Accountancy & Auditing Papers 2015
 

[CENTER][B]FEDERAL PUBLIC SERVICE COMMISSION [/B]
[B] COMPETITIVE EXAMINATION FOR[/B]
[B] RECRUITMENT TO POSTS IN BS-17[/B]
[B] UNDER THE FEDERAL GOVERNMENT, 2015[/B]

[B]Accounting & Auditing - I[/B]
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TIME ALLOWED: THREE HOURS
PART - I (MCQS): MAXIMUM 30 MINUTES

PART - I (MCQS): MAXIMUM MARKS = 20
PART - II: MAXIMUM MARKS = 80

[B]NOTE:[/B] (i) Part - II is to be attempted on the separate Answer Book.
(ii) Attempt ONLY FOUR questions from PART - II, selecting TWO questions from EACH SECTION
. ALL questions carry EQUAL marks.
(iii) All the parts (if any) of each Question must be attempted at one place instead of at different places.
(iv) Candidate must write Q. No. in the Answer Book in accordance with Q. No. in the Q.Paper.
(v) No Page/Space be left blank between the answers. All the blank pages of Answer Book must be crossed.
(vi) Extra attempt of any question or any part of the attempted question will not be considered.
(vii) Use of Calculator is allowed.
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Q.3: Listed below are nine technical terms: (20)
[LIST=1][*] Trend percentage[*] Leverage[*] Inventory turnover[*] Vertical analysis[*] Yield[*] Operating cycle[*] Return on assets[*] Quick ratio[*] Book value per share[/LIST] Each of the following statements may (or may not) describe one of
these technical terms. For each statement, indicate the accounting term described, or answer “None” if the statement does not correctly
describe any of the term.[INDENT] [B]a[/B]. Buying assets with money raised by borrowing or by issuing preferred stock.
[B]b[/B]. The proportion of total assets financed by stockholders, as distinguished from creditors.
[B]c[/B]. Net asset represented by each share of stock.
[B]d[/B]. Changes in financial statement items from a base year to following years expressed as a percentage of the base year amount and designed to show the extent and direction of change.
[B]e[/B]. Dividends per share divided by market price per share.
[B]f[/B]. Average time period between the purchase of merchandise and the conversion of this merchandise back into cash.
[B]g[/B]. Comparison of a particular financial statement item to a total including that item.
[B]h[/B]. Net sales divided by average inventory.
[B]i.[/B] Comparison of highly liquid current assets (cash, marketable, securities and receivable) with current liabilities.

[/INDENT][B]Q.4:[/B] (a) Discuss the limitations of ratio analysis and why they arise. Do you think that they are so serious as to undermine the validity of this approach to the analysis of financial statements? (10)
(b) Financial state ments are prepared to seek the financial position of an
organization. How much the above statement is helpful to overcome the financial issues facing by an organization? Justify the above statement with solid reasons. (10)

[CENTER][B]SECTION - B[/B]
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[CENTER][B]FEDERAL PUBLIC SERVICE COMMISSION [/B]
[B] COMPETITIVE EXAMINATION FOR[/B]
[B] RECRUITMENT TO POSTS IN BS-17[/B]
[B] UNDER THE FEDERAL GOVERNMENT, 2015[/B]

[B]Accounting & Auditing - II[/B]
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TIME ALLOWED: THREE HOURS
PART - I (MCQS): MAXIMUM 30 MINUTES

PART - I (MCQS): MAXIMUM MARKS = 20
PART - II: MAXIMUM MARKS = 80

[B]NOTE:[/B] (i) Part - II is to be attempted on the separate Answer Book.
(ii) Attempt ONLY FOUR questions from PART - II, selecting ONE question from EACH SECTION A, B, C and D. ALL questions carry EQUAL marks.
(iii) All the parts (if any) of each Question must be attempted at one place instead of at different places.
(iv) Candidate must write Q. No. in the Answer Book in accordance with Q. No. in the Q.Paper.
(v) No Page/Space be left blank between the answers. All the blank pages of Answer Book must be crossed.
(vi) Extra attempt of any question or any part of the attempted question will not be considered.
(vii) Use of Calculator is allowed.

[CENTER][FONT=serif][B]PART - II[/B][/FONT]
[FONT=serif][B]SECTION - A (COST ACCOUNTING)[/B][/FONT]
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[CENTER][B]SECTION-B
(AUDITING)[/B]
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Q. No. 4 (a) Explain the statutory rights and duties of a company auditor.
(b) Explain “Internal controls of an organization”. What are the techniques used for the evaluation of internal control system? Discuss.

Q. No. 5. (a) “Vouching is the essence of Auditing”. Explain. What special points would you keep in mind while vouching payments?
(b) What is meant by a continuous audit? Why do you think this is necessary?

[CENTER] [B]SECTION-C
(INCOME TAX LAW)
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Q. No. 6. (a) “What are the different types of perquisites enjoyed by the salaried individuals? Discuss.
(b) Discuss in detail the tax treatment under the income tax ordinance, 2001 for the following facilities that are provided by employer to the employees.
(i) Entertainment
(ii) Loan to employees
(iii) Accommodation
(iv) Conveyance


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[CENTER] [B]SECTION-D
(BUSINESS ORGANIZATION AND FINANCE)
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Q. No. 8. What are Articles and Memorandum of Association? Explain the basic contents of these documents.

Q. No. 9. Explain the following:
(a) Liquidity and effect of short term loans on liquidity
(b) Capital market and its instruments
(c) Money market and its instruments
(d) Role and functions of Commercial Banks

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please share answers of income statement and balance sheet of question number 8