1.

EXAMINATION TIME-TABLE
Examinations on the basis of this new syllabus will commence in September 2022 Diet

TIME PART I PART II PART III

Basic Accounting Financial Accounting Principles ofAuditing
08:30-11:30 &Assurance
HRS GMT
TUESDAY

13:30-16:30 Business Law Information Technology Management

HRS GMT
08:30-11:30 Economics Public Sector Accounting Cost Accounting
WEDNESDAY
HRS GMT
13:30-16:30 Communication Skills QuantitativeAnalysis Taxation
HRS GMT

2. ABSENCE FROM AN EXAMINATION

Examination entries cannot be withdrawn after the closing date in any circumstance. The fees paid for an examination will not be refunded
or transferred to subsequent examination if a candidate is unable to attend the examination.
3. MISCONDUCT IN AN EXAMINATION
The examination regulations prohibit a student from:

- taking into the examination room or possessing, while in that room, any book, note, programmable calculators, electronic devices,
wrist watches of any kind or other materials except those which have been authorised in the Examination Attendance Docket;

- aiding or attempting to aid another candidate or obtaining or attempting to obtain aid from another candidate;

- refusing to obey any instruction from the Examination Supervisor or Invigilators;

- giving false or misleading information to the Examination Supervisor;

- Writing anything on the question paper except the candidate‟s examination number and

- Writing anything on the candidate‟s examination docket.

1
PAPER 1: BASIC ACCOUNTING

Structure of the paper:

The paper is a three-hour paper divided into two sections:

Section A (50 Marks): This shall consist of 50 compulsory question made up of 30

Multiple-choice questions and 20 short answer questions covering theentire syllabus.

Section B (50 Marks): Six questions of which, candidates are expected to attemptany four at 12.5 marks each.

Contents 10%

1. Nature and general framework of accounting

a) Nature and significance of accounting
i. Explain briefly historical development of accounting.
ii. Define and state the objectives of accounting.
iii. Explain the purpose of accounting.
iv. State the qualitative features of accounting
v. State the principles of coding.
vi. Identify types of accounts.
vii. Identify the users of financial statements and their information needs.
viii. Explain the range of accountant‟s services to an organisation.
ix. State the role of accounting in the economy.
x. Explain the ethical issues in accounting.

b) Regulatory environment of accounting

i. Explain the roles of the International Accounting Standards Board (IASB).
ii. State the functions of the relevant Financial Reporting bodies.

2. Forms and structures of business entities 10%

a) Define the characteristics of business entities.
b) State the registration process and documentation of business entities.
c) State the characteristics of sole proprietorship, partnership and limited liability company.
d) Compare sole proprietorship, partnership and limited liability company.
e) State the characteristics, advantages and disadvantages of public sector entities.

3. Accounting concepts and conventions 10%

Explain the following concepts and conventions:

a) Entity concept;
b) Going concern;
c) Money measurement;
d) Consistency;
e) Prudence;
f) Materiality and aggregation;
g) Accrual/matching;
h) Objectivity/fairness;
i) Historical cost convention;
j) Fair value basis;
k) Periodicity;
l) Offsetting; and
m) Relevance and faithful representation

2
4. Accounting processes 20%
a) State the main accounting source documents and their uses, for example, quotation, sales and purchase order, delivery note, invoice and
pro-forma invoice, credit note, debit note, remittance advice, receipt, pay slip, payment voucher, goods received notes, cheque counterfoils,
bank statements, etc.

b) Explain the following books of original (prime) entries or day books:

i. Purchases day book;
ii. Sales day book;
iii. Purchases return or returns outward book;
iv. Sales returns or returns inward book;
v. Cash book (single, two-column and three-column);
vi. Petty cashbook and control measures; and
vii. Journal and its uses.

c. Explain trade and cash discount

d. Explain the following in relation to cash transaction

i. cash including techniques
ii. cash securities
iii. cash control
e. State the principles and practice of double entry bookkeeping in relation to thefollowing:
i. Accounting equations;
ii. Ledgers and their classifications;
iii. Postings by means of double entry; and
iv. Balancing-off ledger accounts.

f. Trial balance
i. Define and state the purposes of extracting a trial balance.
ii. Explain extended trial balance.
iii. State the usefulness and limitations of trial balance.
iv. Identify and explain errors not affecting the agreement of the trial balance.
v. Identify and explain errors that affect the agreement of the trial balance.
vi. Explain how journal can be used to correct errors.
vii. Explain the use of suspense accounts.
viii. Explain the effect of errors on profits or losses.

g. Accounting for non-current assets (property, plant and equipment)

i. State the types and characteristics of non-current assets.
ii. Explain the classification of expenditure into capital and revenue items and theimportance of their distinction.
iii. Explain the accounting for depreciation and disposal of non-current assets usingstraight-line and reducing balance methods
only.
iv. Prepare non-current assets register
v. Explain assets coding

h. Simple adjustments affecting financial statements

i. Calculate allowances for irrecoverable and doubtful receivables.
ii. Calculate allowances for discounts on trade receivables.
iii. Identify and calculate accruals and prepayments.
iv. Explain accounting for goods and cash drawings.
v. State the differences between current and non-current liabilities.
vi. Explain accounting for inventories.

5. Control accounts 15%

a. Receivables and payables control accounts
i. Prepare receivables and payables ledger control accounts.
ii. Prepare suppliers‟ and customers’ statements and reconciliation with ledgeraccounts.
iii. State the purpose of suppliers‟ and customers‟ statements of accounts.

b. Banking systems, services and reconciliations

i. State types of bank accounts.
3
 ii. Explain the procedure for banking of monies received and documentation, forexample, paying-in slip, credit and debit cards.
iii. Explain funds transfers and forms.
iv. State the methods of handling and storing money, including security aspects.
v. Explain interbank transfer, settlements and clearing rules.
vi. Prepare adjusted cashbook.
vii. Prepare bank reconciliation statement.
viii. Prepare manual and on-line bank reconciliation statements

6. Payroll accounting 10%

a. State the importance of payroll accounting.
b. Explain the procedure of preparing payroll and payslips
c. Identify and calculate incentive payment schemes.
d. State types of payroll systems.
e. Calculate gross earnings, deductions ,net payments and prepare payslips
f. Record payroll transactions, journal preparation and postings to normal ledger.

7. Preparation of simple financial statements 15%

a. Prepare statement of profit or loss and statement of financial position of sole traders withsimple adjustments.
b. Prepare simple manufacturing accounts.
c. Prepare simple incomplete records and single entries.
d. Prepare accounts for not-for-profit entities.

8. Computerised accounting systems 10%

a. State the features of computerised accounting systems.
b. State the forms and functions of accounting records in computerised accounting systems.
c. Identify useful tools to access, input and edit accounting information.
d. Differentiate between manual and computerised accounting systems.
e. State the advantages and disadvantages of computerised accounting systems.
f. State types of accounting packages and their uses.

Applicable Accounting Standards

 IAS 1: Preparation of Financial Statements
 IAS2: Inventories
 IAS 16:Property, Plant and Equipment (PPE)

4
PAPER 2: ECONOMICS

General relationship diagram

ECONOMICS

MICROECONOMICS MACROECONOMICS
45% 55%

Structure of the paper

The three-hour paper will be divided into three sections:

Section A (50 Marks): This shall consist of 50 compulsory questions made up of 30 multiple- choice questions (MCQ) and 20 short answer questions
(SAQs) covering the entire syllabus.
Section B (25 marks): Microeconomics: This shall consist of three questions, out of which candidates are expected to attempt any Two, each attracting
121/2 marks.
Section C: (25 marks) Macroeconomics: This shall consist of three questions, out of which candidates are expected to attempt any Two, each attracting
121/2 marks.

Contents
Section A: Microeconomics

1. The nature and scope of Economics and the economy 5%

a. State the definition and scope of Economics.
b. Explain the basic economic concepts: economy, „scarcity‟, „choice‟, scale ofpreference, opportunity cost; and production
possibilities curve (PPC).
c. Differentiate between microeconomics and macroeconomics.
d. Identify basic economic problems, of society: „what to produce‟, „how to produce‟and for whom to produce.
e. Explain the types, features and functions of the following economic system:
i. Capitalist economic system;
ii. Socialist economic system; and
iii. Mixed economic system
f. Explain methodology of Economics with the following pairs of concepts:
i. Inductive and deductive methods; and
ii. Positive and normative Economics.

2. Theory of value
a. Explain the concepts of demand and supply. 10%
b. Identify the determinants of demand and supply, and explain the demand andsupply functions, using relevant
schedules, diagrams and equations.
c. Explain and illustrate the concept of the equilibrium price and quantity.
d. Determine the consumer‟s and producer‟s surplus (using demand and supplydiagrams);
e. Differentiate between changes in quantity demanded/supplied and changes indemand/supply.
f. Identify exceptions to the laws of demand and supply and the causes of changes identified in the market situations.
g. Explain the applications of demand-supply diagrams to:
i. Price control; and
ii. Minimum wage legislation.
h. Explain, determine, evaluate and interpret identified types of elasticity of demandand supply in relation to the following:
i. Price elasticity of demand;
ii. Price elasticity of supply;
5
 iii. Income elasticity of demand; and
iv. Cross-price elasticity of demand.
i. Explain the applications of price elasticity of demand to incidence of tax.

3. Theory of consumer behaviour 5%

a. Explain the basic concepts of the theory of consumer behaviour under the marginal utility and the indifference curve
approaches.
b. Calculate and demonstrate graphic illustrations of the total and marginal utilityusing these to prove the law of demand.
c. Demonstrate the graphical illustration of indifference curve – budget line to provethe law of demand.
4. Theory of production
a. Explain the concept of production and its types. 15%
b. Explain the factors of production and their rewards.
c. Explain the meaning of division of labour, its advantages, disadvantages andlimitations.
d. Differentiate between location of industry and localisation of industries
e. Explain the meaning, advantages, disadvantages, and factors that determinelocation of an industry.
f. Explain the following forms of business organisation:
i. Sole partnership;
ii. Partnership;
iii. Private limited companies;
iv. Public limited companies; and
v. Public corporation.
g. Explain the concepts of privatisation, commercialisation, nationalisation andderegulation.
h. Define production function; and explain, calculate and illustrate - total product,marginal product and average
product, using hypothetical data.
i. Explain the terms – economic rent, quasi rent and transfer earnings.
j. Explain the short run and long run product and cost concepts.
k. State and illustrate the laws of diminishing returns and returns to scale.
l. Differentiate between „economies of scale‟ and „diseconomies of scale‟.
m. Define, calculate and illustrate the following cost and revenue concepts:
i. Total cost;
ii. Average cost;
iii. Marginal cost;
iv. Average revenue; and
v. Marginal revenue
n. Explain profit determination using revenue-cost schedules and equations.

