JUPEB 2024 ACCOUNTING QUESTIONS
JUPEB 2024 FINANCIAL ACCOUNTING QUESTIONS
JUPEB 2024 FINANCIAL ACCOUNTING QUESTIONS BELOW
JUPEB 2024 ACCOUNTING QUESTIONS 
JUPEB 2024 ACCOUNTING QUESTIONS 
JUPEB 2024 ACCOUNTING QUESTIONS 
JUPEB 2024 ACCOUNTING ANSWERS
(3a)
Given:
Sales level (unit) – 6,000, 8,000
Material cost – 18,000, 24,000
Labour cost – 15,000, 19,000
Overheads – 11,700, 14,700
Selling price – $8.00/unit
Fixed elements of each component of cost:
Material cost:
Fixed element = Total cost – Variable cost
Fixed element = 18,000 – (18,000 / 6,000) * 6,500 = $11,000
Fixed element = 24,000 – (24,000 / 8,000) * 7,800 = $12,000
Labour cost:
Fixed element = Total cost – Variable cost
Fixed element = 15,000 – (15,000 / 6,000) * 6,500 = $8,000
Fixed element = 19,000 – (19,000 / 8,000) * 7,800 = $9,000
Overheads:
Fixed element = Total cost – Variable cost
Fixed element = 11,700 – (11,700 / 6,000) * 6,500 = $6,000
Fixed element = 14,700 – (14,700 / 8,000) * 7,800 = $7,000
(3b) To prepare a statement showing the estimated cost to produce 6,500 units and 7,800 units, we need to calculate the total cost at each level.
Estimated cost to produce 6,500 units:
Material cost = (18,000 / 6,000) * 6,500 = $17,500
Labour cost = (15,000 / 6,000) * 6,500 = $14,750
Overheads = (11,700 / 6,000) * 6,500 = $11,000
Total cost = Material cost + Labour cost + Overheads = $43,250
Estimated cost to produce 7,800 units:
Material cost = (24,000 / 8,000) * 7,800 = $26,700
Labour cost = (19,000 / 8,000) * 7,800 = $18,450
Overheads = (14,700 / 8,000) * 7,800 = $13,350
Total cost = Material cost + Labour cost + Overheads = $58,500
(8c)
1. Proportionality: The cost of producing one unit of a product is assumed to be the same as the cost of producing any other unit of the same product, regardless of the level of production.
2. Linearity: The cost of producing a product is assumed to be directly proportional to the level of production, with no fixed costs or other non-linear factors affecting the cost.
3. Stability: The cost of producing a product is assumed to remain constant over time, with no changes in the cost of materials, labor, or other factors affecting the cost.
4. Homogeneity: The product being produced is assumed to be homogeneous, meaning that each unit of the product has the same cost of production, regardless of the level of production.
5. Certainty: The cost of producing a product is assumed to be known with certainty, with no uncertainty or variability in the cost of materials, labor, or other factors affecting the cost.
JUPEB ACCOUNTING
NUMBER EIGHT
(8a)
(i) Company Income Tax Return (CITR)
(ii) Audited Financial Statements
(iii) Capital Allowance Computation
(iv) Withholding Tax Certificates
(v) Evidence of Payment of Estimated Income Tax
(vi) Relevant Supporting Documents
(8b)
(PICK ANY THREE)
(i) Revenue Generation: The primary objective of taxation is to generate revenue for the government to fund public expenditure and provide public services.
(ii) Income Redistribution: Taxation can be used to redistribute wealth from the rich to the poor, thereby promoting social and economic equity.
(iii) Economic Stabilization: Taxation can be used as a tool to stabilize the economy by influencing consumer spending, investment, and employment.
(iv) Resource Allocation: Taxation can be used to influence the allocation of resources in the economy, for example, by encouraging or discouraging certain economic activities.
(v) Economic Growth: Taxation can be used to promote economic growth by encouraging investment, innovation, and productivity.
(vi) Social and Political Objectives: Taxation can be used to achieve social and political objectives, such as promoting environmental protection, discouraging harmful behaviors, or supporting specific social programs.
(8c)
Direct taxes are taxes that are levied directly on the income, wealth, or property of individuals or businesses. Direct taxes are generally considered to be more equitable and progressive, as they are based on the taxpayer’s ability to pay.
EXAMPLES
(i) Personal Income Tax
(ii) Company Income Tax
(iii) Capital Gains Tax
(iv) Petroleum Profit Tax
Indirect taxes are taxes that are levied on the consumption or expenditure of goods and services, rather than on income or wealth. Indirect taxes are generally considered to be less equitable, as they are not based on the taxpayer’s ability to pay. However, they can be used to influence consumer behavior and generate revenue from a broader tax base.
EXAMPLES
(i) Value-Added Tax (VAT)
(ii) Excise Duty
(iii) Customs Duty
(iv) Stamp Duty
JUPEB ACCOUNTING
NUMBER FIVE
(5a)
(i) Investors: Auditing is highly relevant to investors as it provides an independent assessment of the accuracy and reliability of the financial statements. Investors rely on audited financial information to make informed investment decisions.
(ii) Lenders: Auditing is crucial for lenders, as they use the financial statements to evaluate the creditworthiness of a company and the risk associated with extending credit or loans.
(iii) Suppliers and Creditors: Audited financial statements help suppliers and creditors assess the financial stability and liquidity of a company, which is essential for making decisions about extending trade credit or other forms of financing.
(iv) Regulatory Authorities: Regulatory bodies, such as securities commissions and tax authorities, rely on audited financial statements to ensure compliance with relevant laws and regulations.
(v) Management: Management uses audited financial information to make informed decisions about the company’s operations, strategies, and resource allocation.
(vi) Shareholders: Shareholders, as the owners of the company, have a vested interest in the accuracy and reliability of the financial statements. Auditing helps ensure that the financial information provided to shareholders is trustworthy.
(5b)
(PICK ANY THREE)
-Tax Services-
Examples
(PICK ANY ONE)
(i) Income tax preparation and planning
(ii) Sales and use tax compliance
(iii) International tax advisory
(iv) Tax controversy and dispute resolution
-Consulting Services-
Examples
(PICK ANY ONE)
(i) Strategic planning and business advisory
(ii) Operations optimization and process improvement
(iii) Risk management and internal control advisory
(iv) Information technology (IT) consulting
-Assurance Services-
Examples
(PICK ANY ONE)
(i) Systems and organization controls (SOC) reporting
(ii) Employee benefit plan audits
(iii) Agreed-upon procedures engagements
(iv) Attest services for compliance requirements
-Transaction Advisory Services-
Examples
(PICK ANY ONE)
(i) Mergers and acquisitions due diligence
(ii) Valuation and business modeling
(iii) Structured finance and capital markets advisory
(iv) Divestitures and spin-offs
