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  • 20 Marks

BMF – May 2015 – L1 – SB – Q6 – Basics of Business Finance and Financial Markets

Describe the Boston Consulting Group (BCG) matrix used for business portfolio management.

Describe the Boston Consulting Group (BCG) matrix.

The Boston Consulting Group (BCG) matrix is a model by which businesses are
classified in relation to market growth and relative market share.
The strategy of each business is determined on the basis of the following factors:
(i) The growth rate of its market
(ii) The market share it enjoys

The matrix can be depicted by the following quadrant:

b. Product-Market Strategies:

i. Stars:
Stars operate in high-growth markets and dominate their sectors. They require substantial investment to maintain market position but promise high returns. The recommended product-market strategy is to continue heavy investment in advertising, promotion, and product development to ensure growth in market share and revenue.

ii. Question Marks (Problem Children):
These products operate in high-growth markets but have low market share. They create opportunities for long-term growth but need significant cash investments. The suggested strategy is to either invest heavily to turn them into stars or divest if the market position does not improve. This may involve strategic decisions like harvesting or liquidation.

iii. Cash Cows:
These products have high market share in low-growth markets. They generate consistent cash flows but offer limited growth opportunities. The strategy is to maintain or consolidate their position, using their revenue to fund other areas of the business that require investment (such as Stars or Question Marks).

iv. Dogs:
Dogs have low market share in low-growth markets, providing little to no profit potential. The strategy is often to divest or liquidate these products, as they are not worth the continued investment given their bleak future.

c. Weaknesses of the BCG Matrix:

  1. The model ignores the synergies between different business units, which can affect overall profitability.
  2. High market share does not always guarantee profitability, as it depends on other factors such as cost structure and competitive advantage.

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  • 20 Marks

BMF – May 2015 – L1 – SB – Q6 – Basics of Business Finance and Financial Markets

Describe the Boston Consulting Group (BCG) matrix used for business portfolio management.

Describe the Boston Consulting Group (BCG) matrix.

The Boston Consulting Group (BCG) matrix is a model by which businesses are
classified in relation to market growth and relative market share.
The strategy of each business is determined on the basis of the following factors:
(i) The growth rate of its market
(ii) The market share it enjoys

The matrix can be depicted by the following quadrant:

b. Product-Market Strategies:

i. Stars:
Stars operate in high-growth markets and dominate their sectors. They require substantial investment to maintain market position but promise high returns. The recommended product-market strategy is to continue heavy investment in advertising, promotion, and product development to ensure growth in market share and revenue.

ii. Question Marks (Problem Children):
These products operate in high-growth markets but have low market share. They create opportunities for long-term growth but need significant cash investments. The suggested strategy is to either invest heavily to turn them into stars or divest if the market position does not improve. This may involve strategic decisions like harvesting or liquidation.

iii. Cash Cows:
These products have high market share in low-growth markets. They generate consistent cash flows but offer limited growth opportunities. The strategy is to maintain or consolidate their position, using their revenue to fund other areas of the business that require investment (such as Stars or Question Marks).

iv. Dogs:
Dogs have low market share in low-growth markets, providing little to no profit potential. The strategy is often to divest or liquidate these products, as they are not worth the continued investment given their bleak future.

c. Weaknesses of the BCG Matrix:

  1. The model ignores the synergies between different business units, which can affect overall profitability.
  2. High market share does not always guarantee profitability, as it depends on other factors such as cost structure and competitive advantage.

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  • 5 Marks

BMF – May 2015 – L1 – SB – Q5b – Management, Individual, and Organisational Behaviour

Discuss hygiene factors and motivators in Herzberg’s two-factor theory.

Write briefly on the following:
i. Hygiene factors
ii. Motivators

i. Hygiene Factors: These are factors that can lead to dissatisfaction in the workplace if they are absent or inadequate, but their presence does not necessarily create satisfaction. They include aspects like working conditions, salary, company policies, job security, and relationships with supervisors and colleagues. Inadequate hygiene factors result in employee dissatisfaction, but improving these factors alone will not boost job satisfaction.

ii. Motivators: These are factors that positively influence job satisfaction and encourage employees to improve performance. They include recognition, responsibility, opportunities for advancement, achievement, and personal growth. Unlike hygiene factors, motivators directly impact an employee’s level of job satisfaction and contribute to higher levels of performance and motivation.

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  • 5 Marks

BMF – May 2015 – L1 – SB – Q5b – Management, Individual, and Organisational Behaviour

Discuss hygiene factors and motivators in Herzberg’s two-factor theory.

Write briefly on the following:
i. Hygiene factors
ii. Motivators

i. Hygiene Factors: These are factors that can lead to dissatisfaction in the workplace if they are absent or inadequate, but their presence does not necessarily create satisfaction. They include aspects like working conditions, salary, company policies, job security, and relationships with supervisors and colleagues. Inadequate hygiene factors result in employee dissatisfaction, but improving these factors alone will not boost job satisfaction.

ii. Motivators: These are factors that positively influence job satisfaction and encourage employees to improve performance. They include recognition, responsibility, opportunities for advancement, achievement, and personal growth. Unlike hygiene factors, motivators directly impact an employee’s level of job satisfaction and contribute to higher levels of performance and motivation.

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  • 15 Marks

BMF – May 2015 – L1 – SB – Q5a – Management, Individual, and Organisational Behaviour

List and explain the five levels of human needs as per Maslow’s hierarchy.

List and explain the FIVE general types of human needs in ascending order.