5. Market structure and pricing

a. State the meaning and features of the following types of market structure:
i. Perfect competition;
ii. Monopoly;
iii. Duopoly;
iv. Oligopoly; and
v. Monopolistic competition
b. Explain the short run and long run price and output determination under varioustypes of market structure.
c. Differentiate between the concepts of product differentiation and price
discrimination.
d. Identify the sources and control of monopoly power.
e. Differentiate between the concepts of merger and acquisition.
f. Explain the types, advantages and disadvantages of mergers and acquisitions.
6
 Section B Macroeconomics

6. National income 10%

a. Explain the following basic national income accounting concepts and their computations:
i. Gross domestic product (GDP);
ii. Gross national product (GNP);
iii. Net national product (NNP);
iv. National Income (NI);
v. Personal income (PI); and
vi Personal disposable Income (PDI)
b. Explain the methods of computing national income. (i) Output/product method,
(ii) Income method, and (iii) Expenditure method.
c. Identify circular flow of income.
d. Identify problems associated with national income measurement and explain theuses and limitations of national
income estimates.
e. Explain factors influencing the size of national income.
f. Determine the multiplier and the multiplier effects of changes in national income.
g. Explain the accelerator theory.
h. Determine the equilibrium national income using the aggregate demand-aggregate supply and leakages-injections
approaches.
i. Explain, illustrate and compute full employment national income, inflationary gapand deflationary gap.

7. Money and banking 10%

a. Explain the meaning, functions, characteristics, types and nature of money.

b. Explain the concepts of demand for money, supply of money and the quantitytheory of money. (Irvin Fishers
version).
c. State the functions of different financial institutions in a developing economy.
d. State types of payment system.
e. Explain money and capital markets; and their instruments.
f. Explain the meaning, identify the instruments and targets of monetary policy.
8. Fundamentals of public finance 10%
a. Identify the meaning, sources and types of government revenue and governmentexpenditures.
b. State the factors that explain increase in government expenditures in West Africasub region.
c. Identify elements and explain principles, classification and uses of taxation
d. State the types and explain the role of national budgets in an economy.
e. Explain the meaning and state types and sources of public debt.
f. Explain the meaning, identify the instruments and targets of fiscal policy.

9. Inflation and unemployment 5%

a. Explain the meaning and identify types, causes effects and control of inflation.
b. Explain the meaning and identify types, causes, effects and control of

7
 unemployment.
c. State and explain episodes of inflation and unemployment in West Africa.

10. International trade and finance 10%

a. Differentiate between internal trade and international trade.
b. State the reasons for international trade.
c. Explain the following theories of trade:
i. Theory of absolute advantage; and
ii. Theory of comparative cost advantage.
d. Outline the advantages and disadvantages of international trade.
e. Explain the concepts of „terms of trade‟, „balance of trade‟, and „balance ofpayments‟.
f. Identify the instruments of trade barriers.
g. Explain the cases for and against trade protection.
h. Explain the meaning of foreign exchange, foreign exchange rates, foreignexchange markets and foreign exchange
systems with relevant examples
i. Distinguish among the following concepts – currency devaluation, currencyrevaluation, depreciation and appreciation.
j. Explain and illustrate changes in the foreign exchange market.
k. State the meaning and identify the drivers, advantages and disadvantages ofglobalisation.

11. International and regional organisations 5%

a. State the objectives, functions, achievements and problems of the followingorganisations:

i. The World Bank Group;

ii. International Monetary Fund (IMF);
iii. The African Development Bank Group (AfDB);
iv. The Economic Community of West African States (ECOWAS);
v. African Continental Free Trade Area (ACFTA);
vi. Organisation of Petroleum Exporting countries (OPEC);
vii. United Nations Conference on Trade and Development (UNCTAD);
viii. General Agreement on Trade and Tariff (GATT); and
ix. World Trade Orgnisation (WTO);

b. Explain the following levels of economic integration

i. Free trade area;
ii. Customs unions
iii. Common market; and
iv. Economic union

12. Economic growth and development 5%

a. Explain the meaning and determinants of economic growth.
b. Explain the meaning and features of economic development.

8
 c. Outline the sustainable development goals (SDGs).
d. Highlight common characteristics of developing countries.
e. Explain the meaning of development planning.
f. Highlight the objectives, types and problems associated with developmentplanning in West Africa sub region.

PAPER 3: BUSINESS LAW

Contents

1. The legal system and court system 15%

a. Sources of law
i. Explain the constitution and its characteristics
ii. Explain Received English Law - Common Law, Doctrines of Equity(emphasis on maxims) and Statutes of General Application.
iii. Explain judicial precedent, statutes and their enactment, customary law, andinternational law such as treaties, conventions, protocols.

b. The legal and court system

i. Outline the structure and hierarchy of courts.
ii. State the composition and jurisdiction of the various courts.
iii. Explain special courts and tribunals.
iv. Distinguish between law and ethics.

c. Forms of legal liability

i. Distinguish between criminal and civil liability.
ii. Explain torts and their types
iii. Explain vicarious liability.
iv. Explain negligence and its consequences.

2. Law of contract 20%

a. Explain contract and its essential elements: offer, acceptance, consideration, intention to create legal relations, capacity and consent.
b. Explain privity of contract and its exceptions.
c. Explain terms of a contract (conditions, warranties) and exemption clauses.
d. Explain illegal and void contracts.
e. Explain factors that vitiate contracts.
f. Explain termination or discharge of contracts and remedies for breach ofcontract.
g. Explain e-contract.

3. Special contracts 25%

a. Agency
i. Explain creation and types of agency.
ii. Explain authority of agents
iii. Explain the rights and duties of principal and agent.i v . Explain termination of agency.

b. Sales of goods
i. Define and classify goods.
ii. Differentiate between sale of goods and other contracts.
iii. Explain implied terms.
iv. E xp la in the caveat emptor doctrine.
v. Explain transfer of title, passing of risk, and the nemo dat quod non habet rule.
vi. Explain breach of sale of goods contract and remedies of the parties.
vii. Explain the rights and duties of buyers and sellers.

9
 c. Hire purchase and equipment leasing
i. Define hire purchase and explain the formalities under the Common Law and the Hire Purchase Act.
ii. Explain implied and void terms.
iii. S t a t e t h e r ights and obligations of the parties.
iv. Explain termination of hire purchase contract.
v. Explain operating and finance leasing.

d. Contract of employment
i. Explain the nature and formation of employment contract.
ii. State the rights and duties of the parties.
iii. Explain termination of employment and dismissal.
iv. Explain the remedies for breach of contract.
v. Explain redundancy.
e. Insurance
i. Define and classify insurance contract.
ii. State the minimum share capital requirements of insurers.
iii. Explain the following concepts and principles: insurable interest, premium, indemnity, materiality of information, utmost good
faith,conditions and warranties, subrogation and contribution.

4. Law of business associations 25%

a. Partnership

i. Explain partnership and its elements.

ii. Explain types and attributes of partnership (general partnership
limited partnership, and limited liability partnership).
iii. Explain the procedure for management of a partnership including
the rights and duties of partners, their relationship inter se and withthird parties.

iv. Explain the attributes of a limited partnership and a limited liability

partnership
v. Explain limited partnership and limited liability partnership
accounts and audit, annual returns, as well as assignability of
partners‟ interest.

vi. Explain investigation and litigation in limited liability partnership aswell as criminal proceedings by
the Attorney-General of the Federation.

vii. State the statutory requirements for operation of a foreign limitedliability partnership.

Viii Explain winding up and dissolution of partnership.

b. Companies
i. State the composition and functions of the Corporate Affairs
Commission.
ii. Explain the Administrative Committee of the Corporate Affairs
Commission and state its functions as well as procedures.
iii. Explain the types of company, including single shareholder andsmall company as well as their
implications.

10
 iv. Explain the procedure for incorporation of a company, documents ofincorporation, and
replacement of statutory declaration with
statement of compliance with requirements of incorporation.

v. Explain pre-incorporation contracts as well as promoters and their

duties
vi. State the contents of memorandum and articles of association and
how they can be amended.
Vii Explain the procedures for issue of and transmission of shares and
debentures (corporate bonds).
vii. Explain the ways in which the capital of a company is maintained or
preserved including the laws relating to acquisition of own share by company as well as
distribution of profits.

ix. Explain the appointment, powers, duties, and removal of directors.

x. State the minimum number of non-executive and executive directors
(in applicable situations).
xi. State the law on company secretary‟s appointment, qualifications,
status, and removal.
xii. State briefly the law on company meetings (statutory meeting annualgeneral meeting, and
extraordinary general meeting)to include:
 Notices and resolutions;
 Right to receive notice, attend, and requisition meeting
 Voting, companies that need not hold annual general meeting;and
 Authority of private company and small company to hold virtualmeeting.

xii. State the law on the appointment, qualifications, rights, duties and
removal of company auditors.
xiii. Explain the rationale for administration of companies as well asappointment and functions
of the administrator.
xiv. Explain arrangement, compromise, netting and winding-up (in
outline).
xv. Define mergers and its types under the Federal Competition and
Consumer Protection Act, 2018.

11
 c. Others

i. State the conditions and requirements for registration of business names as well as incorporated trustees.
ii. Define collective investment scheme and its types.
iii. Explain Alternative Dispute Resolution (ADR) mechanisms andstate their advantages.

5. Banking and negotiable instruments 10%

i. Explain the legal relationship between a banker and customer andstate their respective duties and rights.
ii. State the meaning and characteristics of negotiable instruments.
iii. Explain bills of exchange, cheques and promissory notes.
iv. Explain crossing of cheques.
v. Explain holder, holder for value and holder-in- due-course.
vi. State the rights and duties of the parties to a negotiable instrument.

6. Law of trusts 5%
i. Explain trusts and the parties thereto.
ii. Distinguish between private trust and public trust.
iii. Explain the types and uses of public trust.
iv. State the duties, powers and rights of trustees (including investmentpowers under Trustee Investment Act).

12
PAPER 4: COMMUNICATION SKILLS

Contents:

1. Introduction to communication skills: communication systems, models and networks 20%

a. Definition of communication.
b. The role of communication.
c. Elements of the communication process.
d. Types of communication.
e. Differences, Advantages and Disadvantages of types of communication.
f. Human communication.
g. Formal and informal communication system.
h. Barriers and limitations to effective communication.
i. Explain communication ethics:
 Conflict in the workplace;
 Types of conflict;
 Conflict resolution;
 Mediation and negotiation;
 Labour and industrial relations within organisations; and
 Bargaining and bargaining strategies.

2. Language skills and grammatical rules 20%

a. Basic language skills
i. Define listening and explain different types of listening as well as barriers to effective listening.
ii. Define speaking and explain principles of effective speaking.
iii. Define reading and explain different types, common faults in reading, andreading methods.
iv. Define writing and explain:

 Paragraphing,;
 Outlining;
 Note-taking;
 Punctuation;
 Hyphenation;
 Abbreviation;
 Acronym;
 Features of effective writing;
 Precise writing; and
 Proof-reading.
b. Grammatical rules
Define and explain the differences among the following:
 The word ;
 Word classes;
 Phrases;
 Clauses;
 Sentences;
13
  Mechanics;
 Common errors in sentence construction; and
 Figurative expressions.

