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Old Tuesday, May 05, 2009
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PAPER - I



PAPER - II


Last edited by Princess Royal; Wednesday, May 13, 2009 at 02:47 PM.
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Key to Question No.01

(i) c
(ii) c
(iii) c
(iv) a
(v) c
(vi) b
(vii) d
(viii) c
(ix) d (doubt)
(x) d
(xi) d
(xii) c
(xiii) a
(xiv) c
(xv) d
(xvi) c (but question statement is deficient)
(xvii) b (doubt)
(xviii) c (ambigous statement)
(xix) a
(xx) b (It is better to select option d: none of these. Becuase deficit is not used in standard accounting methods. Examiner wants to ask with respect to Non-trading business concerns that is why b is the answer as per his intentions. Otherwise Excess of expenditure over income is best terminolgy in non-trading concerns).




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Very well done Raz, but still there are some mistakes or only one misconception which caused these (two) mistakes.

i) is (d) because expense occur when assets are consumed and realized, not will they are purchased.

viii) is (d) reason is same.

To clearify this I recomend meigs 11e's chapter 3 and 4.

And I confirm;

ix) is (d)
xvi) is (c), confusion is of termnology. Operating cycle is not used for "cash conversion cycle" in many books, but they are same.
xviii) is (c) its the best answer. And states the purpose of Financial Statements.

And I doubt;
xvii) to be (d)

So now it becomes;

(i) d
(ii) c
(iii) c
(iv) a
(v) c
(vi) b
(vii) d
(viii) d
(ix) d
(x) d
(xi) d
(xii) c
(xiii) a
(xiv) c
(xv) d
(xvi) c
(xvii) Raz says (b) and doubts, I say (d) and doubt.
(xviii) c
(xix) a
(xx) b
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@Purab Sarhan

Thank you dear. Your grip over accounting seems satisfactory. I need one more thing from you. That is: If you find time do solve the problems in this thread in order to tally our answers.


Your effort to participate in this forum is laudable.


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Old Wednesday, May 13, 2009
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@ Raz

Raz you know what, we were wrong. Closings are done after Preparation of financial Statements. Therefore (vi) is not "d" it is "b". Revenue and Expense Accounts are forwarded into Income Statement, Net Income is brought into Statement of Owers' Equity, ending O.E comes into Balance Sheet. After that Expenses, Revenue, income summary and drawings are closed, to clean these accounts for new period. So Financial Statements are not prepared after closing trial balance (accounts).
And I would solve it in matter of days Raz, I wonder if that would still be of any use to you. I am taking my term papers.

@ Omer

Dear, what I conclude so far, after looking at syllabus, even closely looking at past papers and being the student of finance, meigs & meigs 11e first fourteen chapters are more than enough for paper-I. A good understanding of the concepts and practice on the exercises and problems will enable you to attempt paper comfortably. You may look any book for further practice of problems. You know, the pattern of the problems in CSS papers is typical its not more tricky than meigs' but still more you do more you are comfortable. For further practice I can suggest “Financial Management” by Brigham 9 or 10e, especially for “Analysis of Financial Statements” i-e ratios and “Working Capital Management”. (Cash Budget was in 2009, Budget was required only for one month and carried solid 25 marks.)
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Old Wednesday, May 13, 2009
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Quote:
Originally Posted by Purab Sarhan
@ Raz

Raz you know what, we were wrong. Closings are done after Preparation of financial Statements. Therefore (vi) is not "d" it is "b". Revenue and Expense Accounts are forwarded into Income Statement, Net Income is brought into Statement of Owers' Equity, ending O.E comes into Balance Sheet. After that Expenses, Revenue, income summary and drawings are closed, to clean these accounts for new period. So Financial Statements are not prepared after closing trial balance (accounts).
Dear I could not understand what did you want to say?
I think we have already marked option (b), which is correct then what is wrong?
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  #7  
Old Wednesday, May 13, 2009
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@ Raz
You are right Raz, may be this conflict was going in my mind and I had to put this explanation here with that I wrongly supposed that we supported "d". Sorry for distortion.
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Old Wednesday, May 13, 2009
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Paper-II (Cost Accounting, Auditing, Taxation, and Business Organization)


Key to Question No.01 Paper-II

(i) d
(ii) a
(iii) b
(iv) a
(v) d
(vi) a
(vii) d
(viii) c
(ix) b
(x) b
(xi) b
(xii) a
(xiii) a
(xiv) a (Rent, Tax, and Insurance all these are generally included in the fixed category)
(xv) c
(xvi) b
(xvii) b
(xviii) a
(xix) d
(xx) a

Disclaimer: This is an individual effort. No responsiblity for wrong answers.

