atswa pilot questions answers part i - The Institute of Chartered ...

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C. Past consideration D. Sufficient consideration E. Acceptable consideration 11. Negligent misstatement without intention to defraud is the basis of an action for A. Damages B. Specific performance C. Rectification D. Restitution E. Restoration 12. In sale of goods, risk passes with A. Ownership B. Cargo C. Consignment D. Future goods E. Asset 13. The right of the agent to retain possession of the goods of the principal until his remuneration is paid is called A. Possessory right B. Assignment C. Lien D. Set-off E. Subrogation 14. One of the following is NOT a classification of goods under the Sale of Goods Act: A. Marketable goods B. Future goods C. Ascertained goods D. Specific goods E. Existing goods 15. The foremost obligation of the insured under an insurance contract is A. The security of the goods insured B. The payment of premium C. To keep an insurance account D. To secure the services of a loss adjuster E. To procure a police report 37
16. Who, of the following, may NOT participate in managing a partnership business? A. Limited partner B. General partner C. Financing partner D. De facto partner E. Incoming partner 17. Which of these is NOT a right of the seller of goods? A. Stoppage in transit B. Lien C. Resale D. Withholding of delivery E. Delivery before due date 18. Which part of the Memorandum of Association contains the business for which a company is set up? A. Objects clause B. Subscription clause C. Association clause D. Capital clause E. Compulsory clause 19. The in-door management rule is also known as the rule in A. Salomon v. Salomon B. Northwest Railway Company v. Beatty C. Foss v. Harbottle D Krammer v. Krammer E. Dilkinson v. Dodds 20. A special crossing of a cheque makes its value recoverable through A. the payees account B. any bank C. a particular cashier D. the counter E. the Central Bank 21. A new partner can only be introduced to the firm if A. he pays for his shares B. he agrees to manage the firm C. all the existing partners consent D. the Corporate Affairs Commission agree E. he is not incapacitated by illness. 38
Page 1 and 2: CONTENTS PAGE BASIC ACCOUNTING PROC
Page 3 and 4: E. Employee Timing form 5. ONE of t
Page 5 and 6: 15. Which of the following is NOT a
Page 7 and 8: 24. The Trade Receivables balance i
Page 9 and 10: 29. A 30. C WORKINGS QUESTION 12 CO
Page 11 and 12: SOLUTION 1 1. Books of Original Ent
Page 13 and 14: Business Analysts: They need inform
Page 15 and 16: QUESTION 4 31/12/10 Balance c/d 220
Page 17 and 18: You are required to: (a) Compute th
Page 19 and 20: Depreciation - Motor vehicle 22,000
Page 21 and 22: E. Absence of competition 6. Divisi
Page 23 and 24: C. Equilibrium price D. Marginal ra
Page 25 and 26: 29. When the proposed government ex
Page 27 and 28: 13. At the level of consumption whe
Page 29 and 30: (iv) It does not give room for impr
Page 31 and 32: SOLUTION 3 Sources of business fina
Page 33 and 34: increasing her import prices. Deval
Page 35 and 36: T = LS 8 million (Lump-sum tax) Yd
Page 37: 5. The display of goods in a superm
Page 41 and 42: 28. A bank may disclose the state o
Page 43 and 44: 8. State the type of influence whic
Page 45 and 46: (b) (i) A Legal Practitioner with a
Page 47 and 48: (iv) When the buyer signifies his a
Page 49 and 50: (c) Business Name application form
Page 51 and 52: D. Facial expression E. Distance 6.
Page 53 and 54: 18. ONE of the following is NOT a m
Page 55 and 56: 15. The address to which a letter i
Page 57 and 58: the reader would not have become a
Page 59 and 60: 3.0 Methods of Investigation The Co
Page 61 and 62: vi. their its vii. in from viii. si
Page 63: SOLUTION 4 Experts agree that the o

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