3. Practical Application of Communication skills 60%

a. Comprehension and summary.
i. Techniques for answering comprehension questions.
ii. Principles of effective summary writing.
b. Essay writing.
i. Define writing and explain different types of writing.
ii. State and explain the characteristics of essays.
iii. Write essays.

c. Speech making
i. Define types and formats of different speeches.
ii. State and explain different methods of speech delivery. [Link] and explain features of a good speech.
iv. Writing of speeches.

d. Report writing
i. State and explain different types, classification and format/components
ii. State and explain types of business reports.
iii. Explain gathering of information for a report/ organisation of the materials.
iv. Identify and define terms related to report writing.
v. State and explain the role of visual aids in report writing.
vi. Writing reports.
e. Meetings
i. State and explain Types, statutory documents and technical terms associated with meetings.
ii. Identify and explain the roles of officials at meetings.
iii. Write minutes.
f. Correspondence
i. State and explain types and characteristics of different correspondence.
ii. Explain the format of each type of correspondence.
iii. State and explain the differences among the different types of correspondence.
iv. Write letters, memoranda, circulars, newsletters, press releases, e-mails, etc.
g. Digital communication in organizations:
i. Define digital communication.
ii. State and explain digital communication tools, such as e-mail, blog, phonecalls, messaging, video-conferencing.
iii. State and explain digital communication systems.
iv. State and explain advantages and disadvantages of digital communication.
h. Advertising and marketing strategies in the accounting profession
i. Explain the concept of advertising.

14
 ii. Explain marketing strategies in the accounting profession.
iii. Explain sales promotion in accounting business.
iv. Explain placing orders for goods and services in accounting.

i. Writing feasibility studies for projects in accounting:

i. Explain the concept of feasibility studies.
ii. Explain budgeting.
iii. Write budget proposals.

j. Communication and human resource development

i. Explain the concept of seminar, workshop, conference.
ii. State and explain the importance, planning and organization of seminar,workshop and conference.

k. Assessment practice in the accounting profession.

i. Explain the concept of assessment practice.
ii. State and explain the assessment instruments.
iii. State and explain the criteria for reward/motivation.

Recommended texts
1. ATSWA Study Pack on Communication Skills
2. Ajayi, Wale and Idakwo, V (2006): Communication in English, Ilaro: Marvel Books
3. Soola, Oludayo (1998): Business Communication, Ibadan: Kraft Books Limited
4. Erasmus-Kritzinger, L E., Bowler, A and Goliath, D (2001): Effective Communication,Western Cape: Afritech

15
ATS II

PAPER 5: FINANCIAL ACCOUNTING

1. Financial accounting concepts, framework and practices 15%

a) Identify and discuss bases of accounting.
b) Explain the roles of bodies which sets accounting standards.
c) Discuss IFRS Conceptual Framework for Financial Reporting in relation to:
i. Objectives of general-purpose financial reporting;
ii. Qualitative characteristics of financial information;[Link] statements and the reporting entity; and
iv. Elements of financial statements, including their:
 Recognition and derecognition;
 Measurement; and
 Presentation and disclosure.
d) Identify and explain the attributes of different reporting entities.
e) Identify the possible impacts of relevant legislation and regulations governingcorporate and non-corporate accounts.

2. Maintaining financial records. 10 %

a) Explain why an entity maintains financial records and prepares financialstatements.
b) Identify and explain the sources of information for preparation of accounting records and
financial statements.
c) Explain the ethical considerations for preparers of financial statements.
d) Record and account for transactions and events resulting in income, expenses, assets,liabilities and equity.
e) Prepare trial balance from accounting records and identify the uses of the trial balance.

3. Adjustments to accounting records and financial statements. 15%

a) Prepare extended trial balance to include correction of errors, suspense account and otheradjustments.
b) Prepare final accounts from incomplete records to include:
i. Allowances for bad and doubtful receivables;
ii. Accrual and prepayments; and
iii. Control accounts and reconciliations.
c) Account for Property, Plant and Equipment (PPE) in accordance with IAS 16relating to the following:
 Nature;
 Acquisition;
 Depreciation;
 Disposal; and
 Notes on movement of PPE.

4. Accounting for partnership, not-for-profit entities and incomplete record. 25%

a) Prepare partnership accounts- Prepare partnership accounts to include the following:
i. Partners‟ capital and current accounts;
ii. Changes in partnership;
 Good will;
 Admission;
 Retirement,;
 Dissolution (excluding piecemeal realisation);
 Amalgamation; and
 Conversion to limited liability companies.

b) Prepare not-for-profit organisations to include:

i. Receipts and payments account;

16
 ii. Income and expenditure account; and
iii. Statement of assets, liabilities and accumulated funds.

c) Preparation of incomplete records.

i. State the need for preparation of accounts from incomplete records.
ii. Determine profit from opening and closing capital balances; and
iii. Explain the use of accounting equation, gross profit percentage, cash book summaries and control accounts to determine missing
figures from financialstatements.

5. Preparation and interpretation of financial statements of corporate entities 25%

a) Accounting policies, changes in accounting estimates and errors:
i. Identify and explain changes in accounting policies, changes in accounting estimates and prior year errors in accordance with
IAS 8.
ii. Explain the guidance on the selection of accounting policies; and
iii. Adjust and disclose the effect on financial statements of changes inaccounting policies, accounting estimates and prior year
errors.

b) Accounting for Inventories (IAS 2).

i. Explain the nature and methods of inventory valuations relating toperiodic and perpetual inventory methods;
ii. Determine the value of inventories using the principles of lower of costs
and net realisable value;
iii. Explain and measure the value of inventory using First-in First-Out(FIFO) and weighted average cost (WAC) methods;
iv. Explain the impact of various valuation methods on the profit or loss for
the period and the effect of the adjustments of opening and closing inventories on thefinancial statements; and
v. Account for loss of inventories.

c) Prepare financial statements of limited liability companies in accordance with IAS 1 toinclude:
i. Statement of financial position;
ii. Statement of profit or loss and other comprehensive income, incorporating current tax expense;
iii. Statement of changes in equity;
iv. Statements of cash flows (IAS 7); and
v. Explanatory notes required for the preparation of financial statements.

d) Accounting for issue of shares including bonus and right issues.

e) Interpretation of simple financial statements:

i. Discuss the importance and purpose of analysis of financial statements;
ii. Use ratio analysis for interpretation of financial statements; and
iii. Explain the limitations of use of ratios for interpretation of financialstatements.

17
6. Ethics and computerised accounting 10%
a) Ethics
i. Identify and apply the principle of honesty and integrity.
ii. Highlight situations within accounting work that require objectivity and
fairness; and where judgements and actions could compromise personal or organisational integrity and reputation.
iii. Identify the key issues which ensure accounting work is performed within scope of professional ethics guidance.
iv. State the appropriate procedure to follow where you believe that an employer has or
will commit an act which is illegal or unethical.
v. Resolve conflicting loyalties where employer may ask you to perform taskswhich are illegal, unethical or against the rules or
standards of accounting profession.

b) Computerised accounting:
i. Access, enter and edit accounting information;
ii. Select and use tools and techniques to process business transactions; and
iii. Produce accounting documents and summary reports to meet the requirements.

Applicable Accounting Standards:

 IFRS Conceptual Framework for Financial Reporting (2018)
 IAS 1- Presentation of Financial Statements.
 IAS 2- Inventories.
 IAS 7 – Statement of Cashflows.
 IAS 8-Accounting Policies ,Changes in Accounting Estimates and Errors
 IAS 16- Property, Plant and Equipment.
 IFRS for SMEs.

18
 PAPER 6: PUBLIC SECTOR ACCOUNTING

1 Public sector accounting framework and concepts 15%

. a. Explain the constitutional, legal and administrative framework of public sector accounting (Nigeria)as they relate to the following:
i. The regulatory and constitutional provisions guiding revenue collections and
disbursement of government funds at the federal, state and local government levels;
ii. The provisions of the Finance (Control and Management) Act, 1958 as amended by CAP A15 LFN 2004;
iii. Financial regulations for federal and state governments;
iv. The financial memoranda for local government councils;
v. Fiscal Responsibility Act, 2007 in relation to:
 The annual budget;
 Budgetary execution and achievement of targets;

 Savings and asset management;

 Transparency and accountability; and
 Enforcement
vi. Public Procurement Act, 2007 in relation to:.
 Organisation of procurement;
 Fundamental principles of procurement;
 Procurement methods (goods and services);
 Special and restricted methods of procurement;
 Procurement of consultant services;
 Disposal of public property; and
 Offences

b. Explain the constitutional, legal and administrative framework of government accounting(Ghana) as they relate to the following:
The regulatory and constitutional provisions guiding revenue collection and disbursement ofgovernment funds at the local and central
government levels;
i. Sources of revenue of the central and local government, tax and non-tax revenues;
ii. Internally generated funds (IGF);
iii. Loans and grants; and
iv. Sources of revenue of local government fees and fines;

c. Explain the public sector accounting theory, processes and institutional framework as they relateto:
i. Accounting concepts, bases and principles;
ii. The concept of funds, its relationship to the entity concept and its implications for incomemeasurement and valuation;
iii. The Armed Forces Pension Act No 103 of 1979 as amended by CAP 119 and 212 LFN2004;
iv. Pension Reform Act, 2014 as it relates to:
 Objectives;
 Rates of contribution to scheme;
 Exemption from the scheme;
 Retirement benefits;
 Retirement Savings Account (RSA);
 Transitional provisions for the public sector;
 Pension Fund Administrators (PFA) and Pension Fund Custodians (PFC);
 Investment of pension fund; and
 Offences, penalties and enforcement powers.

v. Pronouncements and recommendations made on government accounting by internationalbodies:

19
  International Federation of Accountants (IFAC);
 International Public Sector Accounting Standards Board, and
 United Nations Organisation
vi. Standardisation of federal, state and local government reporting formats in Nigeria;
vii. Cash and accrual basis of accounting in the public sector;
viii. The annual and supplementary appropriation Acts;
ix. Treasury circulars;
x. Ministry of Finance Incorporated (MoFI) Act of 1959;
xi. Public service rules (PSR)/Manuals;
xii. Bye-laws of local government as related to revenue and expenditure;
xiii. Synchronisation of the reporting formats of the federal, state and local governments;
xiv. Constitutional and financial responsibilities of principal officers ofGovernment:
 Minister of Finance;
 Auditor-General for the Federation;
 Auditor General for the State;
 Auditor-General for Local Government;
 Accountant-General of the Federation;
 Accountant-General of the State; and
 Treasurer of the local government;
xv. Nature of accounting units (self, sub-self and non-self accounting units)

2. Planning and budgeting in public sector 20%

a. Planning and budgeting

i. Describe and explain the Medium-Term Expenditure Framework (MTEF)
ii. Describe the objectives and uses of annual budget in the public sector
iii. Compile and differentiate types of budgets using:
 Line – item budgeting system;
 Traditional/Incremental budgeting system;
 Planning Programming Budgeting System (PPBS);
 Programme Performance Budgeting System (PBS); and
 Zero – based Budgeting System (ZBB)

b. Describe budgeting process and budgetary control as they relates to:

i. Stages in the budget cycle;
ii. Expenditure control in government to include:
 Legislative control;
 Executive control
 Control by the Minister of Finance inform of authorisation of government expenditure and operation of
warrants;
 Treasury control; and
 Departmental control.
iii. Vote book and expenditure control; and
v. Fund accounting and revenue control procedures.

