of the Institute. They are entirely the responsibility of their authors and the Institute will not enter into any correspondence about them.
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CONTENTS PAGE
BASIC ACCOUNTING PROCESSES AND SYSTEMS
ECONOMICS
BUSINESS LAW
COMMUNICATION SKILLS
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AT/101/PI.1 EXAMINATION NO:
ASSOCIATION OF ACCOUNTANCY BODIES IN WEST AFRICA

ACCOUNTING TECHNICIANS SCHEME PART I EXAMINATION MARCH 2010 BASIC ACCOUNTING PROCESSES AND SYSTEMS
Time allowed: 3 hours Insert your Examination number in the space provided above SECTION A Attempt all questions
PART I
MULTIPLE-CHOICE QUESTIONS (10 MARKS)
1. Which of the following should be charged to profit and loss account? A. B. C. D. E. 2. Depreciation on factory plant Work in progress Direct materials Office rent Carriage on raw materials.
Which of the following is a liability? A. B. C. D. E. Motor Vehicles Cash at bank Creditors Machinery Stock.
3.
Given the following data what is the amount of capital? Cash Stock Premises Creditors Loan from Abel N 200 17,00 0 40,00 0 6,000 8,000
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4.
A. N57,200 B. N43,200 C. N71,200 D. N57,000 E. N71,000. In club Accounts, surplus is determined in the ................... A. B. C. D. E. Production Account Balance Sheet Income and Loss Account Profit and Loss Account Income and Expenditure Account.
5.
In lodging money into a current account the document used is ................... A. B. C. D. E. Pay-in-slip Cheque book Cash book Invoice Pass book.
6.
Given opening debtors of Le11,500 credit sales Le48,000 and Receipts from debtors Le45,000. What is the closing debtors balance? A. B. C. D. E. Le59,000 Le56,500 Le14,500 Le11,500 Le26,000.
7.
When the Trial Balance totals do not agree the difference is recorded in the ....................... A. B. C. D. Balance sheet Nominal Account Suspense Account Profit and loss Account
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E. Capital Account. 8. If the cash float is N2,000 and N1,460 is disbursed during the period, how much will be re-imbursed at the end of the period based on the Imprest system? A. B. C. D. E. 9. N3,460 N1,460 N2,000 N540 N2,540.
Depreciation is the ................................. A. part of the cost of the fixed assets consumed during its period of use B. amount spent to buy fixed asset C. salvage value of a fixed asset D. amount of the money spent in replacing assets E. residual value of a fixed asset.
10.
Day books are also known as books of ...................... A. B. C. D. E. Remittance Ledger Systems Original Entry Transaction.
PART II
1. 2. 3.
SHORT-ANSWER QUESTIONS (30 MARKS)
The foundation of postings into the accounts and the ledger is ............... The double entry principle stipulates that every ................. entry requires a corresponding ..................... entry. The process of classifying, summarising data and communicating the results obtained is called ........................
4. Carriage outwards is shown as an expense in the .................... Account. 5. The assumption that a business will continue to operate for the foreseeable future is ......................
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6. 7. 8. 9. 10. 11. 12. 13. 14. 15. The records of original entry through which transactions are recorded in special books of account is ...................... An amount spent in purchasing a motor vehicle is debited to ............... account. The account to debit for the sale of machinery is ....................... Discount received appears on the ................. side of the cash book. Wages unpaid are shown in the Balance Sheet as ....................... Interest on loan taken to acquire plant is a ................. expense. Basic pay plus allowances less all deductions (statutory and otherwise) is .......................... The sum of prime cost and production overhead is known as ..................... The transfer of goods or services from a seller to a buyer without immediate payment by the buyer is .................... If after issuance of an invoice a seller discovers the buyer had been under-billed, the seller may raise a .................... for the difference. A provision for doubtful debts is shown as a ................... from the debtors in the Balance Sheet. Determine the working capital from the following data. Stock Debtors Creditors Unpaid wages Prepayments 4,000 5,000 3,000 500 1,000
16. 17.
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18. A computer printout is also known as ........................... liquid asset in a companys Balance Sheet 19. The most is .................... 20. 21. 22. 23. 24. 25. 26. 27. 28.
Items of stock taken by the proprietor for personal use is deducted as ........................... in the Balance Sheet. The opening Accumulated Fund of a not-for-profit organisation is determined by the preparation of the ..................... The three parties to a cheque are the payee, the ......................... and the ..................... An unpresented cheque for a period of six months and above is regarded as ...................... What is the double entry for inventory purchased with cash? Small cash payments the ......................... for expenses are settled from
Purchase Returns book records goods returned to ..................... Accounts payable is classified as ..................... in the Balance Sheet. If opening capital is N16,500, closing capital is N11,350 and drawings is N3,300, then profit/(loss) for the year is .................... incurred in the acquisition of fixed assets
29. Expenditure is .................... 30.
The common name given to Trading and Profit and Loss Account and Balance Sheet is ....................
SECTION B Attempt any Four Questions (60 Marks) QUESTION 1

Explain briefly, the following concepts adopted by Accountants in preparation of financial statements of a business organisation. Give ONE example and ONE significance of each concept.
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(i) Money measurement (5 Marks) (ii) Matching Marks) (iii)Periodicity Marks) (5 (5 Marks) (Total 15
QUESTION 2
(a) (b) (c) List EIGHT contents of a payroll statement. (4 Marks) Itemise FOUR advantages of a Payroll statement. (4 Marks) The following data were extracted from the Payroll of Koto Beach Supermarket for the month of March 2008. Gross Pay Deductions: Loans repayment Staff Pension (AICOL) PAYE (Relevant Authority Staff Cooperatives Trade Unions NET PAY Tax 12,580,750. 50
178,000.0 0 120,000.0 0 78,650.50 68,250.00 32,500.00 477,400.50 12,103,350. 00
You are required to prepare necessary journal entries to record the above data in detail. (7 Marks) (Total 15 Marks)
QUESTION 3
Mr. Traore commenced business on 1 January 2007 the following are his transactions for the six months ended on 30 June 2007. i. 1/1/07 Mr. Traore put in N600,000 cash to start the business
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ii. iii. iv. v. vi. vii vii i 1/2/07 1/3/07 15/3/0 7 30/4/0 7 12/5/0 7 30/5/0 7 28/6// 07 He purchased a delivery van from Camara Motors Limited for N100,000 paying N30,000 cash deposit immediately. He bought land for N50,000 cash for the business. He procured office equipment from GLC Limited at N40,000 and paid cash immediately. He purchased goods of N100,000 form Kofi Afriye on four weeks credit term. He sold goods of N50,000 in cash and sold to Dodo Idodo, goods of N10,000 on one month credit. Dodo Idodo died and his total debt was written off as bad. He sold the remaining stock for N70,000 cash.
Required: Open Ledger Accounts for these transactions and balance each at 30 June 2007. (15 Marks)
QUESTION 4
Maleaf Daniels Cash book showed a debit balance of L$17,900 on the 31 March 2007. A careful examination of the cash book with the bank statement showed the following differences. (i) (ii) (iii) The bank had debited his account with bank charges of L$5,100. Internet charge was L$16,400. Cheques credited in the cash book not yet present for payment L$172,450. (iv) ATM charges to his bank account was L$100.00 (v) The sum of L$23,900 has been credited to his account as interest on his deposit account. (vi) Mr Kosu, his customer has been issued with a cheque for the sum of L$15,120. The cheque has not been paid by his bank. You are required to: (a) Show the adjusted cash book balance. (8 Marks) (b) Reconcile the adjusted cash book balance showing the correct amount which should appear on the Bank Statement. (7 Marks) (Total 15 Marks)
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QUESTION 5
The Accountant provided the following details for James Patrick retail shop for the year ended 31 December 2007 as he did not keep proper records: (i) Goods were mainly sold on credit. There was no record of sales. However N500,000 had been received from persons to whom goods have been sold. The N500,000 comprises cheque N475,000 and cash N25,000. N360,000 was paid to the suppliers by cheque . Expenses paid during the year by cheque: Rent N10,000 General expenses N9,000. Rent by cash N2,500. James Patrick took N500 cash every week for 52 weeks as drawings. He also took goods worth N13,000 during the year for private purposes. Other information available were as follows: At At 31/12/2006 31/12/2007 N N 55,000 66,000 20,000 32,500 2,500 56,500 4,000 79,500 152,500 500 85,000
(ii) (iii) (iv)
(v)
Debtors Trade creditors Outstanding rent Cash in Bank Cash on hand Stock (vi)
The only fixed asset consists of furniture which was valued at N40,000 as at 31 December 2006. This should be depreciated at 10% per annum. You are required to determine the following:
(a) Proprietors capital as at 31 December 2006. Marks) (b) Total sales for the year ended 31/12/2007. Marks) (c) Total purchases for year ended 31/12/2007. Marks)
(4 (5 (5
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(d) Proprietors drawings. (1 Mark) NB. You are not required to prepare Final Accounts. (Total 15 Marks)
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QUESTION 6
Obosi Industries are into the manufacturing of Lantern bulbs. The following balances were extracted from the accounts for the year ended 31 December 2007. Raw Materials Chemical mixtures used in packaging Wages paid to production staff Carriage on chemicals and other materials Discount Allowed Salaries Opening Stock: Raw materials Work in progress Finished Goods Plants & Machinery Factory warehouse expenses Electricity expenses Provision for bad debts Sales Printing and Stationery Insurance expenses Additional information (i) Closing Stock: Raw materials Work in Progress Finished Goods (ii ) (iii ) iv) Le 850,000 120,000 122,000 50,000 10,500 82,000 190,000 210,000 180,000 900,000 75,000 62,500 45,000 2,150,00 0 60,000 160,000
raw
250,000 150,000 285,000
Depreciation is 20% on plant and machinery Electricity expenses are shared -Factory 80% -General Admin 20% Insurance expenses: 20% of Insurance was paid in advance and total insurance expenses is shared between factory (60%) and General Admin (40%)
You are required:
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To prepare Manufacturing, Trading and Profit And Loss Account for the year ended 31 December, 2007. (15 Marks)
MULTIPLE CHOICE QUESTIONS

