pathfinder - The Institute of Chartered Accountants of Nigeria

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PATHFINDERQUESTION 3a. Financial symptoms of going concern problems includei. Adverse or negative current ratio or trend;ii. Dependence on short finance for long term needs;iii. High gearing ratio;iv. Dividends, tax and other statutory deductions in arrears;v. Excess of stocks and debtors;vi. Exceeding overdraft limitsvii. Recurring operating losses;viii. Default on loan interest or principal repayment;ix. Potential loss on long term contract;x. Under capitalization particularly where there is deficiency of sharecapital and reserves.xi. Major rescheduling of debtsxii. Substantial sales of fixed assets not expected to be replacedxiii. Denial of normal terms of trade credit by suppliersb. The above symptoms can be mitigated by addressing alternative means ofgenerating adequate cashflow.i. Disposal of assets without adversely affecting operationsii. Postponing the replacement of assets without adversely affectingoperations;iii. Lease assets rather than outright purchaseiv. Rolling over existing loan facilitiesv. Rescheduling debtsvi. Additional capital by way of rights issuec. Other symptoms that raise problems about going concern of an enterpriseinclude:i. Loss of key management staff;ii. Prolonged industrial action;iii. Loss of key franchise or patent;iv. Loss of principal supplier or customer;v. Substantial dependence on one or certain project or product;vi. Continuous use of obsolete machines;INTERMEDIATE EXAMINATION - NOVEMBER 201046
PATHFINDERvii. Natural disaster;viii. Government legislations;ix. Legal Disputes;x. Ban on importation of relevant raw materials or major products.EXAMINERS‟ REPORTThe question is in three parts, part (a) tests financial symptoms of going concernproblems, part (b) is on managements‟ mitigation plans and part (c) other symptomsof going concern problems.The question was attempted by about 90% of the candidates and about 40% of themscored pass mark. The commonest pitfall was the inability of the candidates todifferentiate between financial symptoms and other (non-financial) symptoms.Candidates are advised to understand the requirements of the questions beforeattempting it.QUESTION 4(a)Database Management System (DBMS)A database is an organized collection of structured data, stored with minimumduplication of data items so as to provide a consistent and controlled pool ofdata which is common to users of the system.DBMS is a software system which constructs expands and maintains the data.DBMS provides the following:The interface between the user and the data in the baseSecurity for the data in the baseProtects data against unauthorized accessSafeguards data against corruptionProvides recovery and restart facilities after a hardware or software failureINTERMEDIATE EXAMINATION - NOVEMBER 201047
Page 3: PATHFINDERTABLE OF CONTENTSSUBJECTS
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Page 10 and 11: PATHFINDER4. The formula for alloca
Page 12 and 13: PATHFINDERMaterials on site as at e
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
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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: PATHFINDER(v)(vi)Creditors are able
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
Page 62 and 63: PATHFINDERQUESTION 3Mr. James makes
Page 64 and 65: PATHFINDERQUESTION 6SOULINE Company
Page 66 and 67: PATHFINDER5. RATES OF PERSONAL INCO
Page 68 and 69: PATHFINDERPART II: SHORT-ANSWER QUE
Page 70 and 71: PATHFINDERIncome tax payable 14,259
Page 72 and 73: PATHFINDERBased on the New Accounti
Page 74 and 75: PATHFINDERAll the above principles
Page 76 and 77: PATHFINDEREXAMINERS‟ REPORTPart (
Page 78 and 79: PATHFINDERCandidates are advised to
Page 80 and 81: PATHFINDERICAN/102/P/4EXAMINATION N
Page 82 and 83: E. Assessment.PATHFINDER9. All rese
Page 84 and 85: PATHFINDER17. Some students in the
Page 86 and 87: PATHFINDER15. The statistic that di
Page 88 and 89: PATHFINDERQUESTION 6A survey on the
Page 90 and 91: PATHFINDEREXAMINERS‟ REPORTThe qu
Page 92 and 93: PATHFINDEREXAMINERS‟ REPORTThe qu
Page 94 and 95: PATHFINDERvi.vii.Information hoardi
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PATHFINDERDecision:Since the calcul
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pathfinder - The Institute of Chartered Accountants of Nigeria

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