Accounting

7/18/2019 Accounting

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Accounting & Auditing Paper - I (2000)

(1) Double entry book-keeping was fathered by:(a) F.W.Taylor(b) Henry Fayol© Lucas Pacioli.

() Funds Flow !tate"ent and sour#es and appli#ation state"ent are:$(a) Synonymous(b) %ntagonisti#& 'one of these.

() Depre#iation in spirit is si"ilar to:(a) Depletion(b) Amortiation& Depression.

) *alan#e !heet is always prepared:

(a) for the year ended.(b) As on a speci!ed date.& 'one of these.

(+) ,n ,nsuran#e the following ro/t and 0oss %##ounts are prepared:(a) !eparate for Fire arine and %##idents et#.(b) "onsolidated #or $ire% arine% and Accidents etc.& 'one of these.

(2) artners in akistan #an today be /3ed at the following nu"bers:(a) 20(b) +4& 5+.

(5) Fle3ible budget is a budget with the following features:(a) "'anges it' olume o# production.(b) 6hanges with 7ariable e3penses& 6hanges in Dire#t "aterial.

(8) *reak 97en #an be #al#ulated as under:(a) ;6 F6- T< T6(b) $" I- *" +,& 'one of these.

(=) >ui#k <atio #an be #o"puted as under:

(a) >ui#k . %ssets?>ui#k 0iabilities(b) >ui#k . 0iabilities 6urrent %ssets© "urrent Assets "urrent Liabilities

(14) ,n straight line "ethod of depre#iation the written down 7alue of a /3ed asset willbe at the end of the life of the asset as under:(a) <upee one(b) ,upee ero& 'one of these.



(11) !ales budget "ust be prepared:(a) ,ndependently(b) Depending on produ#tion #apa#ity© ased on Sales #orecasts o# mar/et.

(1) 6onsolidation of subsidiary a##ounts in the balan#e sheet of a unlisted Holding#o"pany is at present in akistan:(a) 6o"pulsory(b) ;oluntary© ,euired.

(1) <etained earning is synony"ous to:(a) Accumulated pro!t and loss account(b) ro/t for the year& 'one of these.

(1) The re@uire"ents of an audit report for a *anking 6o"pany in akistan is under:(a) Ander the *anking 6o"panies Brdinan#e 1=2.(b) Ander the 6o"panies Brdinan#e 1=8.© 1nder (a) and (b) aboe.

(1+) Deferred Ta3ation is:(a) Fi3ed asset(b) Fi3ed liabilities© Part o# ners 3uity.

(12) ,n7est"ent 6orporation of akistan follows:(a) Bpen-end "utual funds(b) 6losed-end "utual funds© 4one o# t'ese.

(15) Dire#tors <eport is ---- in respe#t of /nan#ial report #onstituent.(a) andatory #or a limited "ompany(b) ;oluntary for a li"ited 6o"pany& 'one of these.

(18) 97ery li"ited 6o"pany in akistan is re@uired by law to in#lude the following alongwith /nan#ial reports:(a) <atio %nalysis(b) "'airman5s ,eie& 'one of these.

(1=) 6ash budget e3#ludes the following:(a) 4on-"as' items(b) 6ash ite"s& ur#hase on 6redit ite"s.

(4) 'CBs are legally re@uired to:(a) Prepare accounts in a prescribed manner under t'e la.(b) repare a##ounts as desired by donors.



& 'one of these.

Accounting & Auditing Paper - II (2000)

1. Fi3ed 6ost:a. 6hanges with produ#tionb. 4eer c'anges een i# production capacity is doubled#. 'one of the abo7e

. 6on7ersion #ost is:a. aterial 6ost B7erhead 6ostb. Dire#t 0abour aterial 6ostc. Labour "ost 6 er'ead "ost

. ro#ess 6osting is rele7ant to:a. "ement industry

b. Eob Brder #ost oriented roe#ts#. 'one of the abo7e

. Bperating ro/t is:a. ro/t after dedu#ting /nan#ial #ostsb. ro/t after dedu#ting ta3esc. Pro!t a#ter deducting normal operating e7penses including depreciation

+. % good 6ost %##ounting !yste" is:a. ,f it #o"putes esti"ated #ost onlyb. ,f it #annot be re#on#iled with /nan#ial a##ountsc. I# it enables management to increase productiity and rationalie coststructure

