Series: MAY 2020

Search 500 + past questions and counting.

CR – May 2020 – L3 – Q1 – Consolidated Statement of Financial Position

Prepare the consolidated statement of financial position for Phato Ltd and its subsidiaries as at 30 September 2019, including relevant calculations for goodwill, non-controlling interest, and asset impairments.

Question

Phato Ltd, is a Public Limited Liability Company which operates in the service sector in Ghana. Phato Ltd has a business relationship with two other Ghanaian companies, Sakara Ltd and Saadi Ltd, which are public limited liability companies too. The draft statements of financial position of these three companies are as below as at 30 September 2019.

Phato Ltd GH¢ million	Sakara Ltd GH¢ million	Saadi Ltd GH¢ million
Assets:
Non-current assets
Property, plant, and equipment	460.0	150.0
Investment in subsidiaries
Sakara Ltd	365.0
Saadi Ltd	160.0
Investment in Azuri Ltd	24.0
Intangible assets	99.0	15.0
Total Non-current assets	948.0	325.0
Current assets	447.5	240.0
Total assets	1,395.5	565.0
Equity and liabilities:
Equity:
Share capital	460.0	200.0
Other components of equity	36.5	18.5
Retained earnings	447.5	221.0
Total equity	944.0	439.5
Non-current liabilities	247.5	61.5
Current liabilities	204.0	64.0
Total liabilities	451.5	125.5
Total equity and liabilities	1,395.5	565.0

Additional relevant information:

Phato Ltd, on 1 October 2017, acquired 60% of the equity interests of Sakara Ltd. The cost of the investment comprised cash of GH¢360 million. At acquisition, the fair value of the non-controlling interest in Sakara Ltd was estimated at GH¢146 million. The fair value of the identifiable net assets acquired totaled GH¢417.5 million, including retained earnings of GH¢159.5 million and other components of equity at GH¢13.5 million. The excess in fair value results from non-depreciable land.
Sakara Ltd, on 1 October 2018, acquired 70% of Saadi Ltd for GH¢160 million. The fair value of non-controlling interest was estimated at GH¢36 million. The fair value of the identifiable net assets of Saadi Ltd at acquisition was GH¢181 million, retained earnings GH¢53 million, and other components of equity GH¢10 million.
Phato Ltd acquired a 14% interest in Azuri Ltd for GH¢9 million on 1 October 2017. On 1 April 2019, Phato Ltd acquired an additional 16% interest in Azuri Ltd for GH¢13.5 million, achieving significant influence.
Phato Ltd purchased patents for GH¢5 million and incurred other development costs for product development.
Impairment tests were conducted on Sakara Ltd and Saadi Ltd.

Required:
Prepare the consolidated statement of financial position for the Phato Ltd Group as at 30 September 2019.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Combinations, Consolidation, Goodwill, IFRS, Impairment, Investment
Level: Level 3

Topic: Business combinations and consolidation, Consolidated Financial Statements
Series: MAY 2020

CR – May 2020 – L3 – Q2a – Government Grants for Factory Construction

Discuss the accounting treatment for a government grant received for the construction of a factory, showing calculations and relevant entries.

Question

On 1 January 2018, Asankragua Ltd (Asankragua) applied to a government agency for a grant to assist with the construction of a factory in Enchi. The proposed construction cost of the factory was GH¢52 million and the company projected that 350 people would be employed after completion. The land was already owned by Asankragua.

On 1 March 2018, the government agency offered to grant a sum amounting to 25% of the factory’s construction cost to a maximum of GH¢13 million. The grant aid was to be advanced on completion and would be repayable on demand if total employment at the factory fell below 300 people within 5 years of completion.

At the financial year end, 31 March 2018, Asankragua had accepted the offer of grant aid and had signed contracts for the construction of the factory at a total cost of GH¢52 million. Construction work was due to commence on 1 April 2018.

By 31 March 2019, the factory had been completed on budget, 400 people were employed ready to commence manufacturing activities, and the government agency agreed that the conditions necessary for the drawdown of the grant had been met.

On 1 April 2019, the factory was brought into use. It was estimated that it would have a ten-year useful economic life. On 1 June 2019, the government agency paid over the agreed GH¢13 million. In addition, the company sought and was paid an employment grant of GH¢1.2 million as employment exceeded original projections. This is expected to be payable annually for 5 years in total, at a rate of GH¢12,000 per additional person employed over 300 in each year. There are no repayment provisions attached to the employment grant.

