Get Audit Evidence Notes Here QUiz ANSWERS TO THE QUIZ QUESTiON ONE The auditors operational Standard requires the auditor to obtain ‘relevant and reliable audit evidence sufficient to enable him to draw reasonable conclusions therefrom. required: c. Explain whether the following types of audit evidence meets the standards of relevancy, reliability and sufficiency as required … Read more

Audit Evidence Revision Questions and Answers INTRODUCTION The objective of an audit of the financial statement is for an auditor to express an opinion of the financial and state whether they present a true and fair view of the financial statements. In order for the auditor to do so he needs to gather sufficient and … Read more

Read Also Component of Accounting and Internal Control System QUESTIONS ANSWERS Accounting and Internal Control Systems QUESTIONS Section B QUESTiON ONE list down internal control procedures for raw material purchasing system of a large manufacturing firm QUESTiON TWO rhapsody Co supplies a wide range of garden and agricultural products to trade and domestic customers. The … Read more

Read Also Accounting and Internal Systems (iSA 400)Questions and Answers Component of accounting and internal control system These are:- 1. Risk Assessment audit risk means the risk that the auditor may give an inappropriate audit opinion i.e. the auditor may report that the financial statements show a true and fair view while in reality they … Read more

Read Also Component of Accounting and Internal Control System Definition of Terms What is Accounting system: refers to the systems and procedures that management has put in place to ensure that the company maintains proper books of accounts. Define Control environment:   This refers to the overall attitude, awareness and actions of directors and management … Read more

List of KNEC Uncollected KCSE and KCPE Certificates The Kenya National Examination Council, has released a list of uncollected certificates. The list contain uncollected certificate for KCPE and KCSE. Students whose names appear in the list are advised to collect their certificate from the office. To check the names in the list, click the below … Read more

TYPES OF BUSINESS FIRMS NOTES Domestic CorporationA firm incorporated under the laws of the country or state in which itdoes business. For example, a firm incorporated in the United States is considered a domestic corporationin the United States, but a foreign corporation elsewhere Foreign Corporation A firm that conducts business in states or countries other … Read more

STOCK MARKET NOTES Definition of a stock market It is a market where securities are bought and sold. Securities refer toshares, debentures treasury bonds, treasury bills etc.Stock refers to capital detained by a company through the issue ofshares. Bonds are debt instruments used to borrow money from the public. Members of the stock exchange Similarities … Read more

SOURCES OF COMPANY FINANCE NOTES Methods of Raising Finance A company can raise finance in the following ways: From finance classified according to the relationship to the partygiving the finance, e.g.1) Equity finance- This is finance provided by real owners of thebusiness i.e. ordinary shareholders.2) Quasi equity- This is finance provided by quasi-owners of thebusiness … Read more

SOCIAL RESPONSIBILITY OF A BUSINESS NOTES IntroductionSocial responsibility arises from the social power which vests uponsociety and society has social charters. Business shall operate as a twoway open system with open receipts of inputs from society and opendisclosure of its operations to the public. Both social cost andbenefits of any activity or product or service … Read more

PRODUCTION AND MARKETING ACTIVITIES NOTES Definition of Production Production means application of processes (Technology) to the rawmaterial to add the use and economic values to arrive at desired product by the best method, withoutsacrificing the desired quality. Types of Production Systems The organization of manufacturing systems, also planning and control ofproduction greatly depends on type … Read more

MANAGEMENT LEVELS NOTES Introduction Management is involved in coordinating all factors of production so thatthey can contribute positively to the organizational goals. Managementis involved in utilization of human resources and other resources suchas machinery, capital, information and time in the organization. In thischapter we will address the basic functions of a manager, skills thateffective manager … Read more

INTRODUCTION TO BUSINESS CONCEPTS Introduction What is business? According to Boone and Kurtz (2003) business consists of allprofit-seeking activities and enterprises that provide goods andservices necessary to an economic system, of course at a profitThe profit is made on behalf of the owner (Symons and Adams 1993).Business provides people with food, clothing, housing, medical care … Read more

CHANNELS OF DISTRIBUTION NOTES Introduction Distribution describes all the logisticsinvolved in delivering acompany’s products or services to the right place, at the right time,for the lowest cost. Well-chosen channels constitute a significantcompetitive advantage, while poorly conceived or chosen channels candoom even a superior product or service to failure in the market.Distribution (or “Place”) is the … Read more

BUSINESS ETHICS NOTES Definition of Ethics Ethics is the study of how our decisions affect other people. It is astudy of people habits and their effect on others. It is a set of moralvalues or principles used by the organizations to steer the conduct ofboth the organization itself and its employees in all their activitieswhether … Read more

Introduction Regardless of whether they are public or private, large or small, allbusiness enterprises must consider elements that comprise theirenvironment. Business enterprises secure inputs (people, material,information, money) from their surrounding environment and in turnproduce goods and services that they send to the same environment. Abusiness’ performance is often dependent on how well the enterpriseinfluences and … Read more

The Marketing Plan Notes The marketing plan is the second stage of preparing your business plan.This phase is highly critical because it provides the basis for theorganizational, operational and financial plans. You will need toconduct a market research i.e., an in-depth analysis of your intendedmarket. This will enable you to describe your market opportunities andchallenges. … Read more

Organization and Management Plan Notes 3.0 Organization and Management Plan In the organizational plan for the business, you will develop policiesfor staff development and human resource management. This will enableyou to achieve the efficient product of goods of effective performanceof services. You will present in detail the job analysis and descriptions, employee evaluations, training and … Read more

The Business Description Notes 1.1 The Sponsor(s) 1.2 The Business 1.3 Justification of the Business 1.4 Business status/form/type of ownershipBusinesses can be at difference stages e.g. Start ups: a business start-up means creating a new business, whichstands alone, and is not tied to other organizations, except in thenormal course of trading. It does not mean … Read more

Operational/Production Plan Notes In the operational phase of business planning, you will describe thefacilities, labour and overheads required to manufacture your proposeproduct(s) or render your proposed services(s). If you are in themanufacturing business, your will explain the manufacturing process formaking your products. For a service businessyou will describe the key process of offering your service(s). … Read more