  1. Physiological Needs: These are the basic survival needs for human life, such as food, water, shelter, air, and clothing. In an organizational context, these are equated to adequate salary, heat, and air to ensure employees’ survival and well-being.
  2. Safety Needs: Once physiological needs are met, individuals seek protection and security, both physically and psychologically. In the workplace, this relates to job security, safe working conditions, and a stable environment free from physical harm.
  3. Belongingness/Social Needs: After safety, individuals look for social connections, love, and belonging. In an organization, this refers to forming relationships with colleagues and feeling accepted as part of a team. Employees value a friendly work environment and camaraderie among coworkers.
  4. Esteem Needs: These involve the need for recognition, respect, and self-esteem. Employees strive to achieve recognition for their work, which can be fulfilled through awards, promotions, or being acknowledged as valuable team members.
  5. Self-Actualization Needs: The highest level, where individuals strive to realize their full potential. In the workplace, this involves opportunities for personal growth, creativity, and achieving career goals. Managers can help employees meet these needs by providing challenging tasks and encouraging innovation.

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  • 15 Marks

BMF – May 2015 – L1 – SB – Q5a – Management, Individual, and Organisational Behaviour

List and explain the five levels of human needs as per Maslow’s hierarchy.

List and explain the FIVE general types of human needs in ascending order.

  1. Physiological Needs: These are the basic survival needs for human life, such as food, water, shelter, air, and clothing. In an organizational context, these are equated to adequate salary, heat, and air to ensure employees’ survival and well-being.
  2. Safety Needs: Once physiological needs are met, individuals seek protection and security, both physically and psychologically. In the workplace, this relates to job security, safe working conditions, and a stable environment free from physical harm.
  3. Belongingness/Social Needs: After safety, individuals look for social connections, love, and belonging. In an organization, this refers to forming relationships with colleagues and feeling accepted as part of a team. Employees value a friendly work environment and camaraderie among coworkers.
  4. Esteem Needs: These involve the need for recognition, respect, and self-esteem. Employees strive to achieve recognition for their work, which can be fulfilled through awards, promotions, or being acknowledged as valuable team members.
  5. Self-Actualization Needs: The highest level, where individuals strive to realize their full potential. In the workplace, this involves opportunities for personal growth, creativity, and achieving career goals. Managers can help employees meet these needs by providing challenging tasks and encouraging innovation.

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  • 20 Marks

BMF – May 2015 – L1 – SB – Q4 – Basics of Business Finance and Financial Markets

Discuss major cash flow items in capital investment projects and explain the payback period investment appraisal method.

a. List and explain FOUR major cashflow items to be included in a capital investment project. (8 Marks)
b.
i. Explain the payback period technique of investment appraisal. (4 Marks)
ii. State TWO advantages and TWO disadvantages of payback period. (8 Marks)

a. Major cashflow items to be included in a capital investment project:

  1. Initial capital outlay: This is the cash expenditure required at the beginning of the project, usually spent on fixed assets.
  2. Operating cash flows: These include cash inflows from sales and cash outflows for operating expenses like wages, utilities, and materials.
  3. Terminal cash flows: These are the cash flows at the end of the project, such as salvage value or disposal of assets.
  4. Incremental cash flows: These refer to the additional cash flows generated directly by the investment, which wouldn’t have been earned otherwise.

b. i. Payback Period Investment Appraisal Technique:
This technique calculates the time needed for the cash inflows generated by a project to recover the initial investment. It emphasizes liquidity by focusing on the period over which the project will generate enough cash inflows to cover the initial outlay. It does not take into account the time value of money or cash flows beyond the payback period.

ii. Advantages of Payback Period:

  1. Simple to calculate and understand.
  2. It is useful for projects where liquidity is important because it focuses on recovering the initial investment quickly.

Disadvantages of Payback Period:

  1. It ignores cash flows that occur after the payback period, potentially overlooking the profitability of longer-term projects.
  2. It does not consider the time value of money.

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  • 20 Marks

BMF – May 2015 – L1 – SB – Q4 – Basics of Business Finance and Financial Markets

Discuss major cash flow items in capital investment projects and explain the payback period investment appraisal method.

a. List and explain FOUR major cashflow items to be included in a capital investment project. (8 Marks)
b.
i. Explain the payback period technique of investment appraisal. (4 Marks)
ii. State TWO advantages and TWO disadvantages of payback period. (8 Marks)

a. Major cashflow items to be included in a capital investment project:

  1. Initial capital outlay: This is the cash expenditure required at the beginning of the project, usually spent on fixed assets.
  2. Operating cash flows: These include cash inflows from sales and cash outflows for operating expenses like wages, utilities, and materials.
  3. Terminal cash flows: These are the cash flows at the end of the project, such as salvage value or disposal of assets.
  4. Incremental cash flows: These refer to the additional cash flows generated directly by the investment, which wouldn’t have been earned otherwise.

b. i. Payback Period Investment Appraisal Technique:
This technique calculates the time needed for the cash inflows generated by a project to recover the initial investment. It emphasizes liquidity by focusing on the period over which the project will generate enough cash inflows to cover the initial outlay. It does not take into account the time value of money or cash flows beyond the payback period.

ii. Advantages of Payback Period:

  1. Simple to calculate and understand.
  2. It is useful for projects where liquidity is important because it focuses on recovering the initial investment quickly.

Disadvantages of Payback Period:

  1. It ignores cash flows that occur after the payback period, potentially overlooking the profitability of longer-term projects.
  2. It does not consider the time value of money.

