Series: NOV 2022

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  • 1 Marks

FA – Nov 2021 – L1 – SA – Q4 – Accounting Concepts

This question relates to the ledger entry for a vehicle purchased on cash.

Success Motors bought three Toyota Jeeps on cash at the cost of N16,000,000. On debiting the vehicle account, the corresponding credit for the purchase will appear in the:
A. Sales day book
B. Purchase day book
C. Payable account
D. Cash book
E. Purchases account

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  • 1 Marks

FA – Nov 2021 – L1 – SA – Q4 – Accounting Concepts

This question relates to the ledger entry for a vehicle purchased on cash.

Success Motors bought three Toyota Jeeps on cash at the cost of N16,000,000. On debiting the vehicle account, the corresponding credit for the purchase will appear in the:
A. Sales day book
B. Purchase day book
C. Payable account
D. Cash book
E. Purchases account

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  • 1 Marks

FA – Nov 2021 – L1 – SA – Q2 – Financial Statements

This question tests the understanding of correct accounting principles.

Which of the following is a correct accounting principle?
A. Revenue should be supported by equity
B. There should be a balance in the account payable in order to measure total assets
C. Where total liabilities is zero, the assets are equal to equity
D. Total liabilities and equity are equal
E. Total assets can be less than liabilities and equity

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  • 1 Marks

FA – Nov 2021 – L1 – SA – Q2 – Financial Statements

This question tests the understanding of correct accounting principles.

Which of the following is a correct accounting principle?
A. Revenue should be supported by equity
B. There should be a balance in the account payable in order to measure total assets
C. Where total liabilities is zero, the assets are equal to equity
D. Total liabilities and equity are equal
E. Total assets can be less than liabilities and equity

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  • 4 Marks

BL – Nov 2022 – L1 – SB – Q6d – Introduction to Law

Identifying ways by which electronic fraud could be committed in a business environment.

Electronic fraud is an offence under the Criminal Code.

Required:
Identify four ways by which electronic fraud could be committed in a business environment.

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  • 4 Marks

BL – Nov 2022 – L1 – SB – Q6d – Introduction to Law

Identifying ways by which electronic fraud could be committed in a business environment.

Electronic fraud is an offence under the Criminal Code.

Required:
Identify four ways by which electronic fraud could be committed in a business environment.

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  • 6 Marks

BL – Nov 2022 – L1 – SB – Q6c – Sale of Goods

Explaining the transfer of ownership in the sale of specific goods when no intention is expressed.

The general rule under the Sale of Goods Act is that ownership in the goods passes when the parties intend.

Required:
Explain three circumstances for the transfer of ownership of specific goods where no intention of the parties appears in the contract.

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  • 6 Marks

BL – Nov 2022 – L1 – SB – Q6c – Sale of Goods

Explaining the transfer of ownership in the sale of specific goods when no intention is expressed.

The general rule under the Sale of Goods Act is that ownership in the goods passes when the parties intend.

Required:
Explain three circumstances for the transfer of ownership of specific goods where no intention of the parties appears in the contract.

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  • 4 Marks

BL – Nov 2022 – L1 – SB – Q6b – Hire Purchase Law

Identifying ways a hire purchase contract may be terminated.

A hire purchase contract may be terminated in different ways.

Required:
State four ways by which hire purchase contract may be terminated.

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  • 4 Marks

BL – Nov 2022 – L1 – SB – Q6b – Hire Purchase Law

Identifying ways a hire purchase contract may be terminated.

A hire purchase contract may be terminated in different ways.

Required:
State four ways by which hire purchase contract may be terminated.

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  • 6 Marks

BL – Nov 2022 – L1 – SB – Q6a – Employment Law

Providing legal advice regarding an employee’s claim of wrongful dismissal after prolonged absence.

Bayo was granted 12 months overseas study leave by his employer. After completing the course of study on schedule, he overstayed and returned 30 months later to resume duty, but was handed a letter of dismissal dated 10 months ago for abandonment of duty.

