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Outline four roles of an employer in relation to the operation of the pay as you earn (PAYE) system.
Date posted:
February 13, 2019
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Explain the tax position of a resident individual with respect to the following:
(i) Royalty income.
(ii) Loan received from an employer at an interest rate below the market interest rate.
Date posted:
February 13, 2019
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Kalimu and Shikah commenced trading in partnership as Kashi Enterprises on 1 January 2013. They share profits and losses in the ratio of 2:1 for Kalimu and Shikah respectively. The partners were to receive monthly salaries of Sh.18, 000 and Sh.22,000 for Kalimu and Shikah respectively. The partnership did not maintain a complete set of accounting records.
The following summary of the bank statements for the year ended 31 December 2013 has been presented to you.
Required:
(i) Adjusted partnership profit or loss for the year ended 31 December 2013.
(ii) Distribution schedule of the profit or loss calculated in (i) above.
Date posted:
February 13, 2019
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Explain the term 'accounting theory' and indicate why it is important in the practice of accounting.
Date posted:
February 13, 2019
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Citing reasons, explain why it is important for a reporting entity to provide a social and environmental report in the annual financial statements.
Date posted:
February 13, 2019
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Many corporate boards are now agreed on the need to take responsibility for any potential or actual social impact caused by their companies’ activities. This is done through a social responsibility report.
Required:
(a) Write short notes on five issues/stakeholders that may be addressed by a company’s social responsibility report.
(b) Explain five benefits that would accrue to a company from the reporting of the company’s social responsibility activities.
(c) Comparing conventional financial accounting reporting with social responsibility reporting, list and explain five challenges peculiar to social responsibility accounting
Date posted:
February 13, 2019
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Explain four reasons why a country might prefer a multiple tax system over a single tax system
Date posted:
February 13, 2019
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The following information was extracted from the books of Engwen Ltd. As at 30 June 2008
The company’s activities had a negative impact on the cost of living of the community, which increased by shs.3, 500,000 during the year ended 30 June 2008.
Required:
A statement of net social benefits to staff and community for the year ended 30 June 2008.
Date posted:
February 13, 2019
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The International Accounting Standards Board (IASB) is currently working with other accounting standards setting bodies in the world to have a global application of International Financial Reporting Standards. An important point of focus is conceptual framework.
Required:
Explain the importance of a conceptual framework and the key issues that such a framework should address.
Date posted:
February 13, 2019
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Identify four ways in which an individual or firm could engage in ―tax avoidance
Date posted:
February 13, 2019
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Argue six cases against indirect taxes imposed in your country
Date posted:
February 13, 2019
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Outline four sources of revenue for a county or local authority
Date posted:
February 13, 2019
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Discuss four factors that influence tax shifting in an economy
Date posted:
February 13, 2019
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Explain the term "set-off tax" as used in taxation
Date posted:
February 13, 2019
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Distinguish between a "single tax system" and a "multiple tax system".
Date posted:
February 13, 2019
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The International Accounting Standards Board (IASB) Framework for the preparation and presentation of financial statements has seven main sections. Analyse any four sections and indicate how they contribute to the quality of financial statements.
Date posted:
February 13, 2019
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Suggest four ways on how tax policy can be used to promote the growth of small and medium enterprises (SMEs) in your country
Date posted:
February 13, 2019
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Identify and explain two possible reasons why a government might decide to keep the country's postal services to the public sector.
Date posted:
February 13, 2019
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In February 2007, the International Accounting Standing Board ( IASB) published for comment an exposure draft of a proposed International Financial Reporting Standard (IFRS) for small and Medium Enterprises( SMEs).
Required:
i) Outline three benefits that SMEs will derive from adopting IFRS.
ii) Highlight three challenges that could face SMEs in complying with IFRS.
Date posted:
February 13, 2019
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The approved estimates and actual expenditure details for the Ministry of Planning and Development for the year 2001/2002 were as follows:
Prepare:
(i) The General Account of Vote.
(ii) The Exchequer Account
(iii) The Paymaster General Account.
(iv) Statement of assets and liabilities as at 30 June 2002.
Date posted:
February 13, 2019
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The following are details relating to approved estimates and actual expenditure for a certain government department for the financial year ended 30 June 2003
Prepare:
i) Paymaster general account.
ii) Exchequer account.
iii) General account of vote
iv) Statement of assets and liabilities as at 30 June 2003.
Date posted:
February 13, 2019
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Briefly explain the following terms in relation to government accounting:
(i) Exchequer over issues.
(ii) Paymaster General
(iii) Vote on account.
(iv) Commitment accounting.
Date posted:
February 13, 2019
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The approved Estimates and Actual Expenditure details for vote E45 of ministry ABC for the financial year 2004/2005 were as follows:
Required:
a) Appropriation account for the year ended 30 June 2005
b) General Account of vote for the year ended 30 June 2005.
c) Exchequer Account for the year ended 30 June 2005
d) Paymaster General (PMG) account for the year ended 30 June 2005
e) Statement of assets and liabilities as at 30 June 2005.
Date posted:
February 13, 2019
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Outline the powers of the Auditor General in the exercise of his duties
Date posted:
February 13, 2019
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The following information was extracted from the books of the Ministry of Commerce and Industrialization for the fiscal year ended 30 June 2011:
Prepare:
(i) Statement of financial performance for the year ended 30 June 2011.
(ii) Statement of financial position as at 30 June 2011.
Date posted:
February 13, 2019
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Explain two requirements that should be met for government grants to be recognized in the financial statements in the context of International Accounting Standard (IAS) 20.
Date posted:
February 13, 2019
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In the context of International Accounting Standard (1AS) 21, distinguish between the accounting treatment for foreign currency transactions "on initial recognition" and "at the end of subsequent reporting periods".
Date posted:
February 13, 2019
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List the circumstances under which a subsidiary should be excluded from the consolidated financial statement
Date posted:
February 12, 2019
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Explain four circumstances in which a parent company is exempted from consolidating investments in subsidiaries in accordance with International Accounting Standards (IAS)27- Consolidated and separate financial statements
Date posted:
February 12, 2019
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Identify the various methods of issuing new ordinary shares to shareholders.
Date posted:
February 12, 2019