pathfinder - The Institute of Chartered Accountants of Nigeria

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PATHFINDERContract – Profit Provision AccountNNTransfer of contractNotional profit @ Dec.-31Profit & Loss A/c 696,000 Certificates 6,880,000- Work in Progress (5,720,000)Balance c/f 464,000Profit taken = N1,160,000 x 2 / 3 x 90% = N696,000EXAMINERS‟ REPORT1,160,000 1,160,000Balance b/d 464,000The question tests candidates understanding and appreciation of the requirements ofjob and contract costing.The question was attempted by most of the candidates. Performance was very poor as85% of the candidates who attempted the question scored less than 50% of the marksallocated.Common pitfalls are as follows:Candidates were generally unable to compute the notional profit.Presentation of a Contract Account was badly demonstrated.Candidates showed poor understanding of the theoretical requirement.It is recommended for future examinations that candidates should:improve on their preparation;study, master and understand the concept of notional profit in Contract Costing; andfamiliarise themselves with current and up-to-date texts while preparing for theexamination.INTERMEDIATE EXAMINATION - NOVEMBER 201126
PATHFINDERQUESTION 2EGBUYAH LIMITEDCASH BUDGET FOR THE QUARTER APRIL TO JUNEApril May JuneN000 N000 N000Inflows:Income 70,250 66,500 59,000Other Income 3,750 3,250 2,750Total (A) 74,000 69,750 61,750Outflows:Purchases 42,780 36,580 39,680Fuel & Oil 1,750 1,750 1,750Office Expenses 800 800 800Transport & Travels 300 300 300Salaries 2,650 2,650 2,650Telephone 450 450 450Others 1,000 1,000 1,000Fixed Assets - 35,000 35,000Total (B) 49,730 78,530 81,630Bal b/f - 24,270 15,490Surplus/(Deficit) (A – B) 24,270 (8,780) (19,880)Bal c/f 24,270 15,490 (4,390)INTERMEDIATE EXAMINATION - NOVEMBER 201127
Page 1 and 2: THE INSTITUTE OF CHARTERED ACCOUNTA
Page 3: PATHFINDERTABLE OF CONTENTSSUBJECTS
Page 6 and 7: PATHFINDER8. From the following dat
Page 8 and 9: PATHFINDER16. What type of coeffici
Page 10 and 11: PATHFINDER7. An equipment was purch
Page 12 and 13: PATHFINDERb. The Holdings Construct
Page 14 and 15: PATHFINDERQUESTION 3XYZ Limited man
Page 16 and 17: PATHFINDERSUB-SECTION II: QUANTITAT
Page 18 and 19: PATHFINDERSOLUTIONS TO SECTION APAR
Page 20 and 21: PATHFINDERQ12. Input is 2,000 units
Page 22 and 23: PATHFINDER7. N1,930,0008. Labour tu
Page 24 and 25: PATHFINDERCandidates are advised to
Page 28 and 29: PATHFINDERWORKINGS NOTES1. Computat
Page 30 and 31: PATHFINDERLess: Cost of salesProduc
Page 32 and 33: PATHFINDERQUESTION 4Activity Based
Page 34 and 35: PATHFINDERQUESTION 5(a)Sample space
Page 36 and 37: PATHFINDERb = b = 16,000 = 1000-16A
Page 38 and 39: PATHFINDER(c)Group replacement poli
Page 40 and 41: PATHFINDER4. Which of the following
Page 42 and 43: PATHFINDER12. When performing foren
Page 44 and 45: PATHFINDER20. The situations below
Page 46 and 47: PATHFINDERSECTION B: ATTEMPT ANY FO
Page 48 and 49: PATHFINDERYou are required to(a)(b)
Page 50 and 51: PATHFINDER17. D18. E19. E20. CEXAMI
Page 52 and 53: PATHFINDERvi.To avoid sanctions fro
Page 54 and 55: PATHFINDER(v)Critical audit areas i
Page 56 and 57: PATHFINDER(iv)Competence:The intern
Page 58 and 59: PATHFINDER• Supervision and revie
Page 60 and 61: PATHFINDER(vii)The board‟s respon
Page 62 and 63: PATHFINDER(viii) Management may hav
Page 64 and 65: PATHFINDER(iii)(iv)(v)The planning
Page 66 and 67: PATHFINDEREXAMINERS‟ REPORTThe qu
Page 68 and 69: PATHFINDER4. What is the period wit
Page 70 and 71: PATHFINDERD. TenementE. Contentment
Page 72 and 73: PATHFINDERC. Conditioning FormatD.
Page 74 and 75: PATHFINDERRentTravelling expenses 4
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PATHFINDERYou are required to(a)Com
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PATHFINDERTAX RATES1. CAPITAL ALLOW
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PATHFINDERSOLUTIONS TO SECTION APAR
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PATHFINDER20. The Federal Inland Re
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PATHFINDERQUESTION 2(a)The advent o
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PATHFINDERNEW DATE (31/12)NOTE:2003
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PATHFINDERor2005 (AYB) 01/01/05 - 3
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PATHFINDER(iii)(iv)(v)Payment of in
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PATHFINDEREXAMINERS‟ REPORTThe qu
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PATHFINDER4. The internet is used t
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PATHFINDER12. The following rate of
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PATHFINDER20. To draw a conclusion
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PATHFINDERSECTION B: ATTEMPT ANY FO
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PATHFINDERQUESTION 5(a)Explain brie
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PATHFINDEREXAMINERS‟ REPORTThe qu
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PATHFINDERii. Semantics: The meanin
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PATHFINDERii. Motivation: Managemen
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PATHFINDERv. Planning: Communicatio
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PATHFINDERStandard Deviation = 26=
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PATHFINDERHypothesis is a tentative
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PATHFINDER(iv)References make use o
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PATHFINDER(iv)(v)The type of statis
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PATHFINDER(ii)Oral Style: A speech
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PATHFINDERQUESTION 6(a) H o : The p
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pathfinder - The Institute of Chartered Accountants of Nigeria

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