Essay Center

August 30, 2021

Important aspect of the audit of the financial statements

A very important aspect of the audit of the financial statements by an external auditor is the observation of the physical stocktaking. Required: a) Why does the auditor need to attend a stock-take of the company that he audits? (6 marks) b) List four procedures that an auditor would need […]
August 30, 2021

Taxable profit (loss) from the partnership business

Gat, Kie and Kan are partners, operating a supermarket in Downtown Miami. They share profits and losses in the ratio 2:2:1 respectively. During the year ended 31 December 2005, the partners reported a loss of Sh.4,425,000 after deducting the following: Sh. Interest on capital: Gat Kie Kan Salaries to partners: […]
August 30, 2021

Deficit financing

a) Clearly explain the meaning of deficit financing of the national budget. (4 marks) b) To what extent can an economy be supported by deficit – financing?(10 marks) c) Explain what fiscal policy entails. (6 marks)
August 27, 2021

Supply chain and logistic

The purpose of the individual research writing assignment is to provide the opportunity to explore contemporary technologies that are emerging in modern supply chains. Through this exercise students gain critical knowledge and understanding about the evolving nature of modern supply chains. In doing so, companies improve the way they satisfy the […]
August 27, 2021

Modern economies

Modern economies can be highly influenced by the way their budgets are frame worked. Required: a) Clearly explain the role of budgetary management in economic development. (10 marks) b) Briefly explain the types of budgets. (5 marks) c) i)Define taxation. (2 marks) (ii) Clearly explain the principle functions of taxation. […]
August 27, 2021

The correctness of VAT paid

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. […]
August 27, 2021

VAT tribunal

(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)
August 27, 2021

Terms as used in auditing

What is meant by the following terms as used in auditing: i. Cut off procedure? (5 marks) ii. Audit in depth? (5 marks)
August 27, 2021

Audit procedure

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. […]