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Sabina and Associates, a consultancy firm, provided vatable services to the following clients over the eight month period ended 31 August 2009. The terms of contract allowed clients to pay for the services either before or after the provision of service
Determine VAT payable by (or refundable to) Sabina and Associates for each of the months shown above. Although VAT contributes significantly to government revenue, it has limitations which impact on the government, taxpayers and the economy at large.
Explain six of these limitations.
Date posted:
February 15, 2019
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The information given below relates to Wasp Ltd. which manufactures a single type of
chemical. Overhead processing costs for the last thirteen accounting months (of four weeks
each) have been as follows:
Date posted:
February 15, 2019
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In an experiment, a piece of brain was removed from a rat. It was later found that the rat had large fluctuation of body temperature. Suggest the part of brain which had been removed.
Date posted:
February 15, 2019
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Explain the tax treatment of income received by life assurance companies
Date posted:
February 15, 2019
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Central Machinery Ltd ,Is preparing its budget for the year ending 30 June 2004.For the fuel expenses consumption it is decided to estimate an equation of the form ,y=a + b x, where y is the total expense at an activity level x, a is the fixed expense and b is the rate of variable cost.
Date posted:
February 15, 2019
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Outline the grounds upon which a taxpayer may appeal to the Court of Appeal in a tax dispute
Date posted:
February 15, 2019
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Explain Goods liable to forfeiture under the Customs and Excise Act
Date posted:
February 15, 2019
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The following transactions were reported by Abdi Wholesalers for the three months period ended 31 December 2008
Determine Total VAT payable (or refundable) for the three months period (ignore restrictions on input tax deduct-able)
Date posted:
February 15, 2019
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Explain the advantage and disadvantages of high-low method of cost estimation.
Date posted:
February 15, 2019
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The management of Limuru processing Company Ltd. Wishes to obtain better cost estimates to
evaluate the company's operations more effectively
Date posted:
February 15, 2019
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With reference to the Income Tax Act (Cap.470), explain the term "incorrect returns".
Date posted:
February 15, 2019
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The following transactions were extracted from the books of IB Trader; for till: month of September 2009:
Determine:
i) Value added tax payable by (or refundable to) JB Traders tor the month of September 2009.
ii) Comment on any information that you have oat used in your computations under (i) above.
Date posted:
February 15, 2019
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State three disadvantages of using the high – low method for estimating costs
Date posted:
February 15, 2019
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Briefly explain the following cost estimation methods:
(i). High-low method.
(ii). Simple regression method.
.
Date posted:
February 15, 2019
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Section 24 (a) of the Value Added Tax (VAT) Act (Cap.476) requires certain documents to be attached to a claim for refund of VAT.
Briefly explain four of these documents.
Date posted:
February 15, 2019
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Describe the challenges facing the agricultural value chain actors in the Kenyan agricultural sector.
Date posted:
February 15, 2019
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ABC Dental Clinic outsources specialized dental surgeons from private hospitals. The following relates to the total labour hours and indirect labour costs for the year ended 31 October 2010.
Date posted:
February 15, 2019
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Describe three types of tax assessments that may originate from the Commissioner for Domestic Taxes.
Date posted:
February 15, 2019
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Explain four positive roles of excise duties in an economy.
Date posted:
February 15, 2019
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List three ways through which the revenue authority may enforce the collection of overdue tax.
Date posted:
February 15, 2019
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Outline four categories of goods which could be forfeited to the customs authority of your country upon their importation.
Date posted:
February 15, 2019
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Section 185(1) of the East Africa Customs Management Act (2004) provides that "Goods that are re-imported shall be entitled to re-entry free of import duties and to a refund of duties paid on exportation
Outline three conditions to be fulfilled before the refund of duties can be provided under the East Africa Customs Management Act (2004).
Date posted:
February 15, 2019
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Differentiate between a bin card and a stores ledger card.
Date posted:
February 15, 2019
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The following transactions relate to Jakayo Traders for the month of December 2010:
Determine:
(i) VAT payable by (or refundable to) Jakayo Traders for the month of December 2010.
(ii) Comment on any information not used in your computation under (i) above.
Date posted:
February 15, 2019
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Discuss three challenges associated with the harmonization of taxation policies across regions and trading blocks
Date posted:
February 15, 2019
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Were and Otieno are in partnership trading as Woti Enterprises. They share profits and losses in the ratio of 2:3 respectively. The partnership's statement of comprehensive income for the year ended 31 December 2010 is as shown below
Prepare:
(i) A statement of adjusted taxable profit or loss for the partnership business for the year ended 31 December 2010
(ii) A schedule showing total taxable income for each partner for the year ended 31 December 2010
Date posted:
February 15, 2019
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With reference to the East African Community Customs Management Act or other relevant legislation applicable in your country, highlight four functions of the directorate of customs
Date posted:
February 15, 2019
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Briefly explain four circumstances under which a taxpayer might be exempted from paying installment tax.
Date posted:
February 15, 2019
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Outline four categories of goods which are subject to customs control under the Customs and excise Act.
Date posted:
February 15, 2019
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Identify four documents required in support of an application for refund of value added tax (VAT) paid in respect of bad debts
Date posted:
February 15, 2019