20
3. Public sector accounting and financial reporting 45%
a. Public sector accounting processes in respect of the following:
i. Compilation of treasury cashbook;
ii. Preparation and extraction of monthly transcripts;
iii. Preparation of imprest cashbook;
iv. Identification of revenue control procedures using revenue collector‟scashbook;
v. Describing types of vouchers and their uses;
vi. Preparation of bank reconciliation statement;
vii. Preparation of journal entries for loss of public funds; and
viii. Preparation of the following, using approved standard formats:
 Subsidiary accounts such as deposits, advances, remittances/cash transfers;and
 Payroll accounting and pension funds.

b. Identify and explain the roles of the following bodies:

i. Federation Accounts Allocation Committee (FAAC) including its composition and functions; and
ii. Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC)including its composition, functions and bases of
revenue allocation

c Explain the types of revenue that can be classified as:

i. Federation accounts revenue
ii. Internally generated revenue of federal, states and local governments.

d. Explain the roles of the following revenue collection agencies:

i. Federal Inland Revenue Service (FIRS);
ii. State Board of Internal Revenue Service; and
iii. Nigerian Customs Service (NCS)

e. Identify the revenue and charges to the Consolidated Revenue Fund (CRF)

f. Preparation of the following statutory financial statements of federal, state and localgovernments based on IPSAS –Cash basis and
accrual basis:
i. Statement of financial position;
ii. Statement of financial performance;
iii. Statement of changes in net assets/equity;
iv. Statement of cash flow; and
v. Accounting policies and notes to the financial statements

g. Preparation of the following books of account under IPSAS – Accrual:

i. Cash book;
ii. Revenue receivable register;
iii. Journal voucher;
iv. Individual subsidiary ledger-Accounts receivable;

21
 v. Investment register;
vi. Individual subsidiary ledger;
vii. Salaries and wages register;
viii. Accounts payable register;
ix. Individual subsidiary ledger-Accounts payable;
x. Property, plant and equipment register;
xi. Property, plant and equipment schedule; and
xii. Inventory (stores) issue note register.

h. Accounting for public sector organisations and Government Business Entity (GBE)
i. Describe the general nature of GBE.
ii. Compile for the relevant utilities, authorities, parastatals, boards, corporations, agenciesand tertiary educational institutions:
 Statement of financial position;
 Statement of financial performance;
 Statement of changes in net assets/equity;
 Statement of cash flow; and
 Explanatory notes

i. Prepare the following education institution accounts system

i. Domestic account
ii. Boarding account

j. i. Explain the stores classification

ii. Explain stores accounting procedures as they relate to the following:
 Receipt of stores;
 Payment for stores;
 Transfer of stores;
 Issuing of stores; and
 Procedures for store survey/inventory taking

k. Board of survey and board of enquiry

i. Explain the board of survey procedures as it relates to the following:
 Classes of board of survey;
 Composition of the boards of survey;
 Nature of the survey;
 Types of board of survey;
 Purpose of survey; and

ii. Explain the board of enquiry procedures as they relate to the following:
 Purpose or circumstances for setting up a board of enquiry;
 When a board of enquiry is not necessary;
 Procedure of board of enquiry;
 What action to be taken on the board of enquiry‟s report; and
 Composition of the board of enquiry.

22
 m. Managing finance of government:
i. Identify the roles and responsibilities of the national and state assemblies and localgovernment councils in financial
management and control
ii. Explain the efficiency committee/unit stating the following:
 Purpose of efficiency unit;
 Composition of efficiency unit;
 Functions of efficiency unit;
 Benefits of efficiency unit; and
 Disadvantages of efficiency unit.

iii. Explain the financial management and virement procedures.

iv. Identify the roles of various government committees such as:

 Public Account Committee (PAC);
 Tender board;
 Finance and general purpose committee; and
 Audit committee.

n. Interpretation of public sector financial statements using ratio analysis and varianceanalysis.

4. Emerging issues and ethical considerations in public sector accounting 10%

a. Explain the emerging issues in Nigerian public sector accounting in relation to:
i. Government Integrated Financial Management Information System (GIFMIS);
ii. Integrated Payroll and Personnel Information System (IPPIS);
iii. Treasury Single Account (TSA) - Roles of service providers; and
iv. Accounting Transaction Recording and Reporting System (ATRRS),

b. Explain the ethical considerations in public sector accounting in managing economiccrimes as it relates to the establishment of:
i. Economic and Financial Crimes Commission (EFCC)
ii. Independent Corrupt Practices and Other Related Offences Commission (ICPC)
iii. Code of Conduct Bureau (CCB)
iv. Public Complaints Commission
v. Money Laundering Act 2007
vi. Financial Reporting Council of Nigeria (FRC)

5. Public sector audit 10%

a. State and explain the legal requirements for audit in the public sector and the roles
/functions of the Auditor - General (Federal, states and local governments).
b. Explain the processes of appointing and removal of the Auditor-General.
c. Explain the basic steps in the process of auditing public sector financial statements.

23
 Recommended Texts:
i. ATSWA Study Pack on Public Sector Accounting
ii. Adams, R. A. (2004). Public Sector Accounting and Finance Made Simple. 3rd Edition.
iii. Biodun Jimoh. (2014). Principles of Public Sector and Finance, Fourth Edition
iv. Omolehinwa E. O. and Naiyeju J.K., (2011). Theory and Practice of GovernmentAccounting in Nigeria: Pumark Nigeria Ltd.
v. Management and control of public funds – G.K Scott

Applicable International Public Sector Accounting Standards (IPSAS)

IPSAS Standard IFRS

IPSAS 1 Presentation of Financial Statements IAS1

IPSAS 2 Cash Flow Statements IAS 7

IPSAS 3 Accounting Policies, Changes in AccountingEstimates and Errors IAS 8

IPSAS 12 Inventories IAS 2

IPSAS 17 Property, Plant and Equipments IAS 16

IPSAS 22 Disclosure of Financial Information about theGeneral Government

Sector

IPSAS 24 Presentation of Budget Information in Financial

Statements
Cash Basis IPSAS Cash Basis

 All new standards and laws may be examined after six (6) months from the date of issue.

24
PAPER 7: QUANTITATIVE ANALYSIS

General relational diagram for Quantitative Analysis Syllabus

Quantitative Analysis

Statistics (40%) Business Mathematics (30%) Operations Research (30%)

Fig 1: Relational diagram of the main sections of the QA syllabus

Content
1. Statistics
a. Handling statistical data 10%

i. Broad classification of statistical data

 Identify numeric (quantitative) data, such as discrete and continuous (definition and examples) and non-
numeric data,(qualitative), such as categorical and ordinal (definitions andexamples); and
 State the types of statistical data based on collection process:
primary data; definition, method of collection (such as mail, questionnaire; interview, observation and telephone;
advantages and disadvantages ofeach method) and secondary data; definition, types (i.e. financial data, health
data, oil and gas data, security data, political data; examples and sources of each).

ii. Sampling
 Explain the meaning of sampling, and state the definition of basic sampling terms, such as population, sample,
sampling, unit, sampling fraction, sampling frame and sampling survey.
 Explain the purpose of sampling.
 State the method of sampling, such as probability sampling, (simple random, systematic, stratified, cluster and
multi-stage; advantages and disadvantages of each method) and non-probability sampling (quota, judgemental,
convenience and snowball; advantages and disadvantages ofeach method).

iii. Data presentation

 Explain tabulation of data including guidelines for constructing frequency tables and cross tabulation.
 State and draw the type of charts such as bar chart (simple, multiple component and percentage), and pie chart.
 State and draw the type of graphs, such as histogram, frequency polygon,cumulative frequency curve (ogive),
 Explain the use of statistical application packages, such as Microsoftexcel, statistical package for social
sciences (SPSS).

b. Measures of location (grouped and ungrouped data) 5%

i. State and calculate the measures of central tendency/centre, such as:

 Arithmetic mean;
 Unimodal mode ;
 Median; and
 The relationship among the three measures;

25
  The characteristics features of each of the above measures;
ii. State and calculate the measures of partitions such as quartiles, deciles andpercentiles;
iii. Estimate the mode from histogram; median, quartiles, deciles andpercentiles from ogive.

c. Measures of variation/dispersion/spread (grouped and ungrouped data) 5%

Explain and calculate range, mean deviation, variance, standard deviation, coefficient of variation, quartile deviation and skewness.

d. Measurement of relationship 5%
i. Correlation
 Explain the meaning of correlation and state its uses.
 Explain the nature of scatter diagrams/plots.
 Draw scatter diagrams/plots.
 State the nature and type of correlation, such as positive, perfect positive,negative, perfect negative and zero/non-
correlated.
 Explain the meaning of Correlation coefficient and state its types, such asspearman‟s rank and Pearson‟s product
moment.
 Calculate any of the above listed correlation coefficient type.

ii. Regression analysis

 Explain the meaning and uses of regression analysis for estimation/prediction/forecasting purposes.
 State the methods of fitting simple linear regression line, such as best line of fitsand least squares.
 Determine the simple linear regression line and use it for prediction.
 Interpret regression constant/intercept and regression coefficient/slope/gradient.

e. Times series 5%
i. Explain the meaning of time series and its application to forecasting.
ii. State the basic components of time series, such as secular/trend, seasonal, irregular andcyclical.
iii. State the models of time series, such as additive and multiplicative.
iv. State the methods of constructing trend line, such as eye fitting, semi-averages, movingaverages and least squares.
v. State the methods of determining seasonal indices such as moving average andsmoothening.
vi. Determine adjusted seasonal variation.

f. Index numbers 2%

i. Explain the meaning of index numbers and state their uses.

ii. State the problem associated with the construction of index numbers.
iii. Calculate the simple aggregate index, mean of price relatives as unweighted indices.
iv. Calculate the Laspeyre, Paasche, Fisher and Marshall Edgeworth as weighted indices.

g. Probability 4%
i. Define probability and its basic terms, such as random experiment, sample space, eventand probability of an event.
ii. Explain the types of probability events, such as mutually exclusive, independent andconditional/dependent events.

26
 iii. State the addition and multiplication laws as applied to the above events.
iv. Explain and determine the expected values.

h. Test of hypothesis 4%
i. Explain the meaning of hypothesis and state the types of hypothesis such as nulland alternative.
ii. State and explain the types of probable decision errors, such as types I error andtype II error.
iii. Explain the useful concepts in test of hypothesis such as level of significance, teststatistic, critical region, one-tailed/sided and two-
tailed tests.
iv. Explain the meaning of test of hypothesis about single population mean for small andlarge samples and single proportion.
v. Test the hypothesis about single population mean for small and large samples and singleproportion at appropriate level of
significance.
vi. Explain the meaning of test of hypothesis about the difference between two population means for small and large samples and the
difference between two population proportions.
vii. Test the hypothesis about the difference between two population means for small and large samples and the difference between two
population proportions at appropriate levelof significance.