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Last edited by Raz; Wednesday, May 13, 2009 at 10:58 PM.
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Default Paper II

FEDRAL PUBLIC SERVICE COMMISSION
COMPETITIVE EXAMINATION FOR
RECRUITMENT TO POSTS IN BPS-17 UNDER
THE FEDRAL GOVERNMENT, 2009

ACCOUNTING AND AUDITING, PAPER-II

TIME ALLOWED:
PART-I (30 MINUTES) MAXIMUM MARKS: 20,
PART-II (2 HOURS & 30 MINUTES) MAXIMUM MARKS: 80

NOTE: (i) First attempt PART-I (MCQ) on separate Answer Sheet which shall be taken back after 30 minutes. (ii) Overwriting/ cutting of the option/ answers will not be given credit.

PART-I (MCQ)
(COMPULSORY)

Q.1. Select the best option/answer and fill in the appropriate box on the Answer Sheet. (20)

(i) Audit programme is prepared by:
a) Audit Staff
b) Chief Accountant
c) Directors
d) Audit Management
e) None of these

(ii) Verification is carried out for:
a) Closing Stock
b) Rent Income
c) Dividend Received
d) Wages and Salaries
e) None of these

(iii) Retiring auditor can be appointed at:
a) Statutory Meeting
b) AGM
c) Directors Meeting
d) Creditors Meeting
e) None of these

(iv) Unqualified report is favorable for:
a. Management

b. Creditors
c. Debtors
d. Employees
e. None of these

(v) Normally test checking is adopted in case of:
a) Continuous Audit
b) Final Audit
c) Interim Audit
d) Special Audit
e) None of these

(vi) In partnership minimum number of members is:
a) 2
b) 3
c) 4
d) 5
e) 20

(vii) In Public Ltd. Company, minimum number of members is:
a) 2
b) 3
c) 5
d) 7
e) 10

(viii) Short term finance can be arranged through:
a) Sales of Debentures
b) Sales of Shares
c) Bank Loan
d) Debtors Collection
e) None of these

(ix) Statutory meeting is necessary in case of:
a) Private Ltd. Co.
b) Public Ltd. Co.
c) Partnership
d) Cooperative Society
e) None of these

(x) Current Companies Ordinance is that of:
a) 1932
b) 1984
c) 2001
d) 2002
e) 2003

(xi) The Addition of Material and Labour is called:
a) Conversion Cost
b) Prime Cost
c) Financial Cost
d) Absorption Cost
e) None of these

(xii) Expenses can be called as:
a) Expired Cost
b) Project Cost
c) Prime Cost
d) Conversion Cost
e) None of these

(xiii) EOQ is adopted to have efficient:
a) Material Management
b) Labour Management
c) FOH Management
d) Selling Expenses Control
e) None of these

(xiv) Which of the following is fixed cost:
a) Rent
b) Income Tax
c) Repair
d) Electricity
e) Insurance

(xv) The statement prepared under process costing is called:
a) Cost of Goods Sold statement
b) Income Statement
c) Cost of Production Report
d) Variance statement
e) None of these

(xvi) Current Income Tax Ordinance is that of:
a) 1990
b) 2001
c) 2002
d) 2003
e) 2008

(xvii) Which of the following will be considered as capital expenditure?
a) Material Expense
b) Machinery Purchased
c) Labout Paid
d) FOH applied
e) Income Tax Paid

(xviii) Which of the following is exempted from tax at present?
a) Agricultural Income
b) Banks Profits
c) Salary Income
d) Profit of Public Ltd. Co.
e) Profit of Private Ltd. Co.

