ACCA/CAT
Question : On 1 April 2015, Para acquired 70% of Sunna’s equity shares paying $205,800. The summarized statements of financial position of the two companies at 31 December 2015 are: Para Sunna Note $’000 $’000 Non-Current Assets Property, Plant and Equipment 200 230 1 Investments 256 10 2 456 240 Current Assets Inventory 30 34 3
Continue reading PRACTICAL INTERNAL AUDIT ON INVENTORIES Learning Objectives I.INTRODUCTION II. COST OF INVENTORIES III. METHODS OF CALCULATING THE COST OF INVENTORY IV. INVENTORY COUNT V. AUDIT PROCEDURE ………………………………………………………………………………….. I.INTRODUCTION Inventory consist of : Goods purchased for resale Consumable stores ( such as oil) Raw Material and components ( used in the production process) Partly-finished goods ( usually called Work in progress-WIP) Finished
Continue reading PRACTICAL AUDIT ON TANGIBLE FIXED ASSETS Learning Objectives I.INTRODUCTION II.TRANSACTIONS AND ACCOUNT BALANCE ASSERTION AND AUDIT PROCEDURE III. FIXED ASSET REGISTER …………………………………………………………………………………………………………… I.INTRODUCTION Non-current assets are those assets which are held for continuing use in the business and are not intended for resale. Tangible Non-Current Asset- possesses a physical existence. E.g. land and building, plant, fixtures and fittings. II.TRANSACTIONS AND
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