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  • 20 Marks

BMF – May 2015 – L1 – SB – Q3 – The Role of Professional Accountants in Business and Society

Discuss reasons for government involvement in the Nigerian financial system and mechanisms for intervention.

a. State FIVE reasons for the increasing role of Government in the Nigerian Financial System.
(10 Marks)

b. State FIVE mechanisms for government intervention in the financial system.
(10 Marks)

a. Reasons for the Increasing Role of Government in the Nigerian Financial System:

  1. To maintain monetary stability: The government needs to ensure that the financial system remains stable to control inflation and manage the economy effectively.
  2. To promote economic growth: Government interventions are essential to stimulate growth and support the development of various sectors of the economy.
  3. To ensure healthy competition: By regulating the financial system, the government prevents monopolies and ensures fair competition, both domestically and internationally.
  4. To protect the public from fraud and exploitation: Government policies are crucial to safeguarding the public from unethical financial practices.
  5. To attract foreign investment: A stable financial system encourages international investors, contributing to the growth of the economy.

b. Mechanisms for Government Intervention in the Financial System:

  1. Open Market Operations (OMO): The government buys and sells treasury bills and bonds to control the money supply.
  2. Changes in monetary policy rates (MPR): Adjusting the MPR influences interest rates, which in turn affects borrowing and investment levels in the economy.
  3. Liquidity ratio adjustments: The government can change the liquidity ratio to control the amount of cash that banks must hold as reserves, impacting the availability of credit.
  4. Fiscal policy (taxation and spending): The government uses taxes and public spending to influence the financial system and stimulate or slow down the economy.
  5. Recapitalization of banks: To maintain stability, the government may require banks to recapitalize, ensuring that they have enough funds to meet their obligations.

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  • 20 Marks

BMF – May 2015 – L1 – SB – Q3 – The Role of Professional Accountants in Business and Society

Discuss reasons for government involvement in the Nigerian financial system and mechanisms for intervention.

a. State FIVE reasons for the increasing role of Government in the Nigerian Financial System.
(10 Marks)

b. State FIVE mechanisms for government intervention in the financial system.
(10 Marks)

a. Reasons for the Increasing Role of Government in the Nigerian Financial System:

  1. To maintain monetary stability: The government needs to ensure that the financial system remains stable to control inflation and manage the economy effectively.
  2. To promote economic growth: Government interventions are essential to stimulate growth and support the development of various sectors of the economy.
  3. To ensure healthy competition: By regulating the financial system, the government prevents monopolies and ensures fair competition, both domestically and internationally.
  4. To protect the public from fraud and exploitation: Government policies are crucial to safeguarding the public from unethical financial practices.
  5. To attract foreign investment: A stable financial system encourages international investors, contributing to the growth of the economy.

b. Mechanisms for Government Intervention in the Financial System:

  1. Open Market Operations (OMO): The government buys and sells treasury bills and bonds to control the money supply.
  2. Changes in monetary policy rates (MPR): Adjusting the MPR influences interest rates, which in turn affects borrowing and investment levels in the economy.
  3. Liquidity ratio adjustments: The government can change the liquidity ratio to control the amount of cash that banks must hold as reserves, impacting the availability of credit.
  4. Fiscal policy (taxation and spending): The government uses taxes and public spending to influence the financial system and stimulate or slow down the economy.
  5. Recapitalization of banks: To maintain stability, the government may require banks to recapitalize, ensuring that they have enough funds to meet their obligations.

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  • 20 Marks

BMF – May 2015 – L1 – SB – Q2 – The Business Environment

Discuss four external environmental factors that impact business operations.

Businesses do not operate in a vacuum. There is a combination of internal and external factors that affect how businesses function.
State and explain any FOUR external environmental factors that affect a business.

  1. Political Factors:
    Political factors affect the level of opportunities and threats within the business environment. Factors such as the stability of the political system, government policies, and regulations have a major influence on how businesses operate. A change in government or political instability can affect market conditions and disrupt business operations.
  2. Economic Factors:
    Economic conditions, including inflation rates, interest rates, economic growth, and exchange rates, play a crucial role in business performance. A strong economy encourages businesses to expand, whereas a weak economy may force businesses to downsize or halt operations.
  3. Socio-Cultural Factors:
    Socio-cultural aspects include the beliefs, values, attitudes, and lifestyles of people. These factors influence consumer behavior and market demand. A business must understand these cultural nuances to tailor products and services that meet the expectations of its customers.
  4. Technological Factors:
    The level of technological advancement within a country or industry determines the efficiency of production processes and service delivery. Businesses must keep up with technological changes to remain competitive. This includes automation, internet usage, and new software or tools that improve operational efficiency.

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  • 20 Marks

BMF – May 2015 – L1 – SB – Q2 – The Business Environment

Discuss four external environmental factors that impact business operations.

Businesses do not operate in a vacuum. There is a combination of internal and external factors that affect how businesses function.
State and explain any FOUR external environmental factors that affect a business.

  1. Political Factors:
    Political factors affect the level of opportunities and threats within the business environment. Factors such as the stability of the political system, government policies, and regulations have a major influence on how businesses operate. A change in government or political instability can affect market conditions and disrupt business operations.
  2. Economic Factors:
    Economic conditions, including inflation rates, interest rates, economic growth, and exchange rates, play a crucial role in business performance. A strong economy encourages businesses to expand, whereas a weak economy may force businesses to downsize or halt operations.
  3. Socio-Cultural Factors:
    Socio-cultural aspects include the beliefs, values, attitudes, and lifestyles of people. These factors influence consumer behavior and market demand. A business must understand these cultural nuances to tailor products and services that meet the expectations of its customers.
  4. Technological Factors:
    The level of technological advancement within a country or industry determines the efficiency of production processes and service delivery. Businesses must keep up with technological changes to remain competitive. This includes automation, internet usage, and new software or tools that improve operational efficiency.

