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INSIGHT
FOREWORD
This issue of INSIGHT is published principally, in response to a growing
demand, as an aid to:
(i)
(ii)
(iii)
(iv)
The answers provided in this book do not exhaust all possible alternative
approaches to solving the questions. Efforts have been made to use methods,
which will save much of the scarce examination time.
It is hoped that the suggested answers will prove to be of tremendous
assistance to students and those who assist them in their preparations for the
Institutes Examinations.
NOTE
Although these suggested solutions have been published under the
Institutes name, they do not represent the views of the Council of the
Institute. They are entirely the responsibility of their authors and the
Institute will not enter into any correspondence about them.
INSIGHT
CONTENTS
PAGE
ECONOMICS
BUSINESS LAW
COMMUNICATION SKILLS
INSIGHT
AT/101/PI.1
EXAMINATION NO:
2.
3.
Motor Vehicles
Cash at bank
Creditors
Machinery
Stock.
N
200
17,000
40,000
6,000
8,000
A.
B.
C.
D.
N71,200
N57,000
N57,200
N43,200
INSIGHT
4.
E.
N71,000.
In club Accounts, surplus is determined in the ...................
A.
B.
C.
D.
E.
5.
6.
Balance sheet
Nominal Account
Suspense Account
Profit and loss Account
Capital Account.
If the cash float is N2,000 and N1,460 is disbursed during the period, how much
will be re-imbursed at the end of the period based on the Imprest system?
A.
B.
C.
D.
E.
9.
Le59,000
Le56,500
Le14,500
Le11,500
Le26,000.
When the Trial Balance totals do not agree the difference is recorded in
the .......................
A.
B.
C.
D.
E.
8.
Pay-in-slip
Cheque book
Cash book
Invoice
Pass book.
Given opening debtors of Le11,500 credit sales Le48,000 and Receipts from
debtors Le45,000. What is the closing debtors balance?
A.
B.
C.
D.
E.
7.
Production Account
Balance Sheet
Income and Loss Account
Profit and Loss Account
Income and Expenditure Account.
N3,460
N1,460
N2,000
N540
N2,540.
INSIGHT
A.
B.
C.
D.
E.
10.
part of the cost of the fixed assets consumed during its period of use
amount spent to buy fixed asset
salvage value of a fixed asset
amount of the money spent in replacing assets
residual value of a fixed asset.
Remittance
Ledger
Systems
Original Entry
Transaction.
PART II
1.
2.
The double entry principle stipulates that every ................. entry requires a
corresponding ..................... entry.
3.
4.
5.
The assumption that a business will continue to operate for the foreseeable future
is ......................
6.
The records of original entry through which transactions are recorded in special
books of account is ......................
7.
8.
9.
10.
11.
12.
Basic pay plus allowances less all deductions (statutory and otherwise)
is ..........................
...............
INSIGHT
13.
14.
15.
If after issuance of an invoice a seller discovers the buyer had been under-billed,
the seller may raise a .................... for the difference.
16.
A provision for doubtful debts is shown as a ................... from the debtors in the
Balance Sheet.
17.
18.
Stock
4,000
Debtors
5,000
Creditors
3,000
Unpaid wages
500
Prepayments
1,000
A computer printout is also known as ...........................
19.
20.
21.
22.
23.
24.
25.
Small cash payments for expenses are settled from the .........................
26.
27.
28.
and
INSIGHT
29.
30.
The common name given to Trading and Profit and Loss Account and Balance
Sheet is ....................
Money measurement
Marks)
(ii)
Matching
(iii)Periodicity
(5
(5 Marks)
(5 Marks)
(Total 15 Marks)
QUESTION 2
(a)
(4 Marks)
(b)
(4 Marks)
(c)
The following data were extracted from the Payroll of Koto Beach Supermarket
for the month of March 2008.
Gross Pay
Deductions:
Loans repayment
Staff Pension (AICOL)
PAYE (Relevant Tax Authority
Staff Cooperatives
Trade Unions
NET PAY
12,580,750.50
178,000.00
120,000.00
78,650.50
68,250.00
32,500.00
477,400.50
12,103,350.00
You are required to prepare necessary journal entries to record the above data in detail.
(7
Marks)
(Total 15 Marks)
QUESTION 3
Mr. Traore commenced business on 1 January 2007 the following are his transactions for
the six months ended on 30 June 2007.
INSIGHT
i.
ii.
1/1/07
1/2/07
QUESTION 4
Maleaf Daniels Cash book showed a debit balance of L$17,900 on the 31 March 2007.
A careful examination of the cash book with the bank statement showed the following
differences.
(i)
(ii)
(iii)
The bank had debited his account with bank charges of L$5,100.
Internet charge was L$16,400.
Cheques credited in the cash book not yet present for payment
L$172,450.
(iv)
ATM charges to his bank account was L$100.00
(v)
The sum of L$23,900 has been credited to his account as interest on
his
deposit account.
(vi)
Mr Kosu, his customer has been issued with a cheque for the sum of
L$15,120. The cheque has not been paid by his bank.
You are required to:
(a)
Show the adjusted cash book balance.
(8 Marks)
(b)
Reconcile the adjusted cash book balance showing the correct amount
which
should appear on the Bank Statement.
(7 Marks)
(Total 15 Marks)
QUESTION 5
The Accountant provided the following details for James Patrick retail shop for the year
ended 31 December 2007 as he did not keep proper records:
INSIGHT
(i)
Goods were mainly sold on credit. There was no record of sales. However
N500,000 had been received from persons to whom goods have been sold. The
N500,000 comprises cheque N475,000 and cash N25,000.
(ii)
(iii)
Expenses paid during the year by cheque: Rent N10,000 General expenses
N9,000. Rent by cash N2,500.
(iv)
James Patrick took N500 cash every week for 52 weeks as drawings. He also
took goods worth N13,000 during the year for private purposes.
(v)
Debtors
Trade creditors
Outstanding rent
Cash in Bank
Cash on hand
Stock
(vi)
At 31/12/2006
At 31/12/2007
N
N
55,000
66,000
20,000
32,500
2,500
56,500
152,500
4,000
500
79,500
85,000
The only fixed asset consists of furniture which was valued at N40,000 as at 31
December 2006. This should be depreciated at 10% per annum.
You are required to determine the following:
(4 Marks)
(5 Marks)
(5 Marks)
Proprietors drawings.
(1 Mark)
INSIGHT
QUESTION 6
Obosi Industries are into the manufacturing of Lantern bulbs. The following balances
were extracted from the accounts for the year ended 31 December 2007.
