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ABRAHAM ADESANYA POLYTECHNIC, IJEBU IGBO

CENTER FOR PART-TIME STUDIES


DEPARTMENT OF ACCOUNTANCY
SECOND SEMESTER EXAMINATION 2016/2017 SESSION
COURSE TITLE: PRINCIPLES OF ACCOUNTING CLASS: ND 1 ACCOUNTING & BUS ADMIN
COURSE CODE: ACC121 UNIT: 3 TIME: 21/2 HOURS
INSTRUCTION: ANSWER ALL QUESTIONS IN SECTION A, IN SECTION B, ANSWER THREE (3) QUESTIONS

SECTION A
Instruction: Answer all questions
1. HAA MOJEGBESE ! Ltd is manufacturer and distributor of fashion products. At 30th April, 2015, the
following balance were extracted from the books of the firm.
Stocks on 1st May, 2014 N
Raw materials 16,980
Work in progress 7,640
Finished goods factory price 39,460
Purchase raw materials 232,220
Finished goods 20,000
Return of raw material 15,000
Carriage on material 21,200
Wages (80% factory, 20% warehouse) 137,500
Salaries (49% factory, 60% administration) 85,000
Rent and rates (80% factory, 20% administration) 28,000
Factory insurance and maintenance 14,640
Advertising 13,000
Salesmen expense 62,000
Motor vehicle expenses 17,000
Light & power (80% factory, 20% administration) 55,200
Import duty, power and charge on raw materials 5,180
Sales 878,400
Provision for bad debt 6,000
Canteen expense (60% factory, 40% administration) 24,000
Bank 85,360
Debtors 50,000
Fixed asset at cost & machinery 610,400
Motor vehicle 186,800
Furniture & fittings 56,400
Accumulated depreciation: N
Plant and machinery 488,320
Motor vehicle 122,080
Furniture and fitting 28,200
General reserves 91,380
Share capital, ordinary share at N1 each 150,000
Additional information:
i. Goods are transferred from the factory to warehouse at factory cost plus 10%.
ii. Stock as at 30th April, 2015 were:-
Raw material N19,820
Work in progress N10200
Finished goods N59,300
iii. Provision for deprecistion on fixed assets is to be calculated at the rate of 10% on cost price.
iv. Provision for bad debt is being increased to N8,000
v. Insurance is paid in advance was N1,200 and salaries accrued were N5,000.
You are required to prepare:
a. The manufacturing, trading, profit and loss account for HAA MOJEGBESE Ltd. for the year
ended 30th April, 2015 in such a manner as show clearly the ;
i. Prime cost
ii. Factory overhead
iii. Production cost
iv. Selling overhead
v. Administrative overhead
b. Balance sheet as at that date.
2. Akin, Chukwu and Abdul were partners shareing profit and lossb in the ratio 2: 2: 1. Their assets
and liabilities as at July 21, 2015 were as follows:

N
Machinery 40,000
Motor vehicle 10,000
Creditor 24,000
Accrual (rent) 1,800
Debtor 15,000
Prepayment 3,000
Bank balance 10,000
Other information relating to the business were:-
N
i. Drawing: Akin 1,200
Chukwu 2,000
Abdul 1000
ii. Capital Akin 10,000
Chukwu 10,000
Abdul 12,000
iii. The partnership agreement provides as follows:
a. Chukwu was to receive N1,000 salary.
b. Partners are to receive 10% per annum as interest on capital.
c. 5% per annum was payable as interest on drawings.
d. Abdul to receive 5% per annum as extra interest on his excess capital contribution.
e. The business net profit for the year was N25,000
You are required to prepare:
a. Profit and loss appropriation account for the year ended 31 st July, 2015.
b. Partners capital account.
c. Balance sheet as at 31st July, 2015.

3. Olorin. Akorin and Agberin have been in partnership for many years, share profits and losses in the
ratio of 3:2:1 respectively. The following was the balance sheet as at December, 2010.

N N
Capital Olorin 60,000 Goodwill 40,000
Akorin 40,000 Debtor 42,600
Agberin 40,000 Plant & Machinery 36,000
Creditor 19600 Stock 39,200
Cash and bank 1,800
159,600 159,600
On 1 Jan. 2011, they admitted Olomele as a partner on the condition that he contributed N40,000
as his capital but that plant and machinery and stock should be revalued at N40,000 and N38,000
respectively the other asset expecting goodwill remaining at their present book values.
Goodwill must be valueless.
You are required to prepare:
i. Goodwill account
ii. Revaluation account
iii. Capital account
iv. Balance sheet as at that date.
SECTION B
Instruction: Answer any two questions.
4. a. Mention five content of article of association.
b. Write short note on the following terms: (i) Debenture (ii) Memorandum of
association (iii) Reserve (iv) Prospectus
5. a. Mention FOUR classification of cost revealed by manufacturing account.
b. State and explain two reasons for goodwill.
c. List any five cause of dissolution of partnership.
6. a. What is dissolution of partnership?
b. Mention THREE reasons for control account.
c. State two differences between receipt and payment account and expenditure account.