Statistics

Measures Probability Index

Handling ofLocation Measures of Numbers Time
Statistical Data Relationships
Hypothesis
Testing
Measures of
Variation/
Spread/
Dispersion
Fig 2: Relational diagram of the main capabilities of the Statistics section of the QA syllabus

2. Business Mathematics
a Profit and loss based on sales 2%

i. Explain and calculate selling price, cost price, profit/loss, and profit percent/loss percent.
ii. Explain and calculate discounting.
iii. Explain and calculate marked price.
b. Set theory as applied to business 2%

i. Explain the relevant terms of set theory such as universal set, element/ member of

27
 a set, empty/null set, complement of a set, union of sets, intersection of sets; and
ii. Apply the concept of set theory to business-oriented problems involving at most 3sets using Euler-Venn diagram.

c. Functional relationship 3%

i. Define function and state its definition, types (linear, quadratic, polynomial andexponential) and solutions of their equations
including graphical treatment.
ii. Apply the concept of functional relationship to cost function, revenue function, profit function, break-even analysis to determining
break-even point in quantity and value) andits interpretation.
iii. Explain the simple linear inequalities including graphical approach.

d. Mathematics of finance 7%

i. Apply sequences and series (limited to arithmetic and geometric progressions,sum to infinity of a geometric progression to business
concerns:
ii. Apply simple and compound interests to present value of single amount, present value ofseries amounts, annuities such as ordinary
and annuity due, sum of an ordinary annuity that is sinking fund, present value of an annuity and amortisation to business concerns;
and
iii. Determine the net present value (NPV) and internal rate of return (IRR) with their
interpretations.

e. Differentiation 3%

i. Explain the meaning of slope or gradient or derivative, and state the rules for differentiating polynomials in one variable:
ii. Apply differentiation to finding marginals, minimum and maximum values, elasticity ofprice and quantity.

f. Integration 3%
i. State the rules for integrating polynomial in one variable as a reverse of differentiation.
ii. Apply integration to finding functions such as cost and revenue functions from marginalfunctions, determination of consumers‟ and
producers‟ surpluses.

Business Mathematics

Profit and Loss Functional Differentiation Integration

based on sales relationshi
p
Set Theory as Mathematic
applied to sof Finance

44
 Fig 3: Relational diagram of the main capabilities of the business mathematics section of the QASyllabus.

3. Operations research
a. Introduction 2%
State the main stages of operations research (OR) and explain its relevance in business.

b. Linear programming 10%

i. Explain the concept, meaning and state its underlying basic assumptions.
ii. State the processes of problems formulation in linear programming.
iii. State and explain the methods of solving a typical LP problem such as
graphical method (for 2 decision variables); and Simplex method (in three decision variables only).
iv. Use the above stated two methods to maximise profit or minimise cost.
v. Explain the meaning of shadow price and dual/shadow cost and their calculations.

c. Inventory and production control 5%

i. Explain the meaning and functions of an inventory.

ii. Explain and calculate inventory cost such as holding cost, ordering cost, shortage costand cost of materials.
iii. State and explain the general inventory models such as deterministic and stochasticmodels.
iv. Explain the periodic review system and re-order level system (limited to one channel).
v. Explain and calculate the basic economic order quantity (EOQ) and state its assumptions.

d. Network analysis 6%
i. Explain the critical path analysis (CPA) and Programme Evaluation and Review Technique (PERT).
ii. Draw the network diagram based on arrow-on- node (AON) concept including theintroduction of dummy in the network diagram
(where applicable).
iii. Explain and determine the critical path and the associated duration.
iv. Explain and calculate the floats such as free, independent and total.
e. Replacement analysis 4%
i Explain the concept of replacement of items that wear gradually.
ii. Explain the concept of replacement of items that fail suddenly.
iii. Calculate the cost of group replacement.
iv. Determine the best interval period among group replacements and
v. Determine when and how best equipment can be replaced in order to minimise the total cost of maintaining them.

f. Transportation and assignment models 8%

i. Explain the nature of transportation and assignment models.
ii. Explain the concept of balanced transportation problems and unbalanced transportationproblems involving dummy (vertical or
horizontal).

45
 iii State and explain the methods for calculating initial basic feasible transportation cost,such as North-west corner method (NWCM),
least cost method (LCM) and vogel‟s approximation method (VAM).
iv. Calculate the minimum transportation cost using the above stated methods.
v. Explain the use of Hungarian method for solving assignment problems.
vi Calculate the best allocation of an assignment problem, using the above statedmethods.

g. Simulation 5%
i. Explain the meaning of simulation and state the application of simulation technique to business – oriented situations that is imitation
of the operation of a real-world process ofsystem over time.
ii. Explain the Monte Carlo method of solution involving the use of probabilities to assignrandom number ranges in construction and
running of simple simulation.
iii. Use probabilities to assign a random number range.
iv. Use Monte Carlo method to construct and run simple simulations.

Operations Research

Introduction Simulation
Inventory and
Replacemen
Production Control
Linear tAnalysis

Network
Transportatio
nproblems

Fig 4: Relational Diagram of Operations Research Section main capabilities of the QA syllabus.

46
 PAPER 8: INFORMATION TECHNOLOGY

Contents:
1. Basic concepts 14%
a. Information
i. Define data and information.
ii. Distinguish data from information.
iii. State the meaning of each of the following data concepts and their relationships: Bit, byte,field, record, file and database.
iv. Explain data representation in number base system (only bases 2, 4, 8, 10, 16) and theirmanipulations.
v. Explain data acquisition, cleansing, processing and analysis.
vi. Identify the role of information in the finance and accounting environment
vii. State the general characteristics of information.

b. Computer Systems
i. Describe the evolution of computers (hardware only)
ii. Classify computers into analog, digital and hybrid.
iii. Explain the characteristics of digital general purpose computers with special reference tomicrocomputers.
iv. State the advantages and disadvantages of computer use.
v. Classify microcomputers.

c. Explain office automation: Hardware and software requirements.

2. Hardware fundamentals 17%

a. Hardware
i. Prepare block diagram of basic components of a computer system showinginput, CPU, output and secondary storage.
ii. Identify types and appropriate uses of input device.
iii. Identify types and appropriate uses of output device.
iv. Identify storage media types and their uses: Magnetic and optical discs as well as cachememory.
v. Describe central processing unit (CPU): composition, functions and processing powers.

b. Controls
i. Explain input controls: Accuracy, completeness, authorization and validity checks.
ii. Explain output controls: Control totals, authorization, and pre-numbering.
iii. Explain storage controls: Labelling, file backup, and physical security.

3. Software fundamentals 17%

a. System software
i. Describe system software with examples.
ii. State the functions of operating systems (OS), utility programs, language processors and editors. [Link] operating environments: Single-
user, multi-user, networking, and windows-based
environment.
[Link] types of operating system used for single-user, multi-user, and networking.
b. Application software
i. Define application software.
ii. State the criteria for selecting application [Link] the sources of application packages.
iv. Describe software suite and integrated packages (e.g. database, word processing, spreadsheet, presentation, accounting, payroll and
inventory packages) and explain uses, advantages and disadvantages.
v. Describe the principles of programming (program flowchart, structured pseudocode, decision tables, decision tree) in relation to business
problems.
vi. State the characteristics of computer programming languages.

47
 vii. Distinguish among computer programming languages including Fourth Generation Languages (4GL).
viii. Describe grid computing (distributed computing).

c. Describe Microsoft windows and other operating systems for microcomputers, servers, and smartphones.
d. State the functions of:
i. Mouse;
ii. Graphical user interface (GUI);
iii. Desktop;
iv. Task bar;
v. Title bar;
vi. Menu bar;
vii. Tools bar;
viii. Start button;
ix. My computer;
x. My document;
xi. Control panel; and
xi. Windows explorer, etc.

4. Information processing 17%

a. Information processing techniques
i. Classify processing methods: Centralised, decentralised, batch, on-line, real-time, distributed,and time sharing.
ii. State the advantages and disadvantages of different processing methods.
iii. Describe multiprocessing, multitasking and multiprogramming.

b. Computer services
i. Describe the roles of microcomputers in the finance and accounting environment.
ii. Describe the role of user department.
iii. Describe information centre: Staffing and services provided.
iv. Describe computer bureau: Services provided, reasons for using a bureau,advantages, and disadvantages.

c. Information systems and electronic business technologies

i. Explain with the aim of distinguishing amongst the following information systems:
ii. Management information system (MIS);
iii. Decision support system (DSS);
iv. Executive support system (ESS);
v. Transaction processing system (TPS); and
vi. Office information system (OIS).

d. E-commerce
Describe the following:
i. E-commerce models – B2C, B2B, C2B, M2C, B2G, etc.;
ii. Electronic payment system – Automated teller machine, mobile payment platforms, cardpayments
iii. On-line payment platform; and
iv. Digitised middlemen; Amazon, eBay, Ali Baba, Jumia, Konga, Jiji, etc.

5. Computer networks and data communication 17%

a. Computer networks

48
 Define the following:
i. Networking, local area network (LAN). wide area network (WAN), metropolitan area network(MAN), remote job entry (RJE), intranet,
extranet, and internet;
ii. Network topologies: Star, ring, bus, fully connected/mesh; and
iii. Wireless networks.

b. Data communication
i. Define data transmission media with examples.
ii. Classify modes of transmission: Simplex, half duplex, duplex, synchronous and asynchronous.
iii. Explain the functions of the following data transmission equipment: MODEM, multiplexors,hub, and bridge, etc.
iv. Describe protocols, OSI - 7 layer model.

c. Internet
i. Define and state uses.
ii. State the advantages and disadvantages as well as hardware and software requirements.
iii. Describe websites, web pages, blogs.
iv. Describe interaction with the internet through browsing, surfing, uploading and downloading.
d. Social and business communication on the net.
State the benefits and disadvantages to business of the use of the following: Electronic mail, internetadvertising, teleconferencing, telecommuting,
Facebook, Twitter, WhatsApp, etc.

6. Systems development, security and issues in management of information 18%

a. Systems development
i. Explain the following approaches to systems development: Traditional systems development life cycle (SDLC); prototyping; end-user
developments; and
ii. Link systems development to identification of a problem, feasibility studies, systems investigation and specifications, systems design,
acquisition, implementation, maintenance, and review.
b. Explain computer security: Hardware, software and workplace securities.
c. Explain cybercrimes and types of computer viruses (worms, trojans, etc) stating mode of infectionand prevention.
d. Explain data privacy and data protection principles.
e. Explain network and internet privacy and security basics.
f. Define and explain the basic principles of computer forensics.
g. Explain the basics, methods and techniques of disaster recovery.
h. Explain the characteristics, analysis, and implications to organisations of Big Data.
i. Explain the technologies, models, advantages and disadvantages of cloud computing.
j. Identify legal, ethical, health, and environmental issues in computing.
k. Explain the following disruptive technologies:
i. Artificial Intelligence (AI) and Machine Learning (ML);
ii. Internet of things (IoT);
iii. Distributed ledgers (blockchain technology)
iv. Computer Robotics and Business Automation (CRBA); and

49
v. Drone technology.