Raw Materials
Chemical mixtures used in packaging
Wages paid to production staff
Carriage on chemicals and other raw materials
Discount Allowed
Salaries
Opening Stock:
Raw materials
Work in progress
Finished Goods
Plants & Machinery
Factory warehouse expenses
Electricity expenses
Provision for bad debts
Sales
Printing and Stationery
Insurance expenses
(i)
Additional information
Closing Stock:
Raw materials
Work in Progress
Finished Goods
Le
850,000
120,000
122,000
50,000
10,500
82,000
190,000
210,000
180,000
900,000
75,000
62,500
45,000
2,150,000
60,000
160,000
250,000
150,000
285,000
iv)
INSIGHT
2.
3.
4.
5.
6.
7.
8.
9.
10.
2.
Debit; Credit
3.
Accounting
4.
5.
Going Concern
6.
7.
8.
9.
Credit
INSIGHT
10.
Current liability
11.
Revenue expense
12.
Net pay
13.
Production/Manufacturing cost
14.
Credit sale
15.
Debit note
16.
Deduction
17.
6,500
18.
19.
Cash
20.
Drawings
21.
Statement of affairs
22.
Drawer, Drawee
23.
Stale
24.
Dr
25.
Petty cash
26.
Suppliers/Trade creditors/Payables
27.
28.
29.
Capital expenditure
30.
Purchases Account
Cr
Cash Account
INSIGHT
Workings Multiple Choice questions
Q3
Determination of capital
Assets
Stock
Cash
Premises
Deduct liabilities
Creditors
Loan (Abel)
N
6,000
8,000
N
17,000
200
40,000
57,200
14,000
43,200
Q6
Q8
Reimbursement of float
Float amount
Deduct amount spent
Cash balance
Amount reimbursed
New float
N
2,000
1,460
540
1,460
2,000
=
Current liabilities = creditors 3,000 unpaid wages 500 =
3,500
6,500
Working capital
Q28
Profit/Loss determination
Opening capital
Profit/ (Loss)
Drawings
Closing capital
10,000
$
16,500
(1,850)
14,650
3,300
11,350
INSIGHT
SECTION B
SOLUTION 1
(i)
(ii)
Matching concept
This concept states that for any accounting period the earned revenue and all the
costs incurred in generating the revenue must be matched and reported in the
same period. For example revenue from sales must be matched by the cost of the
goods sold as expense in the same period.
One significance of this concept is that it makes possible a correct assessment of
the result (profit or loss) of the organisation and of its balance sheet values.
(iii)
Periodicity concept
Here, the activities of a business organisation are assumed to be divided into
accounting periods (usually one year) and accounts are prepared in accordance
with these periodic activities. For example a period of account may be from July
1, 2008 to June 30 2009. One significance of this concept is that the performance
and financial condition of the undertaking can be related to a specified period of
time and can be quickly evaluated as and when required by users of accounting
information.
EXAMINERS COMMENT
The question tested three of the age long fundamental concepts that form the basis for
preparation of accounts by accountants worldwide. Candidates are expected to be very
familiar with these concepts particularly at this foundation level. There is clear evidence
that candidates are yet to grasp these concepts as majority of them did not attempt the
question and those that did were writing on things that are totally out of point. Not more
than 30% of the candidates attempted the question. The performance is generally poor.
SOLUTION 2
(a)
Contents of a payroll statement
- Names of the staff
- Department of each staff
INSIGHT
-
(b)
(c)
Gross pay
Loan repayment
Staff pension
PAYE
Staff coop
Trade unions
Salary payable control account
Being details of staff salaries with various deductions
for March 2008
Loan repayment
Staff pension AICOL
PAYE (Relevant Tax Authority)
Staff Coop
Trade Unions
Salaries payable control account
Bank
Being payment of staff salaries and deductions for
the month of March 2008
DR
N
12,580,750.50
CR
N
178,000.00
120,000.00
78,650.50
68,250.00
32,500.00
12,103,350.00
178,000.00
120,000.00
78,650.50
68,250.00
32,500.00
12,103,350.00
12,580,750.50
EXAMINERS COMMENT
This question examined candidates understanding of the concept of payroll preparation
and accounting. This is an important area where candidates at this level should operate in
their various establishments. Candidates should endeavour to know not only the how of
INSIGHT
any accounting preparation, but the why of it as well. Many candidates failed to
explain the advantages of preparing the payroll i.e. its usefulness to the organisation and
other users of the accounting information. The submission of some of the candidates
showed that they do not have the slightest idea of the journal preparation in payroll
procedure. Not less than 70% of candidates attempted the question many of whom
scored below average.
SECTION B
SOLUTION 3
Mr. Traores books
Capital account
12/5/07
N
600,000
_______
600,000
Bal c/f
1/1/07
cash account
1/7/07
Bal b/f
N
600,000
______
600,000
600,000
1/7/07
Camara motors
Bal b/f
N
100,00
0
______
100,00
0
100,00
0
30/6/07
Bal c/f
N
100,000
_______
100,000
Cash account
Bal c/f
N
30,000
70,000
100,000
1/2/07
N
100,000
______
100,000
Land account
1/3/07
Cash account
N
50,000
______
50,000
30/6/07
Bal b/f
N
50,000
______
50,000
INSIGHT
1/7/07
Bal b/f
50,000
INSIGHT
15/3/07
Cash
1/7/07
Bal b/f
Bal c/f
N
40,000
______
40,000
Purchases account
30/4/07
1/7/07
Bal b/f
N
100,000
_______
100,000
100,000
N
100,000
_______
100,000
N
100,000
_______
100,000
Cash
Bal b/f
N
100,000
______
100,000
100,000
Sales account
N
10,000
_____
10,000
N
10,000
______
10,000
1/7/07
30/6/07
N
10,000
Bal b/f
______
10,000
10,000
Bal c/f
Sales account
N
130,000 12/5/07
12/5/07
________ 28/6/07
130,000
1/7/07
N
10,000
______
10,000
Cash account
Dodo Idodo a/c
Cash account
Bal b/f
N
50,000
10,000
70,000
130,000
130,000
INSIGHT
Cash account
1/7/07
12/5/07
28/6/07
1/7/07
N
600,000
50,000
70,000
720,000
_______
720,000
600,000
Sales account
Sales account
Bal b/f
1/2/07
1/3/07
15/3/07
30/6/07
Bal c/f
N
30,000
50,000
40,000
120,000
600,000
720,000
EXAMINERS COMMENT
This question tests candidates understanding of basic double entry ledger postings. As
expected, close to 85% of the candidates attempted the question. Though many appeared
to understand the requirements of the question but their presentation showed lack of
organisation and coherence. Many opened several ledger accounts for the same account
(e.g. cash account for every postings to the cash book, instead of a single cash account,
several purchases accounts, etc). Many made a complete reversal of the double entry
postings, debiting items that should be credited and vice versa. A few very experienced
candidates scored very high marks. Candidates are advised to familiarize themselves
with the solutions in the INSIGHT.
