(a) A baker makes two products; large loaves and small round loaves. He can sell up to 280 of the large loaves and up to 400 small round loaves per day. Each large loaf occupies 0.01m3 of shelf space, each small loaf occupies 0.008m3 of space, and there is 4m3 […]

In carrying out an audit, the auditor appraises and tests the system of internal control in order to ascertain that it is capable of processing transactions or determining quantities and values completely and accurately. The auditor further carries out substantive tests in an attempt to ensure that the transactions, assets […]

(a) Briefly explain the meaning of the term “control procedures”. (4 marks) (b) What is the importance of segregation of duties as a control procedure’? (4 marks)

i) Why is the consumer said to be sovereign (4 marks) ii) What factors limit this sovereignty? (10 marks)

Using specific examples, explain ‘Ceteris Paribus’ as used in economics

Write short notes on the following fundamental concepts: a) Scarcity and Choice (5 marks) b) Opportunity cost (5 marks) c) Production possibility frontier (5 marks) d) Positive and normative economics (5 marks)

The value for VAT of a supply is the consideration paid. Indicate the value for VAT under the ` following circumstances: The price of a radio cassette was Sh.17,500. A cash discount of 10% was given to the customer. Ushonaji Architects provided a free service to a community based project. […]

Discuss three practical problems experienced by a U.S citizen in complying with the VAT Act. Suggest ways in which these problems can be overcome.

A person who is registered for VAT must maintain certain records to satisfy the VAT regulations. Give ten examples of such records that must be kept.