Your firm is the auditor of Shah Engineering Ltd, and you have been asked to suggest the audit work you will carry out in verifying trade creditors and purchase accruals at the company’s year-end of 31 December 2003. You attended the stock take at the year-end. The Company operates from […]

(a) Define the term Monetary Policy. (2 marks) (b) Discuss any four instruments of this policy used to control and regulate money supply by the Central Banking Authorities. (12 marks) (c) What limits the successful application of these tools (in b above) in developing countries? (6 marks)

(a) Explain what is meant by the terms own price, income and cross elasticities of demand. (9 marks) (b) How and when is the concept of elasticity applied in economic policy decisions. (11 marks)

a) Discuss the different approaches used in the measurement of the National Income of a country. (6 marks) b) The Economic Advisory Department of Examland has estimated that its country‟s marginal propensity to consume equals 0.6, investment in millions of shillings equals 2,000, Government spending 8,000, autonomous consumption 10,000 and […]

The number of plumbing repair jobs by Joy Plumbing Service in each of the last nine months in Miami town are listed below: Month Jobs March April May June July August September October November 353 387 342 374 396 409 399 412 408 Required: (i) Forecast the number of repair […]

(i) Give some examples of the type of data that form a normal distribution. (ii) Under what conditions can the normal distribution be used as an approximation to the binomial distribution? (2 marks) (iii) What do confidence limits measure? (2 marks)

The directors of Totale engineering Company Limited presented the following Profit and Loss for the year ended 31 December 2005: Sh. Revenues Sales Interest on Government Securities (Gross) Expenses: Purchases Wages Carriage inwards Rent Insurance Trade expenses Repairs: Building Machinery Advertising Legal charges Audit fees Depreciation Provision for doubtful debts […]

You are carrying out the audit of ACB Computers limited for the year ended 31 December 2003. The company assembles microcomputers purchased from the Far East and sells them to retailers, and to individuals and other businesses. In the current year, there has been a recession and strong competition, which […]

A manager is convinced that a new type of machine does not affect production at the company‟s major shop floor. In order to test this, 12 samples of this week‟s hourly output is taken and the average production per hour is measured as 1158 with a standard deviation of 71. […]