(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).




Regards

__________________
"Tumhary nafs ki qeemat Janat hay isy Janat say kam qeemat pey na bechna."
"Jiyo to istarh ky log tum sy milny ko tarsy; maro to istrah k log tumharee mot par royain"

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

@Purab Sarhan

Thank you for your response. Did you appear in CSS-2009?
Which questions did you attempt in Part two? And can you please share your answers?

__________________
"Tumhary nafs ki qeemat Janat hay isy Janat say kam qeemat pey na bechna."
"Jiyo to istarh ky log tum sy milny ko tarsy; maro to istrah k log tumharee mot par royain"

Raz, I am doing my bachlors, will finish it doing by 2010. CSS is for now at back of my mind as is always the case with every single student in Pakistan. I haven't decided on it yet.

And the bachlors is BBA (hon), specializing in Finance. If thats what you wanted to know. And WELCOME.

@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.


Regards

__________________
"Tumhary nafs ki qeemat Janat hay isy Janat say kam qeemat pey na bechna."
"Jiyo to istarh ky log tum sy milny ko tarsy; maro to istrah k log tumharee mot par royain"

@ 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.)

__________________
Nor fame, nor power, nor love, nor leisure.
Others I see whom these surround—
Smiling they live, and call life pleasure;—
To me that cup has been dealt in another measure.

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?

__________________
"Tumhary nafs ki qeemat Janat hay isy Janat say kam qeemat pey na bechna."
"Jiyo to istarh ky log tum sy milny ko tarsy; maro to istrah k log tumharee mot par royain"

@ 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.

__________________
Nor fame, nor power, nor love, nor leisure.
Others I see whom these surround—
Smiling they live, and call life pleasure;—
To me that cup has been dealt in another measure.

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.

Regards

__________________
"Tumhary nafs ki qeemat Janat hay isy Janat say kam qeemat pey na bechna."
"Jiyo to istarh ky log tum sy milny ko tarsy; maro to istrah k log tumharee mot par royain"