Q. 2
Explain in detail why there is an established need for auditing services for each of the following organizations.
- (a)Publicly owned corporations
- (b)Privately owned corporations
- (c)State and local government agencies
- (d)Partnerships
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FPSC · CSS 2021
Accountancy & Auditing, Paper II
This paper
Accountancy & Auditing · all yearsQ. 2 · Explain in detail why there…Q. 3 · Explain computer audit approaches and…Q. 4 · Write a detailed note on…Q. 5 · According to the income tax…Q. 6 · From the following data, calculate…Q. 7 · Give hypothetical journal transactions that…Q. 8 · Explain in detail the factors…With this paper← 20202022 →3 hours · questions hide until you reveal them
Not yet checked 3 of 7 questions have not yet been compared with the official paper.
SECTION–I
Q. 3
Explain computer audit approaches and also write a detailed note on the characteristics of Electronic Data Processing (EDP) system.
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Q. 4
Write a detailed note on the types of audit and auditors (GAAS).
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SECTION–II
Q. 5
- (a)According to the income tax ordinance, 2001, what do we mean by Resident and Non-Resident persons (sections 81-84)?
- (b)According to the income tax ordinance, 2001, what do we mean by tax year [section 2(68)].
Not yet checked
(10)
Q. 6
From the following data, calculate the tax payable by Mr. Sohail Aslam for the year ended 30th June 2020:
- (a)Salary Rs. 195,000 p.m.
- (b)Special pay Rs. 25,000 p.m.
- (c)Bonus for the year Rs. 585,000.
- (d)Conveyance Allowance Rs. 15,000 p.m.
- (e)Free accommodation provided by the employer.
- (f)Medical expenses reimbursed by his employer under the contract of employment Rs. 24,000.
- (g)Zakat paid under the Zakat Ordinance during the year Rs. 48,000.
- (h)Donation to the approved charitable institutions under section-61 Rs. 500,000.
Not yet checked
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SECTION–III
Q. 7
- (a)Give hypothetical journal transactions that will have the following types of effects on the elements of balance sheet equation (Assets = Liabilities + Owner's Equity).
- (b)Using the information given in the following table, complete the balance sheet given underneath and write it down in answer book provided.
Not yet checked
(10)
Q. 8
Explain in detail the factors which are related to the risk structure of interest rates.
(20)
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About this paper
The 2021 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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