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. D C B E A C C B A D
SHORT ANSWER QUESTIONS

1. 2. 3. 4. 5. 6. 7. Books of original entry/Prime books Debit; Credit Accounting Profit and Loss Account/Income Statement Going Concern Journal or Day Books Motor Vehicle Account/Fixed Assets account
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8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. Asset Machinery Disposal Account Credit Current liability Revenue expense Net pay Production/Manufacturing cost Credit sale Debit note Deduction
6,500
Hard copy or output Cash Drawings Statement of affairs Drawer, Drawee Stale Dr Purchases Account Cr Cash Account
Petty cash Suppliers/Trade creditors/Payables Current liabilities/Amount falling due within one year N 1,850 (Loss) i.e N (11,350 + 3,300 16,500) Capital expenditure
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30. Final accounts or Financial Statements
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Workings Multiple Choice questions Q3 Determination of capital Assets Stock Cash Premises Deduct liabilities N Creditors 6,000 Loan (Abel) 8,000 Q6 N 17,000 200 40,000 57,200 14,000 43,200
Determination of closing debtors balance D Balance b/d 11,500 Sales 48,000 59,500 Less receipt from debtors 45,000 14,500 Reimbursement of float N Float amount Deduct amount spent Cash balance Amount reimbursed New float 2,000 1,460 540 1,460 2,000
Q8
Workings Short Answer questions Q 17 Working capital = Current assets current liabilities
Current assets = stock 4,000 + debtors 5,000 + prepayments 1,000
10,000
Current liabilities = creditors 3,000 unpaid wages 500
3,500 Working capital Q28 Profit/Loss determination Opening capital Profit/ (Loss) $ 16,500 (1,850)
6,500
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Drawings Closing capital 14,650 3,300 11,350
SECTION B SOLUTION 1
(i) Money measurement concept Money is used as a common denominator for expressing various economic transactions of a business such that they can be added or subtracted. For example ownership of plant worth N1 million can be added to ownership of raw materials worth N500,000. One significance of this concept is that it makes possible the measurement of the worth of a business using a common unit of measurement. 5 marks Matching concept This concept states that for any accounting period the earned revenue and all the costs incurred in generating the revenue must be matched and reported in the same period. For example revenue from sales must be matched by the cost of the goods sold as expense in the same period. One significance of this concept is that it makes possible a correct assessment of the result (profit or loss) of the organisation and of its balance sheet values. (iii) Periodicity concept Here, the activities of a business organisation are assumed to be divided into accounting periods (usually one year) and accounts are prepared in accordance with these periodic activities. For example a period of account may be from July 1, 2008 to June 30 2009. One significance of this concept is that the performance and financial condition of the undertaking can be related to a specified period of time and can be quickly evaluated as and when required by users of accounting information.
(ii)
EXAMINERS COMMENT The question tested three of the age long fundamental concepts that form the basis for preparation of accounts by accountants worldwide. Candidates are expected to be very familiar with these concepts particularly at this foundation level. There is clear evidence that
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candidates are yet to grasp these concepts as majority of them did not attempt the question and those that did were writing on things that are totally out of point. Not more than 30% of the candidates attempted the question. The performance is generally poor.
SOLUTION 2
(a) Contents of a payroll statement - Names of the staff - Department of each staff - Grade of each staff - Basic salary - Allowance Housing, etc - Meal subsidies - Other allowances - Deductions PAYE - Deductions unions levy - Deduction staff pension - Net pay - Total salaries - Name of the organisation - Period covered by the payroll (b) (c) Gross pay Loan repayment Staff pension PAYE Staff coop Trade unions Salary payable control account Being details of staff salaries with various DR N 12,580,750. 50 CR N 178,000.00 120,000.00 78,650.50 68,250.00 32,500.00 12,103,350.0 0 Pay roll serves as a source document to raise accounting entries It serves as basis of ascertaining cost of labour for a given period It is part of accounting books that must be kept statutorily It is used as basis to pay staff salaries and wages It is useful for the statutory audit It can be used to plan for the personnel cost or other personnel matters.
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deductions for March 2008 Loan repayment Staff pension AICOL PAYE (Relevant Tax Authority) Staff Coop Trade Unions Salaries payable control account Bank Being payment of staff salaries and deductions for the month of March 2008 178,000.00 120,000.00 78,650.50 68,250.00 32,500.00 12,103,350. 00 12,580,750.50
EXAMINERS COMMENT This question examined candidates understanding of the concept of payroll preparation and accounting. This is an important area where candidates at this level should operate in their various establishments. Candidates should endeavour to know not only the how of any accounting preparation, but the why of it as well. Many candidates failed to explain the advantages of preparing the payroll i.e. its usefulness to the organisation and other users of the accounting information. The submission of some of the candidates showed that they do not have the slightest idea of the journal preparation in payroll procedure. Not less than 70% of candidates attempted the question many of whom scored below average.
Mr. Traores books Capital account 12/5/0 7 Bal c/f N 600,000 _______ 600,000 1/7/0 7 Bal b/f 1/1/0 7 cash account N 600,00 0 ______ 600,00 0 600,00 0
Delivery van account 1/2/07 Camara N 100,0 30/6/0 Bal c/f N 100,000
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motors 00 ______ 100,0 00 100,0 00 7 _______ 100,000
1/7/07
Bal b/f
Camara motors Ltd account 1/2/07 30/6/0 7 Cash account Bal c/f N 30,000 70,000 100,000 1/2/0 7 Delivery account van N 100,00 0 ______ 100,00 0
Land account 1/3/07 Cash account N 50,000 ______ 50,000 1/7/07 Bal b/f 50,000 30/6/07 Bal b/f N 50,000 ______ 50,000
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15/3/07 1/7/07 Cash Bal b/f Office equipment account N 40,000 30/6/07 Bal c/f ______ 40,000 40,000 Purchases account 30/4/0 7 1/7/07 Kofi Afriye a/c N 100,000 _______ 100,000 100,000 Kofi Afriye account 30/6/07 Cash N 100,000 _______ 100,000 1/7/ 07 Dodo Idodo account 12/5/0 7 Sales account N 10,000 _____ 10,000 Bad debts account 30/5/0 7 1/7/07 Dodo a/c Bal b/f Idodo N 10,000 ______ 10,000 10,000 Sales account 30/6/ 07 Bal c/f N 10,000 ______ 10,000 30/5/ 07 Bad account debts N 10,000 ______ 10,000 Bal b/f 30/4/ 07 Purchase account N 100,00 0 ______ 100,00 0 100,00 0 30/6/ 07 Bal c/f N 100,000 _______ 100,000 N 40,000 ______ 40,000
Bal b/f
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30/6/0 7 Bal c/f N 130,000 12/5/ 07 12/5/ 07 ________ 28/6/ 07 130,000 1/7/0 7 Cash account 1/7/07 12/5/0 7 28/6/0 7
Dodo account Idodo
Cash account Dodo Idodo a/c Cash account
N 50,000 10,000 70,000 130,00 0 130,00 0 N 30,000 50,000 40,000 120,00 0 600,00 0 720,00 0
Bal b/f
Sales account Sales account
N 600,00 1/2/07 0 50,000 1/3/07 70,000 15/3/0 7 720,00 0 _______ 30/6/0 7 720,00 0 600,00 0
Camara Motors Ltd Land account Office equipment Bal c/f
1/7/07
Bal b/f
EXAMINERS COMMENT This question tests candidates understanding of basic double entry ledger postings. As expected, close to 85% of the candidates attempted the question. Though many appeared to understand the requirements of the question but their presentation showed lack of organisation and coherence. Many opened several ledger accounts for the same account (e.g. cash account for every postings to the cash book, instead of a single cash account, several purchases accounts, etc). Many made a complete reversal of the double entry postings, debiting items that should be credited and vice versa. A few very experienced candidates scored very high marks. Candidates are advised to familiarize themselves with the solutions in the INSIGHT.
SOLUTION 4
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MALEAF DANIEL (a) 31/3/0 7 31/3/0 7 Balance b/f Interest on deposit ADJUSTED CASH BOOK L$ 17,900 31/3/ 07 23,900 31/3/ 07 31/3/ 07 ______ 41,800 20,200 Interest charged Bank charges ATM charges Bal c/d L$ 16,400 5,100 100 20,200 41,800
1/4/07
Bal b/d
Bank reconciliation statement as at 31st March 2007 L$ Balance as per adjusted cash book Add Unpresented cheque Cheque issued to Mr. Kosu Balance as per bank statement (CR) 172,450 15,120 187,570 207,770 L$ 20,200
EXAMINERS COMMENT This is a familiar topic to most candidates. As expected, almost all the candidates attempted the question and did well. However, a few failed to head the statement correctly (Bank reconciliation Statement AS AT ). Many also wrongly treated the cheque issued to Mr. Kosu (L$15,120) as uncredited cheque.
SOLUTION 5
JACK PATRICK RETAIL SHOP (I) Proprietors capital 31/12/06 Furniture Stock Debtors Bank Cash Less creditors Capital N 40,000 79,500 55,000 56,500 4,000 235,000 20,000 215,000
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(ii) Sales Debtors 31/12/07 Receipts during the year N 66,000 500,00 0 566,00 0 55,000 511,00 0 5 marks (iii) Purchases Creditors 31/12/07 Payments during the year N 32,500 360,00 0 392,50 0 20,000 372,50 0 13,000 359,50 0 N 26,000 13,000 39,000
Less debtors 31/12/06
Less creditors 31/12/06 Less goods taken (iv) Proprietors drawings Cash N(500 x 52) Goods
EXAMINERS COMMENT The question seeks to test candidates ability to prepare basic statements from incomplete records in order to derive some key figures for the preparation of periodic financial statements. Though the question is simple and straight forward, yet most candidates avoided it. Candidates also wasted their precious time preparing final accounts that were not required by the question. Candidates appeared not to have fully grasped the preparation of debtors and creditors control accounts and some of the entries were completely reversed. Candidates should endeavour to study the suggested solutions in the INSIGHT.
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SOLUTION 6
OBOSI INDUSTRIES MANUFACTURING, TRADING AND PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER 2007 Le Sales Opening stock Raw Materials Purchases Chemical mixture Carriage Less closing stock Wages Prime cost Depreciation Plant & Machinery Factory warehouse expenses Electricity (80% x 62,500) Insurance (160,000 32,000 x 60%) Opening work in progress Less closing work in progress Cost of manufacture Opening stock of finished goods Less closing stock of finished goods Gross profit Discount allowed Salaries Provision for bad debts Printing of stationery Insurance (160,000 32,000 x 40%) Electricity expenses (20% x 62,500) NET PROFIT Le 190,000 850,000 120,000 50,000 170,000 1,210,00 0 250,000 Le Le 2,150,000
960,000 122,000 1,082,00 0
180,000 75,000 50,000 76,800
381,800 1,463,80 0
210,000 150,000
60,000 1,523,80 0 180,000 1,703,80 0 285,000 10,500 82,000 45,000 60,000 51,200 12,500
1,418,800 731,200
261,200 470,000
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EXAMINERS COMMENT This is a familiar area to most candidates and so it is not surprising that over 90% of the candidates attempted the question and did well. However, many candidates did not follow a proper order of presentation of the Manufacturing, Trading and Profit and Loss account and in the process lost very valuable marks. The general performance in the question is above average.
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ACCOUNTING TECHNICIANS SCHEME