The directors of Asankragua expect employment levels to exceed 350 people for at least 4 further years from 31 March 2020.

Required:
Demonstrate, showing calculations and relevant entries, how Asankragua Ltd should record the above transactions and events in its financial statements for years ended 31 March 2018, 2019, and 2020.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Capital Commitment, Deferred Income, Factory Construction, Government Grants, IAS 20
Level: Level 3

Topic: IAS 20 and IAS 40)
Series: MAY 2020

CR – May 2020 – L3 – Q2b – Capitalization of Borrowing Costs

Question

Dompoase Ltd incurred the following borrowing costs during the financial year 2018:

GH¢’000
Overdraft interest	12
Foreign currency loan interest (correctly translated into GH¢)	84
Foreign currency loan exchange differences on capital	140

In addition, a three-year fixed-rate GH¢2 million loan was taken out on 1 January 2018 at 6.5%. A loan set-up fee was charged at GH¢20,000. This increased the effective interest rate on the loan to 6.88%.

Required:
Determine the maximum amount that could potentially be capitalized as borrowing costs during the period (assuming an asset was being financed using all available finance).

Answer

Find Related Questions by Tags, levels, etc.

Tags: Borrowing Costs, Capitalization, Foreign Currency Loan, Interest, Overdraft
Level: Level 3

Series: MAY 2020

CR – May 2020 – L3 – Q2c – Defined Benefit Pension Plan

Recommend the accounting treatment for a defined benefit pension plan with supporting calculations.

Question

Nzema prepares its financial statements in accordance with International Financial Reporting Standards (IFRS) with a financial year end of 31 December 2018. On 1 January 2018, Nzema commenced a defined benefit pension plan for a number of head office employees. Under the pension scheme, Nzema has an obligation to provide these staff with agreed post-employment benefits. Nzema carries the actuarial and investment risk associated with the pension scheme.

The following information has been compiled from workings by Nzema’s accounting staff and actuarial reports for the 2018 financial year:

GH¢
Interest income on plan assets	16,500
Employer contributions to plan	550,000
Current service cost	600,000
Interest on plan liability	18,000
Fair value of plan assets at 31/12/2018	580,000
Present value of plan obligation at 31/12/2018	620,000

The Accountant was not sure which accounting standard to apply when accounting for the pension scheme. The only adjustment made to account for the scheme was to expense the company’s contributions of GH¢550,000 for the 2018 financial year in the Statement of Profit or Loss and Other Comprehensive Income and to credit the ‘Cash’ account.

Required:
Recommend, with appropriate calculations, the necessary accounting treatment for this accounting issue.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Actuarial Gains/Losses, Defined Benefit Plan, Employee Benefits, Interest on Plan Liability, Pension Liability
Level: Level 3

Topic: IAS 19: Employee Benefits
Series: MAY 2020

CR – May 2020 – L3 – Q3a – Foreign Currency Transactions

Foreign currency transactions related to purchases, sales, and investment property with exchange rate variations and reporting implications.

Question

Medina Power Ltd has carried out certain transactions denominated in foreign currency during its financial year ended 31 October 2019 and has also conducted foreign operations through a foreign entity. Medina Power Ltd.’s functional and presentation currency is the cedi.

On 31 July 2019, Medina Power Ltd purchased goods from a foreign supplier for 16 million dinars. At 31 October 2019, the supplier had not yet been paid and the goods were still held in inventory by Medina Power Ltd.

On 31 July, Medina Power Ltd sold goods to a foreign customer for 8 million dinars, and it received payment for the goods in dinars on 31 October 2019.

Medina Power Ltd had also purchased an investment property on 1 November 2018 for 56 million dinars. At 31 October 2019, the investment property had a fair value of 48 million dinars. The company uses the fair value model in accounting for investment properties.

Medina Power Ltd wants advice on how to treat these transactions in the financial statements for the year ended 31 October 2019.

Required:
Discuss the accounting treatment of the above transactions in accordance with the advice required by the directors. (You should show detailed workings as well as a discussion of the accounting treatment used.)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Foreign Exchange, Investment properties, Monetary and non-monetary transactions, Revenue Recognition
Level: Level 3

Topic: Foreign currency
Series: MAY 2020

CR – May 2020 – Q3b(i) – Ethical Issues in Contract Bidding

This question requires a discussion on the ethical issues related to conflict of interest, confidentiality, and professional behavior in a contract bidding scenario.