Bayo is aggrieved and intends to sue his former employer for wrongful dismissal from office.

Required:
Advise Bayo, stating the legal issue involved.

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  • 6 Marks

BL – Nov 2022 – L1 – SB – Q6a – Employment Law

Providing legal advice regarding an employee’s claim of wrongful dismissal after prolonged absence.

Bayo was granted 12 months overseas study leave by his employer. After completing the course of study on schedule, he overstayed and returned 30 months later to resume duty, but was handed a letter of dismissal dated 10 months ago for abandonment of duty.

Bayo is aggrieved and intends to sue his former employer for wrongful dismissal from office.

Required:
Advise Bayo, stating the legal issue involved.

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  • 15 Marks

BL – Nov 2022 – L1 – SB – Q5b – Partnership Law

Stating the characteristics of a limited partner.

1. Registered partnership may be categorized into two.
Required:
State six characteristics of a limited partner.

2. Vitiating elements in contracts are recognized under common law.

Required:
Explain three types of mistake under law of contracts.

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  • 15 Marks

BL – Nov 2022 – L1 – SB – Q5b – Partnership Law

Stating the characteristics of a limited partner.

1. Registered partnership may be categorized into two.
Required:
State six characteristics of a limited partner.

2. Vitiating elements in contracts are recognized under common law.

Required:
Explain three types of mistake under law of contracts.

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  • 5 Marks

BL – Nov 2022 – L1 – SB – Q5a – Nigerian Legal System

Stating the features of a district court in the Nigerian legal system.

The Nigerian court system recognizes various courts in different parts of the country.

Required:
State five features of a District Court.

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  • 5 Marks

BL – Nov 2022 – L1 – SB – Q5a – Nigerian Legal System

Stating the features of a district court in the Nigerian legal system.

The Nigerian court system recognizes various courts in different parts of the country.

Required:
State five features of a District Court.

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  • 6 Marks

BL – Nov 2022 – L1 – SB – Q4d – Company Law

Explaining the concepts of indemnity and contingency insurance.

There are different types of risks that may be insured under insurance contract.

Required:
Explain the following briefly:
i. Indemnity insurance (3 Marks)
ii. Contingency insurance (3 Marks)

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  • 6 Marks

BL – Nov 2022 – L1 – SB – Q4d – Company Law

Explaining the concepts of indemnity and contingency insurance.

There are different types of risks that may be insured under insurance contract.

Required:
Explain the following briefly:
i. Indemnity insurance (3 Marks)
ii. Contingency insurance (3 Marks)

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  • 6 Marks

BL – Nov 2022 – L1 – SB – Q4c – Agency Law

Advising on the legal implications of Tobi’s sale of goods due to emergency.

Jaga contracted Tobi, a transporter, to deliver a trailer-load of bagged salt from Lagos to a customer in Abuja. Midway on the journey and in a remote village, it started raining and the salt was melting as the consignment was exposed. In order to prevent total loss of the consignment, Tobi quickly stopped at the nearest market and sold the wet salt to a buyer at half price.

Jaga is annoyed with Tobi and intends to sue the buyer to recover the salt, claiming that Tobi had no authority to act on his behalf.

Required:
Advise Jaga on his intended action against the buyer.

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  • 6 Marks

BL – Nov 2022 – L1 – SB – Q4c – Agency Law

Advising on the legal implications of Tobi’s sale of goods due to emergency.

Jaga contracted Tobi, a transporter, to deliver a trailer-load of bagged salt from Lagos to a customer in Abuja. Midway on the journey and in a remote village, it started raining and the salt was melting as the consignment was exposed. In order to prevent total loss of the consignment, Tobi quickly stopped at the nearest market and sold the wet salt to a buyer at half price.

Jaga is annoyed with Tobi and intends to sue the buyer to recover the salt, claiming that Tobi had no authority to act on his behalf.

Required:
Advise Jaga on his intended action against the buyer.

