Write brief notes on the following auditing techniques: i. Inspection; (4 marks) ii. Observation; (3 marks) iii. Enquiry. (3 marks)

(a) State clearly what is meant by two events being statistically independent. (2 marks) (b) In a certain factory which employs 500 men, 2% of all employees have a minor accident in a given year. Of these 30% had safety instructions whereas 80% of all employees has no safety instructions. […]

A company employs four classes of machine operators (A, B, C and D); all new employees are hired as class D and, through a system of promotion, may work up to a higher class. Currently, there are 200 class D, 150 class C, 90 class B and 60 class A […]

i. Give the meaning of the term ‘ Price Control’ (2 marks) ii. Explain the circumstances under which price control is considered necessary. (8 marks)

Sponex Limited deals in a wide variety of low-price sports goods. Shown below is a list of transactions for the month of June 2006. June 2 June 3 June 4 June 9 June 11 June 12 June 16 June 19 June 21 Purchased goods on credit from Marun Shoes of […]

Write brief notes on the tax aspects of the following: (i) Royalties ( 5 marks) (ii) Import Declaration Form ( 5 marks) (iii) Valuation Roll of Local Authorities. ( 5 marks)

The matter listed below are always included in the internal control of a firm. You are required to explain the purpose of each of the items listed as (a), (b) and (c) below. Indicate the compliance tests you would carry out in order to ensure that the intended controls were […]

Define the following terms as used in Markovian analysis: (i) Transition matrix (4 marks) (ii) Initial probability vector (2 mark) (iii) Equilibrium (2 mark) (iv) Absorbing state (4 marks)

The following economic functions have been derived by the Finance Manager of a tea company: Qa = 3p2 – 4p and Qb = 24 – p2; where p represents price and Q is quantity Required: a) i) Which of the two functions represents a demand curve, supply curve and why? […]