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.
Sunday 9 February 2014
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.
- Commerce & Trade
- Customs & Excise Group
- District Management Group
- Foreign service of Pakistan
- Income Tax Group
- Information Group
- Military Lands and Cantonments Groups
- Office Management Group
- Pakistan Audit and Accounts service
- Police Service of Pakistan
- Postal Group
- Railways (Commercial & Transportation) Group
Parts of CSS Examination.
The CSS Exam comprises the following.
- Written Examination
- Medical Test
- Psychological Test
- 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.
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.
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.
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.
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.
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:
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
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:
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)
7· 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)
- See more at: http://www.ilmkidunya.com/css-pakistan/#sthash.EVqwg9oH.dpuf
- See more at: http://www.ilmkidunya.com/css-pakistan/#sthash.EVqwg9oH.dpuf
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)
7· 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 Studentsilmkidunya 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. |
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CSS Introduction The Central Superior Services Examination is conducted every year for induction to Group 17 of the Civil Services. |
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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. |
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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. |
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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. |
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CSS Exam Fee CSS exams applicants must deposit fee Rs. 1,000 in favor of the Federal Public Service Commission of Pakistan (FPSC). |
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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. |
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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. |
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CSS Past Papers The past papers of competitive examination are available here which are very useful for the candidates for preparation of examination. |
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CSS Date Sheet Every year CSS exams held in month of February. Here you can find out the exact date of test. |
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CSS Result The result of CSS test declared after few months of written test and here you can see the results of CSS exams. |
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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. |
CSS 2014 Guide for Pakistani Studentsilmkidunya 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. |
|
|
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. |
Saturday 8 February 2014
css exam pakistan past paper 2014 solved accounting and auditing MCQ paper 2013
Accounting & Auditing Paper -I (2013)
(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
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
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
CSS EXAM PAKISTAN 2014 SOLVED ACCOUNTING AND AUDITING PAST PAPER MOCK EXAM 2002
Accounting & Auditing Paper-I (2002)
(1) Maximum number of partners in a partnership firm set up in Pakistan under Partnership Act, 1932 is:
(a) 5
(b) 25
(c) 20
(d) None of these
(2) Preparation of final financial reports is governed in Pakistan under:
(a) No law
(b) Companies Ordinance 1984
(c) None of these
(3) Depreciation is based on:
(a) Economic life of asset
(b) Declared life of asset by supplier
(c) Normal life of asset
(d) None of these
(4) Inventory turnover is calculated as under:
(a) Cost of Goods sold/Closing Inventory
(b) Gross profit/Closing Inventory
(c) Sales/Opening Inventory
(d) None of these
(5) There is a difference between:
(a) Worksheet and Balance Sheet
(b) Worksheet and profit and loss account
(c) Worksheet as combination of results of profits and financial positions
(d) None of these
(6) Deferred Revenue is:
(a) Liability
(b) Asset
(c) None of these
(7) Preparation of annual report of a firm is governed under:
(a) Partnership Act 1932
(b) Under partnership Deed
(c) None of these
(8) Deferred Taxation amount be treated as:
(a) Foot note
(b) An item in the Balance Sheet on asset side
(c) None of these
(9) Return of Equity will be calculated as under:
(a) Operating Profit x 100/Equity
(b) Net profit x 100/Paid up Capital only
(c) None of these
(10) Current maturity of long term loan is:
(a) Current Liability
(b) Long Term Liability
(c) None of these
Accounting & Auditing Paper-II (2002)
Write only the correct answer in the Answer Book. Do not reproduce the questions.
(1) Prime cost is calculated as under:
(a) Manufacturing Cost/Cost of Goods Sold
(b) Direct Method plus factory overheads
(c) Direct labour + Direct Material
(d) None of these
(2) Process Cost is very much applicable in:
(a) Construction Industry
(b) Pharmaceutical Industry
(c) Air line company
(d) None of these
(3) The latest computation of variances of manufacturing overheads is in one the following ways:
(a) Two variance approaches
(b) Three variance approaches
(c) Four variance approaches
(d) None of these
(4) Random sampling in auditing means:
(a) Selection through convenience sampling
(b) Selection through scientific sampling approach
(c) None of these
(5) Expenditure incurred in procuring machinery is:
(a) An admissible expenditure for tax purposes
(b) No admissible for tax purposes
(c) None of these
(6) Increase in income constitutes:
(a) Inflows
(b) Outflows
(c) None of these
(7) M & A stands for:
(a) Mergers & Analysis
(b) Mergers & Acquisitions
(c) Mergers & Allocation
(d) None of these
(8) An endowment insurance policy can be taken in respect of:
(a) Fire insurance
(b) Accident insurance
(c) Life insurance
(d) None of these
(9) Audit and special audit are the same:
(a) In Insurance Company
(b) In Banking Company
(c) None of these
(10) Acid test is the same as:
(a) Quick test
(b) Liquid test
(c) None of these
CSS EXAM PAKISTAN 2014 SOLVED ACCOUNTING AND AUDITING PAST PAPER MOCK EXAM 2001 COMPLETE
Accounting & Auditing paper-I (2001)
Write only the correct answer in the Answer Book. Do not reproduce the questions.