SOLUTION 4
MALEAF DANIEL
(a)
31/3/07
31/3/07
1/4/07
Balance b/f
Interest on
deposit
Bal b/d
L$
16,400
5,100
100
20,200
41,800
L$
20,200
172,450
15,120
187,570
207,770
INSIGHT
EXAMINERS COMMENT
This is a familiar topic to most candidates. As expected, almost all the candidates
attempted the question and did well. However, a few failed to head the statement
correctly (Bank reconciliation Statement AS AT ). Many also wrongly treated the
cheque issued to Mr. Kosu (L$15,120) as uncredited cheque.
SOLUTION 5
JACK PATRICK RETAIL SHOP
(I)
Furniture
Stock
Debtors
Bank
Cash
Less creditors
Capital
(ii)
Sales
Debtors 31/12/07
Receipts during the year
Less debtors 31/12/06
N
66,000
500,000
566,000
55,000
511,000
5 marks
(iii)
Purchases
Creditors 31/12/07
Payments during the year
Less creditors 31/12/06
Less goods taken
N
32,500
360,000
392,500
20,000
372,500
13,000
359,500
(iv)
Proprietors drawings
Cash N(500 x 52)
Goods
N
26,000
13,000
39,000
INSIGHT
EXAMINERS COMMENT
The question seeks to test candidates ability to prepare basic statements from incomplete
records in order to derive some key figures for the preparation of periodic financial
statements. Though the question is simple and straight forward, yet most candidates
avoided it. Candidates also wasted their precious time preparing final accounts that were
not required by the question. Candidates appeared not to have fully grasped the
preparation of debtors and creditors control accounts and some of the entries were
completely reversed. Candidates should endeavour to study the suggested solutions in
the INSIGHT.
SOLUTION 6
OBOSI INDUSTRIES
MANUFACTURING, TRADING AND PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31ST DECEMBER 2007
Le
Sales
Opening stock Raw Materials
Purchases
Chemical mixture
Carriage
Less closing stock
Wages
Prime cost
Depreciation Plant & Machinery
Factory warehouse expenses
Electricity (80% x 62,500)
Insurance (160,000 32,000 x 60%)
Opening work in progress
Less closing work in progress
Cost of manufacture
Opening stock of finished goods
Le
Le
Le
2,150,000
190,000
850,000
120,000
50,000
170,000
1,210,000
250,000
180,000
75,000
50,000
76,800
210,000
150,000
960,000
122,000
1,082,000
381,800
1,463,800
60,000
1,523,800
180,000
1,703,800
285,000
10,500
82,000
45,000
60,000
51,200
12,500
1,418,800
731,200
261,200
470,000
INSIGHT
EXAMINERS COMMENT
This is a familiar area to most candidates and so it is not surprising that over 90% of the
candidates attempted the question and did well. However, many candidates did not
follow a proper order of presentation of the Manufacturing, Trading and Profit and Loss
account and in the process lost very valuable marks. The general performance in the
question is above average.
INSIGHT
AT/101/PI.2
EXAMINATION NO:
Central planning
Roundabout production
Markets and prices
Barter
Double coincidence of wants.
4.
Microeconomics
Macroeconomics
Positive economics
Normative economics
Political economy.
To decide how to use its scarce resources to satisfy human wants, pure capitalism
relies on ............................
A.
B.
C.
D.
E.
3.
When we look at the whole economy or its major aggregates, our analysis would
be at the level of ...........................
A.
B.
C.
D.
E.
2.
INSIGHT
D. United Kingdom
E. Germany.
5.
6.
7.
The International financial Institution that gives loans to member countries for
the purpose of poverty eradication and development is
the .......................................
A.
B.
C.
D.
E.
8.
9.
INSIGHT
D. either increase or decrease
E. be progressive
10.
PART II
frictional unemployment
structural unemployment
cyclical unemployment
disguised unemployment
seasonal unemployment
1.
2.
The study of the activities of individual firms, industries and consumers is the
subject matter of which aspect of economics?
3.
When value judgements are made about the economy or economic policy, this is
called ........................... economics.
4.
Both consumption and savings are ...................... related to the level of disposal income.
5.
The total value of all incomes earned by factors of production during a year is
known as the .......................
6.
7.
8.
The International financial institution that was responsible for the easy exchange
of currencies of one country to another is the ...........................
9.
10.
INSIGHT
11.
If a country has a deficit in its balance of trade, then the total value of its exports of
goods is ................................ than that of its imports of goods.
12.
The type of unemployment which refers to those who are out of work due to
reasons of physical and mental disabilities is referred to as .............................
13.
14.
15.
16.
17.
The spread and certainty with which an asset can be converted into cash/money is
referred to as ............................
18.
The interest rate charged by the Central Bank when the commercial
want to borrow is ...........................
banks
19.
The horizontal part of the total demand for money curve is called ...........................
20.
A study shows that the coefficient of the cross elasticity of demand for commodity
x with respect to the price of commodity y is negative. This indicates that x and y
are ..........................
21.
A market in which there are many sellers, all producing goods which are similar
but capable of being differentiated by customers is called .........................
22.
The producer of a commodity can shift the entire burden of an indirect tax to the
final consumers if demand for the commodity is ..........................
23.
24.
All government spending on assets that yield a flow of services over a period of
time is called ...............................
25.
In the long run, easy entry and exit of firms will result in monopolistic competitors
earning ............................. profit.
26.
INSIGHT
27.
The national currency of another country that is required to carry out international
transactions is called ............................
28.
A sustained increase in a countrys real GDP and per capital real GDP is
called .........................
29.
(12 Marks)
(b)
Describe the general rule for profit maximisation for the perfectly completive
firms.
(3 Marks)
(Total 15 Marks)
QUESTION 2
(a)
(b)
(c)
Calculate the own price elasticity of demand when the price of the product
increases from 500 to 700 .
(4 Mark)
(iii)
INSIGHT
QUESTION 3
(a)
(3 Marks)
You are given the following hypothetical cost schedule in Naira(N) of a firm in
the short run.