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  • 1 Marks

FA – Nov 2021 – L1 – SA – Q4 – Accounting Concepts

This question relates to the ledger entry for a vehicle purchased on cash.

Success Motors bought three Toyota Jeeps on cash at the cost of N16,000,000. On debiting the vehicle account, the corresponding credit for the purchase will appear in the:
A. Sales day book
B. Purchase day book
C. Payable account
D. Cash book
E. Purchases account

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  • 1 Marks

FA – Nov 2021 – L1 – SA – Q4 – Accounting Concepts

This question relates to the ledger entry for a vehicle purchased on cash.

Success Motors bought three Toyota Jeeps on cash at the cost of N16,000,000. On debiting the vehicle account, the corresponding credit for the purchase will appear in the:
A. Sales day book
B. Purchase day book
C. Payable account
D. Cash book
E. Purchases account

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  • 1 Marks

FA – Nov 2021 – L1 – SA – Q2 – Financial Statements

This question tests the understanding of correct accounting principles.

Which of the following is a correct accounting principle?
A. Revenue should be supported by equity
B. There should be a balance in the account payable in order to measure total assets
C. Where total liabilities is zero, the assets are equal to equity
D. Total liabilities and equity are equal
E. Total assets can be less than liabilities and equity

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  • 1 Marks

FA – Nov 2021 – L1 – SA – Q2 – Financial Statements

This question tests the understanding of correct accounting principles.

Which of the following is a correct accounting principle?
A. Revenue should be supported by equity
B. There should be a balance in the account payable in order to measure total assets
C. Where total liabilities is zero, the assets are equal to equity
D. Total liabilities and equity are equal
E. Total assets can be less than liabilities and equity

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  • 4 Marks

BL – Nov 2022 – L1 – SB – Q6d – Introduction to Law

Identifying ways by which electronic fraud could be committed in a business environment.

Electronic fraud is an offence under the Criminal Code.

Required:
Identify four ways by which electronic fraud could be committed in a business environment.

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  • 4 Marks

BL – Nov 2022 – L1 – SB – Q6d – Introduction to Law

Identifying ways by which electronic fraud could be committed in a business environment.

Electronic fraud is an offence under the Criminal Code.

Required:
Identify four ways by which electronic fraud could be committed in a business environment.

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  • 6 Marks

BL – Nov 2022 – L1 – SB – Q6c – Sale of Goods

Explaining the transfer of ownership in the sale of specific goods when no intention is expressed.

The general rule under the Sale of Goods Act is that ownership in the goods passes when the parties intend.

Required:
Explain three circumstances for the transfer of ownership of specific goods where no intention of the parties appears in the contract.

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  • 6 Marks

BL – Nov 2022 – L1 – SB – Q6c – Sale of Goods

Explaining the transfer of ownership in the sale of specific goods when no intention is expressed.

The general rule under the Sale of Goods Act is that ownership in the goods passes when the parties intend.

Required:
Explain three circumstances for the transfer of ownership of specific goods where no intention of the parties appears in the contract.

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  • 4 Marks

BL – Nov 2022 – L1 – SB – Q6b – Hire Purchase Law

Identifying ways a hire purchase contract may be terminated.

A hire purchase contract may be terminated in different ways.

Required:
State four ways by which hire purchase contract may be terminated.

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  • 4 Marks

BL – Nov 2022 – L1 – SB – Q6b – Hire Purchase Law

Identifying ways a hire purchase contract may be terminated.

A hire purchase contract may be terminated in different ways.

Required:
State four ways by which hire purchase contract may be terminated.

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  • 6 Marks

BL – Nov 2022 – L1 – SB – Q6a – Employment Law

Providing legal advice regarding an employee’s claim of wrongful dismissal after prolonged absence.

Bayo was granted 12 months overseas study leave by his employer. After completing the course of study on schedule, he overstayed and returned 30 months later to resume duty, but was handed a letter of dismissal dated 10 months ago for abandonment of duty.