PART I EXAMINATION MARCH 2010 ECONOMICS
Time allowed: 3 hours
Insert your Examination number in the space provided above SECTION A PART I
1.
Attempt All Questions (10 Marks)
MULTIPLE-CHOICE QUESTIONS
When we look at the whole economy or its major aggregates, our analysis would be at the level of ........................... A. B. C. D. E. Microeconomics Macroeconomics Positive economics Normative economics Political economy.
2.
To decide how to use its scarce resources to satisfy human wants, pure capitalism relies on ............................ A. B. C. D. E. Central planning Roundabout production Markets and prices Barter Double coincidence of wants.
3.
Cost-push inflation occurs when ........................ A. Consumers use their market power to push up prices B. Aggregate supply increases at a faster rate than aggregate demand C. Resources owners use their market power to push up prices D. Aggregate demand increases at a faster rate than aggregate supply E. All of the above.
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4. of Which of the following countries is NOT a member of Paris Club creditors. A. B. C. D. E. 5. Japan Canada United States of America United Kingdom Germany.
Which of the following characteristics is necessary for an asset to function effectively as money? A. B. C. D. E. Backed by a precious metal Prohibited as legal tender by the monetary authority Generally acceptable as a medium of exchange Having value in future transactions Printed in high quality paper.
6.
Demand is said to be price elastic if ................................. A. Percentage change in price results in more than proportionate change in quantity demanded B. Percentage change in quantity demanded is less than percentage change in price C. Percentage change in price is greater than the percentage change in quantity demanded D. Demand is more than supply E. Change in demand is greater than change in supply.
7.
The International financial Institution that gives loans to member countries for the purpose of poverty eradication and development is the ....................................... A. B. C. D. E. 8. International Monetary Fund World Bank Paris Club London Club GATT.
A firm shuts down whenever ................................. A. B. C. D. Average fixed cost is declining Marginal cost exceeds marginal revenue It is making a loss Minimum average total cost exceeds price
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E. 9. Minimum average variable cost exceeds price. With a proportional tax system, as the level of income increases in an economy, the average tax rate will ......................... A. B. C. D. E. 10. increase decrease remain the same either increase or decrease be progressive
The unemployment that occurs as a result of a fall in the level of aggregate demand and business activity is called ......................... A. B. C. D. E. frictional unemployment structural unemployment cyclical unemployment disguised unemployment seasonal unemployment
PART II
1. 2. 3. 4.
In pure capitalism, property and resources are ...................... owned. The study of the activities of individual firms, industries and consumers is the subject matter of which aspect of economics? When value judgements are made about the economy or economic policy, this is called ........................... economics. Suppose the consumption function of a simple hypothetical economy is c= 40 + 0.8Y, it means that the marginal propensity to save is equal to ........................... Both consumption and savings are ...................... related to the level of disposal income. The total value of all incomes earned by factors of production during a year is known as the ....................... The man-made aid to production is called ..........................
5. 6. 7.
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8. 9. The number of units of a domestic currency needed in exchange for a unit of foreign currency is the ............................ The International financial institution that was responsible for the easy exchange of currencies of one country to another is the ........................... A payment to a factor in excess of what is necessary to keep it in its present employment is ........................ A government owned business organisation that enjoys the advantage of limited liability is the .............................. If a country has a deficit in its balance of trade, then the total value of its exports of goods is ................................ than that of its imports of goods. The type of unemployment which refers to those who are out of work due to reasons of physical and mental disabilities is referred to as ............................. A document containing quantitative and qualitative descriptions of the current economic potentialities of the economy, specific objectives policies and macroeconomics projection of the economy is called ......................... A table showing the relationship between the quantity of a particular product purchased and its price is known as ........................... A good with a called ............................ In an indifference in .......................... negative income utility elasticity is is
10. 11. 12.
13.
14.
15.
16. 17. 18.
curve
analysis,
measured
The spread and certainty with which an asset can be converted into cash/money is referred to as ............................
19. The interest rate charged by the Central Bank when the commercial banks want to borrow is ........................... 20. The horizontal part of the total demand for money curve is called ...........................
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21. A study shows that the coefficient of the cross elasticity of demand for commodity x with respect to the price of commodity y is negative. This indicates that x and y are .......................... A market in which there are many sellers, all producing goods which are similar but capable of being differentiated by customers is called ......................... The producer of a commodity can shift the entire burden of an indirect tax to the final consumers if demand for the commodity is .......................... Changes in government spending and tax collections designed to achieve certain macroeconomic objectives are known as ......................... All government spending on assets that yield a flow of services over a period of time is called ............................... In the long run, easy entry and exit of firms will result in monopolistic competitors earning ............................. profit. To stimulate economic growth during economic depression it will be necessary for the government to adopt ....................... budget. The national currency of another country that is required to carry out international transactions is called ............................ A sustained increase in a countrys real GDP and per capital real GDP is called ......................... In every modern economy, currency issue and distribution is a function of ..............................
22.
23.
24.
25. 26. 27. 28. 29. 30.
Attempt any FOUR Questions (60 Marks) TWO Questions each from Sections B & C SECTION BMICROECONOMICS QUESTION 1
(a) Outline the essential features of perfect completion (12 Marks)
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(b) Describe the general rule for profit maximisation for the perfectly completive firms. (3 Marks) (Total 15 Marks)
QUESTION 2
(a) (b) (c)
What do Economists mean by the concept of own price elasticity of demand? (3 Marks) How is own price elasticity of demand measured? (2 Marks) The demand equation for a product is given as: QD = 10,000 5P Where QD and P are the quantity demanded and price of the product respectively. Required: (i) Determine the quantities that would be consumed at prices 500 to 700 respectively. (4 Marks) (ii) (iii) Calculate the own price elasticity of demand when the price of the product increases from 500 to 700 . (4 Mark) Interpret the own price elasticity of demand coefficient you have calculated in (ii) above. (2 Marks) (Total 15
Marks)
QUESTION 3
(a) State the law of diminishing returns Marks) (3
You are given the following hypothetical cost schedule in Naira(N) of a firm in the short run. Total Total Fixed Variabl cost e Cost TFC TVC Total Cost TC Avera ge Fixed Cost AFC Avera ge variabl e Cost AVC Avera ge Total Cost ATC Margin al Cost MC
Outpu t Q
INSIGHT
0 1 2 3 4 5 6 7 8 9 10 100 100 100 100 100 100 100 100 100 100 100 0 90 170 240 300 370 450 540 650 780 930 (i) 190 270 (ii) 400 470 (iii) 640 750 (iv) 1030 (v) 50 33.33 (vi) 20 16.67 (vii) 12.5 11.11 (viii) (ix) 190 85 (xiii) (x) 113.33 75 100.0 75 (xiv) (xi) 91.76 77.14 91.43 81.25 (xv) (xii) 97.78 93 (xvi) (xvii) 80 70 (xviii) 70 80 (xix) 110 (xx) 150 (10
(b) Calculate the missing values in (i) to (xx) Marks) (c)
At what output level does diminishing marginal returns set in? (2
Marks) Marks)
(Total 15
SECTION C MACROECONOMICS QUESTION 4