Question

You have just obtained your full membership with the Institute of Chartered Accountants (Ghana). Following this successful achievement, you have been appointed as the Head of Finance at Asasiyemedeh Company Limited, a Ghanaian company, which provides catering services. Your former employer, Akwaba Limited, is a large public sector organization operating in Accra, where, as the Financial Accountant, you had the opportunity to work on areas relating to financial accounting, procurement, contracts, and bids. One of Asasiyemedeh Company Limited’s major contracts is with Akwaba Limited, your former employer. The contract is now due for renewal, and Asasiyemedeh Company Limited is preparing a competitive bid for this contract.

You have been tasked to lead the team responsible for bidding for this contract, but you are concerned as a professional that you might breach confidentiality if you accept this role. You also suspect that your knowledge and experience of Akwaba Limited were seen as good reasons for appointing you to the position of Head of Finance at Asasiyemedeh Company Limited. You do not in any way want to let your new employer down as you are aware that the loss of such a major contract would have a significant effect on the financial performance of Asasiyemedeh Company Limited, and its performance-related bonus scheme for management members.

Required:
Discuss the ethical issues raised in the above scenario.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Confidentiality, Conflict of Interest, Ethics, Professional Behavior
Level: Level 3

Topic: Regulatory Framework and Ethics
Series: MAY 2020

CR – May 2020 – Q3b(ii) – Ethical Actions in Contract Bidding

This question requires recommendations for maintaining ethical standards in a contract bidding situation involving a conflict of interest.

Question

Recommend the possible courses of action that you will take in order to be ethically responsible as expected from a Professional Accountant.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Confidentiality, Conflict of Interest, Ethics, Professional Responsibility
Level: Level 3

Topic: Regulatory Framework and Ethics
Series: MAY 2020

CR – May 2020 – Q4b – Statement of Financial Position for Sasasila Ltd

This question requires the preparation of a statement of financial position for Sasasila Ltd following its restructuring.

Question

Prepare the statement of financial position as at 31 December 2019 for Sasasila Ltd.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Assets and liabilities, Corporate reorganization, Financial restructuring, Statement of Financial Position
Level: Level 3

Topic: Corporate reconstruction and reorganisation
Series: MAY 2020

CR – May 2020 – Q5 – Financial Performance and Position of Bossman Ltd

This question involves analyzing the financial performance and position of Bossman Ltd over three years using ratio analysis.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Analysis, Liquidity, Performance Analysis, Profitability, Solvency
Level: Level 3

Topic: Analysis and Interpretation of Financial Statements
Series: MAY 2020

CR – May 2020 – Q4a – Capital Reduction Account

This question requires the preparation of a Capital Reduction Account for Sasasila Ltd following a reorganization.

Question

Sasasila Ltd has been operating profitably for a number of years. However, in recent times, the company has been making losses. Below is the statement of financial position as at 30 June 2019:

Assets	GH¢000
Non-Current Assets
Patents and copyrights	75,000
Land and buildings (net)	200,000
Plant and machinery (net)	150,000
Current Assets
Inventories	125,000
Trade receivables	125,000
Bank	37,500
Investments (cost)	100,000
Total Assets	812,500

Equity and liabilities:
Equity
Ordinary share capital (issued at GH¢10 each)	375,000
20% cumulative preference shares (issued at GH¢10 each)	175,000
Retained earnings	(75,000)
Non-current Liabilities
15% Debentures	125,000
Current Liabilities
Interest on debentures	18,750
Trade payables	93,750
Provision for business restructuring	50,000
Provision for legal damages & claims	12,500
Provision for warranties	37,500
Total Equity and Liabilities	812,500

Additional relevant information: The following scheme of reconstruction was approved by all parties as well as the High Court with the exception of only one ordinary shareholder:

The ordinary shares were to be reduced to GH¢5 per share.
The preference shares were to be reduced to GH¢7.5 per share and arrears in dividends for three years were to be canceled from the company’s books.
The fair values of the assets were agreed at the following values:
- Patents and copyrights: Nil
- Land and buildings: GH¢225,000
- Plant and machinery: GH¢75,000
- Investments: GH¢75,000
- Inventories: GH¢105,000
- Trade receivables: GH¢70,000
The balance on retained earnings is to be eliminated in full.
The liability for legal damages and claims was to be settled for GH¢10 million, and the provision for warranties reduced to GH¢27.5 million.
The accrued debenture interest was to be paid in cash.
Investments with a carrying amount of GH¢52.5 million were to be sold for cash at that value to strengthen the working capital position.
The amount set aside for business restructuring was to be eliminated as well.
The High Court directed a payment of GH¢0.2 million to a member who opposed the scheme for 50 ordinary shares held by him.