ABRAHAM ADESANYA POLYTECHNIC, IJEBU IGBO


CENTER FOR PART-TIME STUDIES
DEPARTMENT OF ACCOUNTANCY
SECOND SEMESTER EXAMINATION 2016/2017 SESSION
COURSE TITLE: BUSINESS STATISTICS II CLASS: ND III COURSE CODE: BAM 222 UNITS: 3
TIME: 2 HOURS
Instruction: Answer any five questions
1. SMBS DEPARTMENT
Banking and finance Bus. Admin Accounting Public Admin.
69 79 76 88
65 75 59 94
87 69 78 89
81 72 83 80
73 83 67
79 81 62
90

Calculate;
I. the correction for the mean (CM)
II. The sum of squares of the total deviation. (TSS)
III. The sumof the squares of total deviation between treatment (SST)
IV. The sum of the squares of total deviation within treatment (SSE)

2. Out of seven biscuits and nine sweets, a group consisting of three biscuits and four sweets is
to be formed. In how many ways can this be done such that;
i. Any biscuit and any sweet may be include
ii. One particular sweet must be included.
iii. One particular biscuit and one particular sweet must be included.

3. What are the procedure for performing an inferential test?


4. a. The number of ways that the first three positions can be filled 8 athletes is equivalent to
the permutation of 8 athletes taking 3 at a time.
b. A committee consisting of 5 members are to be chosen from 3 women and 4 men.
Calculate;
i. In how many ways the committee can be chosen?
ii. In how many ways can 3men and 2women be chosen?
iii. Probability that committee consists of at least 2women.

5. a. Find the exact value of [ 2.95]6


𝟖!
b. Prove that 8p2 =
𝟔!

6. a. Prove that 15c5 = 15c10


b. Expand [ 2.25 ]4 using the binomial theorem.

7. List and explain the method of data collection.


ABRAHAM ADESANYA POLYTECHNIC, IJEBU IGBO
CENTER FOR PART-TIME STUDIES
DEPARTMENT OF BANKING AND FINANCE
SECOND SEMESTER EXAMINATION 2016/2017 SESSION
COURSE TITLE: FINANCIAL INSTITUTION CLASS: ND III
COURSE CODE: BFN 222 UNIT: 3 TIME: 2 HOURS
Instruction: Answer five questions.
1. Define, classify and identify characteristics of financial instruments.
2. Explain each of the following: Money market institutions
Capital market institutions
Foreign exchange market institutions
3. a. Outline the role of financial institution.
b. State the functions of finance company.
4. Define financial institutions and identify and explain the categories of financial
institutions.
5. What is Micro – Finance bank? Mention some of its benefits to the developing economy
like Nigeria?
6. a. List and discuss the various sources of short – term finance.
b. Outline problems facing micro – finance bank.

7. What are the main financial instruments traded in the Nigeria Foreign Exchange Market.
Identify and explain any three.
ABRAHAM ADESANYA POLYTECHNIC
CENTER FOR PART-TIME STUDIES
ND III 2016/2017 SECOND SEMESTER EXAMINATION
DEPARTMENT OF ACCOUNTANCY
COURSE CODE: ACC 223 COURSE TITLE: AUDITING II COURSE UNIT: 3
COURSE STATUSES: C TIME ALLOWED: 2 ½ Hours

INSTRUCTION: Attempt any Five (5) questions


1a. Professional negligence against auditors has increasingly taken different dimensions over the
years. Discuss this quotation with reference to the decision in the following cases:
i. Candler vs Crane Xmas & Co. (3marks)
ii. Hedley Bryne & Co. vs Heller & Partners (3marks)
iii. Jeb Fasteners & Mark Bloom & Co. (3marks)
1b. Enumerate any FIVE ways in which auditor’s liability can be maximized (5marks)
2a. Define Internal Audit (2marks)
b. State any FOUR functions of Internal Auditors (4marks)
c. Enumerate any FOUR factors that will influence the external auditor in deciding to place reliance
on the work of the internal auditor (4marks)
d. State any FOUR fundamental differences between internal auditor and external auditor
(4marks)
3a. What is Fraud? (4marks)
b. List and briefly discuss any FIVE matters that can assist the auditor in the prevention of fraud
(5marks)
c. List any FIVE procedures to be adopted where fraud is suspected (5marks)
4a. Enumerate any FIVE relevance of computer to auditors (5marks)
b. Discuss briefly as an auditor any FIVE techniques to overcome loss of audit trail
(5marks)
c. State any two effects of the use of computer (4marks)
5. As an auditor, what are the steps involved in the verification of the following non-current asset?
i. Plant and Machinery ii. Motor Vehicle iii. Work-in-Progress
iv. Finished goods (14marks)
6a. What is Auditor’s report? (3marks)
b. List FOUR matters in which an auditor is required to report under CAMA 1990
(4marks)
ci. Define unqualified and qualified auditor’s report (2marks)
ii. Give examples of each
7a. State any FIVE reasons why there is a need for internal control (5mark)
b. List any FIVE special ways in which the internal audit department may assist the external auditor
(5marks)
c. List any EIGHT personal qualities of an auditor (4marks)
ABRAHAM ADESANYA POLYTECHNIC
CENTER FOR PART-TIME STUDIES
ND III 2016/2017 SECOND SEMESTER EXAMINATION
DEPARTMENT OF ACCOUNTANCY
COURSE CODE: ACC 221 COURSE TITLE: PUBLIC SECTOR ACCOUNTING
COURSE UNIT: 2 COURSE STATUSES: C TIME ALLOWED: 2 Hours