2. ;eri/#ation in#ludes:a. 6he#king ;ou#hersb. 93a"ining audit reportc. 4one o# t'e aboe

5. !trati/ed audit sa"ple "eans:a. ,andomly selected items #or auditb. urposi7ely sele#ted ite"s for audit#. ,te"s #arefully sele#ted fro" ea#h group

8. ,nternal 6ontrol is totally synony"ous with:

a. ,nternal #he#kb. ,nternal auditc. 4one o# aboe

=. %udit of a bank is generally #ondu#ted through:a. ,outine c'ec/ingb. 6ou#hing#. *alan#e sheet audit



14. %n auditor is liable for his annual audit of a##ounts o:a. 6reditorsb. *ankersc. ners

11. ,n#o"e Ta3 is le7ied on:

a. %gri#ultural ,n#o"eb. Presumptie Income#. 'one of abo7e

1. ,f a /r" has paid super-ta3 its partners "ay follow any one of the followingbeha7iours:a. 'o need to pay in#o"e ta3 e7en if the in#o"e e3#eeds the ta3able li"it.b. ay in#o"e ta3 e7en if the in#o"e does not e3#eed the ta3able in#o"e.c. Pay income ta7 as reuired under t'e la.

1. % resident "ultinational #o"pany need not:a. ay in#o"e ta3 if it s #aused under Double Ta3ation agree"ent.b. ,f it is not enoying ta3 e3e"ption under the ,n#o"e Ta3 Brdinan#e 1=5= (!e#ond!#hedule).c. 4one o# aboe

1. ,n#o"e Ta3 rates are the sa"e for:a. 0i"ited 6o"paniesb. an/ing "ompanies#. 'one of abo7e

1+. !uper Ta3 on #o"panies is:a. ,n 7ogue in akistanb. 4ot in ogue in Pa/istan#. 'one of abo7e

12. 6urrent <atio is #al#ulated as:a. Fi3ed %ssets?6urrent 0iabilitiesb. 6urrent 0iabilities?6urrent %ssetsc. "urrent Assets"urrent Liabilities

15. !hort-ter" loan #an be des#ribed as:a. ,f the period is three yearsb. I# t'e period is less t'an one year#. ,f the period is o7er one year

18. % partnership in today$s akistan under the #urrent law #an ha7e the followingnu"ber of partners:a. +4b. 20#. 144

1=. 6o"bination #an be best des#ribed as:a. <estru#turing of 6apital of a 6o"panyb. <edu#tion of 6apital of a 6o"panyc. Amalgamation o# to di8erent types o# businesses



4. !our#es of funds #an be in#reased by:a. Des#ribing selling pri#esb. ,n#reasing e3penditurec. 4one o# aboe

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Accounting & Auditing paper-I (200;)

<rite only t'e correct anser in t'e Anser oo/. =o not reproduce t'e

uestions.

(1) *ooks of original entry are #alled:(a) 0edger(b) Work sheets© >ournal(d) 'one of these

() For preparing balan#e sheets prepaid e3penses are shown as part of:(a) 0iability(b) 9@uities© Assets

(d) 'one of these

() Anpaid and unre#orded e3penses are #alled:(a) repaid e3penses(b) Accrued e7penses& %dditional e3penses(d) 'one of these

() %"ount #ash or other assets re"o7ed fro" business by owner is:(a) 6apital(b) =raings& %ssets(d) 'one of these

(+) Ander the di"inishing balan#e "ethod depre#iation a"ount is:(a) ay"ent(b) <e#eipt© 37penditure(d) 'one of these

(2) Asers of a##ounting infor"ation in#lude:(a) The ta3 authorities(b) ,n7estors& 6reditors(d) All o# t'ese

(5) The business for"(s) in whi#h the owner(s) is (are) personally liable is (are) the:(a) artnership only(b) roprietorship& 6orporation only(d) Partners'ip and proprietors'ip(e) 'one of these

(8) The in7est"ent of personal assets by the owner:



(a) Increases total assets and increases oner5s euity(b) ,n#reases total assets only& Has no eIe#t on assets but in#reases owner$s e@uity(d) ,n#rease assets and liabilities(e) 'one of these

