(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 […]

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 […]

(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 […]

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) […]

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 […]

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.