Fpsc Senior Auditor’s past papers

Fpsc Senior Auditor Syllabus is as follows

Total marks will be 100

No negative marking

Objective Type Test (MCQ)

Partt-I ENGLISH = 20 Marks

• Vocabulary 10 MCQs
• Grammar Usage 10 MCQs

PART-II PROFESSIONAL TEST = 80 Marks

Accounting Principles & Procedures

 Scrutiny of Record for Audit Purposes

✓Journal, Ledger & Cash Book

 ✓Preparation of Annual Budget

✓Adjustment & Depreciation

✓Financial Planning & Cost Accounting

✓Heads of Account, Re-appropriation of Funds and Supplementary Grant

✓Settlement of Audit Objections

✓ Preparation of Pension Documents

✓Public Procurement Rules, 2004

Fpsc Senior Auditor past papers ( these MCQs are collected from different candidates who participate Fpsc Senior Auditor exam 2017.

✓The main object of an audit is

1. Expression of opinion
2. Detection and Prevention of fraud and error
3. Both A and B
4. Depends on the type of audit.

✓The title of A/6sued by the Council of ICAI is

1. Objective and Scope of the Financial Statements
2. Objective and Scope of the Audit of Financial Statements
3. Objective and Scope of Business of an Entity
4. Objective and Scope of Financial Statements Audit

✓Which of the following is not true about opinion on financial statements?

1. The auditor should express an opinion on financial statements.
2. His opinion is no guarantee to future viability of business
3. He is responsible for detection and prevention of frauds and errors in financial statements
4. He should examine whether recognized accounting principle have been consistently

✓A sale Rs. 50.000 to Shahid was entered as a sale to Saddam. This is an example of

1. Error of commission
2. Error of omission
3.  Error of compensating
4. Error of principle

✓As per AAS4 if auditor detects an error then

1. He should inform the management. B. He should communicate it to the management if it is material
2. The Auditor should ensure financial statements are adjusted for deducted errors. D. Both B and C are right

✓Which of the following is not a limitation of audit as per AAS4?

1. Objectivity of auditor’s judgment ——
2. Select testing
3. persuasiveness of evidence
4. Limitations of internal control system.

✓How many principles are listed in AAS] which govern auditor’s profession / Obligation?

1. Nine
2. Fourteen
3. Seven
4. Eight

✓Both auditing and accounting are concerned with financial statements Which of the following

1. Auditing uses the theory of evidence to verify the financial information made available by Accountancy
2. Auditing lends credibility dimension and quality dimension to the financial statements prepared by the accountant.
3. Auditor should have through knowledge of accounting concepts and conventions to enable him to express an opinion on financial statements
4. All of the above.

The risk of management fraud increases in the presence of :

1. Frequent changes in supplies
2. Improved internal control system
3. Substantial increases in sales
4. Management incentive system based on sales done in a quarter

✓Auditing standards differ from audit procedures in that procedures relate

1. Audit assumptions
2. Acts to be performed
3. Quality criterion
4. Methods of work

✓The process of allocating the cost of a tangible fixed asset over its useful life is called.

1. Depletion
2. Amortization
3. Allocation of cost
4. Depreciation

✓The periodic write-off of the cost of an intangible asset is called

1. Depletion
2. Amortization
3. Allocation of cost
4. Depreciation

✓The amount that an asset is expected to be worth at the end of its productive life is called

1. Sales price
2. Cost price
3. Depreciable amount
4. Salvage value

✓Expenditure for a plant asset that benefits more than one accounting period

1. Plant expenditure
2. Direct expenditure
3. Indirect expenditure
4. Capital Expenditure

✓The expense resulting from the using up of a natural resource

1. Depletion
2. Amortization
3. Write of expense
4. Depreciation

✓From the given particulars, what id depreciation rate under straight line method of depreciation:

Cost of Asset = Rs. 2,000 Residual Value = Rs. 400 Useful Life = 4 years

1. 20 %
2. 30%
3. 25%
4. 33%

✓The estimated value of an asset after the expiry of its useful life is called as:

1. Written Down value
2. Salvage value
3. Accumulated depreciation
4. Sales value

✓Acknowledgement of debt is called

1. Debenture

B . Bond

1. Share
2. Both A and B

✓All characteristics of debenture except which one?

1. Liability
2. Preference in payment
3. Fixed interest
4. Received dividend

✓If debenture issued to vendor then debit to

1. Cash
2. Goods
3. Asset
4. Vendor’s name

✓Own debenture purchase from open market for

1. Investment
2. Immediate cancellation
3. Both A and B
4. None of these

✓If interest include in purchasing price of debenture then interest called

1. Simple interest
2. Compound interest
3. Cum interest
4. Ex-interest

✓Balance Sheet shows

1. Equallency
2. Financial result
3. Financial position
4. All of the above

✓Show how net profit has been distributed in

1. Trading Accounting
2. Profit and loss account
3. Retained earnings statement
4. Balance sheet

✓Preliminary expense written off is a

1. Direct expense
2. Indirect expenses
3. Differed cost
4. Balance sheet

✓Provision for tax is a

1. Current asset
2. Fixed Assets
3. Current Liability
4. long term liability

✓Incorporation certificate issued by

1. Registrar
2. Stock exchange
3. SECP
4. None of above

✓In shareholder may include

1. Promoters
2. Directors
3. Underwriters
4. All of above

✓In source of bonus include

1. General reserve
2. Retained earnings
3. Directors
4. All of above

✓On the basis of residual reserve test after the proposed bonus issue the residual reserve should be at least

1. 15%
2. 20%
3. 25%
4. 30%

✓Entry for the declaration of bonus

1. Bonus to share holder Dr __share capital Cr
2. Cash Dr __share capital Cr
3. Accounts receivable Dr __share capital Cr
4. source of bonus Dr __bonus to shareholder Dr

✓No. of bonus share to issued calculated as:-

1. No. of bonus share * issued price
2. Issued capital
3. Issued capital *
4. None of above

✓An option to buy a share at a specific price during the specified period is called

1. Right
2. Share
3. Bonus
4. None of above

✓Right share always issued on

1. Market price B. Premium
2. Discount
3. Per value

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