A. Purchase or sale of property and other assets,
B. Rendering of services
C. Transfer of research and development
D. Transactions that did not take place due to the existence of related party relationships.
2. A Capital Reduction Scheme is allowed only on fulfillment of all BUT ONE of the following conditions:
A. It must be authorized by its Articles.
B. It must be by a special resolution passed at a General Meeting.
C. The resolution must specify the amount of reduction.
D. The resolution must be published in at least one national newspaper.
E. The capital reduction must be approved by the court.
3. A Company’s ability to meet its obligations as at when due will be shown by the
A. Income Statement.
B. Shareholders’ Fund.
C. Cashflow Statement.
D. Value Added Statement.
E. Five-Year Financial Summary.
4. Where a member of ICAN is found guilty of professional misconduct, he may face the following sanctions EXCEPT
A. terms of imprisonment awarded by the tribunal against the member.
B. Suspension from membership
C. imposition of a fine.
E. Total expulsion from membership
5. Corporate governance concepts do NOT include
A. risk management.
B. fairness and accountability.
C. independence of Board members.
D. probity/honesty and transparency.
E. independence of management.
6. In using Mendelow’s Metrix to analyze the interest and significance of stakeholders, the implications to the Company do NOT include the identification/establishment of
A. legitimacy and urgency.
B. key blockers and facilitators.
C. stakeholder's level of interest and power.
D. future priorities.
E. measure of performance and stakeholders’ expectations.
F. Jamb Result
H. WAEC Result
7. In line with the requirement of IAS 8 – Accounting Policies, Estimates and Errors - which of the following changes will NOT give rise to a change in accounting policy?
G. NCEE Result
8. The Financial Director of your Company has just informed you that the Company is in the process of completing a sale or re-purchase agreement with a major customer and that the transaction amounts to N20 million. The customer is prepared to pay cash immediately and the Company is willing to repurchase the goods anytime within two years. The transaction should be treated as
B. Not certain or complex.
C. Loan secured on the goods.
D. Multiple Substance Transaction.
E. Debt Factoring.
9. To comply with Nigerian and International Accounting Standards on incorporating the Financial Statements of a foreign entity into the accounts of the related Nigerian Multinational Company, which of the following methods should be used?
A. Opening Rate Method
B. Monetary, Non-Monetary Method
C. Fixed, Non-Fixed Rate Method
D. Closing Rate Method
E. Temporal Method
10. Which of the following will NOT lead to a significant self-review threat to independence, integrity and objectivity?