(xix) If Income year of a salaried person ends on 30th June, 2008, then tax year would be:
a) 2007-08
b) 2008-09
c) 2009-10
d) 2008
e) None of these

(xx) Which of the following can be adjusted against Income Tax Liability:
a) Withholding Tax on Telephone Bills
b) Excise Duty Paid
c) Custom Duty Paid
d) Sales tax paid
e) Trade tax paid


PART-II

NOTE:
(i) PART-II is to be attempted on the separate Answer Book.
(ii) Attempt ONLY FOUR questions from PART-II, selection ONE question from EACH SECTION A, B, C and D. All questions carry EQUAL marks.
(iii) Extra attempt of any question or any part of the attempt question will not be considered.
(iv) Use of Simple Calculator is allowed.


SECTION-A (Cost Accounting)

Q.2. ABC company made the following data available from its accounting records and reports:
(i) Rs. 60,000 estimated Factory Overhead
(ii) 20,000 estimated direct Labour hours
(iii) Rs. 3 pre-determined Factory overhead rate.
(iv) One third of rate is variable cost oriented.
(v) During the year, the company worked on 21,000 direct Labour hours.
(vi) Actual Factory overhead expenses for the year were Rs. 63,100.
You are required to calculate spending and idle capacity variances.

Q.3. The records of MN Company show the following information for the year ending 30th June, 2008.

1. Material Used----------------------Rs. 880,000
2. Direct Labour--------------------------580,000
3. Indirect Labour--------------------------92,000
4. Light and Power--------------------------8,520
5. Depreciation----- ------------------------9,400
6. Repair of Machinery--------------------- 11,600
7. Misc. Factory overhead------- ---------- 58,000
8. Opening W-I-P inventory-----------------82,400
9. Opening Finished Goods inventory-------- 68,600
10. Ending Wip inventory---------------------85,000
11. Ending Finished Goods inventory---------- 63,000

During the year 36,000 units were completed. You are required to calculate:
(a) A cost of Goods Sold Statement for the year ending on 30th June, 2008.
(b) The unit cost of Goods Manufactured
(c) The amount of over or under applied factory overhead if the company applies factory overhead on the basis of 30% of direct labour cost.

SECTION-B (Auditing)

Q.4. What is meant by a Qualified Report? Give specimen of such report after the completion of annual audit of a Public Limited Company. (20)

Q.5. Under what circumstances an auditor can be held liable for Negligence? Support your answer with relevant legal cases. (20)

SECTION-C (Income Tax)

Q.6. Explain the legal provisions governing the exemption of following items from Income Tax:- (20)
(i) Pension
(ii) Facility of Accommodation
(iii) Income of Trusts
(iv) Income of Modarba

Q.7. The following information is available in respect of Mr. Hassan for Tax year ending on 30th June, 2008. (20)
(i) Salaries----------------------------------------------------Rs. 300,000
(ii) Income from Agriculture-----------------------------------15,000
(iii) Income from Poultry Farm---------------------------------12,000
(iv) Payments to workers’ Welfare fund-------------------------5,000
(v) Entertainment bills reimbursed ----------------------------10,000
(vi) Telephone bills reimbursed----------------------------------6,000
(vii) Efficiency Honorarium----------------------- --------------10,000
(viii) Profit on sale of inherited house----------------------------14,000
(ix) Over time Payments received----------------- --------------7,000
(x) Remuneration for literary works------------------------------9,000
(xi) Dividend income from private company----------------------17,000
(xii) Zakar Paid-------------------------------------- -----------3,000
You are required to calculate taxable income of Mr. Hassan for year Ending on 30th June, 2008.

SECTION-D (Business Organizations and Finance)

Q.8. Explain the legal procedure in respect of establishment of a Public Limited Company. (20)

Q.9. Explain the duties and functions of a Financial Manager of a large Scale Business. (20)

****************
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@ Raz

Could you Raz plz work on Paper I? Let me know. Thanks in advance dear.
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