(a) List measures that are used to control inflation in any country. (5 Marks)
(b) Explain any FIVE measures that can be used to control inflation in your country. (10 Marks) (Total 15 Marks)
QUESTION 5
(a) What is meant by Balance of payments (3 Marks) (b) Identify and explain the various component accounts of the balance of payments (9 Marks) (c) Explain balance of payment deficit. Marks) (Total 15 Marks) (3
INSIGHT
QUESTION 6
Explain any FIVE reasons for the imposition of taxes on individuals and economic activities in your country. (15 Marks)
MULTIPLE CHOICE QUESTIONS

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. B C C A C A B E C C
SHORT ANSWER QUESTIONS

1. 2. 3. 4. 5. 6. 7. Privately Microeconomics Normative economics 0.2 Directly/positively National income Capital
INSIGHT
8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. Exchange rate International Monetary Fund (IMF) Economic rent Public corporation Less/lower Residual unemployment A development plan Demand schedule Inferior goods Utils Liquidity Discount rate or bank rate Liquidity trap Complementary goods Monopolistic competition Perfectly inelastic Fiscal policy Capital expenditure Normal profit/Zero economic profit Budget deficit Foreign exchange Economic growth
INSIGHT
30. The Central Bank
SOLUTION 1
(a) are: The essential features or characteristics of perfect competition i) Large number of buyers and sellers : The market consists of a large number of firms each producing a very small fraction of the total output that it cannot in any way influence the product price. Similarly, there are many buyers to the extent that no one of them can influence the market price of the product. In order words, both buyers and sellers are price takers. Homogeneous product: The products of all firms are identical in the eyes of the consumers. This assumption makes the establishment of a uniform price possible. Perfect mobility of resources (free entry and exit): There is free movement of resources in and out of the industry. That is, no legal or artificial barriers to entry and exit. Perfect knowledge of all relevant information: All buyers and sellers must have adequate knowledge of existing market conditions. The buyers must know all possible alternative arrangements of places where exactly the same type of product can be obtained as well as the ruling price. Similarly, all firms have equal access to productive resources and the same technology as a result of which price differential cannot be justified.
ii)
iii)
iv)
(b)
The general rule for profit maximization for the perfectly competitive firm is that the firms will achieve the maximum profit at the output level where Marginal Revenue (MR) is equal to Marginal Cost (MC). Since price and Marginal revenue (MR) are equal for the perfectly competitive firm, the profit maximizing rule becomes: Output level where maximizing rule becomes MC = MR = P
EXAMINERS COMMENT
INSIGHT
The question requires the discussion of the features of perfect competition and identification of the rule for profit maximization for the perfectly competitive firm. The question was attempted by about 75% of the candidates. Most of the candidates who attempted the question were able to mention the features of perfect competition, but could not explain them correctly, thus losing vital marks. Less than 50% of the candidates scored pass marks in this question.
SOLUTION 2
(a) The concept of own price elasticity of demand refers to the degree of responsiveness of quantity demanded of a commodity to change in price of that commodity. Own price elasticity of demand (Ep) is measured as percentage change in quantity demanded divided by the percentage change in price i.e Ep = = % change in Quantity demanded % change in price Q x P P Q
(b)
Where Q = change in quantity demanded P = change in price P = the original price of the good Q = the original quantity demanded (c) Given the demand equation as: Q = 10,000 5P (i) If P = 500 Q = 10,000 - 5(500) = 10,000 2,500 = 7,500
If P = 700 Q = 10,000 5 (700) = 10,000 3,500 = 6,500
INSIGHT
(ii) Ep = (-)Q x P p q
Where Q = 6,500 7,500 = -1,000 P = 700 500 = 200 P = 500, Q = 7,500 Ep = (-) - 1000 x 500 200 7,500 (iii) = 0.33 Since price elasticity of demand coefficient (Ep) is less than 1, it follows that demand for the commodity is price inelastic.
EXAMINERS COMMENT The question tested candidates knowledge of the concept of own price elasticity of demand; definition, measurement and interpretation of the coefficient. Over 80% of the candidates attempted this question with about 60% of them scoring pass marks. The major pitfall is wrong application of the formula to obtain price elasticity of demand coefficient, which in turn leads to wrong interpretation in part c (iii) of the question.
SOLUTION 3
(a) The law states that as increasing quantities of a variable factor are added to fixed quantities of some other factors, the average and the marginal product of the variable factor will initially increase but will eventually decrease. TCO TC3 TC6 TC9 AFC1 AFC4 AFC7 AVC10 AVC1 AVC3 AVC6 Is = is is is is is is is is is is TFC0 + TVC0 TFC3 +TVC3 TFC6 + TVC6 TFC9+ TVC9 TFC1 Q1 TFC4 Q4 TFC7 Q7 TFC8 Q8 TVC1 Q1 TVC3 Q3 TVC6 Q6 = N (100 + 0) = = = = = = = = = = N N N N N N N N N N (100 + 240) (100 +450) 100 + 780) (100 1) (100 4) (100 7) (100 10) (90 1) (240 3) (450 6) N100 N N N N N N N N N N 340 550 880 100 25 14.29 10.00 90.00 80.00 75.00
(b) i) ii) iii) iv) v) vi) vii) viii) ix) x) xi)
INSIGHT
xii) xiii) xiv) xv) xvi) xvii) AVC9 ATC2 ATC5 ATC8 ATC10 MC1 is is is is is is is is is TVC9 Q9 AFC2 + AVC2 AFC5 + AVC5 AFC8 + AVC8 AFC0 + AVC10 TC Q Q TC Q TC Q TC Q = N (780 9) = N (50 + 85) = N (20 + 74) = N (12.50 + 81.25) = N (10 + 93) = N90 1 = N60 1 = N90 1 = N130 1 N86.67 N135.00 N94 N93.75 N103.0 N90 N60 N90 N130
Xviii) MC4 xix) xx) MC7 MC9
Note: TC0 = Total cost when output (Q) is 1 ATC2 = Average total cost when output (Q) is 2, etc c) Diminishing marginal returns set in at output level 4.
EXAMINERS COMMENT The question explored candidates understanding of the law of diminishing returns as well as how to calculate the various short-run costs. This is a straightforward question, and it was attempted by over 90% of the candidates. The performance on this question was impressive, not less than 80% of the candidates scored pass mark.
SOLUTION 4
The FIVE measures that can be used to control inflation are: Fiscal policy Monetary policy Commercial policy Prices and incomes policy Indexation policy i) Fiscal policy: To curb inflationary pressures, government may adopt restrictive fiscal policy. This entails a cut in government spending /or and increase in taxation or a combination of the two, to reduce aggregate demand directly. Monetary policy: Government through the central bank may adopt restrictive monetary policy with a view to curbing the growth of money stock. The implementation of this policy may take the form of the sale of government securities (i.e. the use of
ii)
INSIGHT
open market operation), increase in cash reserve and liquidity ratios, increase in discount rate, imposition of credit ceiling, calling for special deposits such as issuance of stabilization securities or a combination of some of these measures. iii) Commercial policy: It is a rule adopted by a country for the conduct or regulation of its foreign trade and payments? It involves the use of tariffs, quotas and exchange control etc to restrict trade or to promote free trade. Specifically, the use of commercial policy to curb inflation will require the adoption of a fixed exchange rate system. This system is characterized by government intervention to keep the rates of exchange between currencies stable. Prices and incomes policy: This refers to a set of rules, guidelines, or laws devised by government to influence wage and price movements. The proponents of this policy are those who hold the view that inflation is caused by trade union activities such as work stoppages and strikes to force employers to pay higher wages. Prices and incomes policy can take the form of the imposition of legislation to regulate or even to freeze wages and prices. Alternatively, government may set up Prices and Incomes Board to assess proposed price increases and to promote collective bargaining between employers and labour unions. Indexation policy: This is a mechanism for periodic adjustments in the nominal value of contracts or economic variables such as wages, salaries and interest payments in line with movements in a specific price index. For instance, wages indexation ties nominal wages to the general price level so that nominal wages rise in line with the overall price level. The complete indexation of all contracts is frequently advocated as a policy to prevent the arbitrary redistribution of income caused by inflation
iv)
v)
EXAMINERS COMMENT The questions required candidates to identify and explain relevant economic policies to curb inflationary pressures in the economy. The question was relatively less popular among the candidates because it was attempted by not more than 60% of them. The candidates performed poorly on this question, since less than 50% of them scored pass marks.
SOLUTION 5
INSIGHT
(a) The balance of payments is a record of all transactions that occur during a year between the residents of a country and the rest of the world. All inflows from abroad are recorded as credit in the balance of payments, while all outflows are recorded as debit. The balance of payments consists of three major components that are explained below: i) The Current Account: This is the account that measures the flow of goods and services in a country. It comprises the visible trade, invisible trade and unrequited transfer. Surplus and deficit on the account depends on whether or not the receipt is greater or less than payment. The Capital Account: This account measures the flow of capital goods and services in a country. It comprises shortterm capital like treasury bill, certificate etc and long-term capital like foreign direct investment, portfolio investment, plant and machinery, and so on. Official Reserves Account: This is a balancing account that contains the external reserves of the country which is used to determine the credit worthiness of any nation.
(b)
ii)
iii)
(c)
Balance of payments deficit refers to a situation where the total receipt is less than total payment in the balance of payments account of the country. In international trade and monetary relations, a balance of payments deficit position indicates that the country is not sufficiently self-reliant.
EXAMINERS COMMENT The question tested candidates understanding of the concept of balance of payment (BOP) and the associated issue of BOP deficit. About 45% of the candidates attempted the question. Just a few of them, about 25% obtained pass marks. The main reason for poor performance is that most of them mistook fiscal balance for balance of payments and fiscal/budget deficit for BOP deficit. Candidates are advised to read up this aspect of the syllabus from recommended or standard textbooks on economics.
SOLUTION 6
Taxes are imposed for the following reasons:
INSIGHT
i) Revenue generation: It is the primary motive for imposition of taxes by various governments. The revenue so generated are used to finance various government expenditure and to provide various socio-economic infrastructure Redistribution of income and wealth: The use of progressive tax helps in reducing income inequality as the rich people pay higher tax rate than the poor. Protection of infant industries: Imposition of restrictive tariffs on some selected imported goods allows infact domestic firms to thrive up to the stage of withstanding competition from the foreign sector. To check inflation and deflation: Taxes can be used to regulate the economy. During inflation period, tax rates are increased in order to reduce excessive demand. On the other hand, tax rates are reduced along with some other reliefs in order to stimulate aggregate demand and revamp the economy from recession.
ii)
iii)
vi)
v) Correction of balance of payments deficit : Higher tariffs on imports will reduce the quantity of goods and services imported and thus lead to improvement in the BOP position. vi) Discouraging of the consumption of certain goods : Some local and or foreign products may be considered harmful or nonessential and therefore are taxed heavily in order to discourage their consumption.
EXAMINERS COMMENT The question is about the various uses of taxation, especially to generate revenue for government, as well as an instrument of fiscal policy. The question was popular among the candidates, but only about 40% of them scored pass marks. Most of the candidates understood the question, but could not write enough points to score pass marks. GENERAL COMMENT Some of the candidates failed to adhere strictly to the instruction that requires selection of questions only from each section A (Micro economic) and section B (Macro economics) This non-adherence to instruction contributed significantly to the failure of candidates in this paper.
INSIGHT
Candidates are therefore advised to adhere strictly to the instruction always.