Output
Q
0
1
2
3
4
5
6
7
8
9
10
Total
Fixed
cost
TFC
100
100
100
100
100
100
100
100
100
100
100
Total
Variable
Cost
TVC
0
90
170
240
300
370
450
540
650
780
930
Total
Cost
TC
(i)
190
270
(ii)
400
470
(iii)
640
750
(iv)
1030
Average
Fixed
Cost
AFC
(v)
50
33.33
(vi)
20
16.67
(vii)
12.5
11.11
(viii)
Average
variable
Cost
AVC
(ix)
85
(x)
75
75
(xi)
77.14
81.25
(xii)
93
Average
Total Marginal
Cost
Cost
ATC
MC
190
(xvii)
(xiii)
80
113.33
70
100.0
(xviii)
(xiv)
70
91.76
80
91.43
(xix)
(xv)
110
97.78
(xx)
(xvi)
150
(b)
(10 Marks)
(c)
SECTION C MACROECONOMICS
QUESTION 4
(a)
(b)
Explain any FIVE measures that can be used to control inflation in your
country.
(10 Marks)
(Total 15 Marks)
QUESTION 5
(a)
(b)
(c)
(3 Marks)
(Total 15 Marks)
INSIGHT
QUESTION 6
Explain any FIVE reasons for the imposition of taxes on individuals and economic
activities in your country.
(15 Marks)
2.
3.
4.
5.
6.
7.
8.
9.
10.
Privately
2.
Microeconomics
3.
Normative economics
4.
0.2
5.
Directly/positively
6.
National income
7.
Capital
INSIGHT
8.
Exchange rate
9.
10.
Economic rent
11.
Public corporation
12.
Less/lower
13.
Residual unemployment
14.
A development plan
15.
Demand schedule
16.
Inferior goods
17.
Utils
18.
Liquidity
19.
20.
Liquidity trap
21.
Complementary goods
22.
Monopolistic competition
23.
Perfectly inelastic
24.
Fiscal policy
25.
Capital expenditure
26.
27.
Budget deficit
28.
Foreign exchange
29.
Economic growth
30.
INSIGHT
SOLUTION 1
(a)
(b)
ii)
Homogeneous product: The products of all firms are identical in the eyes
of the consumers. This assumption makes the establishment of a uniform
price possible.
iii)
iv)
The general rule for profit maximization for the perfectly competitive firm is that
the firms will achieve the maximum profit at the output level where Marginal
Revenue (MR) is equal to Marginal Cost (MC). Since price and Marginal
revenue (MR) are equal for the perfectly competitive firm, the profit
maximizing rule becomes: Output level where maximizing rule becomes
MC = MR = P
EXAMINERS COMMENT
The question requires the discussion of the features of perfect competition and
identification of the rule for profit maximization for the perfectly competitive firm. The
question was attempted by about 75% of the candidates. Most of the candidates who
attempted the question were able to mention the features of perfect competition, but could
not explain them correctly, thus losing vital marks. Less than 50% of the candidates
scored pass marks in this question.
INSIGHT
SOLUTION 2
(a)
(b)
Q x P
P Q
Where
Q = change in quantity demanded
P = change in price
P = the original price of the good
Q = the original quantity demanded
(c)
If P = 500
Q = 10,000 - 5(500)
= 10,000 2,500
= 7,500
If P = 700
Q = 10,000 5 (700)
= 10,000 3,500
= 6,500
(ii)
Ep = (-)Q x P
p q
Where
Q = 6,500 7,500 = -1,000
P = 700 500 = 200
P = 500, Q = 7,500
Ep = (-) - 1000 x 500
200 7,500
=
0.33
INSIGHT
(iii)
Since price elasticity of demand coefficient (Ep) is less than 1, it follows that
demand for the commodity is price inelastic.
EXAMINERS COMMENT
The question tested candidates knowledge of the concept of own price elasticity of
demand; definition, measurement and interpretation of the coefficient. Over 80% of the
candidates attempted this question with about 60% of them scoring pass marks. The
major pitfall is wrong application of the formula to obtain price elasticity of demand
coefficient, which in turn leads to wrong interpretation in part c (iii) of the question.
SOLUTION 3
(a)
The law states that as increasing quantities of a variable factor are added to fixed
quantities of some other factors, the average and the marginal product of the
variable factor will initially increase but will eventually decrease.
(b)
i)
ii)
iii)
iv)
v)
vi)
vii)
viii)
ix)
x)
xi)
xii)
xiii)
xiv)
xv)
xvi)
xvii)
TCO
TC3
TC6
TC9
AFC1
AFC4
AFC7
AVC10
AVC1
AVC3
AVC6
AVC9
ATC2
ATC5
ATC8
ATC10
MC1
Is =
is
is
is
is
is
is
is
is
is
is
is
is
is
is
is
is
Xviii)
MC4
is
xix)
MC7
is
xx)
MC9
is
TFC0 + TVC0
TFC3 +TVC3
TFC6 + TVC6
TFC9+ TVC9
TFC1 Q1
TFC4 Q4
TFC7 Q7
TFC8 Q8
TVC1 Q1
TVC3 Q3
TVC6 Q6
TVC9 Q9
AFC2 + AVC2
AFC5 + AVC5
AFC8 + AVC8
AFC0 + AVC10
TC Q
Q
TC
Q
TC
Q
TC
Q
= N (100 + 0)
= N (100 + 240)
= N (100 +450)
= N 100 + 780)
= N (100 1)
= N (100 4)
= N (100 7)
= N (100 10)
= N (90 1)
= N (240 3)
= N (450 6)
= N (780 9)
= N (50 + 85)
= N (20 + 74)
= N (12.50 + 81.25)
= N (10 + 93)
= N90 1
N100
N 340
N 550
N 880
N 100
N 25
N 14.29
N 10.00
N 90.00
N 80.00
N 75.00
N86.67
N135.00
N94
N93.75
N103.0
N90
= N60 1
N60
= N90 1
N90
= N130 1
N130
INSIGHT
EXAMINERS COMMENT
The question explored candidates understanding of the law of diminishing returns as well
as how to calculate the various short-run costs. This is a straightforward question, and it
was attempted by over 90% of the candidates. The performance on this question was
impressive, not less than 80% of the candidates scored pass mark.
SOLUTION 4
The FIVE measures that can be used to control inflation are:
Fiscal policy
Monetary policy
Commercial policy
Prices and incomes policy
Indexation policy
i)
ii)
Monetary policy: Government through the central bank may adopt restrictive
monetary policy with a view to curbing the growth of money stock. The
implementation of this policy may take the form of the sale of government
securities (i.e. the use of open market operation), increase in cash reserve and
liquidity ratios, increase in discount rate, imposition of credit ceiling, calling for
special deposits such as issuance of stabilization securities or a combination of
some of these measures.
iii)
iv)
Prices and incomes policy: This refers to a set of rules, guidelines, or laws
devised by government to influence wage and price movements. The proponents
of this policy are those who hold the view that inflation is caused by trade union
activities such as work stoppages and strikes to force employers to pay higher
wages. Prices and incomes policy can take the form of the imposition of
legislation to regulate or even to freeze wages and prices. Alternatively,
government may set up Prices and Incomes Board to assess proposed price
increases and to promote collective bargaining between employers and labour
unions.
