Monday 4 August 2014

CSS exam to be held from Feb 15, 2014

The Federal Public Service Commission (FPSC) will hold competitive examination of the Central Superior Services (CSS), from February 15, 2014 simultaneously at different centres in the country.
The application Form, Rules and syllabi will be available from October 1 on production of the original treasury receipt of Rs 2,200 at FPSC Head Office, provincial offices, regional offices and FPSC information centers, says a press release issued by the FPSC.
The application form can also be downloaded from FPSC website: www.fpsc.gov.pk.
The closing date for submission of application is October 31, it added.
The examination is being conducted for recruitment to posts in BS-17 in occupational groups and services, including commerce and trade group, Pakistan administrative service (erstwhile DMG), foreign service of Pakistan, information group, inland revenue service, military lands and cantonment group, office management group, Pakistan audit and accounts service, Pakistan customs, police service, postal group and railways (commercial and transportation) group.
The 21 cities where the examination centres will be established are Abbottabad, Bahawalpur, Dera Ghazi Khan, DI Khan, Faisalabad, Gilgit, Gujranwala, Hyderabad, Islamabad, Karachi, Lahore, Larkana, Multan, Muzaffarabad, Okara, Peshawar, Quetta, Rawalpindi, Sargodha, Sialkot and Sukkur.
Both male and female, including disabled persons having at least second division bachelor’s degree between the ages of 21 to 28 years on December 31 are eligible, however, the upper age limit may be relaxed by two years in the categories mentioned in rule-3 of CSS CE Rules 2014 provided with the application form, subject to fulfillment of documentary requirements.
It says the federal government has reserved 10 percent of the vacancies for women and 5 percent for the minorities.
The candidates have been advised that attested copies of required documents, photographs and treasury receipt in original must be attached with the application form.

Sunday 9 February 2014

CSS exams schedule 2014 announced by Federal Public Service Commission

Islamabad: The Federal Public Service Commission FPSC has announced the exams schedule of Central Superior Services (CSS) Competitive Exams 2014 for recruitment posts in BS 17 in the mentioned Occupational Groups/ Services under the Federal Government. The exams are scheduled to be commenced from Feb 15, 2014 while last date to submit application forms is Oct 31, 2013.

The occupational groups are Commerce & Trade Group, Pakistan Administrative service, Foreign Service of Pakistan, Information Group, Inland Revenue Service, Military Lands and Cantonments Group, Office Management Group, Pakistan Audit and Accounts Service, Pakistan Customs Service, Police Service of Pakistan, Postal Group and Railways (Commercial and Transportation) Group.
The number of vacancies to be filled on the basis of CSS competitive exams 2014 will be declared later on. It will depend upon the number of candidates. The exams will be held at these centers; Abbottabad, Bahawalpur, DG Khan, DI Khan, Faisalabad, Gujranwala, Hyderabad, Islamabad, Karachi, Lahore, Larkana, Multan, Muzaffarabad, Okara, Peshawar, Quetta, Rawalpindi, Sargodha, Sialkot, Sukkur and Gilgit.

Both male and female candidates including disabled persons are eligible having at least 2nd division in Bachelors between age 21 to 28 years till Dec 31, 2013. The upper age limit may be relaxed by two years in the categories mentioned in rule-3 of CSS CE Rules 2014 provided with the application form, subject to fulfillment of documentary requirements.

Federal government has reserved 10% of the vacancies for women and 5% for the minorities. Both are encouraged to apply.

The application form, rules and syllabi will be available at FPSC Head Office, Provincial Offices, Regional Offices and FPSC Information Centers from Oct 01, 2013 on the submission of original treasury receipt of Rs 2200/- (Non-refundable), deposited in nearest Government Treasury or the State Bank of Pakistan or the National Bank of Pakistan under the head of Account “C-20101- Organs of State Examination Fee (FPSC Receipt) “ (Postal Orders, Cheques, Money Orders or Bank Drafts will not be acceptable).

Application form can be downloaded from FPSC website www.fpsc.gov.pk. Photocopy of applications is also acceptable. On line application will be accepted if deposited before closing date subject to submission of hard copy of application form duly signed along with documents and TR within 10 days of the closing date.