Prepare the Capital Reduction Account as at 30 June 2019.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Capital Reduction, Corporate reorganization, Equity, Liabilities
Level: Level 3

Topic: Corporate reconstruction and reorganisation
Series: MAY 2020

AA – May 2020 – L2 – Q3b – Audit and Assurance Risk Environment

Describe how you would verify the patents appearing in the financial statements of Tamale Pharma.

Question

Tamale Pharma specializes in the development of drugs for the pharmaceutical industry.

Required:
i) State how you could verify the following item appearing in the statement of financial position of Tamale Pharma as at 31 December 2018:

Patents.
(3.5 marks)

ii) State how you could verify the following item appearing in the statement of financial position of Tamale Pharma as at 31 December 2018:

Research and development.
(3.5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Procedures, IAS 38, Intangible Assets, Research and Development, Verification
Level: Level 2

Topic: Audit and Assurance Risk Environment
Series: MAY 2020

AA – May 2020 – L2 – Q3a – Audit and Assurance Evidence

Explain the main assertions about account balances and give examples from the audit of trade receivables.

Question

Audit Evidence requires the auditor to obtain sufficient, appropriate evidence to be able to draw reasonable conclusions on which to base the audit opinion. That evidence should be relevant to the financial statement assertions.

Required:
i) Explain the main assertions about account balances and provide an example of each one by reference to the audit of trade receivables. (8 marks)

ii) Identify FIVE (5) of the seven main audit testing procedures (e.g., inspection) and give an example of how each might be used in the audit of plant and machinery. State the assertion being tested in each case. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit evidence, Financial statement assertions, ISA 500, Trade receivables
Level: Level 2

Topic: Audit and Assurance Evidence
Series: MAY 2020

AA – May 2020 – L2 – Q2d – Audit and Assurance Evidence

Describe the rights of an auditor in the event of a disagreement and threat of removal.

Question

Your client Abeka Ltd is threatening to remove your firm as auditors as a result of disagreement on account of the use of inappropriate accounting policies.

Required:
Describe THREE (3) rights as an auditor in relation to the disagreement and subsequent threat of removal. (3 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Dispute, Audit Removal, Auditor's Rights, ICAG Regulations, Professional Rights

Topic: Audit and Assurance Evidence
Series: MAY 2020

AA – May 2020 – L2 – Q2c – Regulatory Framework and Audit Responsibilities

Comment on the powers of the Registrar General regarding auditor appointments in the scenario.

Question

The auditors of Obuasi Ltd resigned on 21 August 2019 after they had been validly appointed and accepted. The directors of Obuasi Ltd appointed Ofori Ansong and Co. Chartered Accountants as their new auditors on 10 October 2019. The Registrar General refused to accept Ofori Ansong and Co as auditors on the grounds that the directors had acted beyond their powers since the Registrar General has the power to appoint auditors.

Required:
Comment on the action of the Registrar General. (7 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Resignation, Auditor appointment, Companies Act, Registrar-General, Regulatory Framework
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities, Regulatory framework and processes
Series: MAY 2020

AA – May 2020 – L2 – Q2b – Types of Audit and Assurance Engagements

Describe audit procedures to obtain sufficient evidence regarding inventory.

Question

ISA 501 – Audit Evidence – Specific Considerations for Selected Items deals with three specific items that may be contained within a set of general-purpose financial statements and for which the auditor may need to obtain sufficient appropriate audit evidence. It deals with specific considerations for inventory, litigation and claims, and segment information.

Required:
i) What should an auditor do to obtain sufficient appropriate audit evidence regarding the existence and condition of inventory where inventory is material to the financial statements? (2 marks)

ii) What should an auditor do when physical inventory counting is conducted on a date other than the date of the financial statements? (2 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit evidence, Audit Procedures, Inventory, ISA 501, Physical Counting
Level: Level 3

Topic: Types of Audit and Assurance Engagements
Series: MAY 2020

AA – May 2020 – L2 – Q2a – Audit Failure and Expectation Gap

Define the concept of materiality in the context of an audit.

Question

ISA 320: Materiality in Planning and Performing an Audit explains the concept of materiality and how it is used by the auditor in engagement to reach important conclusions regarding procedures and evidence obtained. The concept of materiality is a core concept in risk-based audit approaches.

