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On 1 January 2010, the sales ledger balances were Rs 8024 debit and Rs 57 credit and the purchase ledger balances on the same date were Rs 6235 credit and Rs 105 debit.
On 30 June, Mr. Xind cash book showed an overdraft of Rs 300 on his current account. A bank statement as at the end of June showed that Mr. Xind was in credit with the bank by Rs 65.
Make the following financial statements for MNC as per the revised IAS 1 Presentation of Financial Statements:
In order to draw reasonable conclusions, an auditor is required to identify and use audit procedures to gather audit evidence. You are required identify and to write short notes on the different typ
List and explain the provisions of INTOSAI GOV 9140 on Internal Audit Independence in the Public Sector. Explain the advantages and disadvantages of each of the four methods of evidence gathering list
Hibiscus Ltd is a company that provides call centre services for a variety of organisations. It operates in a medium sized city in which Alamanda Auditors is the largest audit firm.
Explain the objectives of independent audit. List and define three assertions about classes of transactions and two assertions about account balances for period under audit.
Are tax incentives inherently undesirable or more simply vulnerable to misuse? Describe this question by considering arguments for and against the use of tax incentives.
Explain the powers and duties of the Public Accounts Committee as set out in standing orders of the Assembly.
In brief explain what are relevant, sufficient and reliable audit evidences. List all the three sources of audit evidence.
Compute the total income tax payable by Mr. John’s wife for the income year ended 30 June 2009.
Make a brief report for Ranjiv listing the main differences existing between the taxation of a self-employed and that of an employee.
Compute Sue's income tax liability for the tax year 2008/9, if she is treated as carrying on a trade in respect of her motor car activities.
NHS Co. issued $350,000 of 10-year bonds payable on January 1. NHS pays interest each January 1 and July 1 and amortizes any discount or premium by the straight-line method. NHS issued the bonds at
What is the current annual operating income? What is the present breakeven point in revenues?
ABC Company Ltd manufactures razor blades. Its estimated sales for period January 2010 through June 2010 are as follows: Rs.100, 000 per month from January through March and Rs.120, 000 per mo
What are the tax consequences to X of the distribution to Abby? X’s basis in the equipment was $36,000. X bought the equipment new six years ago.
Explain various types of Accounts and Rules for their Journal entries with the help of appropriate examples.
What is the underlying rationale for applying Discounting Cash Flow in project appraisal?
Summarize the net cash flows for each opportunity for a period of 5 years. For simplification purposes, ignore the effect of taxes (both corporate and income tax).
Describe to Margaret the two main normative ethical theories
Calculate the national insurance payable in relation to Catherine Jones for 2013-14. You should assume that Catherine Jones in not contracted out.
Describe the usefulness of ratios analysis to the above named users of accounts making reference to three dimension of financial performance.
What is our rate of return on capital employed? Does it make sense to compare that figure with those of other companies as a test of our performance?’
Operating cash flow per share is better indicator of profitability than is EPS. Do you agree? Describe in detail. Explain the different ways of combining the businesses and the accounting procedures.