pathfinder - The Institute of Chartered Accountants of Nigeria

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PATHFINDERMaterials on site as at end of the yearMaterials transferred to project 204 855Site wages paid 1,070Sub –contract costs 850Fuel and diesel 400Other expenses 340Insurance paid 180Cost of work certified 4,750Value of work certified 5,200Progress payment 4,680The contract sum is N7.5 million and estimated cost to completion is put at N960,000.Depreciation is calculated at 20% per annum on cost, site wages unpaid as at dateamounted to N250,000 while insurance paid was for a period of 2 years due to thediscount offered. 10% of work certified is retained by the Local Government.Required:Prepare the contract account for project 101 and show whether profit can be taken.Show balance sheet entries.(Total 15 Marks)QUESTION 3Ogbuefi Limited produces three products, all of which use the same machine withavailable 55,000 hours per period. The standard costs of the products per unit are:Bak1 Bak II Bak IIIMaximum demand(units) 3,000 5,000 3,500Direct labour N N N-processing(N 7.50/hr) 30 45 45-finishing(N 4.50/hr) 18 9 18Variable overhead 42 36 32Total variable cost 130 140 140Selling price 200 250 225Price of complimentaryProduct 185 215 200Fixed cost for the period is N650,000INTERMEDIATE EXAMINATION - NOVEMBER 201012
PATHFINDERRequired:(a) Calculate the deficiency in machine hours for the next period. (4 Marks)(b) What is the most appropriate production sequence for the products?(5 Marks)(c) Determine which product(s) and quantity (if any) that should first bebought out.(4 Marks)(d) Calculate the net profit of Ogbuefi Limited.(2 Marks)(Total 15 Marks)QUESTION 4There are 160 agents of TOLU INSURANCE PLC selling motor (M), home (H) and life (L)insurance policies to their customers at Ikeja. In the last month of the last quarter, 42of the agents sold only motor policy, 30 agents sold only home policy and 24 agentssold life policy only while 18 agents did not sell any policy. 22 of the agents sold bothmotor and home policies, 16 sold both home and life policies while 20 sold both motorand life policies.Required:(a)(b)Draw the Euler-Venn diagram for the insurance company with the given dataclearly indicated.(4 Marks)Determine the number of agents who sold:(i) at least one of the three policies.(2 Marks)(ii) all the policies(3 Marks)(iii) each of the policies(6 Marks)(Total 15 Marks)INTERMEDIATE EXAMINATION - NOVEMBER 201013
Page 3: PATHFINDERTABLE OF CONTENTSSUBJECTS
Page 6 and 7: PATHFINDER10. First in First out (F
Page 8 and 9: PATHFINDER1 19 912030 0 ES5TLSTX312
Page 10 and 11: PATHFINDER4. The formula for alloca
Page 14 and 15: PATHFINDERQUESTION 5The table below
Page 16 and 17: PATHFINDERWORKINGS12. EOQ =2CO D 21
Page 18: PATHFINDERWORKINGS13. Sample space
Page 21 and 22: PATHFINDERIt is recommended that:Ca
Page 23 and 24: PATHFINDERQUESTION 3OGBUEFI LIMITED
Page 25 and 26: PATHFINDERQUESTION 4(a)Euler-Venn d
Page 27 and 28: PATHFINDERP 0 Q 0 P 1 Q 1 Q 0 + Q 1
Page 29 and 30: PATHFINDEREXAMINERS‟ REPORT200 3
Page 31 and 32: PATHFINDER4. ONE of the following m
Page 33 and 34: PATHFINDER12. The auditor, in carry
Page 35 and 36: PATHFINDER19. Statutory Auditing ca
Page 37 and 38: PATHFINDER15. Section 29 of Banks a
Page 39 and 40: PATHFINDERQUESTION 5Auditing of com
Page 41 and 42: PATHFINDERPART II SHORT ANSWER QUES
Page 43 and 44: PATHFINDERany, in depreciation rate
Page 45 and 46: PATHFINDER(v)(vi)Creditors are able
Page 47 and 48: PATHFINDERvii. Natural disaster;vii
Page 49 and 50: PATHFINDERCandidates shied away fro
Page 51 and 52: PATHFINDEREXAMINERS‟ REPORTThe re
Page 53 and 54: PATHFINDERICAN/102/P/2EXAMINATION N
Page 55 and 56: PATHFINDER8. What is the term used
Page 57 and 58: PATHFINDER15. Which of the followin
Page 60 and 61: PATHFINDERSECTION B: ATTEMPT ANY FO
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PATHFINDERQUESTION 3Mr. James makes
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PATHFINDERQUESTION 6SOULINE Company
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PATHFINDER5. RATES OF PERSONAL INCO
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PATHFINDERPART II: SHORT-ANSWER QUE
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PATHFINDERIncome tax payable 14,259
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PATHFINDERBased on the New Accounti
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PATHFINDERAll the above principles
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PATHFINDEREXAMINERS‟ REPORTPart (
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PATHFINDERCandidates are advised to
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PATHFINDERICAN/102/P/4EXAMINATION N
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E. Assessment.PATHFINDER9. All rese
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PATHFINDER17. Some students in the
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PATHFINDER15. The statistic that di
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PATHFINDERQUESTION 6A survey on the
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PATHFINDEREXAMINERS‟ REPORTThe qu
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PATHFINDERvi.vii.Information hoardi
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PATHFINDER(vii)Consideration: Commu
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PATHFINDERc ii.Cluster SamplingIt i
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PATHFINDEREXAMINERS‟ REPORT:The q
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PATHFINDERDecision:Since the calcul
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pathfinder - The Institute of Chartered Accountants of Nigeria

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