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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 – Q16 – Law of Tort

Identify the principle that makes a master liable for the tort of his servant.

The principle of law that makes a master to be liable for the tort of his servant is referred to as
A. Vicarious liability
B. Master’s liability
C. Tortious liability
D. Joint liability
E. Vexatious liability

Answer: A

Explanation:
The correct answer is “A. Vicarious Liability.” This principle holds an employer (master) responsible for the wrongful acts (torts) committed by an employee (servant) in the course of their employment. The employer is liable even though they did not directly commit the wrongful act.

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  • 1 Marks

BL – May 2015 – L1 – SA – Q16 – Law of Tort

Identify the principle that makes a master liable for the tort of his servant.

The principle of law that makes a master to be liable for the tort of his servant is referred to as
A. Vicarious liability
B. Master’s liability
C. Tortious liability
D. Joint liability
E. Vexatious liability

Answer: A

Explanation:
The correct answer is “A. Vicarious Liability.” This principle holds an employer (master) responsible for the wrongful acts (torts) committed by an employee (servant) in the course of their employment. The employer is liable even though they did not directly commit the wrongful act.

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BL – May 2015 – L1 – SA – Q15 – Agency Law

Identify the parties involved in an agency relationship.

An agency relationship involves the
A. Agent alone
B. Principal alone
C. Third party alone
D. Agent, principal, and the third party
E. Third party and the principal

Answer: D

Explanation:
The correct answer is “D. Agent, principal, and the third party.” An agency relationship is typically a triangular relationship involving an agent, a principal who grants authority, and a third party with whom the agent interacts on behalf of the principal.

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BL – May 2015 – L1 – SA – Q15 – Agency Law

Identify the parties involved in an agency relationship.

An agency relationship involves the
A. Agent alone
B. Principal alone
C. Third party alone
D. Agent, principal, and the third party
E. Third party and the principal

Answer: D

Explanation:
The correct answer is “D. Agent, principal, and the third party.” An agency relationship is typically a triangular relationship involving an agent, a principal who grants authority, and a third party with whom the agent interacts on behalf of the principal.

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BL – May 2015 – L1 – SA – Q14 – Law of Contract

Determine the legal status of a validly entered e-contract.

An e-contract validly entered into is said to be
A. Enforceable
B. Unenforceable
C. Void ab initio
D. Alien to the law
E. Voidable

Answer: A

Explanation:
The correct answer is “A. Enforceable.” Under Nigerian law, e-contracts, when validly entered into, are legally binding and enforceable, just like traditional paper contracts, provided they meet all necessary legal requirements for contract formation.

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BL – May 2015 – L1 – SA – Q14 – Law of Contract

Determine the legal status of a validly entered e-contract.

An e-contract validly entered into is said to be
A. Enforceable
B. Unenforceable
C. Void ab initio
D. Alien to the law
E. Voidable

Answer: A

Explanation:
The correct answer is “A. Enforceable.” Under Nigerian law, e-contracts, when validly entered into, are legally binding and enforceable, just like traditional paper contracts, provided they meet all necessary legal requirements for contract formation.

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BL – May 2015 – L1 – SA – Q13 – Nigerian Legal System

Identify the attribute that does NOT apply to money laundering laws in Nigeria.

The basic laws relating to money laundering in Nigeria have the following attributes EXCEPT
A. Codification
B. Certainty of the law
C. Penal provisions for sanctions
D. Enacted by legislation
E. Written in local languages

Answer: E

Explanation:
The correct answer is “E. Written in local languages.” Nigerian money laundering laws are codified, certain, and contain penal provisions, but they are not written in local languages; instead, they are drafted in English, the official language of Nigeria.

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BL – May 2015 – L1 – SA – Q13 – Nigerian Legal System

Identify the attribute that does NOT apply to money laundering laws in Nigeria.

