What are the main problems associated with National Income Accounting in developing countries? Main problems of National Income Accounting: Incomplete/inadequate information Danger of double counting Changes in prices (price instability) Problem of inclusion, in terms of: Subsistence output/income Intermediate goods Read More …
Month: November 2020
Approaches used in the measurement of the National Income of a country
Discuss the different approaches used in the measurement of the National Income of a country There are basically three methods of measuring National Income: Income approach Expenditure approach Output/Value Added approach 1. The Income Approach: Each time something is produced Read More …
Fundamental principles of professional ethics
Explain four Fundamental principles of professional ethics Integrity – to be straight forward and honest in all professional and business relationships. Objectivity – not to allow bias, conflict of interest or undue influence of others. Professional competence and due care Read More …
Disadvantages associated with Just-In-Time (JIT) inventory management system
Summarise four disadvantages associated with Just-In-Time (JIT) inventory management system A supplier who does not deliver goods to the company exactly on time and in the correct amounts could seriously impact the production process. A natural disaster could interfere with Read More …
Differences between job costing and process costing
Explain three differences between job costing and process costing Job costing Process costing -Suitable where distinctive product/service is manufactured. -Is suitable where units of products are indistinguishable from each other. -Used where organisations produce products that are tailored to individual Read More …
Types of standards as used in standard costing
Explain three types of standards as used in standard costing Stores ledger Wages Work-in-progress Finished goods Production overhead
Categories of information that the commissioner should include in the default assessment to a taxpayer as per The Tax Procedures Act 2015
In a tax seminar one of the facilitators noted that, “The Tax Procedures Act 2015, specifies on information that the Commissioner should include in the default assessment to a taxpayer”. With reference to the above statement, outline five categories of Read More …
Roles of the National Treasury in relation to procurement and asset disposal as outlined in the Public Procurement and Asset Disposal Act
Discuss five Roles of the National Treasury in relation to procurement and asset disposal as outlined in the Public Procurement and Asset Disposal Act To formulate, evaluate, promote and research on national and county public procurement and asset disposal policy Read More …
Ad hoc committees that a county procuring entity could establish in order to ensure that procurement and asset disposal were done in accordance with County Governments Procurement Regulations
Identify three ad hoc committees that a county procuring entity could establish to ensure that procurement and asset disposal is done in accordance with the County Governments Procurement Regulations Tender Opening Committee Tender Evaluation Committee Negotiation Committee Inspection and Acceptance Read More …
Roles of the County Assembly in public finance management
Summarise five roles of the County Assembly in public finance management Making necessary laws for the effective performance of the functions and exercise of the powers of the county government. Exercises oversight over the country executive committee and other county Read More …