Required:
i) Explain materiality. (2 marks)

ii) Briefly assess FOUR (4) ways materiality impacts an audit. (4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Planning, ISA 320, Materiality, Risk of Misstatement
Level: Level 2

Topic: Audit Failure and Expectation Gap
Series: MAY 2020

AA – May 2020 – L2 – Q1b – Audit Failure and Expectation Gap

Identify and explain business risks in the provided scenario.

Question

Unbalanced and Co. Ltd. is a trading company at Abossey Okai. It deals in auto parts. It is owned by a husband and wife; Divine and Grace. Divine travels to South Korea twice a year to buy auto parts for the business whilst Grace runs the day-to-day administration of the shop.

Divine borrows (loans) from friends to add up to the company’s money to buy parts when he travels. These loans are repaid when the goods are sold back home. The loans are not receipted. Some of the loans are banked, others are not. The company’s money and the loans collected are changed into foreign currency, some through the bank, and others not through the bank. The company does not keep receipts for air tickets, hotel bills, and the expenses made by the owners. However, Divine can reel off what he paid without batting an eyelid.

Import duties are paid by bankers’ drafts, so those are clearly stated in the bank statements. Grace has a notebook in which she enters the daily sales but the records in the book are scanty. However, all import invoices are properly filed. Most of the sales are banked and the bank statements are readily available. Grace is assisted by one attendant.

The success of the business, you understand, depends on the vigilance and strictness of the owners.

Required:
i) Identify the business risks in the passage and explain why they are risks. (10 marks)

ii) What general factors would you consider when planning the audit? (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Engagements, Audit Planning, Business Risks, Risk Assessment
Level: Level 2

Topic: Audit Failure and Expectation Gap
Series: MAY 2020

AA – May 2020 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Define and explain the concept of "true and fair view" in the context of ISA 700/701.

Question

The main objective of an audit is to enable the auditor express an opinion on the financial statements being audited. ISA 700/701 requires that the auditors’ opinion should state whether the financial statements give a true and fair view and are fairly presented in all material respects in accordance with applicable financial reporting framework where an unmodified opinion is expressed.

Required:
Explain what is meant by true and fair view. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit, Auditor's Opinion, Financial Statements, ISA 700/701, True and Fair View
Level: Level 2

Topic: Introduction to Audit and Assurance Engagements
Series: MAY 2020

PT – May 2020 – L2 – Q5d – Overview of the Ghanaian Tax System and Fiscal Policy

This question asks to explain the key features of the 3-Tier Ghana National Pension Scheme, which applies to both public and private sector workers.

Question

What are the features of the 3-Tier Ghana National Pension Scheme?
(5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: National Pension Scheme, Pensions, Retirement Benefits, Social Security
Level: Level 2

Topic: Ghana National Pension Scheme
Series: MAY 2020

PT – May 2020 – L2 – Q3c – Income Tax Liabilities

Tax rules governing overtime and bonus payments under employment income.

Question

c) What are the taxation rules for overtime payments and bonus payments under employment income?
(7 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bonus Payments, Employment Income, Overtime Payments, Tax Rules, Taxation
Level: Level 2

Topic: Income Tax Liabilities
Series: MAY 2020

Series: MAY 2020

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

CR – May 2020 – L3 – Q1 – Consolidated Statement of Financial Position

Prepare the consolidated statement of financial position for Phato Ltd and its subsidiaries as at 30 September 2019, including relevant calculations for goodwill, non-controlling interest, and asset impairments.

You're reporting an error for "CR – May 2020 – L3 – Q1 – Consolidated Statement of Financial Position"

CR – May 2020 – L3 – Q2a – Government Grants for Factory Construction

Discuss the accounting treatment for a government grant received for the construction of a factory, showing calculations and relevant entries.

You're reporting an error for "CR – May 2020 – L3 – Q2a – Government Grants for Factory Construction"

CR – May 2020 – L3 – Q2b – Capitalization of Borrowing Costs

Required: Determine the maximum amount that could potentially be capitalized as borrowing costs during the period (assuming an asset was being financed using all available finance).

You're reporting an error for "CR – May 2020 – L3 – Q2b – Capitalization of Borrowing Costs"

CR – May 2020 – L3 – Q2c – Defined Benefit Pension Plan

Recommend the accounting treatment for a defined benefit pension plan with supporting calculations.