The basic laws relating to money laundering in Nigeria have the following attributes EXCEPT
A. Codification
B. Certainty of the law
C. Penal provisions for sanctions
D. Enacted by legislation
E. Written in local languages

Answer: E

Explanation:
The correct answer is “E. Written in local languages.” Nigerian money laundering laws are codified, certain, and contain penal provisions, but they are not written in local languages; instead, they are drafted in English, the official language of Nigeria.

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BL – May 2015 – L1 – SA – Q12 – Nigerian Legal System

Identify the legal instrument that makes electronic facts admissible in Nigeria.

Electronic facts are now admissible in Nigeria by virtue of the
A. Evidence Act
B. Recommendations from the National Conference
C. Amendment to the 1999 Constitution of the Federal Republic of Nigeria
D. The efforts of forensic experts
E. The efforts and testimonies of computer expert witnesses in court

Answer: A

Explanation:
The correct answer is “A. Evidence Act.” The Nigerian Evidence Act, as amended, allows the admissibility of electronic facts, acknowledging the growing reliance on digital documentation in modern legal proceedings.

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BL – May 2015 – L1 – SA – Q12 – Nigerian Legal System

Identify the legal instrument that makes electronic facts admissible in Nigeria.

Electronic facts are now admissible in Nigeria by virtue of the
A. Evidence Act
B. Recommendations from the National Conference
C. Amendment to the 1999 Constitution of the Federal Republic of Nigeria
D. The efforts of forensic experts
E. The efforts and testimonies of computer expert witnesses in court

Answer: A

Explanation:
The correct answer is “A. Evidence Act.” The Nigerian Evidence Act, as amended, allows the admissibility of electronic facts, acknowledging the growing reliance on digital documentation in modern legal proceedings.

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BL – May 2015 – L1 – SA – Q11 – Negotiable Instruments

Identify the crime committed when the drawer issues a negotiable instrument with insufficient funds.

In relation to a negotiable instrument, a crime is committed by the drawer of the instrument if ONE of the following situations occurs:
A. The instrument is not dated
B. The instrument is not signed
C. There is insufficient funds in the account to cover the value of the instrument
D. The instrument is stale
E. The instrument is stolen by a third party

Answer: C

Explanation:
The correct answer is “C. There is insufficient funds in the account to cover the value of the instrument.” Issuing a negotiable instrument, such as a check, without sufficient funds to cover its value constitutes an offense under Nigerian law, often referred to as “issuing a dud check.” This action can lead to criminal penalties.

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BL – May 2015 – L1 – SA – Q11 – Negotiable Instruments

Identify the crime committed when the drawer issues a negotiable instrument with insufficient funds.

In relation to a negotiable instrument, a crime is committed by the drawer of the instrument if ONE of the following situations occurs:
A. The instrument is not dated
B. The instrument is not signed
C. There is insufficient funds in the account to cover the value of the instrument
D. The instrument is stale
E. The instrument is stolen by a third party

Answer: C

Explanation:
The correct answer is “C. There is insufficient funds in the account to cover the value of the instrument.” Issuing a negotiable instrument, such as a check, without sufficient funds to cover its value constitutes an offense under Nigerian law, often referred to as “issuing a dud check.” This action can lead to criminal penalties.

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BL – May 2015 – L1 – SA – Q10 – Nigerian Legal System

Identify the law that does not encompass basic laws on theft, fraud, and deception in Nigeria.

The following encompasses Nigerian basic laws on theft, fraud, and deception, EXCEPT
A. Criminal Code
B. Penal Code
C. Corrupt Practices and Other Related Offences Act
D. Economic and Financial Crimes Commission Act
E. Bankruptcy Act

Answer: E

Explanation:
The correct answer is “E. Bankruptcy Act.” While the other laws address criminal activities like theft and fraud, the Bankruptcy Act focuses on insolvency and financial restructuring, not criminal offenses.