Tips for Preparation of CSS Exam 2013 in Pakistan 2014 exam

CSS Examinations Help 2013 – CSS Examinations are conducted by the Federal Public Service Commission Islamabad every year to announced the careers opportunities in Basic Pay Scale 17 for the following departments of the Federal Government in Pakistan.
These Examinations are for those who wants to get Government Jobs, FPSC Jobs 2013 and Federal Government Jobs in Pakistan.
  1. Commerce & Trade
  2. Customs & Excise Group
  3. District Management Group
  4. Foreign service of Pakistan
  5. Income Tax Group
  6. Information Group
  7. Military Lands and Cantonments Groups
  8. Office Management Group
  9. Pakistan Audit and Accounts service
  10. Police Service of Pakistan
  11. Postal Group
  12. Railways (Commercial & Transportation) Group

Parts of CSS Examination.

The CSS Exam comprises the following.
  1. Written Examination
  2. Medical Test
  3. Psychological Test
  4. Viva Voce
(Each part is explained in detail in the last of this topic/page)

Eligibility for taking CSS Exam.

Male as well as female candidates can appear in CSS exam if they fulfill the following eligibility criteria.
Nationality. The candidate must be a citizen of Pakistan or permanent resident of state of Jammu and Kashmir.
Education. (a)The candidate must hold at least 2nd division (or grade C), Bachelor Degree in any faculty in one of the universities of Pakistan or equivalent qualification or comparable educational qualification of a foreign university, recognised by Higher Education Commission (HEC) Islamabad.
(b) A candidate who has obtained 3rd division (or grade D) in his Bachelor Degree will be eligible for Exam in case he/she has obtained her division in Master degree.
Age limit. Age limit for candidate 21 – 28 years, which can be relaxed by 2 years (upto 30 yrs) for a person who is already in government service and has completed at least two years in service. Age relaxation (up to 2 years) is also available to candidates who belong to scheduled caste and Buddhist community as well as those candidates who live in remote areas, defined by FPSC (Age relaxation detail is in the last of this page).
Disabled Candidates. Disabled candidates (in categories of physical, hearing/speech (deaf & dumb) and visually impaired (blind)) are allowed to take exam against four Occupational Groups/Services which are (1) Commerce & Trade Group (2) Pakistan Audit & Accounts Service (3) Information Group and (4) Postal Group, provided they fulfil the eligibility criteria of education and age limit as mentioned above.

Places of the Examination:

The examination is held simultaneously at Abbottabad,Bahawalpur, D.I.Khan, Dera Ghazi Khan, Faisalabad, Gilgit,Gujranwala, Hyderabad, Islamabad, Karachi, Khuzdar, Lahore, Larkana, Multan, Muzaffarabad, Okara, Peshawar, Quetta,Rawalpindi, Sargodha, Sialkot, Skardu & Sukkur depending onthe number of applicants for each centre.

Places of Interviews:

The interviews will be held at Islamabad, Karachi, Lahore,
Peshawar & Quetta.

How to apply for CSS Exam

Federal Public Service Commission (FPSC) Islamabad publishes their advertisement for CSS Exam in all “daily newspapers” every year. In which date of Exam and last date for submitting application form is given.
Candidate must pay Rs. 1000/ (PKR) as application fee (exam fee) which is deposited in State Bank/National Bank of Pakistan under the account head “C02101-Organs of State Exam Fee(FPSC Receipt)”. Application form, Rules and Guidelines, and Syllabi are available on the production of this receipt (application fee deposit receipt in above banks) in Head office of FPSC at Islamabad and branches of FPSC at different cities.
The application form is filled for apply for exam. The application form must reach Commission on or before the closing date. No extra time is allowed.
Dates of exam and submitting of application form of CSS.
                        Generally, the CSS exam (written) is held in the month of March or April every year, and last date for submitting application for is 1st or 2nd January of the same year. Like, The CSS exam (written) for 2012 will be held by FPSC with effect from 6th March 2012 and closing date for submitting application is 1st January 2012.
These dates can be changed by FPSC Islamabad for every year.

Tips to Score High in C.S.S Exam Pakistan Every Day Science 2015 exam

Everyday Science (EDS) is the only subject that ensure 80% marks in the CSS Examination. But, it’s a bit hard to achieve this target.