PART I EXAMINATION MARCH 2010 BUSINESS LAW
Insert your examination number in the space provided above SECTION A - Attempt All Questions PART I 1. MULTIPLE-CHOICE QUESTIONS (10 Marks)
The act of accepting a new agreement in place of another one is termed .................. A. B. C. D. E. contract contract contract contract contract of of of of of indemnity subrogation novation give and take insurance
2.
ONE of the instances when it is lawful for a company to issue shares at a discount under the company law of your country is where: A. B. C. D. E. It is authorised by a resolution passed at a general meeting and sanctioned by the court The promoters approve it The company is being wound up The company wants to raise capital The company wants to build a new factory.
3.
Who is the central character in the winding-up of a company? A. B. C. D. E. Creditor The promoter The liquidator The Corporate Affairs Commission Committee of inspection.
4.
The type of meeting which a company is obliged under the law to hold on annual basis is
INSIGHT
A. B. C. D. E. 5. Annual General Meeting Extra Ordinary General Meeting Bi-annual General Meeting Special General Meeting Ordinary General Meeting.
Before a defendant can rely on an exemption clause in his favour, he is expected to show that .......... A. B. C. D. E. The clause is a term of the contract The clause covers the liability in question The clause is not grossly unfair (a) and (b) above (a) and (c) above.
6.
Which of the following is NOT ONE of the cases in which specific performance of a contract may be ordered by a court of law? A. B. C. D. E. Where damages are an adequate remedy Where consideration has passed Lack of mutuality Where the contract is for services of a personal nature Where the contract is not one for annuity. in which words are
7.
The rule of statutory interpretation understood in their context is ............ A. B. C. D. E. The The The The The literal rule golden rule Ejusdem generis rule purposive rule mischief rule
8.
The essential elements for creating a legally binding contract do NOT include .............. A. B. C. D. E. offer and acceptance consideration invitation to treat capacity of parties to contract intention to create legal relations.
9.
Identify the persons to whom a company auditor does NOT owe a duty
INSIGHT
A. B. C. D. E. 10. Directors Future investors Promoters Company employees Board of Directors.
A special type of agent who agrees to answer for and reimburse his principal for defaults of third parties in making payments to the principal in consideration for extra commission is A. B. C. D. E. An auctioneer A factor A del credere agent An estate agent A broker.
PART II
1. 2. 3. 4. 5. 6. 7. 8. 9.
SHORT-ANSWER QUESTIONS (30 Marks)
What is the principle of law by which the decisions of a higher court are binding on lower courts? What is the type of contract in which communication of an acceptance is unnecessary? When does a bill cease to be an order bill? Causing injury or loss to another as a result of ones failure to exercise reasonable care in his conduct is .................. When will a person who is not a partner in a firm become liable for the liabilities of the partnership? What is the employers primary duty to an employee? When is a bill deemed to be regular and complete on the face of it? State the action which must be taken if a foreign bill is dishonoured either by non-acceptance or non-payment. When may an infant be sued on a bill?
INSIGHT
10. Unlawful entry onto a parcel of land or misuse of such land or unlawful interference with the right of the lawful owner to use such land is called ................ Who may declare dividend? When is a bank duty bound to honour cheques drawn by a customer? What becomes of a company once the formalities for registering a company in your country have been complied with? The legal justification for the proposition that members of a corporation are not liable for its debt is .............. The document issued by a public company inviting members of the public for subscription for its shares is ............. An agreement or set of promises which is regarded as binding and enforceable is called ............... What is the legal form of debt associated with corporations? State the TWO types of business which may be transacted at an annual general meeting of a company. What is the meaning of the phrase He who comes to equity must come with clean hands? State the specialised form of mistake in which a person who signs a document believes it to contain something when it actually contains another. A situation in which one party is mistaken while the other is not in a contractual dealing is referred to as ............... mistake. State the legal term applicable when it becomes impossible for the parties to carry out their obligations due to subsequent circumstances which make performance impossible. What is the most pervasive test for the existence of a masterservant relationship? What is the meaning of the maxim nemo dat quod non habet under the Sale of Goods law?
11. 12. 13. 14. 15. 16. 17. 18. 19. 20.
21. 22.
23. 24.
INSIGHT
25. 26. What is the most important condition implied in a transaction for the sale of goods by description? The remedy available to the seller of goods in the form of a right to retain possession of the goods until some claim has been satisfied is called a right of .................. What is the meaning of the term C. I. F. in a contract for the sale of goods? What is the standard of proof required by the prosecutor in a criminal case to prove the guilt of an accused person? State the type of contract in which one person promises to answer for the debt, default or miscarriage of another person ............. The person who bears the primary liability to pay a debt that has been guaranteed by another person is the ................
27. 28.
29.
30.
SECTION B Marks) QUESTION 1