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  • 1 Marks

BL – May 2015 – L1 – SA – Q10 – Nigerian Legal System

Identify the law that does not encompass basic laws on theft, fraud, and deception in Nigeria.

The following encompasses Nigerian basic laws on theft, fraud, and deception, EXCEPT
A. Criminal Code
B. Penal Code
C. Corrupt Practices and Other Related Offences Act
D. Economic and Financial Crimes Commission Act
E. Bankruptcy Act

Answer: E

Explanation:
The correct answer is “E. Bankruptcy Act.” While the other laws address criminal activities like theft and fraud, the Bankruptcy Act focuses on insolvency and financial restructuring, not criminal offenses.

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BL – May 2015 – L1 – SA – Q9 – Business Ethics and Corporate Governance

Identify which legal system most accepts law, ethics, and ethical codes.

Law, ethics, and ethical codes are more acceptable in
A. Customary Law
B. English Law
C. Nigerian Legislation
D. Judicial Precedent
E. Common Law

Answer: B

Explanation:
The correct answer is “B. English Law.” English law has a rich history of integrating ethical considerations into its legal framework, often through common law precedents, which uphold fairness and good conscience.

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BL – May 2015 – L1 – SA – Q9 – Business Ethics and Corporate Governance

Identify which legal system most accepts law, ethics, and ethical codes.

Law, ethics, and ethical codes are more acceptable in
A. Customary Law
B. English Law
C. Nigerian Legislation
D. Judicial Precedent
E. Common Law

Answer: B

Explanation:
The correct answer is “B. English Law.” English law has a rich history of integrating ethical considerations into its legal framework, often through common law precedents, which uphold fairness and good conscience.

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BL – May 2015 – L1 – SA – Q8 – Company Law

Identify which of the listed characteristics does not apply to a floating charge.

The following are the major characteristics of a floating charge EXCEPT, it is
A. Not attached to any particular asset or assets of the company
B. Attached to a particular asset or assets of the company
C. Ambulatory and shifting in nature
D. Equitable in nature
E. A form of company security

Answer: B

Explanation:
The correct answer is “B. Attached to a particular asset or assets of the company.” Unlike fixed charges, floating charges do not attach to specific assets of a company until crystallization. They cover a pool of assets that change over time.

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BL – May 2015 – L1 – SA – Q8 – Company Law

Identify which of the listed characteristics does not apply to a floating charge.

The following are the major characteristics of a floating charge EXCEPT, it is
A. Not attached to any particular asset or assets of the company
B. Attached to a particular asset or assets of the company
C. Ambulatory and shifting in nature
D. Equitable in nature
E. A form of company security

Answer: B

Explanation:
The correct answer is “B. Attached to a particular asset or assets of the company.” Unlike fixed charges, floating charges do not attach to specific assets of a company until crystallization. They cover a pool of assets that change over time.

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BL – May 2015 – L1 – SA – Q7 – Company Law

Identify which court has original jurisdiction for insolvency-related matters.

The court that has original jurisdiction to entertain a suit on matters relating to insolvency is

A. State High Court
B. Federal High Court
C. National Industrial Court
D. Customary Court of Appeal
E. Sharia Court of Appeal

Answer: B

Explanation:
The correct answer is “B. Federal High Court.” Under Nigerian law, the Federal High Court has jurisdiction over matters relating to insolvency, as these issues fall under federal legislative power, especially when dealing with corporate bodies.

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BL – May 2015 – L1 – SA – Q7 – Company Law

Identify which court has original jurisdiction for insolvency-related matters.

The court that has original jurisdiction to entertain a suit on matters relating to insolvency is

A. State High Court
B. Federal High Court
C. National Industrial Court
D. Customary Court of Appeal
E. Sharia Court of Appeal

Answer: B

Explanation:
The correct answer is “B. Federal High Court.” Under Nigerian law, the Federal High Court has jurisdiction over matters relating to insolvency, as these issues fall under federal legislative power, especially when dealing with corporate bodies.

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