 304.jpg

Let’s take a look at the technique the aspirants should go for in order to score excellent marks in this high scoring paper.

First, we shall discuss the manner in which candidates usually make the preparation.

It is usually observed that most students do not prepare tactfully rather they waste their precious time and energy by choosing a wrong track.
Then what, after all, should be the technique to score high in the EDS paper? Is it the objective Part (MCQs) or the subjective Part that is most important to focus on? Or I would put it in a different way. Why they score so low in the EDS paper? What's their weak area -- subjective or objective -- from your point of view?

Those who score low in the EDS paper actually do a strategic blunder while preparing for this paper. They focus more on the objective portion (MCQs) and believe that it will be beneficial for them. But this practice proves futile. Indeed no one can score high by simply stressing the objective portion or then doing the MCQs with help from one or two books on the subject. However, a student who has thoroughly read the subject and has a good understanding of the subject with the clarity of concepts will ultimately score high even without reading any objective-type book. So do not make a mistake by setting your target at 40 and memorising the MCQs without a complete understanding.

A thorough study of some of the excellent introductory textbooks on the subject is recommended, along with consulting textbooks of matriculation, intermediate, or O/A Levels for preparation of relevant portions.

Just download animations and videos from the Internet in order to understand, especially astronomy, general biology and physiology, for having a grasp and command over the subject.

Students who are very weak in EDS, or have not studied this subject even at the matriculation level, should go through the Punjab Textbook Board (English) textbooks of science for Class 3 to Class 8 for this purpose. Your aim should be to get very good marks in EDS. And bear in mind that without conceptual clarity, it will be a Herculean task for you to score 50 in EDS.
A one-book solution to both subjective and objective papers lies in Jahangir's World Times Discovery the World of Everyday Science.

How to attempt the EDS paper?

The same rule applies to the preparation of EDS as to be followed in other subjects like good presentation, precision and accuracy in answers and without spelling mistakes. Legible handwriting will, of course, be a plus point.
 A thorough study of some of the excellent introductory textbooks on the subject is highly recommended, along with consulting textbooks of matriculation, intermediate, or O/A Levels for preparation of relevant portions.
 Now, let us see as to what type of questions are asked by the paper-setter. In the Subjective Part (50 marks), eight questions are given and the candidates are required to solve five questions out of them. A serious look at the previous papers will suggest the following topics, or areas, which should attract your attention:

Q1: Muslim scientist
Q2: Definitions
Q3: Comparison/ Differentiation
Q4: Abbreviations
Q5: Reasoning questions
Q6: Short notes
Q7: A one-word question (animals and their locations, hormones and their functions, vitamins and their deficiency, diseases and their causes, etc.)
Q8: Lengthy questions

At the first place, the selection of questions is very important. Suppose, you know the answer to all the questions, what will be your order of preference? Which questions will give you maximum marks? As a student, I will solve the questions in the following order:

305.jpg

a)    Abbreviations;
b)    One-word question;
c)     Comparison;
d)    Reasoning, and
e)    Definitions.

Following this order of preference will result in maximum marks. If 10 abbreviations are correct, you will get 10 marks -- no discretion of the examiner.

The dos for EDS preparation

Try to memorise the definitions. (This is especially for those who have no science study background.)
Practise the diagrams and draw them appropriately at the time of the exam;
Differentiation or comparison shall be in form of 'tables';
Draw flowcharts, tables and comparison where necessary;
Make mnemonic devices or search them from the Internet;
For example, the mnemonic device for eight planets is 'my very educated mother just served us noodles.' 'M' for mercury and so on;
Make notes of only important topics or things that confuse you;
Write down important points and facts while reading a book for the objective portion of the exam.

The don’ts
•    Do not use synonyms or thesaurus in science e.g. a total eclipse will always be a total eclipse, not full or complete eclipse;
•    Avoid spelling mistakes;
•    There is no need of introduction, background or history in EDS;
•    Answers should be to the point;
•    Do not grab data from unreliable sources like the cssforum.com

Tips for Essay paper CSS EXAM PAKISTAN 2014 Most Expected Topics for Essay Paper CSS 2014

Keeping in view the repetition of some essay topics, I have pointed out the expected essay topics for CSS 2014,.These topics are important because they are also current issues and relevent to the current political & social situation of the day.