INSIGHT
v)
EXAMINERS COMMENT
The questions required candidates to identify and explain relevant economic policies to
curb inflationary pressures in the economy. The question was relatively less popular
among the candidates because it was attempted by not more than 60% of them. The
candidates performed poorly on this question, since less than 50% of them scored pass
marks.
SOLUTION 5
(a)
The balance of payments is a record of all transactions that occur during a year
between the residents of a country and the rest of the world. All inflows from
abroad are recorded as credit in the balance of payments, while all outflows are
recorded as debit.
(b)
The balance of payments consists of three major components that are explained
below:
(c)
i)
The Current Account: This is the account that measures the flow of goods
and services in a country. It comprises the visible trade, invisible trade
and unrequited transfer. Surplus and deficit on the account depends on
whether or not the receipt is greater or less than payment.
ii)
The Capital Account: This account measures the flow of capital goods
and services in a country. It comprises short-term capital like treasury bill,
certificate etc and long-term capital like foreign direct investment,
portfolio investment, plant and machinery, and so on.
iii)
Balance of payments deficit refers to a situation where the total receipt is less
than total payment in the balance of payments account of the country. In
international trade and monetary relations, a balance of payments deficit position
indicates that the country is not sufficiently self-reliant.
EXAMINERS COMMENT
The question tested candidates understanding of the concept of balance of payment
(BOP) and the associated issue of BOP deficit. About 45% of the candidates attempted
INSIGHT
the question. Just a few of them, about 25% obtained pass marks. The main reason for
poor performance is that most of them mistook fiscal balance for balance of payments and
fiscal/budget deficit for BOP deficit. Candidates are advised to read up this aspect of the
syllabus from recommended or standard textbooks on economics.
SOLUTION 6
Taxes are imposed for the following reasons:
i)
ii)
iii)
vi)
To check inflation and deflation: Taxes can be used to regulate the economy.
During inflation period, tax rates are increased in order to reduce excessive
demand. On the other hand, tax rates are reduced along with some other reliefs in
order to stimulate aggregate demand and revamp the economy from recession.
v)
vi)
EXAMINERS COMMENT
The question is about the various uses of taxation, especially to generate revenue for
government, as well as an instrument of fiscal policy. The question was popular among
the candidates, but only about 40% of them scored pass marks. Most of the candidates
understood the question, but could not write enough points to score pass marks.
GENERAL COMMENT
Some of the candidates failed to adhere strictly to the instruction that requires selection of
questions only from each section A (Micro economic) and section B (Macro economics)
This non-adherence to instruction contributed significantly to the failure of candidates in
this paper.
Candidates are therefore advised to adhere strictly to the instruction always.
INSIGHT
AT/101/PI.3
EXAMINATION NO:
2.
B.
C.
D.
E.
4.
contract of indemnity
contract of subrogation
contract of novation
contract of give and take
contract of insurance
ONE of the instances when it is lawful for a company to issue shares at a discount
under the company law of your country is where:
A.
3.
Creditor
The promoter
The liquidator
The Corporate Affairs Commission
Committee of inspection.
The type of meeting which a company is obliged under the law to hold on annual
basis is
A.
B.
C.
D.
E.
INSIGHT
5.
6.
Which of the following is NOT ONE of the cases in which specific performance
of a contract may be ordered by a court of law?
A.
B.
C.
D.
E.
7.
9.
The rule of statutory interpretation in which words are understood in their context
is ............
A.
B.
C.
D.
E.
8.
Identify the persons to whom a company auditor does NOT owe a duty
A.
B.
C.
D.
E.
Directors
Future investors
Promoters
Company employees
Board of Directors.
INSIGHT
10.
A special type of agent who agrees to answer for and reimburse his principal for
defaults of third parties in making payments to the principal in consideration for
extra commission is
A.
B.
C.
D.
E.
PART II
An auctioneer
A factor
A del credere agent
An estate agent
A broker.
1.
What is the principle of law by which the decisions of a higher court are binding
on lower courts?
2.
3.
4.
5.
When will a person who is not a partner in a firm become liable for the liabilities
of the partnership?
6.
7.
8.
State the action which must be taken if a foreign bill is dishonoured either by nonacceptance or non-payment.
9.
10.
11.
12.
13.
INSIGHT
14.
The legal justification for the proposition that members of a corporation are not
liable for its debt is ..............
15.
The document issued by a public company inviting members of the public for
subscription for its shares is .............
16.
17.
18.
State the TWO types of business which may be transacted at an annual general
meeting of a company.
19.
What is the meaning of the phrase He who comes to equity must come with
clean hands?
20.
State the specialised form of mistake in which a person who signs a document
believes it to contain something when it actually contains another.
21.
A situation in which one party is mistaken while the other is not in a contractual
dealing is referred to as ............... mistake.
22.
State the legal term applicable when it becomes impossible for the parties to carry
out their obligations due to subsequent circumstances which make performance
impossible.
23.
What is the most pervasive test for the existence of a master-servant relationship?
24.
What is the meaning of the maxim nemo dat quod non habet under the Sale of
Goods law?
25.
What is the most important condition implied in a transaction for the sale of goods
by description?
26.
The remedy available to the seller of goods in the form of a right to retain
possession of the goods until some claim has been satisfied is called a right
of ..................
27.
What is the meaning of the term C. I. F. in a contract for the sale of goods?
28.
29.
State the type of contract in which one person promises to answer for the debt,
default or miscarriage of another person .............
INSIGHT
30.
The person who bears the primary liability to pay a debt that has been guaranteed
by another person is the ................
State TWO obligations of the owner and TWO obligations of the hirer in a hire
purchase transaction.
(8 Marks)
Define partnership and state THREE things which a partner has no implied
authority to undertake on behalf of the partnership and the other partners.
(7 Marks)
(Total 15 Marks)
QUESTION 2
(a)
State the methods by which payment may be made for the shares of a company.
(6 Marks)
(b)
(c)
QUESTION 3
Gazali Kazala, a financial expert published a Newspaper advertorial which purportedly
contained a detailed report on the state of finance of Gillogan Nigeria Company
Limited. Zali Bank Plc advanced an unsecured loan to Gillogan Nigeria Company
Limited in reliance on the Report on Gazali Kazala which he described as
authoritative, independent, reliable, indepth analysis of the true state of affairs of
Gillogan Nigeria Company Limited.