Bayo is aggrieved and intends to sue his former employer for wrongful dismissal from office.

Required:
Advise Bayo, stating the legal issue involved.

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  • 6 Marks

BL – Nov 2022 – L1 – SB – Q6a – Employment Law

Providing legal advice regarding an employee’s claim of wrongful dismissal after prolonged absence.

Bayo was granted 12 months overseas study leave by his employer. After completing the course of study on schedule, he overstayed and returned 30 months later to resume duty, but was handed a letter of dismissal dated 10 months ago for abandonment of duty.

Bayo is aggrieved and intends to sue his former employer for wrongful dismissal from office.

Required:
Advise Bayo, stating the legal issue involved.

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  • 15 Marks

BL – Nov 2022 – L1 – SB – Q5b – Partnership Law

Stating the characteristics of a limited partner.

1. Registered partnership may be categorized into two.
Required:
State six characteristics of a limited partner.

2. Vitiating elements in contracts are recognized under common law.

Required:
Explain three types of mistake under law of contracts.

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  • 15 Marks

BL – Nov 2022 – L1 – SB – Q5b – Partnership Law

Stating the characteristics of a limited partner.

1. Registered partnership may be categorized into two.
Required:
State six characteristics of a limited partner.

2. Vitiating elements in contracts are recognized under common law.

Required:
Explain three types of mistake under law of contracts.

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  • 5 Marks

BL – Nov 2022 – L1 – SB – Q5a – Nigerian Legal System

Stating the features of a district court in the Nigerian legal system.

The Nigerian court system recognizes various courts in different parts of the country.

Required:
State five features of a District Court.

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  • 5 Marks

BL – Nov 2022 – L1 – SB – Q5a – Nigerian Legal System

Stating the features of a district court in the Nigerian legal system.

The Nigerian court system recognizes various courts in different parts of the country.

Required:
State five features of a District Court.

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  • 6 Marks

BL – Nov 2022 – L1 – SB – Q4d – Company Law

Explaining the concepts of indemnity and contingency insurance.

There are different types of risks that may be insured under insurance contract.

Required:
Explain the following briefly:
i. Indemnity insurance (3 Marks)
ii. Contingency insurance (3 Marks)

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  • 6 Marks

BL – Nov 2022 – L1 – SB – Q4d – Company Law

Explaining the concepts of indemnity and contingency insurance.

There are different types of risks that may be insured under insurance contract.

Required:
Explain the following briefly:
i. Indemnity insurance (3 Marks)
ii. Contingency insurance (3 Marks)

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  • 6 Marks

BL – Nov 2022 – L1 – SB – Q4c – Agency Law

Advising on the legal implications of Tobi’s sale of goods due to emergency.

Jaga contracted Tobi, a transporter, to deliver a trailer-load of bagged salt from Lagos to a customer in Abuja. Midway on the journey and in a remote village, it started raining and the salt was melting as the consignment was exposed. In order to prevent total loss of the consignment, Tobi quickly stopped at the nearest market and sold the wet salt to a buyer at half price.

Jaga is annoyed with Tobi and intends to sue the buyer to recover the salt, claiming that Tobi had no authority to act on his behalf.

Required:
Advise Jaga on his intended action against the buyer.

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  • 6 Marks

BL – Nov 2022 – L1 – SB – Q4c – Agency Law

Advising on the legal implications of Tobi’s sale of goods due to emergency.

Jaga contracted Tobi, a transporter, to deliver a trailer-load of bagged salt from Lagos to a customer in Abuja. Midway on the journey and in a remote village, it started raining and the salt was melting as the consignment was exposed. In order to prevent total loss of the consignment, Tobi quickly stopped at the nearest market and sold the wet salt to a buyer at half price.

Jaga is annoyed with Tobi and intends to sue the buyer to recover the salt, claiming that Tobi had no authority to act on his behalf.

Required:
Advise Jaga on his intended action against the buyer.

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