INSTRUCTION: Answer question four (4) and any other three (3) Questions
Question One:
a, What are the main accounting needs and objectives of public sector organization
b. Is the absence of profit as a measure of efficiency an hindrance to public sector manager.
(15 marks)
Question Two:
Under the finance (control & management) Act of 1958, the minister of finance was assigned
responsibility of matters relating to financial affairs of the federal government. Section 4 (1) stipulate that
every person concerned in or responsible for the collection, receipt and custody issue or payment of public
funds etc shall obey all instructions that may from time to time be issued by the minister.
Required: What are the necessary control that should be considered for inclusion in the financial
regulation? (15 Marks)
Question Three:
a. What are the roles of the federal ministry of finance and treasury department in the planning,
monitoring and control of public expenditure.
b. Explain the word public sector accounting and state the division of government accounting.
(15 Marks)
Question Four:
Ogun State Government is currently considering two projects. A is the construction of road from Zaria to
Makarfi and Project B is the construction of General Hospital at Soba. Project A will cost #60,000 and
Project will cost #72,000. The relevant cash-flow associated with each of these projects for each year of
their six-year lives are presented in the table below. The average of the cash-flow for each project are also
indicated:-
Project A Project B
Net Investment #60, 000 #72,000

Year Cash-flow Cash-flow


1. 20,000 45,000
2 20,000 22,000
3 20,000 20,000
4 20,000 13,000
5 20,000 13,000
6 20,000 13,000

REQUIRED;
1 Calculate the payback period for each project
2. Base on the answer to Question 1. Which project should be accepted.
(25 Marks)
Question Five:
Explain what financial control is and the state things to be considered in the financial resources of an
organization.
b. Enumerate/list the types of financial control. (15 Marks)

Question Six:
State and explain the process of collecting data for preparation of final accounts of government.
(15 Marks)
ABRAHAM ADESANYA POLYTECHNIC
CENTER FOR PART-TIME STUDIES
ND I 2016/2017 SECOND SEMESTER EXAMINATION
DEPARTMENT OF ACCOUNTANCY
COURSE CODE: BAM 113 COURSE TITLE: PRINCIPLES OF LAW I COURSE UNIT: 2
COURSE STATUSES: C TIME ALLOWED: 2 Hours
INSTRUCTION: Answer ANY Four Questions
QUESTION ONE
1a.Highlight the Components of received English Law as a source of Nigeria Law.
1b i. State three characteristic of customary law
ii. State two conditions that must be satisfied in order to make a statute of general application applicable in
Nigeria.
iii. State the two major methods proving the existent of a custom (17 ½ Marks)
QUESTION TWO
(A) Ojo is a Yoruba man from Oyo. His father died intestates last year, leaving three wives and thirty children.
Ojo’s uncle has decided to distribute the property of Ojo’s father left, among has wives and children, by a
particular rule of customary law which favours him (Ojo) and that rule claimed by Ojo’s uncle does not
apply in Oyo. How does ojo establish his claim.

Bi. State five source of Nigeria Law


ii. Explain briefly three rules of interpretation of statutes (17 ½ Marks)
QUESTION THREE
3ai. Explain what contact is
ii. Explain the essentials of a valid contract
3bi. Explain the vitiating elements in contracts.
ii. Explain the remedies for breach of contracts
(17 ½ Marks)
QUESTION FOUR
4ai. Explain vicarious liability-master and servant
ii. Explain the general defences to liability in torts
4bi. Explain torts arising from business competition-malicious falsehood, passing off, and interference with an
existing contract.
ii. Identify specific torts occupier’s liability, trespass, negligence nuisance, defamation, and conversion.
iii. Explain the nature of torts and the basis for liability (17 ½ Marks)

QUESTION FIVE
5ai. Distinguish between estates (will) and instate (without successions)
ii. Explain the grant of probate and Estates.
5bi. Explain the Nature of trusts, kinds and their creation.
ii. Explain the rights of beneficiaries. Explain the duties of trues. (17 ½ Marks)
QUESTION SIX
6ai. Define Law
ii. Explain why law is an important aspect in the existence of a society.
6bi. Identify the types and hierarchy of courts.
ii. Identify the existence of tribunals and arbitration (body, group and panel) (17 ½ Marks)