pathfinder - The Institute of Chartered Accountants of Nigeria

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PATHFINDERPART II: SHORT-ANSWER QUESTIONS1. an assessable profit2. annuitant.3. Executive Secretary of Education Trust Fund4. absolute cell5. currency of the transaction6. Acceptance Certificate from the Inspectorate division of the FederalMinistry of Industries7. President and Commander in Chief of the Armed Forces8. preceding year basis, (if in writing to the relevant tax authority) otherwise,cessation rule will apply9. spreadsheet10. once11. assessable profit12. Turnover assessment13. 2 nd and 3 rd years of assessment14. total profit15. Pay As You Earn (PAYE) system16. Franked Investment Income17. The chairman of the Federal Inland Revenue Service Board18. tax evasion19. The Joint Tax Board20. Actual year basisEXAMINERS‟ REPORTThe questions test various aspects of the Syllabus.Almost all the candidates attempted the questions and performance was good.INTERMEDIATE EXAMINATION - NOVEMBER 201068
SOLUTIONS TO SECTION BQUESTION 1PATHFINDER(a)SAMUEL, BAKO & CHUKWU (SBC & CO)COMPUTATION OF ASSESSABLE INCOME OF EACH PARTNERSAMUEL BAKO CHUKWU TOTALN N N NSalaries 210,000 240,000 50,000 900,000Interest on capital 36,000 48,000 36,000 120,000Bonus 18,000 12,000 30,000 60,000264,000 300,000 516,000 1 ,080,000Share of adjustedProfit/(loss ) (82,629) (82,629) (123,942) (289,200)Assessable Income of 181,371 217,371 392,058 790,800each partner(b)COMPUTATION OF SAMUEL‟S INCOME TAX LIABILITY FOR 2003 ASSESSMENTYEARNNAssessable/Earned income 181,371Less: ReliefsPersonal allowance (N5,000 + 20% x N181,371) 41,274Children allowance (N2500 x 4) 10,000Dependant relative (N2000 x 2) 4,000Life assurance 4,800 (60,074)N121,297Income Tax Payable:N1st N 30,000 @ 5% - 1,500.00Next N30,000 @ 10% - 3,000.00Next N50,000 @ 15% 7,500.00Next N11,297 @ 20% 2,259.40N121,297INTERMEDIATE EXAMINATION - NOVEMBER 201069
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PATHFINDERTABLE OF CONTENTSSUBJECTS
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PATHFINDER10. First in First out (F
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PATHFINDER1 19 912030 0 ES5TLSTX312
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PATHFINDER4. The formula for alloca
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PATHFINDERMaterials on site as at e
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PATHFINDERQUESTION 5The table below
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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
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 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 94 and 95: PATHFINDERvi.vii.Information hoardi
Page 96 and 97: PATHFINDER(vii)Consideration: Commu
Page 98 and 99: PATHFINDERc ii.Cluster SamplingIt i
Page 102 and 103: PATHFINDEREXAMINERS‟ REPORT:The q
Page 104: PATHFINDERDecision:Since the calcul
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