Question 1 (25 Marks)(a)  Mr Shafiq owns a private company in Malaysia and does not understand why his company must be audited. In his opinion, paying auditors fees is a waste of money and time. He stated that there are some instances where even companies with audited financial statements have collapsed.Required:(i) Explain the primary objective of an audit and FOUR (4) benefits that can be derived from auditing […]

SECTION A: Structured Questions (50 marks)This section consists of THREE (3) questions. Answer ALL questions.1. ABC Sdn Bhd was incorporated on 1 October 2015 and commenced operations on 1 November 2015. It is contemplating closing its first set of accounts to one of the following alternative dates:i. 1.11.2015 – 30.04.2016ii. 1.11.2015 – 31.10.2016iii. 1.11.2015 – 31.01.2017Required:a) Determine the basis period for all of the above alternative dates until the year of assessment 2017.(10 […]

For this assignment, you will apply what you have learned thus far from the unit lessons and required unit resources.You will conduct a financial analysis of The Coca-Cola Company and PepsiCo. Write a five-page paper that evaluates each firm, and provide your findings and recommendation for investment or employment.Your paper should consist of the components listed below.Provide a company overview for both companies, which should […]

Waterways (Chapter 19)For this assignment, you will apply what you have learned from the unit lesson and required unit resources. The Waterways (WP19) case is located on pages 19-39 of the textbook.Waterways Corporation is a private corporation formed to provide the products and the services needed to irrigate farms, parks, commercial projects, and private lawns. It has a centrally located factory in a U.S. city […]

Classic Sound is a start-up company that produces vinyl records for numerous record labels worldwide. The company has two full-time employees working in the production department while the CEO splits her time 80/20% between developing new business and overseeing the production process. Information taken from the accounting records for the first three months of operations is shown below. Beginning raw materials inventory $ 0 Purchases […]

RMRaw material used20,000Factory operators wages20,000Rental10,000Utilities5,000Insurance for factory2,000Administration manager’s salaries6,000Carriage inwards for raw materials1500Salaries for delivery van’s driver3,000Indirect labour cost13,000Advertising costs7,000Costing clerks’ salaries3,000Bought shelves for administration office15,000Revenue110,000Notes:1. Apportion the cost of rental based on the following percentage: Production overhead 25%, Administration overhead 25%, Selling overhead 25% and Distribution overhead 25%.2. Utilities will be apportioned based on the following percentage: Production overhead 50%, Administration overhead 20%, Selling Overhead 10% […]

Below are the costs for the month of April 2021 for Cemerlang Sdn, Bhd.RMRaw material used20,000Factory operators wages20,000Rental10,000Utilities5,000Insurance for factory2,000Administration manager’s salaries6,000Carriage inwards for raw materials1500Salaries for delivery van’s driver3,000Indirect labour cost13,000Advertising costs7,000Costing clerks’ salaries3,000Bought shelves for administration office15,000Revenue110,000Notes:1. Apportion the cost of rental based on the following percentage: Production overhead 25%, Administration overhead 25%, Selling overhead 25% and Distribution overhead 25%.2. Utilities will be apportioned based […]

COURSEWORK – QuestionsThere has been significant amount of research done on the relationship between non-audit service fees received by auditors and auditors’ independence. Some found that the amount of non-audit fees received by auditors influences audit quality, while others find that non-audit fees actually improve audit quality.Required:Critically discuss if non-audit service fees has an impact of auditor independence or audit quality. Suggest recommendations of how […]

There has been significant amount of research done on the relationship between non-audit service fees received by auditors and auditors’ independence. Some found that the amount of non-audit fees received by auditors influences audit quality, while others find that non-audit fees actually improve audit quality.Required:Critically discuss if non-audit service fees has an impact of auditor independence or audit quality. Suggest recommendations of how these issues […]

SECTION A: Structured Questions (50 marks)This section consists of THREE (3) questions. Answer ALL questions.1. ABC Sdn Bhd was incorporated on 1 October 2015 and commenced operations on 1 November 2015. It is contemplating closing its first set of accounts to one of the following alternative dates:i. 1.11.2015 – 30.04.2016ii. 1.11.2015 – 31.10.2016iii. 1.11.2015 – 31.01.2017Required:a) Determine the basis period for all of the above alternative dates until the year of assessment 2017.(10 […]