Refer to the exhibit.
Both internal and external audits can be performed on the financial statements of a company. The results of the audits have different purposes and different reporting lines.
Which of the following combinations is correct?
A sole trader made a net profit of $8000 for the year.
During the year, inventory increased by $500, receivables decreased by $800 and payables increased by $2400.
This would result in:
Internal controls can be split between detect controls and prevent controls.
Which THREE of the following are prevent controls?
There are four separate but related bodies which control the setting of International accounting standards (IFRS’s).
Which THREE of the following are included in the standard setting process?
Which THREE of the following are intrinsic elements of intangible assets?
Refer to the exhibit.
The bookkeeper of Joshua Ltd has absconded with the petty cash. The following was available:
How much has the bookkeeper stolen during the year?
Refer to the Exhibit.
Your organization uses the Weighted Average Cost method of valuing inventory.
During a particular month, the following inventory details were recorded:
The value of the inventory at the end of the month was
In times of rising prices, the historical cost convention results in:
Refer to the exhibit.
A company's gross profit margin has fallen from 40% to 38% in the last period.
Which three of the following would be possible explanations for this?
Which one of the following is an error of principle?