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  • 5 Marks

BMF – May 2015 – L1 – SB – Q1b – Business and Organizational Structures and Choices

Identifying the advantages of a partnership business.

Identify FIVE advantages of a partnership business.

  1. Shared management and pooled knowledge: Partners bring in varied expertise and skills to manage the business.
  2. Attraction of more financial resources: Partnerships can attract more capital compared to sole proprietorships.
  3. Continuity in comparison with sole proprietorship: Unlike sole proprietorships, partnerships can continue even when one partner exits.
  4. Division of labor: Partners can divide work based on their strengths, leading to more efficient management.
  5. Sharing of risks and losses: The risks and financial losses are shared among partners, reducing the burden on a single individual.

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  • 5 Marks

BMF – May 2015 – L1 – SB – Q1b – Business and Organizational Structures and Choices

Identifying the advantages of a partnership business.

Identify FIVE advantages of a partnership business.

  1. Shared management and pooled knowledge: Partners bring in varied expertise and skills to manage the business.
  2. Attraction of more financial resources: Partnerships can attract more capital compared to sole proprietorships.
  3. Continuity in comparison with sole proprietorship: Unlike sole proprietorships, partnerships can continue even when one partner exits.
  4. Division of labor: Partners can divide work based on their strengths, leading to more efficient management.
  5. Sharing of risks and losses: The risks and financial losses are shared among partners, reducing the burden on a single individual.

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  • 15 Marks

BMF – May 2015 – L1 – SB – Q1a – Business and Organizational Structures and Choices

Features of the Memorandum of Association, Articles of Association, and Public Sector Entities.

State FIVE features of each of the following:
i. Memorandum of Association (5 Marks)
ii. Articles of Association (5 Marks)
iii. Public Sector Entity (5 Marks)

i. Features of Memorandum of Association:

  • The name of the company.
  • The names and addresses of the shareholders.
  • The number of shares held by each shareholder.
  • The location of the registered office.
  • The objectives of the company.

ii. Features of Articles of Association:

  • The internal relations of the company.
  • The rights of shareholders.
  • How meetings are convened.
  • Appointment and renewal of directors and other officers.
  • Power and duties of directors.

iii. Features of Public Sector Entity:

  • It is owned by the government.
  • It is created by an Act of Parliament.
  • It is managed by a board of directors appointed by the government.
  • It renders essential services.
  • It is not established for profit.

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  • 15 Marks

BMF – May 2015 – L1 – SB – Q1a – Business and Organizational Structures and Choices

Features of the Memorandum of Association, Articles of Association, and Public Sector Entities.

State FIVE features of each of the following:
i. Memorandum of Association (5 Marks)
ii. Articles of Association (5 Marks)
iii. Public Sector Entity (5 Marks)

i. Features of Memorandum of Association:

  • The name of the company.
  • The names and addresses of the shareholders.
  • The number of shares held by each shareholder.
  • The location of the registered office.
  • The objectives of the company.

ii. Features of Articles of Association:

  • The internal relations of the company.
  • The rights of shareholders.
  • How meetings are convened.
  • Appointment and renewal of directors and other officers.
  • Power and duties of directors.

iii. Features of Public Sector Entity:

  • It is owned by the government.
  • It is created by an Act of Parliament.
  • It is managed by a board of directors appointed by the government.
  • It renders essential services.
  • It is not established for profit.

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  • 1 Marks

BMF – MAY 2015 – L1 – SA – Q20 – Communications in Business

Defining the process of information transmission in business contexts.

The process of transmission of information from one person, group or organisation to another is called:

A. Decoding
B. Communication
C. Globalization
D. Presentation
E. Translation

Answer: B. Communication

Explanation:
Communication refers to the process of transmitting information from one entity to another, encompassing various methods and channels. It is essential for effective interaction within and between organizations.

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  • 1 Marks

BMF – MAY 2015 – L1 – SA – Q20 – Communications in Business

Defining the process of information transmission in business contexts.

The process of transmission of information from one person, group or organisation to another is called:

A. Decoding
B. Communication
C. Globalization
D. Presentation
E. Translation

Answer: B. Communication

Explanation:
Communication refers to the process of transmitting information from one entity to another, encompassing various methods and channels. It is essential for effective interaction within and between organizations.

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  • 1 Marks

BMF – MAY 2015 – L1 – SA – Q19 – Management, Individual, and Organisational Behaviour

Identifying the leadership style based on authority and control over rewards.

A leadership style in which the leader has the authority to withhold or give reward and punishment is referred to as ………………. style.

A. Democratic leadership
B. Participative leadership
C. Contingency leadership
D. Autocratic leadership
E. Laissez faire leadership

Answer: D. Autocratic leadership

Explanation:
Autocratic leadership is characterized by a leader who has significant control over decision-making and the authority to reward or punish subordinates. This style does not typically involve team input or collaboration, focusing instead on the leader’s authority and directives.

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  • 1 Marks

BMF – MAY 2015 – L1 – SA – Q19 – Management, Individual, and Organisational Behaviour

Identifying the leadership style based on authority and control over rewards.

A leadership style in which the leader has the authority to withhold or give reward and punishment is referred to as ………………. style.

