The prime cost of goods manufactured is the total of:

An internal audit is an independent appraisal function established within an organization to examine and evaluate its activities as a service to the organization

Which of the following appoints the internal auditor?

Refer to the Exhibit.

A company that is VAT-registered has the following transactions for the month of March.

All purchases were in respect of goods for resale and all items were subject to VAT at 17.5%.

Opening inventory was $16,200 and closing inventory was $18,400.

The movement on the VAT account for the period was:

Which one of the following is an example of where the accrual or matching convention should be applied?

Which of the following is not a correct definition of the accounting equation?

Refer to the exhibit.

In a statement of cash flows, which three of the following would be found under the section " cash flows from investing activities " ?

Refer to the exhibit.

The following is an extract from the trial balance of a business for its most recent year:

Gross profit has already been calculated as being $75,000. Depreciation is to be provided at 25% on the reducing balance, and the allowance for receivables for doubtful debts is to be amended to 5% of receivables.

Using some or all of the above figures, the correct net profit is

An organization restores its petty cash balance to £350 at the end of each month.

During October, the total expenditure column in the petty cash book was calculated as being £310, and hence the impress was restored by this amount. The analysis columns, which had been posted to the nominal ledger, totaled only £300.

This error would result in:

Which of the following is not a book of prime entry?

Refer to the Exhibit.

Your organization uses the Weighted Average Cost method of valuing inventory.

During a particular month, the following inventory details were recorded:

The value of the inventory at the end of the month was