“Most errors in computer based accounting systems can be traced to faulty input. Controls over the completeness and validity of all inputs are vital. Control over data conversions, controls over rejections and their correction and reprocessing, batch controls and computer edit controls affect both completeness and validity”. Required: a) Explain […]

Rai, Sai and Tai are former school mates who were doing business together. The business is not registered but they registered themselves as equals in it. They keep proper books of account and have been able to provide the following profit and loss account for the year ended 31 December […]

Your firm audits Clean Paints Ltd. and you are planning the audit of stock and work in progress for the year ended 31 December 2000. Clean Paints Ltd. determines the value of stock in its financial statements by the year-end stocktake. There is no perpetual Stock Inventory System though stock […]

The following regression equation was calculated for a class of 24 CPA II students. Ŷ = 3.1 + 0.021X1 + 0.075X2 + 0.043X3 Standard error (0.019) (0.034) (0.018) Where: Y = Students score on a theory examination X1 = Students rank (from the bottom) in high school X2 = Students […]

With the aid of well-labeled diagrams, distinguish between price floors and price ceilings. (6 marks) ii. What are the major consequences of each of the price control measures? (8 marks)

Does an individual person have to raise an objection for tax assessed under the Income Tax Act now that there is self assessment? Explain.

Now that there is self assessment under the Income Tax Act, does the Commissioner of Income Tax have to issue any assessment? Explain.

During the course of an audit, the auditor attempts to obtain sufficient relevant and reliable evidence to provide the satisfaction that the financial records are completed and accurate. One of the ways that the auditor obtains satisfaction is to select representative samples of transactions and balances for detailed testing, such […]

Cross Lines Group (CLG) has two factories in different parts of the country. Their resources, including the labour force skills are regarded as identical and both factories were built at the same time. A random sample of output data during a given period has been taken from each factory and […]