A. Democratic leadership
B. Participative leadership
C. Contingency leadership
D. Autocratic leadership
E. Laissez faire leadership

Answer: D. Autocratic leadership

Explanation:
Autocratic leadership is characterized by a leader who has significant control over decision-making and the authority to reward or punish subordinates. This style does not typically involve team input or collaboration, focusing instead on the leader’s authority and directives.

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  • 1 Marks

BL – May 2015 – L1 – SA – Q6 – Company Law

Identify which is NOT a remedy for breach of fiduciary duties by a director.

The remedies for breach of fiduciary duties by a company director include the following EXCEPT
A. Accounting to the company for any gain made
B. Injunction
C. Action for negligence
D. Imprisonment
E. Removal from office

Answer: D

Explanation:
The correct answer is “D. Imprisonment.” A director’s breach of fiduciary duties generally results in civil remedies like accounting for profits, injunctions, and removal from office. Imprisonment is not typically a direct remedy for breach of fiduciary duties, as it pertains to criminal actions rather than civil breaches.

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  • 1 Marks

BL – May 2015 – L1 – SA – Q6 – Company Law

Identify which is NOT a remedy for breach of fiduciary duties by a director.

The remedies for breach of fiduciary duties by a company director include the following EXCEPT
A. Accounting to the company for any gain made
B. Injunction
C. Action for negligence
D. Imprisonment
E. Removal from office

Answer: D

Explanation:
The correct answer is “D. Imprisonment.” A director’s breach of fiduciary duties generally results in civil remedies like accounting for profits, injunctions, and removal from office. Imprisonment is not typically a direct remedy for breach of fiduciary duties, as it pertains to criminal actions rather than civil breaches.

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  • 1 Marks

BL – May 2015 – L1 – SA – Q5 – Company Law

Identify the time frame for a public company to hold its statutory meeting after incorporation.

Within what period after incorporation is a public company required to hold its Statutory Meeting?
A. 1 month
B. 3 months
C. 6 months
D. 12 months
E. 18 months

Answer: C

Explanation:
The correct answer is “C. 6 months.” According to the Companies and Allied Matters Act (CAMA), a public company is required to hold its statutory meeting within six months of incorporation. This meeting is necessary to present the statutory report to the shareholders and ensure compliance with legal requirements for newly incorporated companies.

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  • 1 Marks

BL – May 2015 – L1 – SA – Q5 – Company Law

Identify the time frame for a public company to hold its statutory meeting after incorporation.

Within what period after incorporation is a public company required to hold its Statutory Meeting?
A. 1 month
B. 3 months
C. 6 months
D. 12 months
E. 18 months

Answer: C

Explanation:
The correct answer is “C. 6 months.” According to the Companies and Allied Matters Act (CAMA), a public company is required to hold its statutory meeting within six months of incorporation. This meeting is necessary to present the statutory report to the shareholders and ensure compliance with legal requirements for newly incorporated companies.

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  • 1 Marks

BL – May 2015 – L1 – SA – Q4 – Company Law

Identify the type of resolution required for director appointments at a general meeting.

The appointment of a director of a company at a general meeting is by
A. Extra-ordinary resolution
B. Ordinary resolution
C. Special resolution
D. Business resolution
E. Director resolution

Answer: B

Explanation:
The correct answer is “B. Ordinary resolution.” Director appointments at a general meeting are typically made via ordinary resolutions, which require a simple majority vote. Extraordinary or special resolutions usually pertain to more significant changes in a company’s structure or governance.

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  • 1 Marks

BL – May 2015 – L1 – SA – Q4 – Company Law

Identify the type of resolution required for director appointments at a general meeting.

The appointment of a director of a company at a general meeting is by
A. Extra-ordinary resolution
B. Ordinary resolution
C. Special resolution
D. Business resolution
E. Director resolution

Answer: B

Explanation:
The correct answer is “B. Ordinary resolution.” Director appointments at a general meeting are typically made via ordinary resolutions, which require a simple majority vote. Extraordinary or special resolutions usually pertain to more significant changes in a company’s structure or governance.

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  • 1 Marks

BL – May 2015 – L1 – SA – Q3 – Company Law

Identify the act with which a company complies upon receiving a certificate of incorporation.

Prima facie, the issuance of a Certificate of Incorporation to a company means that the company has complied with the requirements of the
A. Companies and Allied Matters Act
B. Company registration
C. Ministry of Trade
D. Secretary of Companies
E. Directors of the company

Answer: A

Explanation:
The correct answer is “A. Companies and Allied Matters Act.” The Certificate of Incorporation signifies that a company has fulfilled all legal requirements outlined in the Companies and Allied Matters Act (CAMA). The other options do not directly pertain to the compliance or legal foundation under which a company is incorporated.

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  • 1 Marks

BL – May 2015 – L1 – SA – Q3 – Company Law

Identify the act with which a company complies upon receiving a certificate of incorporation.

Prima facie, the issuance of a Certificate of Incorporation to a company means that the company has complied with the requirements of the
A. Companies and Allied Matters Act
B. Company registration
C. Ministry of Trade
D. Secretary of Companies
E. Directors of the company

Answer: A

Explanation:
The correct answer is “A. Companies and Allied Matters Act.” The Certificate of Incorporation signifies that a company has fulfilled all legal requirements outlined in the Companies and Allied Matters Act (CAMA). The other options do not directly pertain to the compliance or legal foundation under which a company is incorporated.

