Because of economic conditions, a firm reports that 30 percent of its accounts receivables from other business firms are overdue. The firm’s policy is that if […]

(a) What is meant by the term qualifying expenditure? ( 2 marks) (b) Name and briefly explain items which may be included in the qualifying expenditure […]

Mia Shillings Department Stores has compiled the following data concerning its daily sales. The sales for each day of the week are normally distributed with the […]

Mia Shillings Department Stores is planning to open a store in Washington DC. It has asked the Superior Marketing Company (SMC) to do a market study […]

The table below reports the annual net salary amounts for an accountant who began employment with an auditing firm in 1995. In addition, the value of […]

SAF is a manufacturer of military hardware. Shown below is a simplified projected income statement for its small arms division. SAF Small Arms Division Income Statement […]

Saika Co. Ltd. a manufacturer, purchases raw materials at Sh.1,000,000. The company then incurs conversion costs which are estimated at 40% of material cost. The profit […]

(i) Give a brief definition of value added tax (VAT). ( 2 marks) (ii) Explain in numbered paragraph the case for and against VAT in your […]

Explain the following terms as used in index numbers: (i) Quantity indices (2 marks) (ii) Base year (2 marks) (iii) Chain index numbers (2 marks) (iv) […]