(1) Books of original entry are called:
(a) Ledger
(b) Work sheets
(c) Journal
(d) None of these
(2) For preparing balance sheets prepaid expenses are shown as part of:
(a) Liability
(b) Equities
(c) Assets
(d) None of these
(3) Unpaid and unrecorded expenses are called:
(a) Prepaid expenses
(b) Accrued expenses
(c) Additional expenses
(d) None of these
(4) Amount, cash, or other assets removed from business by owner is:
(a) Capital
(b) Drawings
(c) Assets
(d) None of these
(5) Under the diminishing balance method, depreciation amount is:
(a) Payment
(b) Receipt
(c) Expenditure
(d) None of these
(6) Users of accounting information include:
(a) The tax authorities
(b) Investors
(c) Creditors
(d) All of these
(7) The business form(s) in which the owner(s) is (are) personally liable is (are) the:
(a) Partnership only
(b) Proprietorship
(c) Corporation only
(d) Partnership and proprietorship
(e) None of these
(8) The investment of personal assets by the owner:
(a) Increases total assets and increases owner’s equity
(b) Increases total assets only
(c) Has no effect on assets but increases owner’s equity
(d) Increase assets and liabilities
(e) None of these
(9) All of the following are forms of organizations except:
(a) Proprietorship
(b) Corporation
(c) Retailer
(d) Partnership
(e) None of these
(10) Economic resources of a business that are expected to be of benefit in the future are referred to as:
(a) Liabilities
(b) Owner’s equity
(c) Withdrawals
(d) Assets
(e) None of these
(11) An owner investment of land into the business would:
(a) Decrease withdrawals
(b) Increase liabilities
(c) Increase owner’s equity
(d) Decrease assets
(e) None of these
(12) A cash purchase of supplies would:
(a) Decrease owner’s equity
(b) Increase liabilities
(c) Have no effect on total assets
(d) None of these
(13) An owner investment of each into the business would:
(a) Increase assets
(b) Decrease liabilities
(c) Increase withdrawals
(d) Decrease owner’s equity
(e) None of these
(14) The payment of rent each month for office space would:
(a) Decrease total assets
(b) Increase liabilities
(c) Increase owner’s equity
(d) None of these
(15) Real accounts are related to:
(a) Assets
(b) Expenses and incomes
(c) Customers and Creditors etc.
(d) None of these
(16) Which one of the following accounts would usually have a debit balance?
(a) Cash
(b) Creditors
(c) Accounts payable
(d) Salaries Expenses
(e) None of these
(17) Quick assets include which of the following?
(a) Cash
(b) Accounts Receivable
(c) Inventories
(d) Only (a) and (b)
(e) None of these
(18) Net income plus operating expenses is equal to:
(a) Net sales
(b) Cost of goods available for sale
(c) Cost of goods sold
(d) Gross profit
(e) None of these
(19) The maximum number of partners in Pakistan can be fixed at the following:
(a) 20
(b) 50
(c) 75
(d) None of these
(20) Balance sheet is always prepared:
(a) For the year ended
(b) As on a specific date
(c) None of these
Accounting & Audting Paper-II (2001)
Write only the correct answer in the Answer Book. Do not reproduce the questions.
(1) The measureable value of an alternative use of resources is referred to as:
(a) An opportunity cost
(b) An imputed cost
(c) A different cost
(d) A sunk cost
(e) None of these
(2) A quantitative expression of management objectives is an:
(a) Organizational chart
(b)Management chart
(c) Budget
(d) Procedural chart
(e) None of these
(3) A cost center is:
(a) A unit of production in relation to which costs are ascertained
(b) A location which is responsible for controlling direct costs
(c) Part of the factory overhead system by which costs are gathered
(d) Any location or department which incurs cost
(e) None of these
(4) At break-even point of 400 units sold the variable costs were Rs. 400 and the fixed costs were Rs.200. What will be the 401 units sold contributing to profit before income tax?