(=) %ll of the following are for"s of organiJations e3#ept:(a) roprietorship(b) 6orporation© ,etailer(d) artnership(e) 'one of these

(14) 9#ono"i# resour#es of a business that are e3pe#ted to be of bene/t in the futureare referred to as:(a) 0iabilities(b) Bwner$s e@uity& Withdrawals(d) Assets(e) 'one of these

(11) %n owner in7est"ent of land into the business would:(a) De#rease withdrawals(b) ,n#rease liabilities© Increase oner5s euity(d) De#rease assets(e) 'one of these

(1) % #ash pur#hase of supplies would:(a) De#rease owner$s e@uity(b) ,n#rease liabilities

© ?ae no e8ect on total assets(d) 'one of these

(1) %n owner in7est"ent of ea#h into the business would:(a) Increase assets(b) De#rease liabilities& ,n#rease withdrawals(d) De#rease owner$s e@uity(e) 'one of these

(1) The pay"ent of rent ea#h "onth for oK#e spa#e would:(a) =ecrease total assets(b) ,n#rease liabilities& ,n#rease owner$s e@uity(d) 'one of these

(1+) <eal a##ounts are related to:(a) Assets(b) 93penses and in#o"es& 6usto"ers and 6reditors et#.(d) 'one of these



(12) Whi#h one of the following a##ounts would usually ha7e a debit balan#eL(a) "as'(b) 6reditors& %##ounts payable(d) !alaries 93penses

(e) 'one of these

(15) >ui#k assets in#lude whi#h of the followingL(a) 6ash(b) %##ounts <e#ei7able& ,n7entories(d) nly (a) and (b)(e) 'one of these

(18) 'et in#o"e plus operating e3penses is e@ual to:(a) 'et sales(b) 6ost of goods a7ailable for sale& 6ost of goods sold(d) @ross pro!t(e) 'one of these

(1=) The "a3i"u" nu"ber of partners in akistan #an be /3ed at the following:(a) 20(b) +4& 5+(d) 'one of these

(4) *alan#e sheet is always prepared:(a) For the year ended(b) As on a speci!c date

& 'one of these

Accounting & Auditing Paper- II (200;)

<rite only t'e correct anser in t'e Anser oo/. =o not reproduce t'euestions.

(1) The "easureable 7alue of an alternati7e use of resour#es is referred to as:(a) An opportunity cost(b) %n i"puted #ost& % diIerent #ost

(d) % sunk #ost(e) 'one of these

() % @uantitati7e e3pression of "anage"ent obe#ti7es is an:(a) BrganiJational #hart(b)anage"ent #hart© udget(d) ro#edural #hart(e) 'one of these



() % #ost #enter is:(a) % unit of produ#tion in relation to whi#h #osts are as#ertained(b) % lo#ation whi#h is responsible for #ontrolling dire#t #osts& art of the fa#tory o7erhead syste" by whi#h #osts are gathered(d) Any location or department 'ic' incurs cost

(e) 'one of these

() %t break-e7en point of 44 units sold the 7ariable #osts were <s. 44 and the /3ed#osts were <s.44. What will be the 41 units sold #ontributing to pro/t before in#o"eta3L(a) <s. 4.44(b) ,s. 0.0& <s. 1.44(d) <s. 1.+4(e) 'one of these

(+) ,n #onsidering a spe#ial order situation that will enable a #o"pany to "ake use of#urrently idle #apa#ity whi#h of the following #ost will be irrele7ant:(a) aterials(b) =epreciation& Dire#t labour(d) ;ariable fa#tory o7erhead(e) 'one of these

(2) % /3ed #ost:(a) ay #hange in total when su#h #hange is not related to #hanges in produ#tion(b) <ill not c'ange in total because it is not related to c'anges in production& ,s #onstant per unit for ea#h unit of #hange in produ#tion(d) ay #hange in total depending on produ#tion with the rele7ant range(e) 'one of these

(5) 6o"pletion of a ob is result in:(a) =, !nis'ed goods BB.. ", <IP(b) D< 6ost of goods MM... 6< /nished goods& D< W, MMMMM..M.M.. 6< FBH #ontrol(d) D< FBH #ontrol MM.M.. 6< FBH applied(e) 'one of these