(a)
Attempt any FOUR questions (60
State TWO obligations of the owner and TWO obligations of the hirer in a hire purchase transaction. (8 Marks)
(b)
Define partnership and state THREE things which a partner has no implied authority to undertake on behalf of the partnership and the other partners. (7 Marks) (Total 15 Marks)
QUESTION 2
(a) State the methods by which payment may be made for the shares of a company. (6 Marks)
INSIGHT
(b) Distinguish between registered debenture and bearer debenture. (6 Marks) (c) Explain what is meant by voting on a poll at a general meeting of a company. (3 Marks) (Total 15 Marks)
QUESTION 3
Gazali Kazala, a financial expert published a Newspaper advertorial which purportedly contained a detailed report on the state of finance of Gillogan Nigeria Company Limited. Zali Bank Plc advanced an unsecured loan to Gillogan Nigeria Company Limited in reliance on the Report on Gazali Kazala which he described as authoritative, independent, reliable, indepth analysis of the true state of affairs of Gillogan Nigeria Company Limited. A petition has been filed against Gillogan Nigeria Company Limited for winding-up on ground of failure to fulfil its financial obligations to its numerous creditors. Zali Bank Plc is contemplating a legal action against Gazali Kazala for negligent mis-statement. Required: (a) Advise the parties on the liability or otherwise of Gazali Kazala to Zali Bank Plc. (10 Marks)
(b)
Discuss briefly the defence of contributory negligence. (5 Marks) (Total 15 Marks)
QUESTION 4
(a) State FIVE remedies of the seller under a sale of goods transaction. (5 Marks) (b) (c) Give FOUR duties of a seller under an F. O. B. Contract. (4 Marks) What are the obligations of the seller under both the Ex-ship and Exwarehouse contracts? (6 Marks)
INSIGHT
(Total 15 Marks)
QUESTION 5
(a) (b) What is a contract of insurance? Marks) (5
Explain the concept which states that no premium no cover in the law of insurance. (5 Marks) Napoleon insured his Business Centre against the occurrence of fire and the premium is usually paid in advance annually on the 1st day of March. Napoleon travelled abroad for medical check-up on 25 February 2008 and therefore unavailable to pay his premium. However, fire had gutted the Business Centre on 15 March 2008 and was completely ruined. Napoleon has threatened to take legal action against the Insurance Company. Advise him. (5 Marks) (Total 15 Marks)
(c)
QUESTION 6
On 12 December 2008, a cheque for the sum of 2,000,000 (Two Million Cedis) was issued by Ayew to Kofi or order. On 20 December 2008, the cheque was dishonoured upon presentation at Intercontinent Financial Bank Limited. Required: (a) Advise the parties supposing that: (i) The Account of Ayew was in credit in excess of the amount stated on the cheque. (5 Marks) The cheque was not presented until 2 August 2009. Marks) (5
(ii)
(b) State TWO requirements for negotiability of a negotiable instrument. (5 Marks)
INSIGHT
(Total 15
SOLUTION SECTION A PART 1
Marks)
MULTIPLE CHOICE SOLUTIONS

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. C A C A D E A C B C
PART II SHORT ANSWER QUESTION 1. 2. 3. 4. Judicial precedent Unilateral contracts When words prohibiting transfer of the bill are inserted Negligence
INSIGHT
5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. When he or she holds himself out as a partner Payment of remuneration When no apparent irregularity either in the drawing or in the endorsement of the bill can be found Noting and protesting Where an action is brought to recover the price of necessaries Trespass to land Shareholders in a general meeting Once there is sufficient funds in the account It becomes a legal entity Limited liability nature of the company/a company is a separate legal person from the persons who form it. A prospectus Contract Debenture Ordinary business and special business To act in good faith Non est factum Unilateral Frustration The control test Nobody can pass a good title who has none That the goods will correspond with the description A lien
INSIGHT
27. 28. 29. 30. Cost, insurance and freight contracts Proof beyond reasonable doubt A contract of guarantee or suretyship The debtor
(1) (a) The owner to deliver the goods to have a good title to the goods to ensure correspondence with description to ensure quiet possession by the hirer
The hirer to accept delivery to take reasonable care of the goods to pay the agreed instalments to re-deliver the goods upon termination or expiry of the hire (b) A relationship which subsist between two or more persons carrying on business with a view to profit (i) (ii) (iii) (iv) (v) Execution of deed Reference of dispute to arbitration Admission of a new partner Compromising any debt owed to the firm Making co-partners become partners in another firm
EXAMINERS COMMENT This question is on hire purchase. The candidates performance is very good as they had a good grasp of the issues raised in the question.
SOLUTION 2
INSIGHT
(a) (i) (ii) (iii) (b) A registered debenture is payable only to those persons whose names appear on the register of debenture holders of the company. A bearer debenture is a negotiable instrument which is payable to any person who presents it to the company with proper endorsement or authority. (c) It means voting according to the shareholding of the members and it is only used when demanded by qualified persons. by cash by any other valuable consideration provided there is provision to that effect in the Articles partly by cash and partly by such valuable consideration.
EXAMINERS COMMENT This question on debentures and voting in a general meeting of company is straightforward but not very popular. The performance of those candidates who attempted the question was not good too. This may be due to inadequate preparation.
SOLUTION 3
(a) The law imposes a duty on professionals not to make careless statements capable of causing financial and economic loss. It is not necessary that fiduciary relation should exist for the defendant to be liable for negligent misstatement. Suffice to state that subject to an express disclaimer of liability, a negligent misstatement without fraud may give rise to an action for damages for financial loss suffered by the plaintiff who acted on the misstatement. Accordingly Gazali Kazala for having published the report as described in the facts is liable for negligent misstatement. And Zali Bank Plc can institute an action against him for negligent misstatement. (b) At common law, a claim for negligence filed by the plaintiff will fail against the defendant if the plaintiff has contributed in anyway to the accident. The position of the common law has
INSIGHT
been modified by the Civil Liability (Miscellaneous Provisions) Act 1961. It provides that a claim of a plaintiff who has contributed to the damage done to him by another person shall not be completely defeated but the damages recoverable shall be reduced to such an extent as the court shall consider just and equitable in the circumstances. The defence of contributory negligence is therefore employed by the defendant to reduce or all together avoid the payment of damages. EXAMINERS COMMENT Less than half of the candidates attempted this question out of which about half really appreciated the issues raised. It is a question on case study which may be responsible for the unpopularity and the relatively poor performance.
SOLUTION 4
(a) 1) 2) 3) 4) 5) (b) 1. buyer 2. 3. 4. (c) Obligation of the seller under ex-ship contract: 1) Getting delivery of the goods to be made to the buyer from a ship which has arrived at the port of delivery and has reached a place which is usual for the delivery of the types of goods in question. Obligation of the seller under ex-warehouse contract: To pay all handling and transport charges To meet all charges in connection with the goods up to the time of the goods passing over to the ship To give the buyer notice to enable him to insure the goods To place the goods on board of a ship nominated by the Lien Right to withhold delivery Stoppage in transitu Right of resale Damages
INSIGHT
1) To deliver the goods at the particular warehouse or store as the case may be. Property and risk remain with the seller until he has done this. EXAMINERS COMMENT The (a) part of the question was well understood, but the (b) and (c) parts were not. However, candidates ought to have performed averagely since F.O.B contracts are common knowledge.
SOLUTION 5
(a) A contract of insurance is essentially an agreement between two parties that is, the insurer and the insured by which in return for payment of premium, the insurer indemnifies the insured against a particularly stated loss or upon the occurrence of a stated event. The loss or event may never occur such as an accident in the case of motor vehicle insurance whereas the event may be one which is bound to occur, but the date and time are unknown such as death in the case of life insurance. (b) The payment of premium is a condition precedent to the assumption of risk by the insurer. The policy evidencing the contract of insurance must be delivered to the insured. Any premium paid to an insurance broker is deemed to be premium paid to the insurer involved in the transaction. Therefore, the importance of premium is that it is a condition precedent to the assumption of risks by the insurer without which, no premium no cover. (c) The premium was due on 1st March 2008 while Napoleon was on medical check-up abroad. This does not preclude him from paying the premium so as to get cover in respect of the risk insured against. There was no payment of the premium. Therefore, there was no cover. He cannot succeed if he sues the company that insured the business centre against fire.
EXAMINERS COMMENT This is the most popular question which was attempted by more than 90% of the candidates and practically all of them performed well.
SOLUTION 6
INSIGHT
(a) i. There is a duty imposed upon a banker to honour his customers cheques provided there is sufficient fund or credit balance in the account or adequate overdraft has been granted to the customer and the cheque is regular on the face it. There are some remedies available to the customer whose cheque has been wrongfully dishonoured. He can recover damages which may be substantial or nominal depending on whether he is a trader or not. Ayew can therefore maintain an action against the bank for wrongful dishonour of the cheque. ii. A cheque is a bill of exchange drawn on a banker and payable on demand. A cheque is always payable on demand and such demand is made when the cheque is presented for payment. A cheque which is not presented for payment until after six months had lapsed can safely be dishonoured for having become a stale cheque. (b) A negotiable instrument must satisfy the following requirements: It must be in writing It must be an unconditional order in writing to pay a certain sum in money on demand or at a stated or determinable future time It must be signed by the maker or drawer depending on the type of the bill of exchange.
EXAMINERS COMMENT Negotiable instruments were tested by this question which enjoyed a reasonable popularity. Only the (b) part gave candidates some problems but the overall performance was slightly above average.
INSIGHT
AT/101/PI.4
EXAMINATION NO:

PART I EXAMINATION MARCH 2010 COMMUNICATION SKILLS
Insert your Examination number in the space provided above.
SECTION A PART I
Attempt All Questions
MULTIPLE-CHOICE QUESTIONS (10 Marks)
INSIGHT
1. The sender of a message determines the following EXCEPT: A. B. C. D. E. 2. Message content Channel of communication Encoding procedure Message receiver Response time.
De Fleurs communication model of 1966 emphasises the following EXCEPT: A. B. C. D. E. that communication is a two-way process that there is no permanent sender, no permanent receiver that noise is not peculiar to channel, but common to all elements of the process that channel is the only fixed element of the process the influence of social environment of the process.
3.
The following are vital to efficient reading, EXCEPT: A. B. C. D. E. interest understanding style of writing kind of typeface/handwriting distraction.
4.
The following are methods of speech delivery EXCEPT A. B. C. D. E. Reading from script Memorization Extemporaneous Oration Impromptu.
5.
The simple past tense of SHRINK is A. B. C. D. E. shrunk shrinked shrinking shrank shrunken.
6.
The boy is good is ................... statement. A. B. C. a declarative an imperative an interrogative
INSIGHT
D. E. 7. an exclamatory an indefinite. This is the car that John crashed is a .................. sentence A. B. C. D. E. 8. compound simple complex compound-complex simple-complex.
The underlined expression in If I were you, I would run is a .............. clause. A. B. C. D. E. main particle subordinate tentative subjunctive.
9.
The chairman of a meeting does the following EXCEPT A. B. presides over a meeting ensures that a quorum is formed before the commencement of a meeting C. ensures that the meeting is properly convened D. keeps accurate records E. ensures that the agenda is strictly followed. Which of the following is NOT a feature of the formal report? A. B. C. D. E. title heading salutation terms of reference recommendations.
10.
PART II
1. 2.
Basic communication skills are listening, speaking, reading and ............. Agreement reached by the entire house without any formal voting conducted is known as ...............
INSIGHT
3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. A Committee that called .................. is set up for a special purpose is
The right of an individual to appoint another person to attend and vote on his behalf at a meeting is called ............. A double vowel sound is called ................. Information that flows from subordinates to superior is known as ............. Horizontal system of communication is also known as ............... Technical words or expressions used in a particular field of specialisation is called ............... Official record of all that transpires during a meeting is known as ............ The word Devaluation has ......... syllables. As harmless as a dove. This is an example of ................ Communication that originates and ends within the same organisation is called .............. The guideline that employees must follow in a business organisation is known as ................. The sound that is produced without any obstruction of the air stream at any point in the mouth is ............... Unofficial and unconfirmed information sent through an interpersonal channel is ................ Facial expressions, gestures or sign language are examples of .............. Changes in the form of a verb to indicate time is known as ............... The response a sender of a message gets from the intended recipient of the message is .............. Message is transmitted to the receiver through a(n) ............... Reading that is concerned mainly with speed is ..................
SECTION B - COMPREHENSION
INSIGHT
QUESTION 1 COMPULSORY
Read the following passage carefully and answer the questions on it. Selection interview are usually geared towards eliciting useful information about an applicants qualifications, experiences and skills with a view to determining his suitability for a stipulated job or position. The applicants aim is to secure a job which he feels he is capable of doing; the employers goal, on the other hand is to employ the best person available for the job. Both long and short term plans should therefore be made. If you are an applicant for a job you must ensure that your education and training have equipped you to carry out the tasks involved. Once you have received an invitation for the interview, set about preparing your personal data sheet with a record of your name, address, age, marital status, education, professional training, work experience, interests, honours and distinctions, and hobbies. This personal data sheet is also referred to as a rsum or a curriculum vitae. You should also try to get some information about the nature of the job by talking to some employees and reading any available literature on the organisation. This will enable you to anticipate some of the questions you are likely to be asked, and to prepare a few of your own for the interviewers. It is important that you maintain your composure and comport yourself with dignity throughout the interview. Answer questions simply and clearly and speak directly to the persons asking the questions. Do not go out of your way to impress. Be polite, courteous and frank. Avoid boastfulness and affectation. In other words, refrain from pompous statements, unnecessary airs, and overdressing. Listen carefully to what is being said to you so that you can respond intelligently. Be honest and sincere and avoid exaggeration or fabrication. When given an opportunity to ask questions, make inquiries about prospects for training and advancement, fringe benefits such as accommodation, transport facilities and medical care. Before leaving the interview, thank the panel for having given you the opportunity to attend the interview.
INSIGHT
Curled from: Sybil James et. al (1990): Introduction to Communication for Business Organisation. Spectrum, Ibadan. (1) Suggest a suitable title for the passage. Marks) (2) (3
What, according to the passage, is the goal of both the applicant and the employer? (4 Marks) How can an applicant anticipate the questions to be asked during a job interview? (4 Marks) Why is it necessary to conduct employment interviews? (6 Marks) State the FIVE common pitfalls that an applicant must avoid during an interview as contained in the passage. (10 Marks) (a) his According to the writer, when should an applicant prepare (2
(3)
(4) (5)
(6)
rsum? Marks) (b) (7) What are the items that should be entered into it? (5 Marks)
SECTION C
Give another word or phrase for each of the following words as used in the passage. (i) goal (ii) equipped (iii) anticipate (iv) composure (v) fabrication (vi) opportunity (6 Marks) (Total 40 Marks)
Answer Any Two Questions (30 Marks)
INSIGHT
QUESTION 1
Briefly discuss any FIVE differences between oral communication and non-verbal communication. (15 Marks)
QUESTION 2
With examples, discuss any FIVE bad reading habits and suggest how those habits can be corrected. (15 Marks)
QUESTION 3
Each of the following sentences contains a gap. Two words are provided in brackets at the end of the sentence. Choose the one that best completes the sentence. Write out the correct word only. DO NOT COPY THE SENTENCE. (i) Ten years have .......... since the two companies merged. (past/passed) (ii) (iii) (iv) (v) (vi) (vii) A good teacher always tries to ........... answer from his students rather than telling them everything. (illicit/elicit) Perhaps you can ask the chairman to .......... the decision until the next meeting. (deter/defer) When the company received a lot of adverse publicity the staff ....... become very low. (moral/morale) Always ..........that you proof-read sending them out. (insure/ensure) your documents before
I have asked the Head of Department to ............ write to the lecturer to request for his annual leave. (formally/formerly) Mark has always ......... to be the manager of his own company. (aspired/inspired)
(viii) How will the new procedures ........... safety in the company? (affect/effect)
INSIGHT
(ix) (x) Please let me (advise/advice) have your expert ......... on this issue. It is always essential to ......... your answers carefully before submitting your answer book (check/cheque). (15 Marks)
QUESTION 4
You are a participant at the National Communication Commissions GSM Consumers Forum. At the forum, you are required to deliver a short opening speech on the value telecommunication has brought to the delivery of banking services. Prepare your speech. You may invent names and other details as you deem fit. (15 Marks)
SECTION B MULTIPLE CHOICE QUESTIONS

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. E E E D D A C C D C
EXAMINERS COMMENT
The questions cover the entire scope of the syllabus. A few candidates copied the alphabets as well as the answer for each option while some others copied the answers without the alphabets.
INSIGHT
The candidates that did this do not understand the principle behind the questions. Candidates are only required to indicate the answers by writing out the alphabets. About 75% of the candidates scored 50% and above while about 80% scored 40% and above.
SHORT ANSWER QUESTION