(a) Rs. 0.00
(b) Rs. 0.50
(c) Rs. 1.00
(d) Rs. 1.50
(e) None of these
(5) In considering a special order situation that will enable a company to make use of currently idle capacity, which of the following cost will be irrelevant:
(a) Materials
(b) Depreciation
(c) Direct labour
(d) Variable factory overhead
(e) None of these
(6) A fixed cost:
(a) May change in total when such change is not related to changes in production
(b) Will not change in total because it is not related to changes in production
(c) Is constant per unit for each unit of change in production
(d) May change in total, depending on production with the relevant range
(e) None of these
(7) Completion of a job is result in:
(a) DR finished goods …….. CR WIP
(b) DR Cost of goods ……... CR finished goods
(c) DR WIP ……………..….….. CR FOH control
(d) DR FOH control …….….. CR FOH applied
(e) None of these
(8) Operating cost in often named as:
(a) Manufacturing cost plus commercial expenses
(b) Prime cost plus factory overheads
(c) Direct material plus direct labour
(d) Selling plus administrative expenses
(e) None of these
(9) Expenses such as rent and depreciation of a building are shared by several departments these are:
(a) Indirect expenses
(b) Direct expenses
(c) Joint expenses
(d) All of the above
(e) None of these
(10) If under applied FOH is closed to cost of goods sold, the journal entry is:
(a) DR Cost of goods sold …….. CR FOH control
(b) DR FOH control ……..……….. CR Cost of goods sold
(c) DR FOH control ……..……….. CR Profit % loss account
(d) None of these
(11) Re-order quantity …… 3600 units
Maximum consumption ...… 900 units per week
Minimum comsumption …....300 units per week
Re-order period …………….….5 weeks
Based on this data Re-order level is:
(a) 4500 units
(b) 3900 units
(c) 1200 units
(d) 400 units
(e) None of these
(12) The time lag between indenting and receiving material is called:
(a) Lead time
(b) Idle time
(c) Stock out time
(d) None of these
(13) A credit balance remaining in FOH Control account is called:
(a) Over-applied overhead
(b) Under-applied overhead
(c) Actual overhead
(d) None of these
(14) Direct material cost plus direct labour cost is called:
(a) Prime cost
(b) Conversion cost
(c) Product cost
(d) All of these
(e) None of these
(15) Productivity means:
(a) The ability to produce
(b) All units produced
(c) Good units produced
(d) None of these
(16) A segment of the business that generates both revenue and cost is called:
(a) Profit Center
(b) Cost Center
(c) Cost driver
(d) All of these
(e) None of these
(17) Verification includes:
(a) Checking vouchers
(b) Examining audit report
(c) None of these
(18) Audit of a bank is generally conducted through:
(a) Routine checking
(b) Vouching
(c) Balance sheet audit
(d) None of these
(19) Economics resources of a business that are expected to be of benefit in the future are referred to as:
(a) Liabilities
(b) Owner’s equity
(c) Withdrawals
(d) Assets
(e) None of these
(20) Short term Loan can be best described as:
(a) If the period is three years
(b) If the period is less than one year
(c) If the period is over one year
(d) None of these
CSS EXAM PAKISTAN 2014 Solved MCQs of Accounting & Auditing Past Papers
Accounting & Auditing Paper -I (2000)
(1) Double entry book-keeping was fathered by:
(a) F.W.Taylor
(b) Henry Fayol
(c) Lucas Pacioli.
(2) Funds Flow Statement and sources and application statement are:’
(a) Synonymous
(b) Antagonistic
(c) None of these.
(3) Depreciation in spirit is similar to:
(a) Depletion
(b) Amortization
(c) Depression.
4) Balance Sheet is always prepared:
(a) for the year ended.
(b) As on a specified date.
(c) None of these.
(5) In Insurance, the following Profit and Loss Accounts are prepared:
(a) Separate for Fire, Marine, and Accidents etc.
(b) Consolidated for Fire, Marine, and Accidents etc.(c) None of these.
(6) Partners in Pakistan can today be fixed at the following numbers:
(a) 20
(b) 50
(c) 75.
(7) Flexible budget is a budget with the following features:
(a) Changes with volume of production.
(b) Changes with variable expenses
(c) Changes in Direct material.
(8) Break Even can be calculated as under:
(a) ______VC_______
FC- TR TC
(b) FC
I- VC TR(c) None of these.