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  • 1 Marks

BL – May 2015 – L1 – SA – Q2 – Sources of Nigerian Law

Identify another name for judicial

Another name for judicial precedent is
A. Stared decision
B. Starred judgement
C. Stare decisis
D. Stare courtis
E. Stare verdictum

Answer: C

Explanation:
The correct answer is “C. Stare Decisis.” Judicial precedent, also known as “stare decisis,” is a principle where courts follow previously decided cases when making rulings on similar facts. The other options such as “Stared decision” or “Stare courtis” are not correct legal terms. “Stare decisis” is a Latin term meaning “to stand by things decided,” which is the essence of judicial precedent.

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  • 1 Marks

BL – May 2015 – L1 – SA – Q2 – Sources of Nigerian Law

Identify another name for judicial

Another name for judicial precedent is
A. Stared decision
B. Starred judgement
C. Stare decisis
D. Stare courtis
E. Stare verdictum

Answer: C

Explanation:
The correct answer is “C. Stare Decisis.” Judicial precedent, also known as “stare decisis,” is a principle where courts follow previously decided cases when making rulings on similar facts. The other options such as “Stared decision” or “Stare courtis” are not correct legal terms. “Stare decisis” is a Latin term meaning “to stand by things decided,” which is the essence of judicial precedent.

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  • 1 Marks

BL – May 2015 – L1 – SA – Q1 – Sources of Nigerian Law

Identify the major influence on Nigerian laws apart from customary law.

Nigerian Laws, apart from customary law, are greatly influenced by
A. English Law
B. English Decree
C. English Edicts
D. English Orientals
E. English Courts

Answer: A

Explanation:
The correct answer is “A. English Law.” This is because Nigerian laws, historically, were significantly shaped by English common law and legislation, especially during the colonial period when Nigeria was under British rule. The other options do not represent actual sources of influence in the same way. For example, “English Decree” and “English Edicts” are not recognized legal frameworks in the historical influence of Nigerian law.

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  • 1 Marks

BL – May 2015 – L1 – SA – Q1 – Sources of Nigerian Law

Identify the major influence on Nigerian laws apart from customary law.

Nigerian Laws, apart from customary law, are greatly influenced by
A. English Law
B. English Decree
C. English Edicts
D. English Orientals
E. English Courts

Answer: A

Explanation:
The correct answer is “A. English Law.” This is because Nigerian laws, historically, were significantly shaped by English common law and legislation, especially during the colonial period when Nigeria was under British rule. The other options do not represent actual sources of influence in the same way. For example, “English Decree” and “English Edicts” are not recognized legal frameworks in the historical influence of Nigerian law.

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  • 20 Marks

MI – May 2015 – L1 – SB – Q6 – Information System Development and Security

Explanation of key concepts related to information security and system controls.

As a valuable resource of an organisation, information should be controlled, secured, and protected from unauthorized disclosure and destruction.
In the light of the above statement, you are required to explain briefly each of the following:

a. Information System Controls
b. Data Encryption
c. Biometric Identification Devices
d. Firewall

a. Information System Controls
Information system controls are procedures and mechanisms that ensure the accuracy, integrity, and security of data processed by an information system. They include preventive, detective, and corrective controls that safeguard the system against threats such as data breaches, unauthorized access, and data loss.

b. Data Encryption
Data encryption is the process of converting readable data into an unreadable format to protect it from unauthorized access. Encrypted data can only be decrypted and read by someone who has the correct encryption key, ensuring the confidentiality and security of sensitive information during transmission or storage.

c. Biometric Identification Devices
Biometric identification devices use unique biological characteristics such as fingerprints, retinal scans, or facial recognition to authenticate individuals and grant them access to a system or facility. This method of identification enhances security by making it more difficult for unauthorized users to gain access.

d. Firewall
A firewall is a network security device that monitors and controls incoming and outgoing network traffic based on predetermined security rules. It acts as a barrier between a trusted internal network and untrusted external networks, such as the internet, protecting the organization’s network from external attacks and unauthorized access.

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  • 20 Marks

MI – May 2015 – L1 – SB – Q6 – Information System Development and Security

Explanation of key concepts related to information security and system controls.

As a valuable resource of an organisation, information should be controlled, secured, and protected from unauthorized disclosure and destruction.
In the light of the above statement, you are required to explain briefly each of the following:

a. Information System Controls
b. Data Encryption
c. Biometric Identification Devices
d. Firewall

a. Information System Controls
Information system controls are procedures and mechanisms that ensure the accuracy, integrity, and security of data processed by an information system. They include preventive, detective, and corrective controls that safeguard the system against threats such as data breaches, unauthorized access, and data loss.

b. Data Encryption
Data encryption is the process of converting readable data into an unreadable format to protect it from unauthorized access. Encrypted data can only be decrypted and read by someone who has the correct encryption key, ensuring the confidentiality and security of sensitive information during transmission or storage.

c. Biometric Identification Devices
Biometric identification devices use unique biological characteristics such as fingerprints, retinal scans, or facial recognition to authenticate individuals and grant them access to a system or facility. This method of identification enhances security by making it more difficult for unauthorized users to gain access.

d. Firewall
A firewall is a network security device that monitors and controls incoming and outgoing network traffic based on predetermined security rules. It acts as a barrier between a trusted internal network and untrusted external networks, such as the internet, protecting the organization’s network from external attacks and unauthorized access.

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  • 20 Marks

MI – May 2015 – L1 – SB – Q5 – Information Systems

Explain IT, its application areas in MIS, and the uses of the internet.