50
PART III

PAPER 9: PRINCIPLES OF AUDITING & ASSURANCE

Diagrammatic presentation of Principles of Auditing

The diagram summarizes the contents of Principles of Auditing.

1. Meaning of Auditing, Legal Framework, Regulations and

Theory

2. Assurance Process Planning, Evidence Gathering and

Procedures

4. Public Sector Assurance

5. IT- Based Systems
Assurance
3. Internal Control

Contents
A. Meaning of auditing, legal framework regulations and theory 20%
a) Define and explain the concepts of audit and assurance.
b) Explain the legal and regulatory framework for statutory audit and assurance in linewith the provisions of:
i. International Standards on Auditing (ISAs); and
ii. International Standards on Assurance Engagements (ISAEs).
c) State and explain the differences between accounting and auditing.
d) State and explain the roles, rights and duties of assurance parties under companylegislation in your country and other regulatory frameworks.
e) Identify and explain the liability of assurance parties for negligence under common civil and criminal laws of various countries.
f) State and explain the legal framework of external audit and assurance with respect to:
i. Differences between statutory and non-statutory audits;
ii. The scope of internal and external audits; and
iii. Public sector audit.
g) Explain the basic steps or components of an assurance process with respect

51
 to:-
i. Fundamental principles of the professional accountancy bodies‟ code of ethicsand conduct in your country;
ii. True and fair view;
iii. Materiality;
iv. Judgement;
v. Audit risks;
vi. Appointment of assurance parties;
vii. Removal of assurance parties;
viii. Independence of assurance parties; and
ix. Sources of liabilities of assurance parties.

B. Assurance process planning, evidence gathering and procedures 15%

a) Explain assurance planning and strategies.
b) State and discuss factors affecting evidence reliability.
c) Outline the vouching process for specific items in the financial statements.
d) State and explain the concepts of physical examination and third party evidence.
e) Explain assurance programmes, giving examples.
f) Identify and explain types of assurance tests.
g) Explain management representations, internal control reporting and assurance letters
h) Explain sampling selection methods affecting sampling size.
i) Explain the concepts of quality control and peer review.
j) Explain assurance procedures with respect to various types of intangibles assets.
k) Discuss the concepts of audit risk and risk assessment.
l) Discuss the advantages of working papers.

C. Internal control 15%

a. Explain the nature and types of internal control.
b. Explain the difference between internal control and internal audit.
c. Explain the need for internal control.
d. Identify the inherent limitations in internal control systems.
e. Explain internal control reporting and assurance control letters.
f. State and explain control procedures to gather assurance evidence.
g. Apply internal control to finance cycles.
h. Explain the role of internal audit within an organisation.
i. Discuss the effectiveness of internal audit.
j. Explain the role of the audit committee in relation to internal audit.

D. Public sector assurance 15%

a) State the powers and functions of the Auditor-General for the federation, state and localgovernments or their equivalents in your country.
b) Explain financial and regulatory assurances.

52
 c) Discuss the phases of value for money audits.
d) State the composition of the office of the Auditor- General for the federation or its equivalent in your country.
e) Explain the roles of the public accounts committee in the assurance process.
f) List the functions and objectives of Bureau of Public Procurement or a similar body in your country.
g) Explain the assurance functions of the internal auditor in the auditor general's office or in asimilar office in your country.

E. IT-based system assurance 15%

a. Explain types of information technology systems.
b. State typical control challenges faced in the assurance of small IT-based systems.
c. Explain documentation procedures used in the assurance of manual and IT-based systems.
d. Explain the approach to the audit of IT-based systems with attention to audit trail and controls.
e. Explain business systems and associated IT risks
f. Explain the concepts of IT audit activities and current trends in Information Technology relatingto:
i. Big data analytics;
ii. Audit of electronic transactions;
iii. Artificial intelligence; and
iv. Machine learning.

F. Assurance completion procedures 20%

a) State the purpose and methods of analytical procedures.
b) Discuss the "going-concern" concept.
c) Evaluate the "going-concern" of a company.
d) State the composition and functions of the audit committee.
e) Explain the importance and use of forensic audits.
f) Explain the concept of "due diligence".
g) State the form and contents of assurance report on the financial statements.
h) State the circumstances which may warrant the assurance party to issue a report with:
i. A qualified opinion;
ii. An adverse opinion; and
iii. A disclaimer opinion;
i) State the methods of recording significant and material errors.
j) State the purpose of written representations.
k) State the purpose and content of an engagement letter.
l) State the need for the review of events after reporting period.
m) State the purpose and contents of a working paper file.
n) Discuss other assurance engagement services.
o) Discuss the concept of peer review.

53
Recommended Texts
1. ATSWA Study Pack on Principles of Auditing.
2. Aguolu Osita - Fundamentals of Auditing, Rex Charles & Patrick Ltd, Nimo, Anambra State, Nigeria.
3. Ezeribe, C. (2018). Audit Assurance Essential, Abuja; Topnotch Learning Publication.
4. Okai I.J (1966). Auditing for you: National Science and Technology press csir Accra.
5. Woolf E. - Auditing Today, Prentice- Hall International.

54
Paper 10: COST ACCOUNTING

Contents
1. Introduction to cost accounting 10%
a. Explain cost accounting and its related terms.
b. Explain the nature, purpose and scope of cost accounting.
c. Explain the role of cost accountants.
d. Differentiate between cost data and cost information.
e. Explain the value of cost information (financial and non-financial) in management decision-making process.
f. Identify and explain the impact of information technology on the generation, evaluation andpresentation of cost information.
g. State the benefits and drawbacks of cost accounting.
h. State the differences between cost accounting and financial accounting.
i. Explain the process of designing a cost accounting system.

2. Cost classification, codification and segregation 5%

a. Classify cost according to nature, functions, elements, responsibilities and behaviouralpatterns.
b. Explain cost coding.
c. Explain the principles of a coding system and illustrate the use of codes.
d. Explain the meaning of cost segregation and cost estimation.
e. Explain the structure of a linear function and equation.
f. Separate cost into its fixed and variable components using the following cost segregationtechniques:
i. Scatter graph;
ii. High/low analysis; and
iii. Regression analysis.
g. Identify and use fixed, variable and semi-variable costs in cost analysis.
h. Analyse the effect of changing activity levels on unit costs.

3. Elements of cost 25%

(a) Accounting for inventory.

i. Define and state the basic classifications of inventory.

ii. Describe the procedure and documentation of inventory, with regard to:
 Ordering;
 Purchasing and control;
 Receiving;
 Stores planning;
 Re-ordering procedures and economic order quantity (EOQ);
 Issuing and valuation of inventory, using FIFO, LIFO, weighted average, standardcost and replacement cost; and
 Management and storage control, using bin cards and store ledgers.
iii. Explain and illustrate ABC analysis techniques, physical and continuousstocktaking.
iv. Explain just in time (JIT) production and purchasing.

(b) Accounting for labour

i. Explain job evaluation, merit rating, work study, methods study andwork measurement.
ii. Explain recording and monitoring procedures namely time-keepingand time-booking functions.
iii. State and explain the basic labour remuneration methods including time based systems, piecework systems, individual
and group incentives schemes.
iv. Explain treatments of overtime and idle time in labour costing.
v. Explain and prepare entries in payroll accounting.
vi. Explain the causes of labour turnover and ascertain the costs of labourturnover.

(c) Accounting for overheads

i. Explain the term overheads and state the components.
ii. Differentiate between overheads allocation and apportionment.

55
 iii. Explain overheads absorption.
iv. Explain and demonstrate the use of continuous apportionment.
v. Explain overheads absorption bases and compute overhead absorptionrates.
vi. Explain and illustrate the treatment of under- and over-absorption ofoverhead.
vii. Explain Activity-Based Costing (ABC).

4. Interlocking and integrated accounts 5%

a. Explain book keeping entries and ledger for interlocking systems.
b. Reconcile financial and cost accounting profits.
c. Explain and illustrate integrated accounting system.

5. Costing methods 15%

a. Explain and illustrate the following types of costing methods in relation tospecific order costing:
i. Job costing;
ii. Batch costing; and
iii. Contract costing.

b. Continuous operation costing

i. Prepare process account in order to determine the cost of a unit of output includingnormal loss, abnormal loss and
abnormal gain.
ii. Illustrate the concept of equivalent units and work-in-process.
iii. Differentiate between by-products and joints products and estimate their values atsplit-off points.

c. Service costing
Identify and illustrate appropriate unit cost measures that may be used indifferent service/operation situations.

6. Performance measurement 15%

a. Budgeting and budgetary control
i. Explain budgeting and budgetary control.
ii. State and explain types of budget including functional, cash, capital and master budgets.
iii. Describe the stages in the budgeting process.
iv. Prepare different types of budgets with emphasis on principal budget factor.
v. Differentiate between fixed and flexible budgeting.
vi. Explain zero-based budgeting.

b. Standard costing technique

i. Explain types of standards and bases of setting standards.
ii. Explain methods of determining standard cost and the uses of standard cost.
iii. Compute standard cost card.
iv. Compute basic variances including sales, materials, labour and overheads.
v. Compute standard ratios including activity, capacity and efficiency.
vi. Analyse causes of variances. vii.

7. Other costing techniques and decision-making tools 15%

a. Decision making
i. Prepare income statements under marginal and absorption costing methods.
ii. Explain the concept of relevant cost.
iii. Explain the concept of limiting factor.
iv. Prepare cost statements to support short term decision making, including make or buy,products mix, special order pricing, shut
down problems; etc.

b. Cost -Volume-Profit (CVP) analysis

i. Explain the concept of cost -volume-profit (CVP) analysis.
ii. Calculate break-even point, margin of safety and target profit for a single product.
iii. Prepare and explain break-even chart, using traditional, contribution and profit/ volumeapproaches.
iv. Provide a graphical presentation of simple CVP graphs, such as BEP and P/V graphs.
v. Compute contribution margin ratio (CMR), profit volume (P/V) ratio and
contribution/sales (CS) ratio.
vi. State the limitations of break-even analysis.

56
 c. Simple investment appraisal techniques
i. Explain and illustrate payback period without discounting techniques.
ii. Explain and illustrate discounted cash flow (DCF) techniques but limited to net present value (NPV).

8. Developments in cost accounting 5%

Explain the following costing related terms:
a. Just – in- time (JIT);
b. Kanban inventory control;
c. Backflush accounting;
d. Life cycle costing;
e. Target costing; and
f. Advanced Manufacturing Technique (AMT).

9. Cost reduction and control 5%

a. Explain the terms „cost reduction‟ and „cost control‟.
b. Explain cost reduction.
c. Differentiate between cost reduction with cost control.
d. Explain value analysis and value engineering.
e. Explain Organisation and Methods (O & M).
f. Explain work study and differentiate between method study and work measurement.
g. Explain cost audit.

57
 PAPER 11: TAXATION

1. Introduction to taxation 10%

a. Define tax
b. Explain the objectives of taxation.
c. Explain the principles of taxation.
d. Explain the classification of taxes.
e. Explain the sources of Nigerian tax laws.
f. Explain the basic concepts in taxation:
i. Tax base, tax yield, tax rate, tax incidence; and
ii. Tax burden, tax impact, tax shift and tax effect.
g. Differentiate between taxes and levies.
h. Explain multiplicity of taxes.
i. Explain tax amnesty in relation to voluntary assets and income declaration scheme (VAIDS) and voluntary offshore assets regularisation
scheme (VOARS).
j. Explain the objectives and policy guidelines of the National Tax Policy (NTP), 2017.