A petition has been filed against Gillogan Nigeria Company Limited for winding-up on
ground of failure to fulfil its financial obligations to its numerous creditors. Zali
Bank Plc is contemplating a legal action against Gazali Kazala for negligent misstatement.
Required:
INSIGHT
(a)
Advise the parties on the liability or otherwise of Gazali Kazala to Zali Bank Plc.
(10 Marks)
(b)
(5 Marks)
(Total 15 Marks)
QUESTION 4
(a)
(5 Marks)
(b)
(4 Marks)
(c)
What are the obligations of the seller under both the Ex-ship and Ex-warehouse
contracts?
(6 Marks)
(Total 15 Marks)
QUESTION 5
(a)
(5 Marks)
(b)
Explain the concept which states that no premium no cover in the law of
insurance.
(5 Marks)
(c)
Napoleon insured his Business Centre against the occurrence of fire and the
premium is usually paid in advance annually on the 1st day of March.
Napoleon travelled abroad for medical check-up on 25 February 2008 and
therefore unavailable to pay his premium. However, fire had gutted the Business
Centre on 15 March 2008 and was completely ruined.
Napoleon has threatened to take legal action against the Insurance Company.
Advise him.
(5 Marks)
(Total 15 Marks)
QUESTION 6
On 12 December 2008, a cheque for the sum of 2,000,000 (Two Million Cedis) was
issued by Ayew to Kofi or order. On 20 December 2008, the cheque was
dishonoured upon presentation at Intercontinent Financial Bank Limited.
Required:
(a)
Advise the parties supposing that:
(i)
The Account of Ayew was in credit in excess of the amount stated on the
cheque.
(5 Marks)
(ii)
(5 Marks)
INSIGHT
(b)
SOLUTION
SECTION A
PART 1
MULTIPLE CHOICE SOLUTIONS
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
PART II
SHORT ANSWER QUESTION
1.
Judicial precedent
2.
Unilateral contracts
3.
4.
Negligence
INSIGHT
5.
6.
Payment of remuneration
7.
8.
9.
10.
Trespass to land
11.
12.
13.
14.
Limited liability nature of the company/a company is a separate legal person from
the persons who form it.
15.
A prospectus
16.
Contract
17.
Debenture
18.
19.
20.
21.
Unilateral
22.
Frustration
23.
24.
25.
26.
A lien
INSIGHT
27.
28.
29.
30.
The debtor
SECTION B
SOLUTION 1
(1) (a)
The owner
to deliver the goods
to have a good title to the goods
to ensure correspondence with description
to ensure quiet possession by the hirer
The hirer
to accept delivery
to take reasonable care of the goods
to pay the agreed instalments
to re-deliver the goods upon termination or expiry of the hire
(b)
A relationship which subsist between two or more persons carrying on business
with a view to profit
(i)
(ii)
(iii)
(iv)
(v)
Execution of deed
Reference of dispute to arbitration
Admission of a new partner
Compromising any debt owed to the firm
Making co-partners become partners in another firm
EXAMINERS COMMENT
This question is on hire purchase. The candidates performance is very good as they had
a good grasp of the issues raised in the question.
SOLUTION 2
(a)
(i)
by cash
INSIGHT
(ii)
(iii)
(b)
A registered debenture is payable only to those persons whose names appear on
the register of debenture holders of the company. A bearer debenture is a
negotiable instrument which is payable to any person who presents it to the
company with proper endorsement or authority.
(c)
It means voting according to the shareholding of the members and it is only used
when demanded by qualified persons.
EXAMINERS COMMENT
This question on debentures and voting in a general meeting of company is
straightforward but not very popular. The performance of those candidates who
attempted the question was not good too. This may be due to inadequate preparation.
SOLUTION 3
(a)
The law imposes a duty on professionals not to make careless statements capable
of causing financial and economic loss.
It is not necessary that fiduciary relation should exist for the defendant to be liable
for negligent misstatement. Suffice to state that subject to an express disclaimer
of liability, a negligent misstatement without fraud may give rise to an action for
damages for financial loss suffered by the plaintiff who acted on the
misstatement.
Accordingly Gazali Kazala for having published the report as described in the
facts is liable for negligent misstatement. And Zali Bank Plc can institute an
action against him for negligent misstatement.
(b)
At common law, a claim for negligence filed by the plaintiff will fail against the
defendant if the plaintiff has contributed in anyway to the accident. The position
of the common law has been modified by the Civil Liability (Miscellaneous
Provisions) Act 1961. It provides that a claim of a plaintiff who has contributed
to the damage done to him by another person shall not be completely defeated but
the damages recoverable shall be reduced to such an extent as the court shall
consider just and equitable in the circumstances.
The defence of contributory negligence is therefore employed by the defendant to
reduce or all together avoid the payment of damages.
INSIGHT
EXAMINERS COMMENT
Less than half of the candidates attempted this question out of which about half really
appreciated the issues raised. It is a question on case study which may be responsible for
the unpopularity and the relatively poor performance.
SOLUTION 4
(a)
1)
2)
3)
4)
5)
Lien
Right to withhold delivery
Stoppage in transitu
Right of resale
Damages
1.
2.
3.
(b)
4.
(c)
SOLUTION 5
(a)
A contract of insurance is essentially an agreement between two parties that is, the
insurer and the insured by which in return for payment of premium, the insurer
indemnifies the insured against a particularly stated loss or upon the occurrence of
INSIGHT
a stated event. The loss or event may never occur such as an accident in the case
of motor vehicle insurance whereas the event may be one which is bound to
occur, but the date and time are unknown such as death in the case of life
insurance.
(b)
(c)
The premium was due on 1st March 2008 while Napoleon was on medical checkup abroad. This does not preclude him from paying the premium so as to get
cover in respect of the risk insured against. There was no payment of the
premium. Therefore, there was no cover. He cannot succeed if he sues the
company that insured the business centre against fire.
EXAMINERS COMMENT
This is the most popular question which was attempted by more than 90% of the
candidates and practically all of them performed well.
SOLUTION 6
(a)
i.
ii.
INSIGHT
A cheque which is not presented for payment until after six months had
lapsed can safely be dishonoured for having become a stale cheque.
(b)
A negotiable instrument must satisfy the following requirements:
It must be in writing
It must be an unconditional order in writing to pay a certain sum in money
on demand or at a stated or determinable future time
-
EXAMINERS COMMENT
Negotiable instruments were tested by this question which enjoyed a reasonable
popularity. Only the (b) part gave candidates some problems but the overall performance
was slightly above average.
