For an additive time series model, what does the term “residual variation” mean? Describe briefly its two main constituents.

List and discuss five disadvantages of using standardized audit programmes and how these disadvantages can be avoided.

In 250 – 300 words, define and explain the meaning of an audit programme giving examples

(a) What are factors of production? (6 marks) (b) Explain the meaning of mobility of factors of production. To what extent are factors of production mobile. (7 marks)

Explain the meaning of the following terms as appearing in the respective tax legislation: (a) Excise duty; ( 2 marks) (b) Local committee; ( 2 marks) (c) Designated primary society; ( 2 marks) (d) Bonded warehouse; ( 2 marks) (e) Taxable person; ( 2 marks) (f) Zero-rated; ( 2 marks) […]

The utility (U) obtained by Olympia by consuming food (F) and shelter (S) is given by utility function U = FS (i) Draw the indifference curves associated with utility levels of 12 and 24 utiles. (4 marks) (ii) If food costs Sh. 100 per unit and shelter Sh. 300 per […]

Future Computer Company has developed a new computer accounting software package to help accountancy analysis reduce the time required to design, develop and implement an accounting system. To evaluate the benefits of the new software package, a random sample of 24 accountancy analysis is selected. Each analyst is given specifications […]

Nation Standard Newspaper poll for the year 2004 presidential campaign in U.S sampled 491 potential voters in October 2004. A primary purpose of the poll was to obtain an estimate of the proportion of potential voters who favour each candidate. Closer to December 2004 elections, better precision and smaller margins […]

A production department uses a sampling procedure to test the quality of newly produced items. The department employs the following decision rule at an inspection station: If a sample of 14 items has a variance of more than 0.005, the production line must be shut down for repairs. Suppose the […]