Undoubtedly, Information Technology (IT) plays an important role in Management Information Systems, but the technology must be employed with care and discretion. In view of this statement, you are required to:

a. Define Information Technology. (2 Marks)
b. State and explain SIX areas where IT can be applied to support Management Information Systems. (12 Marks)
c. List SIX uses of the internet. (6 Marks)

a. Definition of Information Technology
Information Technology (IT) refers to the use of computers, telecommunications, and other devices to store, process, transmit, and retrieve information, enabling organizations to handle data efficiently and effectively in a wide variety of applications.

b. Six Areas Where IT Can Be Applied to Support Management Information Systems

  1. Data Processing: IT enables the rapid processing and storage of large amounts of data, improving the efficiency and accuracy of business operations.
  2. Communication Systems: IT facilitates communication within and between organizations using emails, video conferencing, and messaging systems, ensuring real-time information sharing.
  3. Decision Support Systems (DSS): IT aids in making informed decisions by providing analytical tools, forecasting models, and simulation techniques to evaluate alternatives.
  4. Automation of Reports: IT allows automated generation of reports, such as financial statements and sales analysis, providing management with up-to-date information for decision-making.
  5. Database Management: IT supports the storage and retrieval of data through database management systems, enabling efficient data organization and access for various departments.
  6. Security and Control: IT plays a vital role in securing data through encryption, firewalls, and other controls to protect sensitive information from unauthorized access or breaches.

c. Six Uses of the Internet

  1. Communication via email and messaging.
  2. Research and information gathering.
  3. Online banking and financial transactions.
  4. E-commerce and online shopping.
  5. Social networking and collaboration.
  6. Entertainment, including streaming media and gaming.

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  • 20 Marks

MI – May 2015 – L1 – SB – Q5 – Information Systems

Explain IT, its application areas in MIS, and the uses of the internet.

Undoubtedly, Information Technology (IT) plays an important role in Management Information Systems, but the technology must be employed with care and discretion. In view of this statement, you are required to:

a. Define Information Technology. (2 Marks)
b. State and explain SIX areas where IT can be applied to support Management Information Systems. (12 Marks)
c. List SIX uses of the internet. (6 Marks)

a. Definition of Information Technology
Information Technology (IT) refers to the use of computers, telecommunications, and other devices to store, process, transmit, and retrieve information, enabling organizations to handle data efficiently and effectively in a wide variety of applications.

b. Six Areas Where IT Can Be Applied to Support Management Information Systems

  1. Data Processing: IT enables the rapid processing and storage of large amounts of data, improving the efficiency and accuracy of business operations.
  2. Communication Systems: IT facilitates communication within and between organizations using emails, video conferencing, and messaging systems, ensuring real-time information sharing.
  3. Decision Support Systems (DSS): IT aids in making informed decisions by providing analytical tools, forecasting models, and simulation techniques to evaluate alternatives.
  4. Automation of Reports: IT allows automated generation of reports, such as financial statements and sales analysis, providing management with up-to-date information for decision-making.
  5. Database Management: IT supports the storage and retrieval of data through database management systems, enabling efficient data organization and access for various departments.
  6. Security and Control: IT plays a vital role in securing data through encryption, firewalls, and other controls to protect sensitive information from unauthorized access or breaches.

c. Six Uses of the Internet

  1. Communication via email and messaging.
  2. Research and information gathering.
  3. Online banking and financial transactions.
  4. E-commerce and online shopping.
  5. Social networking and collaboration.
  6. Entertainment, including streaming media and gaming.

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  • 20 Marks

MI – May 2015 – L1 – SB – Q4 – Information Systems

Describes various IT-related careers and change management controls.

You have been approached by Iyabo, a fresh university graduate of Accounting, who is keenly interested in developing a career in Information Technology because of the many opportunities and prospects available in the field.

You are required to:
a. Describe briefly each of the following job opportunities to your client.
i. System Analyst (2 Marks)
ii. Webmaster (2 Marks)
iii. Database Administrator (2 Marks)
iv. Programmer (2 Marks)
v. Network Manager (2 Marks)
vi. Computer Support Specialist (2 Marks)

b. State FIVE Change Management Controls. (5 Marks)

c. State THREE jobs that a computer support specialist can perform. (3 Marks)

a. IT Job Descriptions
i. System Analyst: A System Analyst examines and evaluates IT systems, analyzing business requirements and designing systems that meet organizational needs. They also work as a bridge between IT and other departments.
ii. Webmaster: A Webmaster is responsible for maintaining a website, ensuring its functionality, performance, and security. They also handle updates, manage content, and troubleshoot issues.
iii. Database Administrator: A Database Administrator (DBA) manages, backs up, and ensures the integrity and security of databases. They also optimize database performance and support database development.
iv. Programmer: A Programmer writes, tests, and maintains code for software applications. They ensure that programs run efficiently and meet the needs of users or the organization.
v. Network Manager: A Network Manager oversees the maintenance, installation, and management of an organization’s network infrastructure, ensuring efficient and secure communication and data transfer.
vi. Computer Support Specialist: A Computer Support Specialist provides help and advice to computer users, troubleshooting problems with hardware, software, and networks, and ensuring the smooth operation of IT systems.

b. Five Change Management Controls

  1. Planning for change: Proper planning and forecasting of potential challenges and impacts of change.
  2. Training and support: Ensuring employees are trained and supported throughout the transition.
  3. Clear communication: Providing consistent and clear communication on the changes and expectations.
  4. Monitoring and feedback: Tracking the effectiveness of changes and gathering feedback for continuous improvement.
  5. Risk management: Identifying and mitigating risks associated with the implementation of change.

c. Jobs that a Computer Support Specialist Can Perform

  1. Troubleshoot and resolve hardware or software issues for users.
  2. Set up and maintain user accounts and permissions.
  3. Install and update software and hardware on client machines.

