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ALL Tutorial 1 Questions (1).pptx
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Which of the following statements is true?
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35%
A.Governments may engage in activities similar to activities engaged in by for-profit entities.
15%
B.There are a limited number of different types of governments.
17%
C.All governmental entities engage in the same activities.
34%
D.Managers may have a long-term focus and thereby sacrifice the short-term liquidity of the entity.
Basis of accounting determines which of the following?
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59%
A.When transactions and events are recognized.
23%
B.What transactions and events will be reported.
11%
C.Where transactions and events will be reported..
8%
D.Why transactions and events will be reported
Splitting transaction to avoid withhold income tax on payments
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8%
A.Tax planning
54%
B.Tax avoidance
28%
C.Tax evasion
10%
D.Tax saving
All of the following are indirect taxes except
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23%
A.VAT
8%
B.Excise duty
8%
C. Customs duty
60%
D. Property tax
Which of the following is a tax to be shifted from one person to another person?
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11%
A.Employment income
57%
B.tax Value Added Tax
14%
C.Business Income
17%
D.Tax Rental Income Tax
The two main goals of public finance in developed countries are
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A Economic Stability and maintenance of full employment
20%
B.Job opportunities and rapid economic development.
14%
C.Capital creation and investment
27%
D.Revenue and expenditure management
Public Finance and Public Sector Accounting
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A file is prepared directly from the accounts payable master file.
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41%
Accounts Payable Mater File
28%
Accounts Payable Trial Balance
16%
Perpetual Inventory Master File
15%
Cash Disbursements Transaction File
The cycle to be tested in the audit of internally transfer assets and costs is.
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39%
A.Acquisition and payment cycle
23%
B.Sales and collection cycle
28%
C.Inventory and warehousing cycle
10%
D.Payroll and personnel cycle
Value-weighted selection in which sample size, selection and evaluation results in a conclusion in monetary amounts, is known as
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A.Haphazard samplingg
65%
B.Monetary Unit Sampling
14%
C.Stratified Sampling
8%
D.Interval sampling
The introductory paragraph of the standard audit report states that the financial statements are:
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27%
A.the responsibility of the auditor.
25%
B.the responsibility of management.
27%
C.the joint responsibility of management and the auditor.
20%
D.The use of audit procedure
The effectiveness of controls is not generally tested by:
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16%
A.Inspection of documents and reports.
20%
B.Performance of analytical procedures.
27%
C.Observation of the application of accounting policies and procedures.
37%
D.Inquiries of appropriate client personnel.