Name: Student No;
Practice Quiz 1
DO NOT TURN THE PAGE UNTIL YOU ARE
INSTRUCTED TO DO 50
1. This Quiz comprises of 8 pages. Check that there is no missing page.
2. There arevtwo sections: Section A is True/False q
Microeconomic theory (ECO2MIT)
Microeconomics- the study of how households and firms make decisions and how they interact in
markets through the use of the market mechanism. The market mechanism is the technical name
given to the way in which consumers an
Audit Planning II
25 March 2017
Audit risk is the risk that an auditor expresses an
inappropriate audit opinion when a financial
report is materially misstated (ASA 200; ISA
This means the auditor gives an opinion that t
Standard Costs &
Key issues explored
Nature/benefits of flexible
Determination of overhead
investigation of overhead
Evaluate pros and cons of
standard costing systems.
In this topic, we explore:
The nature/purposes of budgeting.
The preparation of a master budget:
Manufacturing specific budgets.
Budgeted income statements.
Budgeted balance sheets.
Standard Costs & Variances I
Key issues explored:
The nature/benefits of standard costing
The development of standard costs for
direct materials and direct labour.
The exploration of variances between
standard and actual costs.
Left / Liberal
Liberal / Right
Yes, but .
Aid is a
We have a moral
It is in our interest
If a country cannot
duty to help those
Microeconomic Theory (ECO2MIT)
You should allocate 2 hours to attempt these questions.
Section A. Comment on the following statements. State whether the statement is TRUE or
FALSE. In addition, you must provide an explanation