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Give the functions of budgets.
Date posted:
February 26, 2019
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List the ways to improve cash management.
Date posted:
February 26, 2019
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What are the causes of difference in cost and financial accounts
Date posted:
February 26, 2019
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Give the causes of stock discrepancies.
Date posted:
February 26, 2019
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Give the factors considered in selecting overhead absorption rate
Date posted:
February 26, 2019
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Give the disadvantages of overstocking:
Date posted:
February 26, 2019
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Distinguish between the following Incremental costs and Marginal costs,cost centres and object centres,job costing system and process costing system,relevant cost and relevant range,
Date posted:
February 26, 2019
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Give the assumptions of break-even analysis.
Date posted:
February 26, 2019
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Give the classification of costs.
Date posted:
February 26, 2019
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Give the assumption of the economic order quantity (EOQ) model.
Date posted:
February 26, 2019
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Give the difference between Marginal costing and absorption costing and give illustration
Date posted:
February 26, 2019
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Name two archaeological evidence that show that Kenya was inherited in the stone age
Date posted:
February 26, 2019
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Explain the term target costing.
Date posted:
February 26, 2019
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BS Limited manufactures a single standard product and operates a system of standard costing using a
fixed budget. As the company's assistant cost accountant, you are responsible for preparing the
monthly operating statements. Details from the budget, the standard product costs and actual results
for the month ended 31 May 2003 are given below:
Required:
The operating statement for the month of May, 2004 showing:
(a) The budgeted profit.
(b) Variances for direct materials, direct wages, overheads and sales.
(c) The actual profit.
Date posted:
February 26, 2019
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Ufundi Furniture Ltd. Manufactures a wide range of home furniture. Recently the company added
to its range a side board. The standard cost specification for each side board is given below:
The abnormal idle hours were 400 and the hours worked were recorded as 4,800 hours.
Required:
i) Material price variances (for both materials).
ii) Material usage variance (for both materials)
iii) Labour rate of pay variance.
iv) Labour efficiency variance.
v) Idle time variance.
(c) Suggest possible causes of the material variances.
Date posted:
February 26, 2019
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State the advantages of using standard costs in the manufacturing industry.
Date posted:
February 26, 2019
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The standard mix of a product branded Max is as follows:
Required:
i) Material price variance.
ii) Material mix variance.
iii) Material yield variance.
Date posted:
February 26, 2019
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Highlight four disadvantages of standards costing.
Date posted:
February 26, 2019
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Briefly explain four applications of standard costing.
Date posted:
February 26, 2019
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Briefly explain the different types of Channels of Distribution/channel structure.
Date posted:
February 26, 2019
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What are the factors a practitioner should consider in deciding whether to provide oral or written advice to a tax payer?
Date posted:
February 26, 2019
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Describe the term “ethics” as used kin taxation practice
Date posted:
February 26, 2019
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Compliance with the fundamental principles of ethics may be potentially threatened by a broad range of circumstances. Self-interest threats, for instance, may occur where a financial or other interest could inappropriately influence a tax practitioner's judgement or behaviour.
Required:
With reference to the above statement, summarise four circumstances that could create self-interest threats for tax practitioner engaged with a client.
Date posted:
February 26, 2019
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Explain the elasticity of taxes with reference to:
(i) Value Added Tax (VAT)
(ii) Income tax
(iii) Customs and excise duty.
Date posted:
February 26, 2019
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Distinguish buoyancy from elasticity of a tax
Date posted:
February 26, 2019
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You have been approached by Mr. Kenneth Kamau, seeking your assistance in the computation of his tax liability for the year ended 31 December 2001. He has provided you with the following information:
Mr. Kamau works for Chip.com Ltd. as the technical director. During the year ended 31 December 2001, he received the following emoluments:
Required:
i) Compute the taxable income for Mr. Kamau for the year ended 31 December 2001.
ii) Determine tax payable and specify when it is to be paid.
iii) Is Mr. Kamau to blame for the PAYE not deducted from his emoluments? Briefly explain.
iv) Assuming that the market rate of interest for January 2001 was 10% per annum. Compute the fringe benefit tax (FBT) payable on Mr. Kamau’s loan. When would the FBT be paid to the Commissioner of Income Tax?
v) Comment on the tax implications of Mrs. Kamau’s contributions to an Individual Retirement Benefit Scheme
Date posted:
February 26, 2019
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Mr. Abdi, a businessman, has provided the following information to the year ended 31 December 2002:
Date posted:
February 26, 2019
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Kuuda Limited manufactures one standard product. Currently, it is operating at a normal level of
activity of 70% with an output of 6,300 units, although the sales director believes that a realistic
forecast for the next budget period would be at a level of activity of 50%.
Required:
(i). Prepare a flexible budget based on a 50% level of activity.
(ii). State three problems which may arise from such a change in the level of activity.
Date posted:
February 26, 2019
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Mr. Alex employment was terminated on 31st Dec 2010 after serving for 20 years in a company and was paid a gratuity of Shs. 4 million, a 3 months’ notice pay of Kshs. 200,000 and shs 75, 000 for his 25 days leave not taken in the year 2010. The information relating to his income for the last 5 years was as follows:
Date posted:
February 26, 2019
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State the objectives of budgetary planning and control systems.
Date posted:
February 26, 2019