1-Pakistan is rich in natural resources but very poor in their management.(2010)
2-The Future of Democracy in Pakistan(.2009)
3-What are the hurdles in our way to becoming a truly independent state?(2011)
4- A Critical Analysis of Education Systems in Pakistan
5- Democracy is a culture rather than a process

6- U.N.O (most expected in 2014)

The future of UNO, Hopes and Hurdles (2009)
The U.N.O has failed to measure up to the demands of its charter.
(2010)
The United Nations in the 21st Century: Obligations and Limitations(2012)


Status of women in Islam
2009
Can women be equal to men in Pakistan?(2010)
Does Pakistan society regard woman as the angel in the house or source of all evils?(2011)
Social and Economic Securities for Women in Islam(2012)
“The traditional male role changed in the last 20 years.
Gender equality is a myth”(2013)

8- Role & Power of Media in modern World
Free speech should have limitations(2013)
Truth is a rare commodity despite the freedom by the print and electronic media(2011)

9- Energy crisis
10- Pakistani War of terrorism

1- Pakistan's War on terror and its impact on our psyche and politic.socio.economic fronts
2- Beggars cannot be choosers
3- The world politics stands more derisive than it was ever before due to the specific imperialist designs(2010)
4- Dialogue is the best course to combat terrorism(2010)

11- Social Networking
Modern day communication via social networks puts an end of true and sincere relationships.(2013)
The Emerging Power of Public Opinion(2012)

CSS 2014 Guide for Pakistani Students

ilmkidunya has created a special CSS Exam 2014 guide for Pakistani students who want to take part in competition examinations 2013 of Civil Services of Pakistan. This online resource is to the point and created only for Pakistani students.
 
CSS Introduction
The Central Superior Services Examination is conducted every year for induction to Group 17 of the Civil Services.
     
  If you know anything about test prep tell us we'll add it for benefit of students.  
  Let's help each other by sharing
a admission information.
 
     
     
   
Screening Test for CSS Competitive Examination
Candidate will be eligible for CSS Competitive Examination if he will take a part in Screening Test for CSS Competitive Examination and qualify this test. FPSC will allow candidates to get online register on FPSC official site for Screening Test for CSS Competitive Examination.
CSS Application Process
Candidates have to apply to the Federal Public Service Commission, Islamabad after the announcement by advertisement on the national newspapers. There is a prescribed application form which you can download from the official website of Federal Public Service Commission.
CSS Eligibility Criteria
A candidate has to fulfill these conditions to apply for the CSS competitive examinations, as age limit and Education and also there is provision of Nationality and regional Quota.
How to Prepare for the CSS Exam
In Pakistan, an increasing number of academies have opened up to prepare students for the most difficult examination in the country.
CSS Exam Fee
CSS exams applicants must deposit fee Rs. 1,000 in favor of the Federal Public Service Commission of Pakistan (FPSC).
CSS Subjects
There are lots of subjects which a candidate can choose for the test. There are some mandatory subjects and some are optional. Here a list of all subjects according to groups is available.
CSS Syllabus
The syllabus of CSS exams of every subject is available for the candidates. You can see this syllabus and also some recommended books.
CSS Past Papers
The past papers of competitive examination are available here which are very useful for the candidates for preparation of examination.
CSS Date Sheet
Every year CSS exams held in month of February. Here you can find out the exact date of test.
CSS Result
The result of CSS test declared after few months of written test and here you can see the results of CSS exams.
CSS Exam Centers
According to the public notice which was issued by the FPSC, the exams will be conducted in 21 cities of Pakistan. The exams will also be conducted in DG Khan, Larkana as well as Sukkur.
Contact Information for the CSS Exam
List of Federal Public Service Commission (FPSC) Regional Branch Offices in Pakistan.
- See more at: http://www.ilmkidunya.com/css-pakistan/#sthash.EVqwg9oH.dpuf

CSS 2014 Guide for Pakistani Students

ilmkidunya has created a special CSS Exam 2014 guide for Pakistani students who want to take part in competition examinations 2013 of Civil Services of Pakistan. This online resource is to the point and created only for Pakistani students.
 