(8) Bperating #ost in often na"ed as:(a) anufa#turing #ost plus #o""er#ial e3penses(b) ri"e #ost plus fa#tory o7erheads& Dire#t "aterial plus dire#t labour(d) Selling plus administratie e7penses(e) 'one of these

(=) 93penses su#h as rent and depre#iation of a building are shared by se7eraldepart"ents these are:(a) Indirect e7penses(b) Dire#t e3penses& Eoint e3penses(d) %ll of the abo7e



(e) 'one of these

(14) ,f under applied FBH is #losed to #ost of goods sold the ournal entry is:(a) =, "ost o# goods sold BB.. ", $? control(b) D< FBH #ontrol MM..MMM.. 6< 6ost of goods sold& D< FBH #ontrol MM..MMM.. 6< ro/t N loss a##ount

(d) 'one of these

(11) <e-order @uantity MM 244 unitsa3i"u" #onsu"ption ...M =44 units per weekini"u" #o"su"ption M....44 units per week<e-order period MMMMM.M.+ weeks*ased on this data <e-order le7el is:(a) C00 units(b) =44 units& 144 units(d) 44 units(e) 'one of these

(1) The ti"e lag between indenting and re#ei7ing "aterial is #alled:(a) Lead time(b) ,dle ti"e& !to#k out ti"e(d) 'one of these

(1) % #redit balan#e re"aining in FBH 6ontrol a##ount is #alled:(a) er-applied oer'ead(b) Ander-applied o7erhead& %#tual o7erhead(d) 'one of these

(1) Dire#t "aterial #ost plus dire#t labour #ost is #alled:(a) Prime cost(b) 6on7ersion #ost& rodu#t #ost(d) %ll of these(e) 'one of these

(1+) rodu#ti7ity "eans:(a) +'e ability to produce(b) %ll units produ#ed& Cood units produ#ed(d) 'one of these

(12) % seg"ent of the business that generates both re7enue and #ost is #alled:(a) Pro!t "enter(b) 6ost 6enter& 6ost dri7er(d) %ll of these(e) 'one of these

(15) ;eri/#ation in#ludes:



(a) 6he#king 7ou#hers(b) 93a"ining audit report© 4one o# t'ese

(18) %udit of a bank is generally #ondu#ted through:(a) ,outine c'ec/ing

(b) ;ou#hing& *alan#e sheet audit(d) 'one of these

(1=) 9#ono"i#s resour#es of a business that are e3pe#ted to be of bene/t in the futureare referred to as:(a) 0iabilities(b) ner5s euity& Withdrawals(d) %ssets(e) 'one of these

(4) !hort ter" 0oan #an be best des#ribed as:(a) ,f the period is three years(b) I# t'e period is less t'an one year& ,f the period is o7er one year(d) 'one of these

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Accounting & Auditing Paper-I (2002)

(1) Maximum number of partners in a partnership firm set up in Pakistan under PartnershipAct, 1932 is:

(a) 5(b) 25

© 20(d) one of these

(2) Preparation of fina! financia! reports is "o#erned in Pakistan under:(a) o !a$(b) Companies Ordinance 198

% one of these

(3) &epreciation is based on:(a) !conomic "i#e o# asset

(b) &ec!ared !ife of asset b' supp!ier% orma! !ife of asset

(d) one of these

() n#entor' turno#er is ca!cu!ated as under:

(a) Cost o# $oods so"d%C"osing Inentor'(b) *ross profit+!osin" n#entor'% -a!es+.penin" n#entor'

(d) one of these

(5) /here is a difference bet$een:

(a) 0orksheet and a!ance -heet(b) 0orksheet and profit and !oss account

% 0orksheet as combination of resu!ts of profits and financia! positions



(d) one of these

() &eferred e#enue is:(a) iabi"it'

(b) Asset% one of these

(4) Preparation of annua! report of a firm is "o#erned under:(a) Partnership Act 1932

(b) nder partnership &eed

© one o# t*ese

(6) &eferred /axation amount be treated as:(a) 7oot note

(b) An item in t*e +a"ance ,*eet on asset side% one of these

(9) eturn of 8uit' $i!! be ca!cu!ated as under:

(a) .peratin" Profit x 1+8uit'

(b) et pro#it 100%Paid up Capita" on"'% one of these

(1) urrent maturit' of !on" term !oan is:(a) Current iabi"it'

