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Explain the important modification disclosed by a comparative income statement.
Determine the project’s net present value (NPV)? What does it mean? What is the IRR of the project? What does it imply?
“Past costs are indeed relevant in most instances since they provide the point of departure for the overall decision process.” (Managing Director).
List and illustrate briefly the stages through which a performance or operational review progresses.
Why is each purchase invoice not sent with goods to Goods Received Department? Why should the Goods Received Department not admit goods where there is no purchase order?
List and describe four assertions about classes of transactions and events for period under audit. How do control risk and inherent risk distinct from detection risk?
Illustrate the objectives of the independent audit. Recognize five (5) ways in which the independent audit might be beneficial to Kevin Black.
Illustrate the theoretical arguments of Capital Structure Decision in the World with Tax and describe the real-world influences on financial leverage of firms.
Please make a statement for each loss/outgoing to Geoff advising him whether the above expenditures are deductible or not for the year ended 30 June 2013.
Given the firm’s existing set of risky projects compute the rate of return which is demanded by Koenig’s finance providers.
Make a distinction between earnings management and earnings manipulation. Illustrate out the term Cookie Jar Accounting.
Complete the ledger T account for contra asset allowance for doubtful accounts, starting with account balance as at September 30, 2007.
You’re required to describe the duties and powers of Director of Audit under the Constitution of Mauritius and Finance and Audit Act 1973.
Write down the different types of investment services offered in offshore. Write down the advantages and disadvantages of offshore investment services to clients.
Illustrate what you understand by the term medium term expenditure framework (MTEF) in preparation of a programme based budgeting.
Compute the variances: Materials price, Net materials variance, Labor rate and Labor efficiency.
Make a distinction between systematic risk and unsystematic risk.
Compute the price per share and the book value per share if there are 2 million shares of stock in the new corporation.
Compute the net present value of proposed investment in product P. Compute the internal rate of return of proposed investment in product P.
What must have been the firm's revenues? What was EBIT?
Recognize and briefly describe five (5) different types of red flags which specify the potential for financial statements fraud.
What does FOB shipping point mean to Trinity’s inventory records? What will be the effect if shipment was FOB destination?
For each of following independent situations, point out the type of financial statements audit report which you would issue and briefly describe your reasoning. Suppose that each item is important.
Each of the following and circumstances involves the possible violation of Code of Ethics. Indicate whether each situation violates Code and if so, why?
List all the four (4) major evidence decisions which should be made on every audit. Recognize the six (6) main characteristics which determine the reliability of evidence.