CSS Introduction
The Central Superior Services Examination is conducted every year for induction to Group 17 of the Civil Services.
     
  If you know anything about test prep tell us we'll add it for benefit of students.  
  Let's help each other by sharing
a admission information.
 
     
     
   
Screening Test for CSS Competitive Examination
Candidate will be eligible for CSS Competitive Examination if he will take a part in Screening Test for CSS Competitive Examination and qualify this test. FPSC will allow candidates to get online register on FPSC official site for Screening Test for CSS Competitive Examination.
CSS Application Process
Candidates have to apply to the Federal Public Service Commission, Islamabad after the announcement by advertisement on the national newspapers. There is a prescribed application form which you can download from the official website of Federal Public Service Commission.
CSS Eligibility Criteria
A candidate has to fulfill these conditions to apply for the CSS competitive examinations, as age limit and Education and also there is provision of Nationality and regional Quota.
How to Prepare for the CSS Exam
In Pakistan, an increasing number of academies have opened up to prepare students for the most difficult examination in the country.
CSS Exam Fee
CSS exams applicants must deposit fee Rs. 1,000 in favor of the Federal Public Service Commission of Pakistan (FPSC).
CSS Subjects
There are lots of subjects which a candidate can choose for the test. There are some mandatory subjects and some are optional. Here a list of all subjects according to groups is available.
CSS Syllabus
The syllabus of CSS exams of every subject is available for the candidates. You can see this syllabus and also some recommended books.
CSS Past Papers
The past papers of competitive examination are available here which are very useful for the candidates for preparation of examination.
CSS Date Sheet
Every year CSS exams held in month of February. Here you can find out the exact date of test.
CSS Result
The result of CSS test declared after few months of written test and here you can see the results of CSS exams.
CSS Exam Centers
According to the public notice which was issued by the FPSC, the exams will be conducted in 21 cities of Pakistan. The exams will also be conducted in DG Khan, Larkana as well as Sukkur.
Contact Information for the CSS Exam
List of Federal Public Service Commission (FPSC) Regional Branch Offices in Pakistan.
- See more at: http://www.ilmkidunya.com/css-pakistan/#sthash.EVqwg9oH.dpuf

Saturday 8 February 2014

css exam pakistan past paper 2014 solved accounting and auditing MCQ paper 2013

Accounting & Auditing Paper -I (2013)

PART-I ((MCQs) (COMPULSORY)

Q.1. (i) Select the best option/answer and fill in the appropriate Circle on the OMR Answer Sheet. (20x1=20)
(ii) Answers given anywhere, other than OMR Answer Sheet, shall not be considered.


1. Double Entry Book Keeping was fathered by:
(a) Luca Paioli
(b) Yoyji Ijiri (c) Micheal Hammer (d) Ishikawa

http://en.wikipedia.org/wiki/Double-entry_bookkeeping_system
It was first codified in the 15th century by the Franciscan friar Luca Pacioli.


2. Accumulated loss of a company is shown in the balance sheet as:
(a) Liability (b) As an asset (c) As foot note to balance sheet (d) None of these

Profit is recognized on Credit side while Losses on Debit side.
http://www.indiastudychannel.com/exp...an-Assets.aspx


3. Under the Companies Ordinance 1984, disclosure of financial information is legally required for listed companies
under:
(a) Schedule 6 (b) Schedule 5 (c) Schedule 4 (d) Schedule 8

http://www.secp.gov.pk/corporatelaws...mp_Ord1984.pdf


4. A company is considered sick under the Companies Ordinance 1984 where current ratio is:
(a) Below 0.5 : 1 (b) Below 3 : 1 (c) Above 2.5 : 1 (d) None of these

Section 295 (d)(iii) CO1984
http://www.secp.gov.pk/corporatelaws...mp_Ord1984.pdf
(iii) current ratio has deteriorated beyond 0.5 :1


5. Banks are required to prepare their financial statements as per following legislation:
(a) Free to prepare with no legislative requirements (b) Under Companies Ordinance 1984
(c) Banking Ordinance 1962 (d) State Bank Laws

http://www.sbp.org.pk/bsd/2001/C36.htm
In terms of Section 34 of the Banking Companies Ordinance, 1962 the banks are required to prepare their annual accounts in the forms set out in the Second Schedule to the said Ordinance.