(b) ;on" /erm ;iabi!it'% one of these

Accounting & Auditing Paper-II (2002)

0rite on!' the correct ans$er in the Ans$er ook< &o not reproduce the uestions<

(1) Prime cost is ca!cu!ated as under:(a) Manufacturin" ost+ost of *oods -o!d

(b) &irect Method p!us factor' o#erheads© .irect "abour / .irect ateria"

(d) one of these

(2) Process ost is #er' much app!icab!e in:(a) Construction Industr'

(b) Pharmaceutica! ndustr'% Air !ine compan'

(d) one of these

(3) /he !atest computation of #ariances of manufacturin" o#erheads is in one the fo!!o$in"$a's:

(a) /$o #ariance approaches(b) /hree #ariance approaches

% 7our #ariance approaches(d) one of these

() andom samp!in" in auditin" means:



(a) -e!ection throu"h con#enience samp!in"(b) ,e"ection t*roug* scienti#ic samp"ing approac*

% one of these

(5) 8xpenditure incurred in procurin" machiner' is:(a) An admissib!e expenditure for tax purposes

(b) o admissib!e for tax purposes% one of these

() ncrease in income constitutes:

(a) In#"os(b) .utf!o$s

% one of these

(4) M = A stands for:(a) Mer"ers = Ana!'sis

(b) ergers & Acuisitions% Mer"ers = A!!ocation

(d) one of these

(6) An endo$ment insurance po!ic' can be taken in respect of:(a) 7ire insurance

(b) Accident insurance© i#e insurance

(d) one of these

(9) Audit and specia! audit are the same:(a) n nsurance ompan'

(b) n ankin" ompan'% one of these

(1) Acid test is the same as:(a) 3uic4 test

(b) ;iuid test% one of these

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Accounting & Auditing Paper-I (200D)

(1) %#id Test <atio is #al#ulated as under:(a) 6urrent %ssets?6urrent 0iabilities(b) Fi3ed %ssets?6urrent 0iabilities© Liuid Assets"urrent Liabilities(d) 'one of these

() Deferred #ost is a:(a) 0iability(b)Asset& 'one of these

() Work !heet is:(a) *alan#e !heet





(b) Fund Flows !tate"ent© A combination o# Pro!t and Loss Account and alance S'eet items(d) 'one of these

() *anks for the preparation of /nan#ial state"ents are go7erned under:(a) an/ing "ompanies rdinance% ;EF2

(b) !tate *ank of akistan %#t& 'one of these

(+) <eturn on in7est"ent is #o"puted:(a) ,n7est"ent?ro/t 3 144(b) Pro!t 7 ;00Inestment& 'one of these

Accounting & Auditing Paper-II (200D) <rite only t'e correct anser in t'e Anser oo/. =o not reproduce t'e

uestions.

(1) <ent of the pre"ises #onstitutes 7ariable e3penses for #ost allo#ation:(a) +rue(b) False

() !ugar used in a sugar#ane #o"pany is:(a) *ariable cost(b) Fi3ed #ost& 'one of these

() %n auditor is liable under the following #ir#u"stan#es:(a) Third arty 0iabilities

(b) $raud perpetrated in 'ig'ly sop'isticated circumstances& 'one of these

() %gri#ultural in#o"e is ta3able under the ,n#o"e Ta3 0aws of akistan:(a) True(b) $alse

(+) rin#ipal and "arkup pay"ent within one year #onstitutes long ter" liability fordis#losure in the balan#e sheet of a #o"pany.(a) True(b) $alse

(2) Brdinarily one #an ha7e the following partners in a partnership in akistan under theartnership %#t 1=.(a) 14(b) 20& 4(d) 'one of these

(5) Working 6apital /nan#e #an be ter"ed as O<unning Finan#eP in a li"ited #o"pany.(a) +rue



(b) False

(8) ,n#o"e fro" 6apital gains arising out of trading on a sto#k strange in akistan ista3able these days:(a) +rue(b) False

(=) 6on7ersion 6ost is #al#ulated as under:(a) 0abour lus aterials(b) Labour plus oer'eads& 'one of these

(14) 6urrent <atio #an be #al#ulated as under:(a) 6urrent 0iabilities?6urrent %ssets(b) "urrent Assets"urrent Liabilities& 'one of these

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Accounting