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ABC company made the following data available from its accounting records and reports: Rs. 60,000 estimated Factory overhead. 20,000 estimated direct Labour hours Rs. 3 pre-determined Factory overhead rate. One third of the rate is variable cost oriented. During the year, the company worked on 21,000 direct Labour hours. Actual Factory overhead expenses for the year were Rs. 63,100. You are required to calculate spending and idle capacity variances.
The records of MN Company show the following information for the year ending 30th June, 2008. Sr. No. Particulars Amount (i) Material used. Rs. 880,000 (ii) Direct Labour 580,000 (iii) Indirect Labour 92,000 (iv) Light and Power 8,520 (v) Depreciation 9,400 (vi) Repair of Machinery 11,600 (vii) Misc. Factory overhead 58,000 (viii) Opening Wip inventory 82,400 (ix) Opening Finished Goods inventory 68,600 (x) Ending Wip inventory 85,000 (xi) Ending Finished Goods inventory 63,000 During the year 36,000 units were completed. You are required to calculate:-
What is meant by a Qualified report? Give specimen of such report after the completion of annual audit of a Public Limited Company.
Under what circumstances an auditor can be held liable for Negligence? Support your answer with relevant legal cases.
The following information is available in respect of Mr. Hassan for Tax year ending on 30th June, 2008. Sr. No. Particulars Amount (i) Salary Rs. 300,000 (ii) Income from Agriculture 15,000 (iii) Income from Poultry farm 12,000 (iv) Payment 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 work 9,000 (xi) Dividend income from private company 17,000 (xii) Zakat paid 3,000 You are required to calculate taxable Income of Mr. Hassan for the year ending on 30th June, 2008.
Explain the legal procedure in respect of establishment of a Public Limited Company.
Explain the duties and functions of a Financial Manager of a large scale business.
The 2009 CSS Accountancy & Auditing paper set by the FPSC. Question wording only; questions marked “Not yet checked” have not been compared with the official paper yet.
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