2. Administration of taxes 15%

a. Explain the composition, powers and duties of organs of tax administration:
i. Joint Tax Board (JTB);
ii. Federal Inland Revenue Service Board (FIRSB);
iii. State Board of Internal Revenue (SBIR);
iv. Joint State Revenue Committee ( JSRC);
v. Local Government Revenue Committee (LGRC);
iv. Technical Committees of the Boards; and
v. Tax Appeal Tribunal (TAT).
b. Identify taxes and levies imposed and collectible by each tier of government.
c. Explain the practical procedures for registration of taxpayers.
d. State the documents necessary for filing of tax returns with the relevant tax authorities.
e. Explain the filing of tax returns in respect of:
i. Individual taxpayers;
ii. Corporate taxpayers;
iii. Terms of payment; and
iv. Due dates of filings.
f. Explain the following types of assessment:
i. Self assessment;
ii. Best-of-judgement assessment (BOJ)/administrative assessment;
iii. Turnover assessment;
iv. Protective/jeopardy assessment;
v. Amended/additional assessment;
vi. Assessment based on dividend paid; and
vii. Back duty assessment.
g. Explain the collection and enforcement procedures of taxes.
h. Explain the penalties for late payment of taxes.
i. Explain the objections and appeal procedures.
j. Explain the composition of Tax Appeal Tribunal (TAT) and hearing before a TAT.
k. State the taxes and levies (approved list for collection).
l. Explain and differentiate between tax avoidance and tax evasion.
m. Explain the procedure for obtaining a tax clearance certificate (TCC).
n. State the following in respect of a tax clearance certificate (TCC):
i. Definition and contents;
ii. The conditions for granting TCC;
iii. Transactions for which a TCC is required;
iv. Application for a TCC;
v. Offences and penalties; and
vi. Problems of obtaining TCC.
o. Explain the fundamental principles of ethics as specified by the InternationalEthics Standards Board for Accountants (IESBA):

58
 i. Integrity;
ii. Objectivity;
iii Professional competence and due care;
iv. Confidentiality; and
v. Professional behavior.

3. Value added tax (VAT) and stamp duties 10%

a. Value added tax
i. Explain the nature, objectives, and administration of VAT.
ii. Explain the registration and deregistration of tax taxpayers for VAT. iii State the VAT threshold.
iv. Explain taxable persons, goods and services.
v. Prepare and file of VAT returns.
v. Explain when goods and services shall be deemed to be supplied in Nigeria.
vi. Explain time of supply.
vii. Explain exported services.
viii. State exempted goods and services.
ix. Identify vatable services rendered by financial institutions.
x. Identify income of financial institutions not liable to VAT.
xi. Explain zero-rated supplies.
xii. Explain input and output VAT.
xiii. Compute VAT liability and explain the treatment of opening and closing inventories.
xiv. Explain self-account provision for which VAT was not charged.
xv. Explain the treatment of VAT on sale and transfer of assets amongst related parties inbusiness reorganization and
restructuring.
xvi. Explain the treatment of VAT on property, plant and equipment purchased, as well asoperating expenses.
xvii. Explain the treatment of VAT on imported and exported goods and services.
xviii. Explain the obligations for records and account keeping, valid VAT invoice, as wellas preparation of VAT accounts.
xix. Explain the merits and demerits of VAT.
xx. Explain the process of VAT recovery.
xxi. State the offences and penalties associated with VAT.
xxii. Explain the composition and functions of the VAT Tribunal.
xxiii. Explain the procedure for VAT audit and investigation.

b. Stamp duties
i. Explain the nature, objectives and administration of stamp duties.
ii. Explain the forms of stamp duties and method of computation of [Link] the instruments and receipts liable to stamp duties.
iv. State the instruments exempted from stamp duties.
v. Identify the relevant tax authorities for collection.
vi. Explain the functions of the Commissioner for Stamp Duties.
vii. Explain the modes of denoting stamp duties.
viii. Explain when electronic documents are regarded as received in Nigeria.
ix. Explain duties on loans, credit facilities, and other agreements.
x. Explain electronic money transfer levy.

59
 xi. Explain duties on contracts.
xii. Explain the process of adjudication, the limits, and appeal procedures.
xiii. Explain the consequences for non- compliance with the provisions of the Stamp Duties Act Cap. S8 LFN 2004 (as amended).
4. Withholding tax (WHT), customs and excise duty, and luxury tax 5%
a. Withholding tax (WHT)
i. Explain the nature, objectives, and administration of WHT.
ii. Identify the relevant tax authority for collection of WHT.
iii. State the transactions subject to WHT, exemptions, and applicable rates.
iv. Explain the exemption of “sales in the ordinary course of business from WHT”, taking into consideration the judgement of Tax
Appeal Tribunal, Lagos, on November 30, 2020.
v. Explain the procedure for filing, contents of WHT return, and remittance torelevant tax authorities.
vi. Explain the treatment of withholding tax receipts/ credit notes.
vii. Explain the procedure relating to WHT refunds.
viii. Explain the merits and demerits of WHT refunds.
ix. Explain the penalty for late remittance and non-deduction of withholding taxfrom payments to third parties.

b. Customs and excise duties

i. Explain the nature, objectives, and administration of customs and excise duties.
ii. State the rates and basis of computation.
iii. Identify excisable items.
iv. Explain the provisions relating to the furnishing of information by manufacturersand keeping of goods.
v. Explain the offences and penalties.

c. Luxury tax
i. Explain luxury tax.
ii. Identify the relevant goods and services.
iii. State the applicable rate for each of the goods and services.
iv. Explain the benefits of taxation of luxury goods.

5. Personal income tax (PIT) 20%

a. Taxation of employment income
i. Explain employment income.
ii. State taxable persons under the enabling Act.
iii. Explain and differentiate between contract of employment and contract for employment.
iv. Differentiate between types of employment:
 Nigerian employment; and
 Foreign employment.
v. Identify the relevant tax authorities.

60
 vi. Explain the importance of residence of a taxpayer.
vii. Explain itinerant worker.
viii. Explain registration of employees for Pay-As-You –Earn (PAYE).
ix. Explain the operation of PAYE.
x. Explain filing of annual returns by employers in respect of emoluments paid toemployees in the preceding year.
xi. Explain the basis of assessment of an employee.
xii. Explain the exemption of minimum wage earners from the payment of personalincome tax.
xiii. Identify the incomes chargeable as well as allowable and non allowable expenses.
xiv. Explain the general provisions relating to valuation of benefits-in kind (BIK).
xv. Compute gross emoluments/ total income.
xvi. Identify tax exempt deductions.
xvii. Compute gross income.
xviii. Compute consolidated relief allowance (CRA).
xix. Compute chargeable income.
xx. Compute personal income tax payable.
xxi. Compute minimum tax payable.
xxii. State the offences and penalties payable.

b. Taxation of investment income

i. Explain franked investment income.
ii. Explain the basis of assessment.
iii. Identify allowable and non-allowable expenses.
iv. Compute rental income chargeable to tax on property.
v. Explain the tax implications on dividends and interests.

c. Taxation of sole traders /self employed individuals

i. Explain badges of trade, trade and profession.
ii. Explain the basis of assessment.
iii. Identify taxable and non- taxable income.
iv. Identify allowable and non-allowable expenses.
v. Ascertain adjusted profit/(loss).
vi. Explain the rules for commencement, change of accounting date and cessation ofbusiness.
vii. Explain the treatment of losses.
viii. Identify qualifying capital expenditure.
ix. Compute capital allowances.
x. Compute balancing adjustments on disposal of qualifying capital expenditure.
xi. Explain the treatment of capital allowances for small companies.
xii. Identify tax exempt deductions.
xiii. Compute gross income.
xiv. Compute consolidated relief allowance (CRA).
xv. Compute chargeable income.
xvi. Compute personal income tax payable.
xvii. Compute minimum tax payable.
xviii. State the offences and penalties.

61
 d. Taxation of partners in partnerships
i. Explain partnership.
ii. State the relevant tax office.
iii. Explain the basis of assessment.
iv. Explain the treatments of admission and retirement of partners, as well as theamalgamation of partnerships.
v. Explain tax treatment of conversion of a partnership to a limited liability company.
vi. Explain the rules of commencement and cessation relating to partnership income.
vii. Identify allowable and non allowable expenses.
viii. Compute the income of a partnership business.
ix. Explain the treatment of partnership loss.
x. Compute capital allowances and explain its treatment in the taxation of partnershipbusiness.
xi. Ascertain the computed income of the partners.
xii. Identify the tax exempt deductions.
xiii. Compute the gross income.
xiv. Compute the consolidated relief allowance (CRA).
xv. Compute the chargeable income of partners.
xvi. Compute the personal income tax payable
xvii. Explain taxation of limited liability partnership income.

e. Taxation of trusts, settlements and estates

i. Define trust, settlement and estate.
ii. Identify persons chargeable.
iii. Identify the relevant tax authority.
iv. Explain what constitutes significant economic presence of a non-resident individual,
executor, or trustee.
v. Explain the basis of assessment.
vi. Identify and explain allowable and non-allowable expenses.
vii. Determine income from trust, settlement, and estate.
viii. Ascertain computed income.
ix. Compute income liable to tax in the hands of beneficiaries and trustees.
x. State and explain offences and penalties.

6. Companies income tax (CIT) 20%

a Define small, medium-sized and large companies.
b State persons chargeable to CIT.
c Identify taxable and non- taxable income.
d Identify allowable and non – allowable expenses.
e Explain the treatment of expenses incurred in deriving tax exempt income.
f Define gross turnover.
g Compute adjusted/ assessable profit.
h Explain the rules of commencement, change of accounting date and cessation of business.
i Explain the bases of assessment.
j Explain the treatment of losses.
k Identify qualifying capital expenditure.
l State the rates and conditions for granting capital allowances.

62
 m Compute capital allowances.
n Explain rural investment allowance.
o. Explain local plants and fabrication of spare parts.
p. Explain the restriction on capital allowances, including those of small companies
q Compute total profit.
r Compute companies income tax by applying the applicable rates of tax to the total profit.
s Compute companies income tax, using other bases, such as dividend and gross turnover
t Compute minimum tax.
u Explain the exemption of small companies from the payment of CIT.