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  • 20 Marks

MI – May 2015 – L1 – SB – Q4 – Information Systems

Describes various IT-related careers and change management controls.

You have been approached by Iyabo, a fresh university graduate of Accounting, who is keenly interested in developing a career in Information Technology because of the many opportunities and prospects available in the field.

You are required to:
a. Describe briefly each of the following job opportunities to your client.
i. System Analyst (2 Marks)
ii. Webmaster (2 Marks)
iii. Database Administrator (2 Marks)
iv. Programmer (2 Marks)
v. Network Manager (2 Marks)
vi. Computer Support Specialist (2 Marks)

b. State FIVE Change Management Controls. (5 Marks)

c. State THREE jobs that a computer support specialist can perform. (3 Marks)

a. IT Job Descriptions
i. System Analyst: A System Analyst examines and evaluates IT systems, analyzing business requirements and designing systems that meet organizational needs. They also work as a bridge between IT and other departments.
ii. Webmaster: A Webmaster is responsible for maintaining a website, ensuring its functionality, performance, and security. They also handle updates, manage content, and troubleshoot issues.
iii. Database Administrator: A Database Administrator (DBA) manages, backs up, and ensures the integrity and security of databases. They also optimize database performance and support database development.
iv. Programmer: A Programmer writes, tests, and maintains code for software applications. They ensure that programs run efficiently and meet the needs of users or the organization.
v. Network Manager: A Network Manager oversees the maintenance, installation, and management of an organization’s network infrastructure, ensuring efficient and secure communication and data transfer.
vi. Computer Support Specialist: A Computer Support Specialist provides help and advice to computer users, troubleshooting problems with hardware, software, and networks, and ensuring the smooth operation of IT systems.

b. Five Change Management Controls

  1. Planning for change: Proper planning and forecasting of potential challenges and impacts of change.
  2. Training and support: Ensuring employees are trained and supported throughout the transition.
  3. Clear communication: Providing consistent and clear communication on the changes and expectations.
  4. Monitoring and feedback: Tracking the effectiveness of changes and gathering feedback for continuous improvement.
  5. Risk management: Identifying and mitigating risks associated with the implementation of change.

c. Jobs that a Computer Support Specialist Can Perform

  1. Troubleshoot and resolve hardware or software issues for users.
  2. Set up and maintain user accounts and permissions.
  3. Install and update software and hardware on client machines.

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  • 20 Marks

MI – May 2015 – L1 – SB – Q3 – Costing Methods

Analyze a make or buy decision for MOP heads production.

Tripple Company Limited manufactures “MOP Heads” for use in its various offices across the country. The Cost Accountant has the following costs per unit produced:

A nearby company, Dusters Nigeria Enterprises, has offered to sell 10,000 units of these MOP Heads to Tripple Company Limited for N135 per unit. If Tripple Company Limited accepts the offer, some of the facilities presently in use to manufacture MOP Heads could be rented out to a third party at an annual rent of N195,000. In addition, N18 per unit of the fixed overhead cost applied to the production of MOP Heads would be totally eliminated. The Cost Accountant has also established that 75% of the overhead is fixed.

You are required to:

a. Advise the Chief Executive Officer of Tripple Company Limited whether the company should accept the offer of Dusters Nigeria Enterprises or not. (15 Marks)

b. State FIVE other qualitative factors that the Chief Executive Officer of Tripple Company Limited should consider in making a decision in (a) above. (5 Marks)

a)

TRIPPLE COMPANY LIMITED
CALCULATION OF SAVING OR DEFICIT FROM MAKING 10,000 UNITS OF
MOP HEADS

Conclusion: Tripple Company Limited should continue making the MOP heads in-house.

b. Qualitative Factors to Consider

  1. Quality control over the production of MOP heads.
  2. Dependability and reliability of the external supplier.
  3. Possible long-term pricing changes by Dusters Nigeria Enterprises.
  4. Flexibility in production and ability to meet demand variations.
  5. Impact on existing staff and morale if production is outsourced.

 

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  • 20 Marks

MI – May 2015 – L1 – SB – Q3 – Costing Methods

Analyze a make or buy decision for MOP heads production.

Tripple Company Limited manufactures “MOP Heads” for use in its various offices across the country. The Cost Accountant has the following costs per unit produced:

A nearby company, Dusters Nigeria Enterprises, has offered to sell 10,000 units of these MOP Heads to Tripple Company Limited for N135 per unit. If Tripple Company Limited accepts the offer, some of the facilities presently in use to manufacture MOP Heads could be rented out to a third party at an annual rent of N195,000. In addition, N18 per unit of the fixed overhead cost applied to the production of MOP Heads would be totally eliminated. The Cost Accountant has also established that 75% of the overhead is fixed.

You are required to:

a. Advise the Chief Executive Officer of Tripple Company Limited whether the company should accept the offer of Dusters Nigeria Enterprises or not. (15 Marks)

b. State FIVE other qualitative factors that the Chief Executive Officer of Tripple Company Limited should consider in making a decision in (a) above. (5 Marks)

a)

TRIPPLE COMPANY LIMITED
CALCULATION OF SAVING OR DEFICIT FROM MAKING 10,000 UNITS OF
MOP HEADS

Conclusion: Tripple Company Limited should continue making the MOP heads in-house.

b. Qualitative Factors to Consider

  1. Quality control over the production of MOP heads.
  2. Dependability and reliability of the external supplier.
  3. Possible long-term pricing changes by Dusters Nigeria Enterprises.
  4. Flexibility in production and ability to meet demand variations.
  5. Impact on existing staff and morale if production is outsourced.

 

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