INSIGHT
AT/101/PI.4
EXAMINATION NO:
SECTION A
PART I
1.
D.
E.
Message content
Channel of communication
Encoding procedure
Message receiver
Response time.
4.
(10 Marks)
3.
MULTIPLE-CHOICE QUESTIONS
2.
interest
understanding
style of writing
kind of typeface/handwriting
distraction.
INSIGHT
C.
D.
E.
5.
6.
compound
simple
complex
compound-complex
simple-complex.
9.
a declarative
an imperative
an interrogative
an exclamatory
an indefinite.
8.
shrunk
shrinked
shrinking
shrank
shrunken.
7.
Extemporaneous
Oration
Impromptu.
main
particle
subordinate
tentative
subjunctive.
10.
INSIGHT
A.
B.
C.
D.
E.
PART II
title
heading
salutation
terms of reference
recommendations.
1.
2.
Agreement reached by the entire house without any formal voting conducted is
known as ...............
3.
4.
The right of an individual to appoint another person to attend and vote on his
behalf at a meeting is called .............
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
The sound that is produced without any obstruction of the air stream at any point
in the mouth is ...............
15.
16.
17.
INSIGHT
18.
The response a sender of a message gets from the intended recipient of the
message is ..............
19.
20.
SECTION B - COMPREHENSION
QUESTION 1
COMPULSORY
Read the following passage carefully and answer the questions on it.
Selection interview are usually geared towards eliciting useful information about an
applicants qualifications, experiences and skills with a view to determining his
suitability for a stipulated job or position. The applicants aim is to secure a job which he
feels he is capable of doing; the employers goal, on the other hand is to employ the best
person available for the job. Both long and short term plans should therefore be made.
If you are an applicant for a job you must ensure that your education and training have
equipped you to carry out the tasks involved. Once you have received an invitation for
the interview, set about preparing your personal data sheet with a record of your name,
address, age, marital status, education, professional training, work experience, interests,
honours and distinctions, and hobbies.
This personal data sheet is also referred to as a rsum or a curriculum vitae. You should
also try to get some information about the nature of the job by talking to some employees
and reading any available literature on the organisation. This will enable you to
anticipate some of the questions you are likely to be asked, and to prepare a few of your
own for the interviewers.
It is important that you maintain your composure and comport yourself with dignity
throughout the interview. Answer questions simply and clearly and speak directly to the
persons asking the questions. Do not go out of your way to impress. Be polite, courteous
and frank. Avoid boastfulness and affectation. In other words, refrain from pompous
statements, unnecessary airs, and overdressing. Listen carefully to what is being said to
you so that you can respond intelligently. Be honest and sincere and avoid exaggeration
or fabrication.
When given an opportunity to ask questions, make inquiries about prospects for training
and advancement, fringe benefits such as accommodation, transport facilities and medical
care. Before leaving the interview, thank the panel for having given you the opportunity
to attend the interview.
INSIGHT
Curled from: Sybil James et. al (1990): Introduction to Communication for Business
Organisation. Spectrum, Ibadan.
(1)
(2)
What, according to the passage, is the goal of both the applicant and the
employer?
(4 Marks)
(3)
How can an applicant anticipate the questions to be asked during a job interview?
(4
Marks)
(4)
(5)
State the FIVE common pitfalls that an applicant must avoid during an interview
as contained in the passage.
(10 Marks)
(6)
(a)
(b)
(7)
(3 Marks)
(6 Marks)
(5 Marks)
Give another word or phrase for each of the following words as used in the
passage.
(i)
goal
(ii)
equipped
(iii)
anticipate
(iv)
composure
(v)
fabrication
(vi)
opportunity
(6 Marks)
(Total 40 Marks)
SECTION C
Answer Any Two Questions (30 Marks)
QUESTION 1
Briefly discuss any FIVE differences between oral communication and non-verbal
communication.
(15 Marks)
QUESTION 2
With examples, discuss any FIVE bad reading habits and suggest how those habits can
be corrected.
(15 Marks)
INSIGHT
QUESTION 3
Each of the following sentences contains a gap. Two words are provided in brackets at
the end of the sentence. Choose the one that best completes the sentence. Write out the
correct word only. DO NOT COPY THE SENTENCE.
(i)
Ten years have .......... since the two companies merged. (past/passed)
(ii)
A good teacher always tries to ........... answer from his students rather than telling
them everything. (illicit/elicit)
(iii)
Perhaps you can ask the chairman to .......... the decision until the next meeting.
(deter/defer)
(iv)
When the company received a lot of adverse publicity the staff ....... become very
low. (moral/morale)
(v)
Always ..........that you proof-read your documents before sending them out.
(insure/ensure)
(vi)
I have asked the Head of Department to ............ write to the lecturer to request for
his annual leave. (formally/formerly)
(vii)
Mark has always ......... to be the manager of his own company. (aspired/inspired)
(viii)
How will the new procedures ........... safety in the company? (affect/effect)
(ix)
(x)
QUESTION 4
You are a participant at the National Communication Commissions GSM Consumers
Forum. At the forum, you are required to deliver a short opening speech on the
value telecommunication has brought to the delivery of banking services.
Prepare your speech. You may invent names and other details as you deem fit.
(15 Marks)
SECTION B
INSIGHT
MULTIPLE CHOICE QUESTIONS
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
EXAMINERS COMMENT
The questions cover the entire scope of the syllabus. A few candidates copied the
alphabets as well as the answer for each option while some others copied the answers
without the alphabets.
The candidates that did this do not understand the principle behind the questions.
Candidates are only required to indicate the answers by writing out the alphabets.
About 75% of the candidates scored 50% and above while about 80% scored 40% and
above.
Writing
2.
concensus
3.
Ad hoc
4.
proxy
5.
diphthong
6.
upward communication
7.
lateral communication
8.
jargon/jargons
9.
minutes
10.
five (5)
INSIGHT
11.
simile
12.
internal communication
13.
14.
vowel
15.
rumour
16.
17.
tense
18.
feedback/reply
19.
channel
20.
scanning
EXAMINERS COMMENT
The questions here also cover the entire span of the syllabus. In some cases, candidates
insert one or two options that are not really short answers. Also, making concepts that
are perpetually plural, singular is a problem here e.g. minute for minutes. 85% of the
candidates scored 40% and above.
SECTION B; COMPULSORY
1.
2.
The applicants goal is to get a job while the employers goal is to fill the vacant
position with the best person possible.
3.
4.
Employment interviews are necessary for confirming the following about the
applicant:
i)
qualifications
ii)
experiences
iii)
skills
5.
INSIGHT
vi)
iv)
overdressing.
v)
exaggeration.
fabrication.
