{"id":1075,"date":"2015-03-02T16:31:51","date_gmt":"2015-03-02T11:31:51","guid":{"rendered":"http:\/\/jworldtimes.com\/old-site\/jwt2015\/?p=1075"},"modified":"2015-03-06T14:57:24","modified_gmt":"2015-03-06T09:57:24","slug":"accountancy-auditing-paper-ii-css-paper-2015","status":"publish","type":"post","link":"https:\/\/www.jworldtimes.com\/old-site\/css-exclusive\/css-past-papers\/css-papers-2015\/optional-subjects\/accountancy-auditing-paper-ii-css-paper-2015\/","title":{"rendered":"Accountancy & Auditing, Paper-II (CSS Paper 2015)"},"content":{"rendered":"

\"Accountancy<\/a><\/p>\n

FEDERAL PUBLIC SERVICE COMMISSION<\/span><\/strong><\/span>
\n COMPETITIVE EXAMINATION FOR RECRUITMENT TO POSTS<\/span><\/strong><\/span>
\n IN BS-17, UNDER THE FEDERAL GOVERNMENT, 2015<\/span><\/strong><\/span>
\n ACCOUNTANCY & AUDITING, PAPER-II<\/span><\/strong><\/span><\/p>\n

TIME ALLOWED: THREE HOURS (PART-I MCQs) Maximum Marks: 20<\/strong>
\n PART \u2013I (MCQs) Maximum 30 Minutes (PART-II) Maximum Marks: 80<\/strong><\/p>\n

Note: (i) Part-II is to be attempted on the separate Answer Book.
\n(ii) Attempt ONLY FOUR questions from PART-II. All questions carry EQUAL Marks.
\n(iii) All the parts (if any) of each Question must be attempted at One Place instead of at different places.
\n(iv) Candidate must write Q. No. in the Answer Book in accordance with Q. No. in the Q. Paper.
\n(v) No Page \/Space be left blank between the answers. All the blank pages of Answer Book must be crossed.
\n(vi) Extra attempt of any question or any part of the attempted question will not be considered.
\n(vii) Use of Calculator is allowed.<\/p>\n

PART-II<\/span><\/strong>
\n SECTION-A (COST ACCOUNTING)<\/span><\/strong><\/p>\n

Q. 2. Pak PVC (Pvt) Ltd manufactures a high-quality plastic pipe in two departments, Cooking and Molding. After the cooking is completed, the completed units are transferred into the Molding Department, in which pipe is formed. The following data was reported for the Cooking Department during January 2015:
\nPounds in process, May 1\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026 \u2026\u2026\u2026.0
\nPounds- started-into-production during January\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026 185000
\nPounds completed and transferred to Molding Department\u2026\u2026\u2026\u2026..175000
\nPounds in process, May 31 (materials 100%, conversion 30%) \u2026\u2026\u2026\u2026.10000
\nCost added during January:
\nMaterials cost\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026..Rs. 55,500
\nConversion cost\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026..Rs. 356,000
\nRequired: Prepare a cost of production report for Cooking Department
\nQ.3. Following data was reported for Ibrahim Cottage Textile for the year ended December 31, 2014:
\nl Administrative Expenses Rs. 150,000
\nDepreciation, factory equipment 19,000
\nDirect labor 70,000
\nFinished goods inventory, beginning 20,000
\nFinished goods inventory, ending 35,000
\nIndirect labor 30,000
\nInsurance, factory equipment 800
\nMaintenance, factory equipment 6,000
\nPurchases of raw materials 118,000
\nRaw materials inventory, beginning 7,000
\nRaw materials inventory, ending 15,000
\nRent, factory facilities 20,000
\nSales 800,000
\nSupplies 4,200
\nWork in process, beginning 10,000
\nWork in process, ending 5,000
\nRequired: Prepare a cost of goods sold statement.
\nQ.4. (a) Explain the statutory rights and duties of a company auditor.
\n(b) Explain “Internal controls of an organization” What are the techniques used for the evaluation of internal control system? Discuss.
\nQ.5. (a) “Vouching is the essence of Auditing”. Explain. What special points would you keep in mind while vouching payments?
\n(b) What is meant by a continuous audit? Why do you think this is necessary?
\nSECTION-C (INCOME TAX LAW)
\nQ.6. (a) “What are the different types of perquisites enjoyed by the salaried individuals? Discuss.
\n(b) Discuss in detail the tax treatment under the income tax ordinance, 2001 for the following facilities that are provided by employer to the employees.
\n(i) Entertainment
\n(ii) Loan to employees
\n(iii) Accommodation
\n(iv) Conveyance
\nQ.7 Compute taxable income of Miss. Faryal for the tax year ended on June 30, 2013 on the basis of following information:
\nBasic Salary 600,000
\nDearness Allowance 15,000
\nBonus 50,000
\nProject Allowance 7,000
\nEntertainment Allowance 5,000
\nPrincipal Allowance 25,000
\nDonation to Shaukat Khanam Memorial Hospital, Lahore 40,000
\nDonation to University of the Punjab, Lahore 20,000
\nZakat Ushr Ordinance, 1980 50,000
\nOverseas allowance 30,000
\nM.Phil allowance 60,000
\nGain on sale of shares of Public Company
\n(Sold within 6 Months) 150,000
\nRent from Sublease of property (building) 200,000
\nIncome from Property 300,000
\nTravelling Daily allowance and allowance (TAIDA) 25,000
\nNet profit from manufacturing business 100,000
\nTax deducted at source from salary;- 30,000
\nTax paid on registration of new locally manufactured-
\nmotor vehicle – 10,000
\nEfficiency honorarium 18,000
\nUtilities allowance 20,000
\nSECTION-D (BUSINESS ORGANIZATION AND FINANCE
\nQ.8. What are Articles and Memorandum of Association? Explain the basic contents of these documents.
\nQ.9. Explain the following:
\n(a) Liquidity and effect of short term loans on liquidity
\n(b) Capital market and its instruments
\n(c) Money market and its instruments
\n(d) Role and functions of Commercial Banks<\/p>\n","protected":false},"excerpt":{"rendered":"

FEDERAL PUBLIC SERVICE COMMISSION COMPETITIVE EXAMINATION FOR RECRUITMENT TO POSTS IN BS-17, UNDER THE FEDERAL GOVERNMENT, 2015 ACCOUNTANCY & AUDITING, PAPER-II<\/p>\n","protected":false},"author":1,"featured_media":1076,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[663],"tags":[563,649,644,73,536,548,646,566,551],"_links":{"self":[{"href":"https:\/\/www.jworldtimes.com\/old-site\/wp-json\/wp\/v2\/posts\/1075"}],"collection":[{"href":"https:\/\/www.jworldtimes.com\/old-site\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.jworldtimes.com\/old-site\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.jworldtimes.com\/old-site\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.jworldtimes.com\/old-site\/wp-json\/wp\/v2\/comments?post=1075"}],"version-history":[{"count":0,"href":"https:\/\/www.jworldtimes.com\/old-site\/wp-json\/wp\/v2\/posts\/1075\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.jworldtimes.com\/old-site\/wp-json\/wp\/v2\/media\/1076"}],"wp:attachment":[{"href":"https:\/\/www.jworldtimes.com\/old-site\/wp-json\/wp\/v2\/media?parent=1075"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.jworldtimes.com\/old-site\/wp-json\/wp\/v2\/categories?post=1075"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.jworldtimes.com\/old-site\/wp-json\/wp\/v2\/tags?post=1075"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}