(9) Quick Ratio can be computed as under:
(a) Quick . Assets/Quick Liabilities
(b) Quick . Liabilities Current Assets
(c) Current Assets/ Current Liabilities
(10) In straight line method of depreciation, the written down value of a fixed asset will be at the end of the life of the asset as under:
(a) Rupee one
(b) Rupee zero (c) None of these.
(11) Sales budget must be prepared:
(a) Independently
(b) Depending on production capacity
(c) Based on Sales forecasts of market.
(12) Consolidation of subsidiary accounts in the balance sheet of a unlisted Holding company is at present in Pakistan:
(a) Compulsory
(b) Voluntary
(c) Required.
(13) Retained earning is synonymous to:
(a) Accumulated profit and loss account
(b) Profit for the year
(c) None of these.
(14) The requirements of an audit report for a Banking Company in Pakistan is under:
(a) Under the Banking Companies Ordinance, 1962.
(b) Under the Companies Ordinance, 1984.
(c) Under (a) and (b) above.
(15) Deferred Taxation is:
(a) Fixed asset
(b) Fixed liabilities
(c) Part of Owners Equity.
(16) Investment Corporation of Pakistan follows:
(a) Open-end mutual funds
(b) Closed-end mutual funds
(c) None of these.
(17) Directors Report is ---- in respect of financial report constituent.
(a) Mandatory for a limited Company
(b) Voluntary for a limited Company
(c) None of these.
(18) Every limited Company in Pakistan is required by law to include the following along with financial reports:
(a) Ratio Analysis
(b) Chairman’s Review
(c) None of these.
(19) Cash budget excludes the following:
(a) Non-Cash items
(b) Cash items
(c) Purchase on Credit items.
(20) NGOs are legally required to:
(a) Prepare accounts in a prescribed manner under the law.(b) Prepare accounts as desired by donors.
(c) None of these.
Accounting & Auditing Paper -II (2000)
1. Fixed Cost:
a. Changes with production
b. Never changes even if production capacity is doubled
c. None of the above
2. Conversion cost is:
a. Material Cost + Overhead Cost
b. Direct Labour + Material Cost
c. Labour Cost + Overhead Cost
3. Process Costing is relevant to:
a. Cement industry
b. Job Order cost oriented Projects
c. None of the above
4. Operating Profit is:
a. Profit after deducting financial costs
b. Profit after deducting taxes
c. Profit after deducting normal operating expenses including depreciation
5. A good Cost Accounting System is:
a. If it computes estimated cost only
b. If it cannot be reconciled with financial accounts
c. If it enables management to increase productivity and rationalize cost structure
6. Verification includes:
a. Checking Vouchers
b. Examining audit report
c. None of the above
7. Stratified audit sample means:
a. Randomly selected items for audit
b. Purposively selected items for audit
c. Items carefully selected from each group
8. Internal Control is totally synonymous with:
a. Internal check
b. Internal audit
c. None of above
9. Audit of a bank is generally conducted through:
a. Routine checking
b. Couching
c. Balance sheet audit
10. An auditor is liable for his annual audit of accounts o:
a. Creditors
b. Bankers
c. Owners
11. Income Tax is levied on:
a. Agricultural Income
b. Presumptive Income
c. None of above
12. If a firm has paid super-tax, its partners may follow any one of the following behaviours:
a. No need to pay income tax, even if the income exceeds the taxable limit.
b. Pay income tax, even if the income does not exceed the taxable income.
c. Pay income tax as required under the law.
13. A resident multinational company need not:
a. Pay income tax, if it s caused under Double Taxation agreement.
b. If it is not enjoying tax exemption under the Income Tax Ordinance, 1979 (Second Schedule).
c. None of above
14. Income Tax rates are the same for:
a. Limited Companies
b. Banking Companies
c. None of above
15. Super Tax on companies is:
a. In vogue in Pakistan
b. Not in vogue in Pakistan
c. None of above
16. Current Ratio is calculated as:
a. Fixed Assets/Current Liabilities
b. Current Liabilities/Current Assets
c. Current Assets/Current Liabilities
17. Short-term loan can be described as:
a. If the period is three years
b. If the period is less than one year
c. If the period is over one year
18. A partnership, in today’s Pakistan, under the current law can have the following number of partners:
a. 50
b. 20
c. 100
19. Combination can be best described as:
a. Restructuring of Capital of a Company
b. Reduction of Capital of a Company
c. Amalgamation of two different types of businesses
20. Sources of funds can be increased by:
a. Describing selling prices
b. Increasing expenditure
C. None of the above
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