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Writing concensus Ad hoc proxy diphthong upward communication lateral communication jargon/jargons minutes five (5) simile internal communication rules and regulations/code of conduct/staff manual vowel rumour non-verbal communication/ body language/kinesics tense feedback/reply channel scanning
EXAMINERS COMMENT
The questions here also cover the entire span of the syllabus. In some cases, candidates insert one or two options that are not really short
INSIGHT
answers. Also, making concepts that are perpetually plural, singular is a problem here e.g. minute for minutes. 85% of the candidates scored 40% and above.
SECTION B; COMPULSORY
1. 2. 3. Preparing for job interview The applicants goal is to get a job while the employers goal is to fill the vacant position with the best person possible. The applicant can anticipate the questions by i) seeking information from employees in the organization ii) reading available literature about the organization Employment interviews are following about the applicant: i) qualifications ii) experiences iii) skills necessary for confirming the
4.
5. An applicant must avoid these common pitfalls during an interview: i) Boastfulness/pompus statements ii) affectation. iii) unnecessary airs/going out of the way to impress iv) overdressing. v) exaggeration. vi) fabrication. 6a. b) The candidate should prepare his rsum immediately/as soon as he has received an invitation for interview. The items to include are: i) name ii) address iii) age iv) marital status v) education vi) professional training vii) work experience viii) interests ix) honours
INSIGHT
x) xi) 7. i) ii) iii) iv) v) vi) distractions hobbies objective/aim/purpose prepared/empowered predict/expect/forecast confidence lying/lies a chance
EXAMINERS COMMENT
The candidates understood the passage and were able to easily derive suitable answers to them. Also, the candidates responded appropriately by recognising and supplying scoring points. 85% of the candidates scored 50%.
SECTION C SOLUTION 1
The basic differences between oral communication and non-verbal communication are as follows: i) Oral communication uses the spoken word, whereas non-verbal communication hardly uses words. Two people communicating orally would use words whose meanings are clear to both parties. They may communicate through face-to-face contract, telephone, meetings and speeches. For non-verbal communication, the sounds used sighs, (usually indicating relief), hisses (usually indicating disgust). Other features of non-verbal communication associated with speech are para-language features like volume, pitch and rate of speech. ii) Non-verbal communication is usually an aid, whereas oral communication is usually an independent instrument of communication. Facial expressions and gestures may be used to complement verbal expressions. They may be used to clarify, reinforce and illustrate word of mouth. iii) In non-verbal communication, feedback may be involuntary. When, for example, a person sees a pictures or witnesses something that is frightening and faints, the feedback is involuntary but it is nonetheless a feedback. iv) Non-verbal communication is highly symbolic and may be subject to different interpretations. In different cultures and contexts, specific non-verbal messages can be interpreted differently by
INSIGHT
the sender and decoder. Also, culture situation and appearance may cause signals, signs, gestures and facial expressions to be interpreted differently by sender and receiver. On the other hand, most oral communication is direct and non-symbolic. Oral communication is transient. It is not permanent and most of the time, it is not recorded. With this situation what is said can be denied and may not be very useful as an object of reference. On the other hand, non-verbal communication in the form of posters, charts, tables are properly documented and can be stored in a form that has a level of performance and in which they can serve as objects of reference. Some non-verbal communication items like posters can be beautified using colours lines and shapes. Also, the use of colours, lines and shapes in posters make the material attractive thereby drawing attention not only to the material but also to the message. Oral communication cannot be made beautiful or attractive with colours, lines and shapes. For oral communication, feedback is instant. The feedback to face-to-face conversation is instant, even telephone conversation facilitates instant feedback. On the other hand, non-verbal communication does not excite or attract instant feedback. A table, graph and chart may not be seen by the receiver until a considerable time after its creation. In this sense, it would not attract instant feedback.
v)
vi)
vii)
EXAMINERS COMMENT
This question is on methods of communication. Quite a number of candidates answered this question. 70% of the candidates, in actual fact, attempted this question. However, the attempt rate does not reflect students master on the topic as only 40% of the candidates who attempted it scored 40% and above.
SOLUTION 2
The bad reading habits are as follows: i) TRACING LINE OF PRINT: It is a bad reading habit to trace lines of print. Some readers trace lines of print with finger, ruler, pen, pencil while reading. This habit slows the reader down and impairs comprehension. CORRECTION: Readers who indulge in this habit should be corrected and enlightened not to trace lines of print when reading. They should be educated that eye muscles should move over the page and the eye should pace the reading.
INSIGHT
ii) VOCALIZATION: Vocalization is done by pronouncing the words to oneself as one reads. This may be done in whispers. Any movement of the vocal apparatus such as tongue, throat and vocal cord while reading is vocalization. Vocalization is a distraction and unnecessary expenditure of energy. CORRECTION: Readers should be enlightened on the disadvantages of vocalization while reading. Vocalization divided attention between sound articulation and comprehension and as such prevents readers from paying required attention to comprehension. SUB-VOCALIZATION: Readers sometimes read under their breath. They do not read aloud but still move from item to item, as if pronouncing the words under-breath. This is unnecessary mental and physical exertion. It also involves dividing attention between sub-vocalization and comprehension. CORRECTION: Readers should be counseled to read for meaning rather than giving attention to single items. Reader should also concentrate on sight reading, avoiding subvocalization and focusing on comprehension. REGRESSION: Readers have a way of reversing and reading backward by re-reading a portion of the material that they have already read. Regression may be a product of lack of concentration or over-sentivity to comprehending the material on first reading. Regression wastes time and effort and makes reader lose trend of the material as a continuous flow of idea. CORRECTION: Readers should be advised to concentrate on the material they are reading. They should read a material through as many times as they wish rather than prolonging a single reading effort through regression. Reading should be continuous and progressive rather than regressive. MOVING THE HEAD: Many readers move their heads back and forth, horizontally; up and down, vertically in order to read and follow the contents of the material. However, this is stressful and it also slows down the pace of reading. CORRECTION: Readers should be enlightened that they should avoid moving the head; rather they should move the yes using the muscles of the eyes. OMISSION: Readers sometimes leave out large tracts or portions of a material and go without reading those portions. However, important points may be tucked in certain parts of the material that may appear to be unimportant. Clarifications,
iii)
iv)
v)
vi)
INSIGHT
illustrations which may appear unimportant may aid the reader to fully understand all aspects of the subject of a material. CORRECTION: A material should be read from the beginning to the end. No part of the material should be unread. vii) INSERTION/EMBELLISHMENT: Readers sometimes read facts or meanings that are not present in any particular material into it. Meanings and facts are sometimes inserted into a material by the will of the reader when they are not in the material. CORRECTION: Whatever is not in the material should not be read into it; it should not be projected into it.
EXAMINERS COMMENT
This question is on reading, precisely Bad Reading Habits. Only 20% of the candidates answered this question. Of this number, 50% scored 40 and above. The performance of candidates here is surprising as this concept is not hidden in the syllabus and the question is a direct question attracting well enunciated responses.
SOLUTION 3
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. passed elicit defer morale ensure formally aspired affect advice check
EXAMINERS COMMENT
This question is on Grammar, particularly word usage and common errors. 95% of the candidates attempted this question and of this number, 85% scored 50% and above.
SOLUTION 4
INSIGHT
OPENING SPEECH DELIVERED BY ATOLAGBE TIMOTHY AT THE NATIONAL COMMUNICATION COMMISSION (NCC) GSM CONSUMERSFORUM HELD AT THE PENISULA RESORT, LEKKI ON FRIDAY, JANUARY 29, 2010 The Chairman, National Communication Commission, The President, Institute of Chartered Accountants of Nigeria, The President, Chartered Institute of Bankers, Chief Executives in the Banking Industry, Chief Executives in Telecommunication Companies, Stakeholders in the Telecommunication Industry, Distinguished Guests, Distinguished Participants, Gentlemen of the Press, Ladies and Gentlemen. It is my pleasure to be a participant at this landmark event tagged GSM Consumers forum of the National Communication Commission (NCC) It is my firm belief that whatever we do here today would impact positively on the delivery of GSM services in the country. The theme of this forum: The Value Telecommunication Has Brought to the Delivery of Banking Services. is not only appropriate but also timely. Telecommunication has brought tremendous improvement to banking operations and the delivery of banking services. Telecommunication has made universal banking possible. Now, a customer can access his account at any branch of his bank. Automated Teller Machine (ATMs) have been deployed by banks in every nook and cranny of Nigeria, giving customers access to money round the clock through the use of ATM cards. The Automated Teller Machine technology has telecommunication as its backbone. Telecommunication has also revolutionalised banking by facilitating on-line, real time banking, ensuring that transactions on a customers account reflect the moment the transactions on the accounts through transaction alerts. The future of banking is likely to get better as bankers continue to harness the advantages and advancements in telecommunication to deliver first class and efficient banking services. Thank you for your attention.
EXAMINERS COMMENT
INSIGHT
The question, which is on speech writing, is highly unpopular among candidates. Only about 3% of the candidates attempted this question and of this number 25% scored 40% and above.

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INSIGHT

EXAMINERS GENERAL COMMENTS

INADEQUATE COVERAGE OF THE SYLLABUS

ATSWA PART 1 MARCH 2010

ATSWA PART 1 MARCH 2010

ATSWA PART 1 MARCH 2010

ASSOCIATION OF ACCOUNTANCY BODIES IN WEST AFRICA

MULTIPLE-CHOICE QUESTIONS (10 MARKS)

ATSWA PART 1 MARCH 2010

ATSWA PART 1 MARCH 2010

SHORT-ANSWER QUESTIONS (30 MARKS)

ATSWA PART 1 MARCH 2010

ATSWA PART 1 MARCH 2010

29. Expenditure is .................... 30.

SECTION B Attempt any Four Questions (60 Marks) QUESTION 1

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178,000.0 0 120,000.0 0 78,650.50 68,250.00 32,500.00 477,400.50 12,103,350. 00

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ATSWA PART 1 MARCH 2010

(ii) (iii) (iv)

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250,000 150,000 285,000

You are required:

ATSWA PART 1 MARCH 2010

MULTIPLE CHOICE QUESTIONS

SHORT ANSWER QUESTIONS

ATSWA PART 1 MARCH 2010

ATSWA PART 1 MARCH 2010

ATSWA PART 1 MARCH 2010

ATSWA PART 1 MARCH 2010

ATSWA PART 1 MARCH 2010

ATSWA PART 1 MARCH 2010

ATSWA PART 1 MARCH 2010

ATSWA PART 1 MARCH 2010

ATSWA PART 1 MARCH 2010

Cash account Dodo Idodo a/c Cash account

Sales account Sales account

Camara Motors Ltd Land account Office equipment Bal c/f

ATSWA PART 1 MARCH 2010

ATSWA PART 1 MARCH 2010

Less debtors 31/12/06

ATSWA PART 1 MARCH 2010

960,000 122,000 1,082,00 0

180,000 75,000 50,000 76,800

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ATSWA PART 1 MARCH 2010

ASSOCIATION OF ACCOUNTANCY BODIES IN WEST AFRICA

ACCOUNTING TECHNICIANS SCHEME

Attempt All Questions (10 Marks)

ATSWA PART 1 MARCH 2010

ATSWA PART 1 MARCH 2010

SHORT-ANSWER QUESTIONS (30 MARKS)

ATSWA PART 1 MARCH 2010

10. 11. 12.

16. 17. 18.

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25. 26. 27. 28. 29. 30.

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(b) Calculate the missing values in (i) to (xx) Marks) (c)

At what output level does diminishing marginal returns set in? (2

SECTION C MACROECONOMICS QUESTION 4

ATSWA PART 1 MARCH 2010