6a.
The candidate should prepare his rsum immediately/as soon as he has received
an invitation for interview.
b)
7.
i)
ii)
iii)
iv)
v)
vi)
objective/aim/purpose
prepared/empowered
predict/expect/forecast
confidence
lying/lies
a chance
EXAMINERS COMMENT
The candidates understood the passage and were able to easily derive suitable answers to
them. Also, the candidates responded appropriately by recognising and supplying scoring
points. 85% of the candidates scored 50%.
SECTION C
SOLUTION 1
The basic differences between oral communication and non-verbal communication are as
follows:
i)
Oral communication uses the spoken word, whereas non-verbal communication
hardly uses words. Two people communicating orally would use words whose
meanings are clear to both parties. They may communicate through face-to-face
contract, telephone, meetings and speeches. For non-verbal communication, the
sounds used sighs, (usually indicating relief), hisses (usually indicating disgust).
INSIGHT
ii)
iii)
iv)
v)
vi)
vii)
Other features of non-verbal communication associated with speech are paralanguage features like volume, pitch and rate of speech.
Non-verbal communication is usually an aid, whereas oral communication is
usually an independent instrument of communication. Facial expressions and
gestures may be used to complement verbal expressions. They may be used to
clarify, reinforce and illustrate word of mouth.
In non-verbal communication, feedback may be involuntary. When, for example,
a person sees a pictures or witnesses something that is frightening and faints, the
feedback is involuntary but it is nonetheless a feedback.
Non-verbal communication is highly symbolic and may be subject to different
interpretations. In different cultures and contexts, specific non-verbal messages
can be interpreted differently by the sender and decoder. Also, culture situation
and appearance may cause signals, signs, gestures and facial expressions to be
interpreted differently by sender and receiver. On the other hand, most oral
communication is direct and non-symbolic.
Oral communication is transient. It is not permanent and most of the time, it is
not recorded. With this situation what is said can be denied and may not be very
useful as an object of reference. On the other hand, non-verbal communication in
the form of posters, charts, tables are properly documented and can be stored in a
form that has a level of performance and in which they can serve as objects of
reference.
Some non-verbal communication items like posters can be beautified using
colours lines and shapes. Also, the use of colours, lines and shapes in posters
make the material attractive thereby drawing attention not only to the material but
also to the message. Oral communication cannot be made beautiful or attractive
with colours, lines and shapes.
For oral communication, feedback is instant. The feedback to face-to-face
conversation is instant, even telephone conversation facilitates instant feedback.
On the other hand, non-verbal communication does not excite or attract instant
feedback. A table, graph and chart may not be seen by the receiver until a
considerable time after its creation. In this sense, it would not attract instant
feedback.
EXAMINERS COMMENT
This question is on methods of communication. Quite a number of candidates answered
this question. 70% of the candidates, in actual fact, attempted this question. However,
the attempt rate does not reflect students master on the topic as only 40% of the
candidates who attempted it scored 40% and above.
SOLUTION 2
The bad reading habits are as follows:
i)
INSIGHT
CORRECTION: Readers who indulge in this habit should be corrected and
enlightened not to trace lines of print when reading. They should be educated that
eye muscles should move over the page and the eye should pace the reading.
ii)
iii)
iv)
REGRESSION: Readers have a way of reversing and reading backward by rereading a portion of the material that they have already read. Regression may be a
product of lack of concentration or over-sentivity to comprehending
the
material on first reading. Regression wastes time and effort and makes reader
lose trend of the material as a continuous flow of idea.
CORRECTION: Readers should be advised to concentrate on the material they
are reading. They should read a material through as many times as they wish
rather than
prolonging a single reading effort through regression. Reading
should be continuous and progressive rather than regressive.
MOVING THE HEAD: Many readers move their heads back and forth,
horizontally; up and down, vertically in order to read and follow the contents of
the material.
However, this is stressful and it also slows down the pace of
reading.
CORRECTION: Readers should be enlightened that they should avoid moving
the head; rather they should move the yes using the muscles of the eyes.
v)
vi)
INSIGHT
vii)
EXAMINERS COMMENT
This question is on reading, precisely Bad Reading Habits. Only 20% of the candidates
answered this question. Of this number, 50% scored 40 and above. The performance of
candidates here is surprising as this concept is not hidden in the syllabus and the question
is a direct question attracting well enunciated responses.
SOLUTION 3
1.
passed
2.
elicit
3.
defer
4.
morale
5.
ensure
6.
formally
7.
aspired
8.
affect
9.
advice
10.
check
EXAMINERS COMMENT
This question is on Grammar, particularly word usage and common errors. 95% of the
candidates attempted this question and of this number, 85% scored 50% and above.
SOLUTION 4
OPENING SPEECH DELIVERED BY ATOLAGBE TIMOTHY AT THE NATIONAL
COMMUNICATION COMMISSION (NCC) GSM CONSUMERSFORUM HELD AT
THE PENISULA RESORT, LEKKI ON FRIDAY, JANUARY 29, 2010
The Chairman, National Communication Commission,
The President, Institute of Chartered Accountants of Nigeria,
The President, Chartered Institute of Bankers,
INSIGHT
Chief Executives in the Banking Industry,
Chief Executives in Telecommunication Companies,
Stakeholders in the Telecommunication Industry,
Distinguished Guests,
Distinguished Participants,
Gentlemen of the Press,
Ladies and Gentlemen.
It is my pleasure to be a participant at this landmark event tagged GSM
Consumers forum of the National Communication Commission (NCC) It is my firm
belief that whatever we do here today would impact positively on the delivery of GSM
services in the country.
The theme of this forum: The Value Telecommunication Has Brought to the
Delivery of Banking Services. is not only appropriate but also timely.
Telecommunication has brought tremendous improvement to banking operations
and the delivery of banking services.
Telecommunication has made universal banking possible. Now, a customer can
access his account at any branch of his bank. Automated Teller Machine (ATMs) have
been deployed by banks in every nook and cranny of Nigeria, giving customers access to
money round the clock through the use of ATM cards. The Automated Teller Machine
technology has telecommunication as its backbone.
Telecommunication has also revolutionalised banking by facilitating on-line, real
time banking, ensuring that transactions on a customers account reflect the moment the
transactions on the accounts through transaction alerts.
The future of banking is likely to get better as bankers continue to harness the
advantages and advancements in telecommunication to deliver first class and efficient
banking services.
Thank you for your attention.
EXAMINERS COMMENT
The question, which is on speech writing, is highly unpopular among candidates. Only
about 3% of the candidates attempted this question and of this number 25% scored 40%
and above.