An accountant wishes to estimate the mean of accounts receivable. He takes a random sample of 10 accounts receivable and gets the following results in millions of shillings. 6,7,4,2,5,7,8,6,9,9,7,0,7,3,8,1,6,8,5,2. Required: Construct a 95% confidence interval of the true mean of accounts receivable. (Assume the accounts are normally distributed). (10 marks)

Write brief explanatory notes on the following audit terms: a) Control procedures; (4 marks) b) Internal check; (4 marks) c) Vouching audit; (4 marks) d) Walk-through tests; (4 marks) e) Weakness tests; (4 marks)

Paper details: A: Identifying, explaining and illustrating managerial or organisational responses to a contemporary business management issue and challenges, how these impact on organisations and managerial practice, i): 1) Identify a contemporary management issue of business signicance; describe, and explore how this poses challenges for managing individuals and organizations in […]

To obtain revenue to support the funding of public educational programmes in a city, the Parents and Teachers Association (PTA) proposes the establishment of a City Football Lottery Programme (CFLP). The programme is to be conducted on weekly basis for each of the 16 weeks which are played by the […]

a) Explain the value derived from the work of external auditors. (5 marks) b) Outline the statutory provisions with regard to duties of external auditors. (7 marks)

The following balances are extracted from the books of Wendani Limited for the year ended 30 April 2006. Sh. Share capital: 3,000,000 ordinary shares (fully paid) 800 8% redeemable preference shares Share premium account General reserves Preference share redemption Block capital (at cost less depreciation) Net profit for the year […]

Write briefly explanatory notes on the following types of audit: i. Statutory audit; (3 marks) ii. Private audit; (3 marks) iii. Balance sheet audit; (3 marks) iv. Management audit; (3 marks)

A real estate salesperson estimates that 80% of the customers with whom he deals, can qualify financially for a mortgage loan for the house of their choice. Required: Determine the probability that the salesperson will process six loan applications before four approvals are obtained.

With reference to Pay As You Earn (PAYE) system: (a) Write explanatory notes on the following: (i) Taxation of pension income for a retired employee; ( 4 marks) (ii) Allowable deductions for contributions to a registered pension scheme; ( 2 marks) (iii) Procedure for the end of year Return; ( […]