accountancy and auditing i 10

ACCOUNTANCY AND AUDITING, PAPER-I Page 1 of 3 FEDERAL PUBLIC SERVICE COMMISSION COMPETITIVE EXAMINATION FOR RECRUITMENT TO POSTS IN BPS-17 UNDER THE FEDERAL GOVERNMENT, 2010 ACCOUNTANCY AND AUDITING, PAPER-I (PART-I) 30 MINUTES MAXIMUM MARKS:20 TIME ALLOWED: (P ART-I I) 2 HOURS & 30 MINUTES MAXIMUM MARKS: 80 PART – I (MCQ) (COMPULSORY) Q. 1. Select t he best opti on/answer an d fi ll in t he appropri at e box on th e An swer Sheet . (20) (i ) Which of the foll owing is an exa mple of internal t ran sact ion? (a) cash rec ei ved fro m debt or (b) goods sold on credit (c) suppli es consumed in the off ice (d) sala ri es pa id to empl oyees (e ) No ne of th ese (ii) A Company’s reported opening balance of accumulated depreciation is Rs.150. The closing balance of accumulated depreciation is Rs.125. The current year depreciation is Rs.175. The depreciation on disposed assets is: (a) Rs. 150 (b) Rs. 200 (c) Rs. 250 (d) Rs.100 (e) None of these (iii) Which of the following is an example of non-exchange transaction? (a) goods lost by fire (b) electric charges paid (c) machinery purchased on credit (d) carriag e paid on furniture (e) None of these (iv) A Company receives 40 % of monthly sales and 50% in the following month and rest is received in third month. The sales for January are Rs. 20; February Rs. 30 and March Rs. 40. The collection for March is: (a) Rs.27 (b) Rs.30 (c) Rs.33 (d) Rs.36 (e) None of the se (v) The time limit for payment of dividend for a listed public limited company is: (a) 30 days (b) 45 days (c) 60 days (d) 90 days (e) Non e of the se (vi) The t ime limit for payment of divi dend for an unl isted limited company is: (a) 90 days (b) 60 days (c) 45 days (d) 30 days (e) None of the se (vii) As per Companies Ordinance 1984 a listed public limited company is bound to prepare its financial statements on: (a) year ly bas is (b) hal f-ye arl y basis (c) qua rte rly bas is (d) dai ly bas is (e) Non e of the se (viii) As per Companies Ordinance 1984 loose tools are recorded under the head of: (a) current asse ts (b) fixed asse ts (c) lon g-t erm inve stment (d) long-term deposi ts (e) None of the se (ix) A Company reports stock velocity 30 days. Creditors’ velocity is 20 days. The debtors’ velocity is 15 days. The operating cycle of the company is: (a) 25 days (b) 50 days (c) 45 days (d) 65 days (e) Non e of the se (x) Left side of an account means the word debit is described as: (a) noun (b) pr onoun (c) ve rb (d) adve rb (e) Non e of the se (xi) A company reports stock velocity 30 days. The debtors’ velocity is 20 days. Creditors’ velocity is 25 days. The operating cash cycle of the company is: (a) 75 days (b) 55 days (c) 50 days (d) 25 days (e)None of these (xii) In Pakistan a commercial bank can be formed and is registered under the: (a) Companie s Or di nanc e 1984 (b) Ba nkin g Co mp anie s Ordinance 1 962 (c) St ate Bank o f Paki stan Act 1 956 (d) Modara ba Co mpani es Ord inance 1980 (e) None of the se NOTE: (i) First attempt PART-I (MCQ) on separate Answer Sheet which shall be taken back after 30 minutes. (ii) Overwritin g/cutti ng of the opt ions/a nswers will not be given credit . Roll Number

accountancy and auditing i 10

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