6. Preparation of financial statement of listed insurance companies in Pakistan is governed by:
(a) Insurance Act 1938 (b) Insurance Ordinance 2000 (c) Companies Act 1913 (d) Companies Ordinance 1984

http://www.pgi.com.pk/pdfs/annual2012_PGI%20annual%202012.pdf
http://www.pgi.com.pk/pdfs/halfyearly2006.pdf

BASIS OF PRESENTATION
The financial statements have been prepared in accordance with the requirements of accounting regulations laid down by the SECP (Insurance Rules, 2002) of the Insurance Ordinance, 2000.
Insurance Ordinance, 2000 (Primarily), CO1984 (secondary).


7. Trading loss occurs when:
(a) Revenues exceed the matching relevant costs. (b) Revenue and matching costs are equal to each other.
(c) When relevant matching cost exceeds revenues (d) None of these

Simple, when cost (e.g. Rs. 100) is greater than Revenue (e.g. Rs. 80), then loss (of Rs. 20) will occur.
Furthermore, See matching concept also.
Generally, while making financial statements only those costs are undertaken which MATCHES to the accounting period in which the Matched Revenue was generated.


8. Accounting requirements governing NGOs are prescribed in:
(a) Partnership Act 1932 (b) Cooperative societies legislation (c) Companies Ordinance 1984 (d) None of these

http://www.asp.org.pk/indepth/csos_covernance_resources/2.pdf
There are between 10 to 18 different laws in Pakistan that may govern an NGO.


THE CO-OPERATIVE SOCIETIES ACT, 1925

71. Rules.– (2) (h)
prescribe the accounts and the books to be kept by a society and provide for the audit of such accounts,.......

CO1984 does not apply as per sec 4(i) of CO1984
PA 1932 Sec 4 defines partnership, while NGO's are not businesses for sharing profit/losses.


9. Work sheet is equivalent to:
(a) Balance sheet (b) Income statement (c) Trial Balance (d) None of these

Basically, Work Sheet is the SUM of Balance sheet,Income statement andTrial Balance. BUT nature of worksheet is of Trial Balance.


http://www.wisegeek.com/what-is-a-trial-balance.htm
The trial balance is an accounting listing that shows the beginning and ending balances for all accounts included in the set of books. This worksheet format makes it possible to evaluate whether or not the total debits for the period cited are in balance with the total number of credits generated for the same period. When a true trial balance exists, the total credits and total debits will be equal.


10. Work sheet does include:
(a) Fund flows statement (b) Cash gensation statement (c) Cash flow statement (d) None of these

Work Sheet is the SUM of Balance sheet,Income statement andTrial Balance formats.


11. Deffered tax is shown in the balance sheet as:
(a) Liability (b) Asset (c) An expenditure in income statement (d) None of these

No Doubt, its controversial. ****Deferred**** not "Deffered"

Can be asset or liability.

Para 58 IAS 12
Current and deferred tax shall be recognised as income or an expense and included in profit or loss for the period.....

Whatever the amount of Deferred tax is shown in the balance sheet, it is shown as in the Expenditure section of Income statement under the head Taxation, along with the current tax.


12. The following represent tangible assets and are shown in the balance sheet as:
(a) People (b) Expenses (c) Revenue (d) Goodwill


It should be INtangible.
option a,b,c are irrelevant as they cannot be shown on Balance Sheet.


13. Under the Rule of thumb a good current ratio is:
(a) 6 : 1 (b) 10 : 1 (c) .05 : 1 (d) 2 : 1

http://www.encyclopediaofcredit.com/Working-Capital

Current Ratio: The current ratio gauges how capable a business is in paying current liabilities by using current assets only. Current ratio is also called the working capital ratio. A general rule of thumb for the current ratio is 2 to 1 (or 2:1 or 2/1).


14. Financial analysis is a legislative requirement under:
(a) Companies Ordinance 1984 (b) Partnership Act 1932 (c) Voluntary act (d) None of these

CO84 & PA32 does not contain the word "analysis".
No Voluntary Act exists in Pakistan.