You're reporting an error for "CR – May 2020 – L3 – Q2c – Defined Benefit Pension Plan"

CR – May 2020 – L3 – Q3a – Foreign Currency Transactions

Foreign currency transactions related to purchases, sales, and investment property with exchange rate variations and reporting implications.

You're reporting an error for "CR – May 2020 – L3 – Q3a – Foreign Currency Transactions"

CR – May 2020 – Q3b(i) – Ethical Issues in Contract Bidding

This question requires a discussion on the ethical issues related to conflict of interest, confidentiality, and professional behavior in a contract bidding scenario.

You're reporting an error for "CR – May 2020 – Q3b(i) – Ethical Issues in Contract Bidding"

CR – May 2020 – Q3b(ii) – Ethical Actions in Contract Bidding

This question requires recommendations for maintaining ethical standards in a contract bidding situation involving a conflict of interest.

You're reporting an error for "CR – May 2020 – Q3b(ii) – Ethical Actions in Contract Bidding"

CR – May 2020 – Q4b – Statement of Financial Position for Sasasila Ltd

This question requires the preparation of a statement of financial position for Sasasila Ltd following its restructuring.

You're reporting an error for "CR – May 2020 – Q4b – Statement of Financial Position for Sasasila Ltd"

CR – May 2020 – Q5 – Financial Performance and Position of Bossman Ltd

This question involves analyzing the financial performance and position of Bossman Ltd over three years using ratio analysis.

You're reporting an error for "CR – May 2020 – Q5 – Financial Performance and Position of Bossman Ltd"

CR – May 2020 – Q4a – Capital Reduction Account

This question requires the preparation of a Capital Reduction Account for Sasasila Ltd following a reorganization.

You're reporting an error for "CR – May 2020 – Q4a – Capital Reduction Account"

AA – May 2020 – L2 – Q3b – Audit and Assurance Risk Environment

Describe how you would verify the patents appearing in the financial statements of Tamale Pharma.

You're reporting an error for "AA – May 2020 – L2 – Q3b – Audit and Assurance Risk Environment"

AA – May 2020 – L2 – Q3a – Audit and Assurance Evidence

Explain the main assertions about account balances and give examples from the audit of trade receivables.

You're reporting an error for "AA – May 2020 – L2 – Q3a – Audit and Assurance Evidence"

AA – May 2020 – L2 – Q2d – Audit and Assurance Evidence

Describe the rights of an auditor in the event of a disagreement and threat of removal.

You're reporting an error for "AA – May 2020 – L2 – Q2d – Audit and Assurance Evidence"

AA – May 2020 – L2 – Q2c – Regulatory Framework and Audit Responsibilities

Comment on the powers of the Registrar General regarding auditor appointments in the scenario.

You're reporting an error for "AA – May 2020 – L2 – Q2c – Regulatory Framework and Audit Responsibilities"

AA – May 2020 – L2 – Q2b – Types of Audit and Assurance Engagements

Describe audit procedures to obtain sufficient evidence regarding inventory.

You're reporting an error for "AA – May 2020 – L2 – Q2b – Types of Audit and Assurance Engagements"

AA – May 2020 – L2 – Q2a – Audit Failure and Expectation Gap

Define the concept of materiality in the context of an audit.

You're reporting an error for "AA – May 2020 – L2 – Q2a – Audit Failure and Expectation Gap"

AA – May 2020 – L2 – Q1b – Audit Failure and Expectation Gap

Identify and explain business risks in the provided scenario.

You're reporting an error for "AA – May 2020 – L2 – Q1b – Audit Failure and Expectation Gap"

AA – May 2020 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Define and explain the concept of "true and fair view" in the context of ISA 700/701.

You're reporting an error for "AA – May 2020 – L2 – Q1a – Introduction to Audit and Assurance Engagements"

PT – May 2020 – L2 – Q5d – Overview of the Ghanaian Tax System and Fiscal Policy

This question asks to explain the key features of the 3-Tier Ghana National Pension Scheme, which applies to both public and private sector workers.

You're reporting an error for "PT – May 2020 – L2 – Q5d – Overview of the Ghanaian Tax System and Fiscal Policy"

PT – May 2020 – L2 – Q3c – Income Tax Liabilities

Tax rules governing overtime and bonus payments under employment income.

You're reporting an error for "PT – May 2020 – L2 – Q3c – Income Tax Liabilities"

Our offerings

Contact Info

Customer

Get In Touch

admin

Required:
Determine the maximum amount that could potentially be capitalized as borrowing costs during the period (assuming an asset was being financed using all available finance).