ICAN 2024 Business Management and Finance | Mixed

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Question 1 View Details
Which of the following best describes the objective of a Not-for-profit organisation?
Correct A. Maximising benefits
B. Maximising of shareholders‟ wealth
C. Earn a return for the owners
D. Increase in market value
E. Capital growth

Correct Answer: A

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Question 2 View Details
Co-operatives form of business are owned by the
A. Owners
B. Managers
Correct C. Members
D. Investors
E. Governments

Correct Answer: C

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Question 3 View Details
Which of the following is the focus of an informal organisation?
A. Process
B. Plan
C. Work
Correct D. People
E. Organising

Correct Answer: D

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Question 4 View Details
Which of the following is NOT an aspect of employment law?
A. Minimum wage
B. Working conditions
Correct C. Cash flow
D. Redundancy
E. Discrimination

Correct Answer: C

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Question 5 View Details
The purpose of data protection law is to protect the
A. Managers
B. Owners
C. Governments
Correct D. Individuals
E. Investors

Correct Answer: D

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Question 6 View Details
Which of the following is NOT a feature of a profession?
A. Admit new members to the profession
B. Award qualifications to individuals who achieve a required standard of skill or competence
Correct C. Expel members from the profession, for professional conduct
D. High entry requirements
E. An extensive period of rigorous academic training in a particular area

Correct Answer: C

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Question 7 View Details
The decisions and actions of all professional accountants in an organisation are guided by
A. Organisational culture
B. Management
C. Professional trainings
D. Core values
Correct E. Corporate code of ethics

Correct Answer: E

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Question 8 View Details
An organisation that is not defined by, or limited to, the horizontal, vertical, or external boundaries imposed by a predefined structure is called a/an
A. Matrix organisation
Correct B. Boundaryless organisation
C. Divisonal organisation
D. Virtual organisation
E. Entrepreneurial organisation

Correct Answer: B

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Question 9 View Details
Which of the following best describes the promotion of team spirit and unity among employees in an organisation?
A. Togetherness
B. Equity
Correct C. Esprit de Corps
D. Scalar Chain
E. Division of Work

Correct Answer: C

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Question 10 View Details
According to McClelland motivation theory, a N-ach person seeks
A. Authority
Correct B. Achievement
C. Power
D. Affiliation
E. Effort

Correct Answer: B

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Question 11 View Details
Which of the following is NOT a characteristic of a successful work team?
Correct A. The team should have a complex purpose
B. The team should have effective leadership
C. Its area of authority should be clearly defined
D. Provide benefits to the business
E. Morale or team spirit should be high

Correct Answer: A

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Question 12 View Details
Which of the following does NOT describe the need for effective communication?
A. Instructions and guidelines are properly understood
B. Individuals know what they are expected to do
C. Better co-ordination between people and groups
D. Arguments and conflicts in the work place are reduced
Correct E. Openness, understanding and trust are eliminated

Correct Answer: E

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Question 13 View Details
Which of the following components of a report is of a top priority?
A. Subject
B. Writer
Correct C. Objective
D. Reader
E. Structure

Correct Answer: C

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Question 14 View Details
Which of the following is NOT a feature of effective report?
A. Fit for purpose
B. Decisive
C. Persuasive
D. Correct in fact and language
Correct E. Lasting

Correct Answer: E

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Question 15 View Details
Which of the following does NOT represent short-dated financial instruments?
A. Treasury bills
B. Bills of exchange
C. Commercial paper
D. Certificates of deposit
Correct E. Equity finance

Correct Answer: E

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Question 16 View Details
A method of issuing new shares for cash to a relatively small number of selected investors is called
A. Financing
B. Public offer
C. Rights issue
Correct D. Placing
E. Private offer

Correct Answer: D

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Question 17 View Details
Calculate the present value, discounted at 15 percent, of receiving N500,000 at the end of year 4
A. N245,836.22
B. N255,846.32
C. N265,856.42
D. N275,866.52
Correct E. N285,876.62

Correct Answer: E

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Question 18 View Details
Which of the following is an advantage of a partnership form of business?
A. Unlimited liability for the individual partners
Correct B. Minimal organisational effort and costs
C. Limited ability to raise large sums of money
D. Dissolved upon the death of any of the partners
E. Dissolved upon the withdrawal of any of the partner

Correct Answer: B

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Question 19 View Details
Calculate the present value, discounted at 6 percent, of receiving N300,000 at the end of year 5
A. N222,175.45
B. N223,176.45
Correct C. N224,177.45
D. N225,178.45
E. N226,179.45

Correct Answer: C

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Question 20 View Details
A series of regular or periodic payments of equal amounts are called
A. Sinking funds
B. Premium
Correct C. Annuities
D. Interest
E. Direct transfer

Correct Answer: C

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Question 1 View Details
As maintained by Harold Koontz “management is an art of creating an environment in which people can perform and individuals can co-operate towards attainment of group goals”.
Requirements
(a)
Define the term “Self-efficacy”.
(b)
Briefly explain FOUR ways in which self-efficacy impact human functions.
(c)
Briefly explain the following concepts: i. Management by objectives (MBO); ii. Intrinsic rewards; iii. Unity of direction; iv. Communication style; v. Queuing theory;
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Question 2 View Details
Requirements
(a)
Briefly explain the term “Financial engineering”.
(b)
Describe the relationship between financial accounting and management accounting.
(c)
State FIVE examples of Nigerian bond markets hosted by the Nigerian Exchange Limited (NGX).
(d)
Explain briefly the following financial concepts. i. Certificate of deposits (CDS) ii. Commercial paper (CP) iii. Treasury bills (TB) iv. Banker’s acceptances (BAs)
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Question 3 View Details
Requirements
(a)
Explain briefly FIVE ethical threats that could compromise a professional accountant’s ability to comply with relevant laws and regulations.
(b)
Within the framework of a capital budget and strategic planning, state the FIVE steps of investment appraisal.
(c)
When companies retain profits in the business, the increase in retained profits adds to equity reserves. i. Explain TWO benefits of retaining profits in the business.
(ii)
Explain THREE reasons why there could be a limit to the amount of earnings available for retention.
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Question 4 View Details
Requirements
(a)
Define the term “Stakeholder”.
(a)
Explain briefly THREE internal stakeholders of a company.
(b)
State FOUR advantages and FOUR disadvantages of Joint ventures.
(c)
On the basis of qualification, nature of work, establishment and motive; distinguish between profession and employment.
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Question 5 View Details
Requirements
(a)
Conflict usually has a negative impact on the effectiveness of an organisation i. Explain SIX causes of conflict in an organisation.
(ii)
Explain FOUR characteristics of conflict.
(b)
Explain briefly THREE implications of expectancy theory for management.
(c)
State TWO disadvantages of Management by Objective (MBO).
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