Generally financial statements in Pakistan does not contain any sort of analysis.


15. Pakistan follows the following budgeting system at Federal level:
(a) Zero-Based Budgeting (b) Program Budgeting
(c) Responsibility Budgeting (d) Incremental / decremental budgeting

http://www.grbi.gov.pk/Documents/BudgetaryReform.pdf
pg 31
The recurrent budget estimates are prepared on incremental basis.


16. Preparation of budget by a company is compulsory under:
(a) No Law (b) Several laws (c) Securities & Exchange Ordinance 1969 (d) Companies Ordinance 1984

CO84 & SEO69 does not require any budget preparation.


17. Depreciation must be accounted for:
(a) Revenues (b) Fixed Assets (c) Share Capital (d) None of these

Revenue and Share capital are not tangible items for which depreciation is calculated.


18. Accelerated depreciation is allowed under:
(a) Income Tax Ordinance 2001 (b) Voluntary principals (c) Prudential Regulations (d) None of these

Section [23B. Accelerated depreciation to alternate energy projects.


19. Partnerships are legally required to prepare their financial statements for distribution on wide basis under:
(a) Partnerships Act 1932 (b) Securities & Exchange Rules 2000
(c) Voluntary Act for Compliance (d) None of these

Partnerships are not legally required for FS especially to be distributed on wide basis.

20. A company is considered sick if the market value compared to its par value is:
(a) 1 : 1 (b) 2 : 1 (c) 0.25 : 1 (d) None of these


Section 295 (d)(i) CO1984
http://www.secp.gov.pk/corporatelaws...mp_Ord1984.pdf

the market value of its shares as quoted on the stock exchange or the net worth of its share has fallen by more than seventy-five per cent of its par value
if 75% fall in par then value will remain 25% i.e. 0.25 to 1
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2014 CSS EXAM PAKISTAN PAST PAPER ACCOUNTING AND AUDITING SOLVED PAPER 2003


Accounting & Auditing Paper-I (2003)


(1) Acid Test Ratio is calculated as under:
(a) Current Assets/Current Liabilities
(b) Fixed Assets/Current Liabilities
(c) Liquid Assets/Current Liabilities
(d) None of these

(2) Deferred cost is a:
(a) Liability
(b)Asset
(c) None of these

(3) Work Sheet is:
(a) Balance Sheet
(b) Fund Flows Statement
(c) A combination of Profit and Loss Account and Balance Sheet items
(d) None of these

(4) Banks, for the preparation of financial statements, are governed under:
(a) Banking Companies Ordinance, 1962
(b) State Bank of Pakistan Act
(c) None of these

(5) Return on investment is computed:
(a) Investment/Profit x 100
(b) Profit x 100/Investment
(c) None of these


Accounting & Auditing Paper-II (2003)

Write only the correct answer in the Answer Book. Do not reproduce the questions.

(1) Rent of the premises constitutes variable expenses for cost allocation:
(a) True
(b) False

(2) Sugar used in a sugarcane company is:
(a) Variable cost
(b) Fixed cost
(c) None of these

(3) An auditor is liable under the following circumstances:
(a) Third Party Liabilities
(b) Fraud perpetrated in highly sophisticated circumstances
(c) None of these

(4) Agricultural income is taxable under the Income Tax Laws of Pakistan:
(a) True
(b) False

(5) Principal and markup payment within one year constitutes long term liability for disclosure in the balance sheet of a company.
(a) True
(b) False

(6) Ordinarily one can have the following partners in a partnership in Pakistan under the Partnership Act 1932.
(a) 10
(b) 20
(c) 30
(d) None of these

(7) Working Capital finance can be termed as “Running Finance” in a limited company.
(a) True
(b) False

(8) Income from Capital gains arising out of trading on a stock strange in Pakistan is taxable these days:
(a) True
(b) False

(9) Conversion Cost is calculated as under:
(a) Labour Plus Materials
(b) Labour plus overheads
(c) None of these

(10) Current Ratio can be calculated as under:
(a) Current Liabilities/Current Assets
(b) Current Assets/Current Liabilities
(c) None of these Reply With Quote