You are provided with the following transactions for Juice Processors Ltd. for the six months period ended 31.10.2005: 1. Sales for May was sh.300,000. the sales increased by 5% in June and by 10% in each of the following months. 2. Purchases for fruits were constant at Sh.120,000 per month. […]

(a) Write short notes on VAT tribunal. ( 10 marks) (b) To what extent are the partners responsible in respect to payments of VAT. ( 5 marks)

What is meant by the following terms as used in auditing: i. Cut off procedure? (5 marks) ii. Audit in depth? (5 marks)

You are a senior member of the audit team at Grain Millers Ltd., a company whose business is milling maize, wheat and other products for local consumption. The annual turnover for the year ended 30 September 2002 amounted to Sh. 1.5 million and most of its sales were on credit. […]

Trendy Tyres Ltd. has introduced a new brand of tyres, which in their advertisements claim to be superior to their only competitor brand, the Roadmaster Tyres. The brand manager of Roadmaster Tyres disputes this claim which he says is an advertisement gimmick. The brand manager of the two companies agree […]

Explain the difference between the paired t-test and the two-sample t-test.

a) Define the term unemployment (2 marks) b) i) Discuss the main causes of unemployment (10 marks) ii) Suggest the possible measures that you would implement to contain unemployment problems in your country (8 marks)

A Forest Tree Fellers Ltd. commenced business on 1 January 2005. The following fixed assets of the company which it acquired prior to the commencement of the business were stated at their written down values as at 1 January 2005: Milling machine Fork lifts Tractors Lorries – 200 tones Packaging […]

Explain the meaning of the following terms and state their effects on taxable income. (i) Trading receipts. (ii) Balancing charge. (iii) Trading loss (iv) Balancing deduction.