100+ Free NBAA CPA Intermediate Practice Questions
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Key Facts: NBAA CPA Intermediate Exam
40%
Passing Score
NBAA Tanzania Board Guidelines
TZS 160K
Fee per Subject
NBAA Standard Exam Fee
18 hours
Total Exam Time
6 papers × 3 hours each
35-50%
Average Pass Rate
Historical Subject Statistics
18%
Mainland VAT Rate
Tanzania VAT Act 2014
TZS 200M
VAT Registration
Mainland turnover threshold
Tanzania's NBAA CPA Intermediate Level consists of 6 papers: Financial Management (B1), Financial Reporting (B2), Auditing Principles and Practice (B3), Public Finance and Taxation I (B4), Performance Management (B5), and Management, Governance and Ethics (B6). Each paper is a 3-hour written exam. The minimum passing mark is 40% per subject. Total exam fees are TZS 160,000 per subject plus annual student subscription fees. Pass rates range between 35% and 50%.
Sample NBAA CPA Intermediate Practice Questions
Try these sample questions to test your NBAA CPA Intermediate exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.
1A company in Tanzania is evaluating an investment project with a cost of TZS 200 million. The project is expected to generate nominal cash flows of TZS 80 million in year 1, TZS 100 million in year 2, and TZS 90 million in year 3. The general inflation rate is 5% per annum, and the company's real cost of capital is 8%. What is the Net Present Value (NPV) of this project in nominal terms?
2Mbeya Cement Co. has TZS 120 million available for capital investment in the current year. The company is facing single-period capital rationing and has identified three independent, divisible projects with the following details: - Project X: Initial Outlay = TZS 60 million, NPV = TZS 18 million - Project Y: Initial Outlay = TZS 80 million, NPV = TZS 20 million - Project Z: Initial Outlay = TZS 50 million, NPV = TZS 14 million What is the maximum NPV that can be achieved?
3A Tanzanian firm has a capital structure consisting of 60% equity and 40% debt by market value. The cost of equity is 15%, and the pre-tax cost of debt is 10%. If the corporate tax rate in Tanzania is 30%, what is the Weighted Average Cost of Capital (WACC) for the firm?
4A company listed on the Dar es Salaam Stock Exchange (DSE) has a beta coefficient of 1.2. The risk-free rate in Tanzania (based on Treasury bills) is 9%, and the expected market return is 14%. According to the Capital Asset Pricing Model (CAPM), what is the cost of equity for the company?
5A manufacturing company in Arusha has an average inventory holding period of 45 days, an average receivables collection period of 30 days, and an average payables payment period of 40 days. What is the length of the company's cash conversion cycle (net operating cycle)?
6Tanga Trading Co. is considering offering an early payment discount of 1.5% for payment within 10 days, instead of its normal 45-day credit period. What is the approximate annualized cost (compounded) of this discount to the company, assuming a 365-day year?
7A company has an annual demand of 20,000 units for a raw material. The ordering cost is TZS 10,000 per order, and the holding cost is TZS 400 per unit per year. What is the Economic Order Quantity (EOQ) for this raw material?
8In corporate finance, what is the primary difference between a rights issue and a public offer of shares?
9A Tanzanian importer owes EUR 100,000 payable in 3 months. The spot exchange rate is TZS 2,800/EUR. The 3-month forward exchange rate is TZS 2,840/EUR. If the importer decides to hedge the exchange rate risk using a forward contract, how much will they pay in TZS in 3 months?
10Which of the following describes the key principle of Islamic financing known as 'Mudarabah'?
About the NBAA CPA Intermediate Exam
The Intermediate Level of the NBAA CPA (Tanzania) qualification tests intermediate application, analysis, and evaluation across six subjects: Financial Management (B1), Financial Reporting (B2), Auditing Principles and Practice (B3), Public Finance and Taxation I (B4), Performance Management (B5), and Management, Governance and Ethics (B6). Exams are competence-based written papers.
Questions
100 scored questions
Time Limit
18 hours total (3 hours per subject)
Passing Score
40% minimum per subject
Exam Fee
TZS 160,000 per subject (National Board of Accountants and Auditors (NBAA) Tanzania)
NBAA CPA Intermediate Exam Content Outline
B1: Financial Management
Investment appraisal (NPV, IRR), cost of capital (WACC, CAPM), working capital, leasing, exchange rate hedging.
B2: Financial Reporting
IFRS standards compliance, group consolidation accounts, statement of cash flows, financial analysis ratios.
B3: Auditing Principles and Practice
Ethics (IESBA Code), audit planning, audit risk assessment, internal controls testing, audit opinions.
B4: Public Finance and Taxation I
Tanzanian Income Tax Act 2004, VAT Act 2014, Tax Administration Act 2015, capital allowances, withholding taxes, public finance.
B5: Performance Management
Costing methods, activity-based costing (ABC), budgeting, standard costing and variance analysis, CVP analysis.
B6: Management, Governance and Ethics
Management functions and motivation, corporate governance principles, risk management (COSO), business ethics.
How to Pass the NBAA CPA Intermediate Exam
What You Need to Know
- Passing score: 40% minimum per subject
- Exam length: 100 questions
- Time limit: 18 hours total (3 hours per subject)
- Exam fee: TZS 160,000 per subject
Keys to Passing
- Complete 500+ practice questions
- Score 80%+ consistently before scheduling
- Focus on highest-weighted sections
- Use our AI tutor for tough concepts
NBAA CPA Intermediate Study Tips from Top Performers
Frequently Asked Questions
What is the passing score for the NBAA CPA Intermediate Level in Tanzania?
The minimum passing score for each subject of the professional examinations (including the Intermediate Level) is 40%. A candidate who scores 40% or more in a subject is considered to have passed that subject.
How much does the NBAA CPA Intermediate Level exam cost?
The standard examination fee is TZS 160,000 per subject, totaling TZS 960,000 for the six subjects. Candidates must also pay a TZS 70,000 professional level registration fee, a TZS 25,000 form fee, and an annual student subscription fee of TZS 85,000. Repeated subjects cost TZS 120,000 each.
What subjects are tested in the NBAA CPA Intermediate Level?
The Intermediate Level consists of six modules: B1 Financial Management, B2 Financial Reporting, B3 Auditing Principles and Practice, B4 Public Finance and Taxation I, B5 Performance Management, and B6 Management, Governance and Ethics. Each module is assessed through a 3-hour written examination paper.
What are the key tax rates tested in Public Finance and Taxation I (B4)?
Under the Tanzanian tax laws tested in B4, the standard corporate income tax rate is 30%. The mainland VAT rate is 18%. Resident withholding tax rates include 5% for professional fees, 10% for interest, and 5% for dividends from DSE-listed companies (10% for unlisted).
What is the treatment of non-commercial passenger vehicles in B4 capital allowances?
Under the Third Schedule of the Tanzanian Income Tax Act 2004, the cost of acquiring non-commercial passenger road vehicles is capped at TZS 30,000,000. Any expenditure exceeding TZS 30 million is not recognized for depreciation allowance purposes, and the asset is depreciated under Class 1 at 37.5% per annum on a diminishing value basis.