7. Taxation of specialised businesses 5%

a Explain the taxation of enterprises in free trade zones.

b Explain the tax provisions relating to agricultural business and primary agricultural
production.
c Explain the taxation of foreign air and sea transport companies.
d Explain the taxation of foreign companies engaged in cable undertakings
(telecommunications).
e Explain the taxation of banks and insurance businesses.
f Explain the taxation of authorised unit trust scheme.
g Explain the tax provisions of the Nigerian Information Technology Development Act
(NITDA), 2007 (as amended).
h Explain the tax provisions relating to real estate investment companies which are
approved by the Securities and Exchange Commission under the relevant provisions of realestate investment scheme (REIS).

i. Explain the tax implications of the operation of regulated securities lending transactions in
Nigeria.
j. Explain the provisions of the National Agency for Science and Engineering Infrastructure
(NASENI) Act, 1992, as they relate to taxation add as amended by Finance Act.
k. Identify the legal basis for the taxation of non-governmental organisations (NGOs) inNigeria as well as other obligations and
exemptions as specified under the relevant tax
legislations.

l Explain the provisions of the Nigerian Police Trust Fund (Establishment) Act, 2019, as
they related to 0.005% of the net profits of companies operating in Nigeria.
m Define and explain e-commerce and e-business.
n Differentiate between e-commerce and e-business.
o Explain the CIT, VAT and WHT implications on e-commerce.

8. Tertiary education tax (TET) 5%

a. Explain the management and administration of the tertiary education trust fund (TET fund).
b. Explain the composition and functions of the Board of Trustees.
c. Explain the exemption of small companies from the payment of TET.
d. Explain the imposition, assessment and collection of tax.
e. Explain the allocation and distribution of the tax amongst different tiers of government.
f. Compute tertiary education tax.
g. State the offences and penalties.

63
9. Capital gains tax (CGT) 5%
a. Explain the nature, objectives and administration of capital gains tax.
b. Identify the relevant tax authority.
c. Explain the treatment of compensation for loss of office.
d. Explain the responsibility of a taxpayer relating to the remittance of capital gains tax in respect of compensation for loss of office.
e. Explain the conditions that must be met before assets transferred or sold in business reorganisation and restructuring are exempted from
capital gains tax.
f. Explain how the gains accruing to a person from disposal by it of Nigerian government securities, and shares of any Nigerian company
registered under the Companies and Allied Mtters Act, shall be treated for tax purposes.
g. Explain the allowable and disallowable expenses.
h. Identify exempt chargeable gains.
i. Explain artificial and fictitious transactions.
j. Explain roll-over relief.
k. Compute chargeable gains tax.
l. Explain the offences and penalties.

10. Application of information technology in taxation 5%

a. Explain computer applications for tax planning, computations andadministration, for example, web portals.

b. Explain the key features of integrated tax administration system (ITAs) of FederalInland Revenue Service (FIRS) which include:
i. Electronic registration of a taxpayer with the FIRS and validation of taxidentification number (TIN);
ii. Online submission of tax returns;
iii. Electronic tax payment to FIRS;
iv. Processing of electronic tax clearance certificate (TCC); and
v. Automated filing and collection system of value added tax (VAT) as it relates tobranded shops, super shops, supermarkets and
standard restaurants.

c. Explain excel payroll software template for the computations of employees tax.

64
Paper 12: MANAGEMENT

Contents
1. Nature of business 14%
(a) Introduction to business:
i. Define and explain business.
ii. Explain the need for business.
iii. Explain the resources of business.
iv. Explain the objectives of business.
v. Explain the classification of business.
vi. Explain the reasons for business failure.
vii. Explain the importance of profit in business.
viii. Explain the requirements for success in modern business.
ix. Explain general qualities of a good businessman.
x. Explain legal forms of business ownership.
xi. Explain business stakeholders and their expectations from business.

(b) Business environment.

i. Define and explain the term business environment.
ii. Explain the classification of the organization environment:
 The general environment;
 The task environment; and
 The internal environment.
iii. Explain the major forces in the above three environments with special analysisof the changes in the external environment.
iv. Explain the major techniques that organisations adopt to interact effectively with its
environment.

c) Corporate social responsibility, business ethics, and corporate governance.

i. Explain the nature of social responsibility.
ii. Explain the dynamics of social responsibility.
iii. Identify the reasons for and against corporate social responsibility.
iv. Explain business ethics.
v. Explain ethical issues in business and why some managers behave unethically.
vi. Explain the guidelines for ethical compliance.
vii. Explain ethical practices peculiar to accounting profession.
viii. State possible sanctions for breach of ethical compliance in accounting profession.
ix. Explain corporate governance.
x. State the benefits of corporate governance.
xi. Explain the pre-requisite of effective corporate governance in Nigeria.
xii. Explain the problems of corporate governance in Nigeria.
xiii. Explain the codes of best practices in corporate governance in Nigeria, compliance, effects and sanctions.

65
2. Management theories and thoughts 14%
a. Define management.
b. Explain the nature, objectives and purpose of management.
c. Explain management as a technique, process, discipline, and profession.
d. Explain management functions, levels, skills and roles.
e. Explain management as an art or science.
f. Explain the universality and transferability of management.
g. Explain measures of managerial performance, productivity, effectiveness andefficiency.
h. Explain the following managerial trends:
i. Globalisation.
ii. The growing importance of quality;
iii. Environmentalism;
iv. The growing diversity of workforce; and
v. Ethical reawakening.
i. The school of management thoughts.
i. Explain the pre-classical thoughts.
ii. Explain the classical thoughts.
iii. Explain the behaviourals thoughts.
iv. Explain the quantitative management schools /operation research/ managementscience approach.
v. Explain the contemporary approaches to management thoughts.
vi. Explain the recent/emerging management thoughts.
3. Management process 16%
a. Planning
i. Define planning.
ii. Explain the meaning, principles and importance.
iii. Explain the dimensions/types of plans.
iv. Explain planning process/steps.
v. Explain the levels of plans, benefits, tools and barriers to effective planning.

b. Decision making
i. Explain decision making.
ii. State and explain the characteristics of decisions, types and process of decision making.
iii. Explain the decision making situations and models.
iv. State and explain the factors that affect decision making in groups.
c. Organising

66
 i. Define organising.
ii. Explain the meaning, nature, purpose and principles of organization.
iii. State and explain the characteristics of organisations.
iv. Explain the classifications of organisations.
v. Explain the factors influencing management choice of organisational structure.
vi. Explain the consequences of badly designed organisational structure.
vii. State and explain the types or forms of organizational structure.
viii. Explain delegation of authority.
ix. Explain span of control and concept of organisational culture.
x. Explain centralisation and decentralisation of authority.
d. Coordination
i. Define Coordination.
ii. Explain the meaning of coordination and state types of coordination.
iii. Explain the need and objectives of coordination.
iv. Explain the techniques of coordination.

e. Controlling
i. Define controlling.
ii. Explain the meaning, purpose/importance of controlling.
iii. Explain the link between planning and control.
iv. Explain areas/types of control and the process of controlling.
v. State and explain the characteristics of effective control system.
vi. State the characteristics of effective control system.

f. Strategic management
i. Define strategic management.
ii. Explain the meaning of strategy.
iii. Explain the purpose of strategic management.
iv. Explain strategic management process.
v. Explain SWOT analysis.
vi. Explain levels of strategic management.
vii. Differentiate between corporate and divisional strategies.

(4) Organic business functions 15%

a. Human resources management.
i. Define human resources management.
ii. Explain the meaning of human resources management.
iii. State and explain the components of human resources management.
iv. Explain the functions of human resources management .
v. Explain human resources planning and its processes.
vi. Explain recruitment, selection and placement.

67
 vii. Explain job analysis, job design and job specification.
viii. Explain training and development.
ix. Explain performance appraisal.
x. Identify methods and the criteria for effective performance appraisal.
xi. Explain wage and salary administration.
xii. Identify and explain components of wage and salary.
xiii. Explain the objectives of wage and salary administration.
xiv. Explain the principles of wage and salary administration.
xv. Identify the components of wage and salary administration.
xvi. Explain employee discipline: meaning and its features.
xvii. Explain the objectives of discipline and causes of indiscipline in anorganisation.
xviii. Explain industrial and labour relations.
xix. Explain collective bargaining.
xx. Identify the grievance and dispute settlement procedures in an organisation.

b. Production function
i. Define production.
ii. State the objectives of production.
iii. Define production management.
iv. State factors to consider in plant location.
v. State and explain the functions of production management.
vi. Define plant layout.
vii. State the objectives of plant layout.
viii. State the principles of plant layout.
ix. State the factors that can influence plant layout.
x. Explain production systems and their features.
c. Marketing function:
i. Define marketing.
ii. Explain the evolution of marketing management.
iii. State and explain the functions of marketing.
iv. Explain marketing segmentation.
v. State and explain marketing mix using the 4Ps of marketing.
vi. Explain the extended 7Ps of marketing.

d. Finance and accounting functions.

i. Explain the meaning of finance.
ii. Explain the meaning of financial markets.
iii. Explain money market.
iv. Explain capital market.

68
 v. Explain the role of participants in the money market.
vi. Explain the capital market.
vii. State and explain the functions of money and capital markets.
viii. Explain the purpose and importance of accounting function.
ix. Explain the structure of an accounting department in a typicalorganisation.

(5) Managing of work relationships. 16%

a. Motivation.
i. Define motivation.
ii. Explain types of motivation.
iii. Explain factors affecting motivation.
iv. Explain the motivation theories.
v. Explain the techniques for motivating employees.
b. Leadership
i. Define leadership.
ii. Explain the functions of a leader;
iii. Explain the leadership styles.
iv. Explain the qualities of an effective leader.
v. State and explain types of leaders.

c. Groups
i. Define groups.
ii. Explain type of groups.
iii. Define teams.
iv. Compare groups with teams.
v. Explain the process of group development.

d. Conflict management
i. Define conflict management.
ii. Explain types, development and sources of conflict.
iii. Explain conflict outcomes and conflict management.

e. Explain work place attitude.

f. Explain the features of work attitude that assures good performance.

g. Communication
i. Define communication.
ii. Explain communication process, types of communication and patternsof organisational communication.

69
 iii. Explain functions of communication.
iv. Explain principles of effective communication.
v. Explain barriers to effective communication and how to overcome thebarriers.

h. Emotional intelligence.
i. Explain Emotional intelligence.
ii. Identify and explain the five major features or elements of emotionalIntelligence.
iii. Explain the importance of emotional intelligence in employee‟s performance and
career development.

i. Management of change:
i. Define management of change.
ii. Explain the nature and meaning of organisational change;
iii. Explain forces of organizational change.
iv. Explain the reasons for resistance to change.
v. Explain how to reduce resistance to change.

(6) Business process re-

engineering
8%
a. Explain business process re-engineering (BPR).
b. State the objectives of BPR.
c. Explain how to implement BPR.
d. State and explain the objectives of BPR.
e. State and explain the benefits of BPR.

(7) Organisational
effectiveness
7%
a. Define organisational effectiveness.
b. Explain the approaches of organisational effectiveness.
c. Explain the existing models of organisational effectiveness.

(8) Office practice and procedure, health and

safety.
10%
a. Explain the meaning of an office.
b. Explain the functions of an office.
c. Identify the types of an office.
d. Explain office planning and layout.
e. Explain office machines and furniture.
f. Explain organisation and methods.
g. Explain forms of designing and control.
h. Explain information technology application in management.
i. Explain health and safety regulation.
i. Explain importance, health and safety regulations.
ii. Explain sources of danger to health within the workplace.
iii. Explain the safety and protection methods in an office setting.