FIXED BUDGETS BUDGETING AND BUDGETARY CONTROL Notes Activity Based Budgeting In ordinary/conventional budgeting, budget expenses for the current activities are normally based on previous year budget adjusted for price changes and anticipated future changes. Such costs are considered to be fixed in relation to the activity level. Activity based budgeting manages costs more effectively by … Read more
A fixed budget has two characteristics Fixed budget has the following limitations: It provides little assistance at the planning stage. It does not give implications of various alternative strategies which management may wish to consider. Flexible budget is a budget that is designed to change in accordance with the level of activity attained. It involves … Read more
THE AUDITOR AND THE COMPANIES ACT-Questions and Answers A budget is a detailed plan outlining the acquisition and use of financial and other resources over some period of time in the future. DEFINITION OF KEY TERMS A budget center is a section of the organization created for the purpose of budgetary control. Budget bias (budgetary … Read more
Accounting Book Keeping NotesInternal Controls in a Computerized Information System-Questions and Answers QUESTION ONE iv. Finished Goods Ledger Control Account (3 marks each) QUESTION TWO Explain the reasons that cause the profit figures in the cost accounting books and those in the financial books to be different. (Total: … Read more
AUDITORS’ REPORT (iSA 700) NOTES THE AUDITOR AND THE COMPANIES ACT-Introduction Integrated Accounting System A system of accounting where the cost and financial accounts are kept in the same set of books. This system avoids the need for separate set of books for financial and costing purposes Interlocking Accounting System this is an accounting system … Read more
How to Stay Focused When Studying 5 Apps Students Can Use to Make Extra Money How to Start a Blog for College Students Starting a blog as a college student can be a great way to express your thoughts and ideas, showcase your writing skills, and even make some extra money. Here are some steps … Read more
The 12 Habits of Highly Effective College Students Studying requires focus and concentration to retain information effectively. However, it’s easier said than done as students are often distracted by a lot of things around them. Here are some tips on how to stay focused when studying: In conclusion, staying focused while studying requires discipline and … Read more
Best Ways to Look for an Internship as a Student Different Types of Jobs You Can do During College College life can be both exciting and challenging, and many students look for ways to make the most of their time in school. One way to do that is by getting a job. Not only can … Read more
The 10 Best Ways to Get a Scholarship for Your Master’s Program in the US Best Ways to Look for an Internship as a Student An internship is a crucial part of a student’s academic journey, as it provides hands-on experience and practical knowledge in a specific field. It is also an excellent way to … Read more
5 Apps Students Can Use to Make Extra Money Best Ways to Get a Scholarship for Your Master’s Program in the US Pursuing a master’s degree can be a great way to enhance your career prospects and broaden your knowledge in your field of study. However, higher education in the US can be expensive, making … Read more
5 Apps Students Can Use to Make Extra Money College can be a time of limited finances, with many students struggling to make ends meet. However, the rise of the gig economy and advancements in technology have made it easier than ever for students to earn extra money on the side. Here are five apps … Read more
Quick Ways to Study Without Getting Overwhelmed with Homework Habits of Highly Effective College Students Becoming a highly effective college student is no easy feat. It requires discipline, hard work, and dedication to your goals. However, there are specific habits that you can develop to help you become more productive and successful in college. Here … Read more
Quick ways to study without getting overwhelmed with homework As a student, it’s easy to feel overwhelmed with homework and studying, especially if you have a busy schedule. However, there are several quick ways to study without getting overwhelmed with homework. Here are some tips to help you manage your workload and study more effectively: … Read more
Types of Audits Internal Controls in a Computerized Information System Risk and Materiality (iSA 320 Materiality) iSa 320 discusses the concepts of risk and materiality. an audit risk is the risk that an auditor may give an inappropriate opinion i.e. an opinion that contradicts the true nature of the financial situation of the company. materiality … Read more
THE GENERAL AUDIT ENVIRONMENT Notes Types of Audits According to nature of work done, audits may be either statutory of private. Statutory audits These are carried out as per the requirements of various statutes e.g. Companies act Cap 486 requires that all public limited companies to have their financial statements subjected to an independent audit. … Read more
Internal Controls in a Computerized Information System COMPUTERIZED INFORMATION SYSTEMS Notes INTRODUCTION At the end of every financial year, company’s are expected by statute to have their financial statements reviewed by an independent professional who after going through the accounts, expresses an opinion as to whether the financial statements present a true and fair view … Read more
Internal Controls in a Computerized Information System COMPUTERIZED INFORMATION SYSTEMS Notes QUIZ These consist of computer programs used by an auditor to read magnetic files and to extract specified information from the files. QUESTION ONE A medium size firm which has been your client for several years has changed from manual accounting system to a … Read more
SUBSTANTIVE TESTING Notes FRAUD & ERROR (iSA 240) Notes Internal Controls in a Computerized Information System To mitigate the risks occasioned by the features of a computerized information system, the management should design internal controls over the system. These controls are mainly classified into general controls and application controls. 1. General controls of Computerized Information … Read more
Audit Recording (iSA 230-Documentation) AUDIT QUALITY CONTROL INTRODUCTION in the business environment today and in today’s world, there has been an irreversible push for companies to automate their systems and their way of doing business so a to be competitive. The push for companies to embrace the new technological changes has come with new challenges … Read more
THE AUDITOR AND THE COMPANIES ACT-Questions and Answers Audit Test Questions and Answers QUIZ h. A Signature in the name of the audit firm and location of the auditor i.e office QUESTiON ONE Going concern concept is a fundamental assumption underlying the preparation of the financial statements. What are the procedures you would perform to … Read more
