Prep Right
Questions › CSS › Accountancy & Auditing › 2013
FPSC · CSS 2013

Accountancy & Auditing, Paper II

100 marks · 3 hours · 8 questions
Practice 20 MCQs
This paper Accountancy & Auditing · all yearsQ. 2 · Abbas Manufacturing Company submitted following…Q. 3 · FIFOQ. 4 · Explain the relationship between desired…Q. 5 · Distinguish between the responsibility for…Q. 6 · The following is the profit…Q. 7 · From the following data, calculate…Q. 8 · Identify three basic forms of…Q. 9 · Select any Four to describe…With this paperPart-I MCQs20← 20132015 →
3 hours · questions hide until you reveal them

Not yet checked 4 of 8 questions have not yet been compared with the official paper.

Section A

Q. 2

Abbas Manufacturing Company submitted following information at 31st December 2011. Inventories Opening Closing Raw Material 100000 30000 Factory Supplies 2000 1000 Work in process 50000 15000 Finished goods 100000 ? Other Data Direct labour 100000 Indirect labour 5000 Electric supply expenses 2000 Heating and lighting 4000 Workmen's compensation 3000 Factory insurance 1000 Supertendence expenses 2000 Wages and rent factory 8000 Miscellaneous expenses 1000 Factory supplies purchases 3000 Raw material purchased 230000 Tool expenses 2000 Finished goods inventory 1st January 500 units, sold during the year 2011, 5500 units @ Rs. 300 per unit and the closing inventory of finished goods at 31st December 2011 was 550 units. Required (a) Cost of goods sold (b) An income statement for the year 2011

  1. (a)Cost of goods sold Schedule of Cost of Goods Manufactured and Sold To determine the Cost of Goods Sold (COGS) , we first compute the cost of raw materials used and the total manufacturing overheads incurred during the period. 1. Raw Material Used:
  2. (b)An income statement for the year 2011 Abbas Manufacturing Company Income Statement For the year ended December 31, 2011 Sales Revenue (5,500 units @ Rs. 300) 1,650,000 Less:
Not yet checked
(20)
Q. 3
  1. (a)FIFO
  2. (b)Average cost (perpetual).
(20)

Section B

Q. 4
  1. (a)Explain the relationship between desired level of assurance and legal liability of Auditors?
  2. (b)List out five specific quantifiable events that an auditor can verify, and state specific criteria for evaluating the events.
Not yet checked
(10)
Q. 5
  1. (a)Distinguish between the responsibility for fraudulent omission and responsibility for unintentional errors.
  2. (b)Elaborate the different types of Audit, under the Companies Act 1984.
Not yet checked
(10)

Section C

Q. 6

The following is the profit & loss account of Bright Company (Public) Ltd. For the tax year 2010-2011. Find out the total taxable income of the company and total tax payable. Rs. Rs. Salaries & wages 80,000 Gross profit 171,600 Printing & stationary 10,000 Income from rented shop 21,000 Rent expenses 15,000 Casual income 10,000 Reserve for doubtful debts 7,000 Dividend 15,000 Director's fee 3,000 Winning from lottery 4,000 Donations 10,000 Sundry receipts 11,000 Cost of issue of debentures 2,500 Loss of embezzlement 5,000 Provision for gratuity 10,000 Vehicle repair 20,000 Depreciation 15,000 Bad debts 1,100 Income tax 21,000 Rent, rate & tax 6,000 Net profit 27,000 2,32,600 2,32,600 Notes: 1. Depreciation allowable Rs.11,800 2. Donations were paid to approved institutions. 3. Salaries and wages include Rs. 12,400 paid to the Director of the company

(20)
Q. 7

From the following data, calculate income tax payable by Mr.Hassan Khan for the tax year ending 30th June 2011. 1. Basic salary Rs. 26,000 p.m 2. Medical allowance Rs. 35,00 p.m 3. House rent allowance Rs. 16,000 p.m 4. Bonus Rs. 8,000 5. Zakat deduction Rs. 5,200 6. Agriculture income Rs. 50,000

(20)

Section D

Q. 8
  1. (a)Identify three basic forms of business ownerships and state the merits and demerits of any one of them.
  2. (b)How does a corporation operate?
Not yet checked
(10)
Q. 9

Select any Four to describe moderately:-

  1. (a)Types of Share Capital [5]
  2. (b)Prospects [5]
  3. (c)Sinking Fund [5]
  4. (d)Issue of Shares at Discount [5]
  5. (e)Memorandum of Association [5]
  6. (f)Manufacturing Companies [5]
(20)

Related papers

Accountancy & Auditing 2009Accountancy & Auditing 2010Accountancy & Auditing 2011Accountancy & Auditing 2012Accountancy & Auditing 2013Accountancy & Auditing 2015Accountancy & Auditing 2017Accountancy & Auditing 2017Accountancy & Auditing 2018Accountancy & Auditing 2018Accountancy & Auditing 2019Accountancy & Auditing 2019Accountancy & Auditing 2020Accountancy & Auditing 2020Accountancy & Auditing 2021Accountancy & Auditing 2022Accountancy & Auditing 2022Accountancy & Auditing 2023Accountancy & Auditing 2023Accountancy & Auditing 2024Accountancy & Auditing 2024Accountancy & Auditing 2025Accountancy & Auditing 2025Accountancy & Auditing 2026Accountancy & Auditing 2026Accountancy & Auditing 2013Agriculture 2013Arabic 2013Botany 2013Business Administration 2013Chemistry 2013Computer Science 2013Constitutional Law 2013Economics 2013Economics 2013English Essay 2013English Literature 2013English Literature 2013English (Précis & Composition) 2013European History 2013European History 2013Forestry 2013General Science & Ability 2013Geography 2013Geography 2013History of Pakistan & India 2013History of Pakistan & India 2013Islamic Studies 2013Journalism & Mass Communication 2013Muslim Law & Jurisprudence 2013Pakistan Affairs 2013Physics 2013Physics 2013Political Science 2013Psychology 2013Psychology 2013Public Administration 2013Sindhi 2013Sociology 2013Statistics 2013

About this paper

The 2013 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.

Disclaimer Prep Right is independent and not affiliated with FPSC.