Aff's Entrance test
AOA... today i had test at A.F.Fergusons & co.
QUe ppr wz of 100 marks.
Accounting 20 marks
Q1was most boring... deferred tax.
in thz que different rates 4 given for 2 years.
calculation of deferred tax asset/liability.
reversal of temporary dfrnc nd cary 4wd of loss wz tested.
Q2quite easy que of Impairmnt loss.
CARA, n thz loss allocation to assets of 2 CGUs.
Allocation to Goodwill, property,plant nd equipmnt Nd inventory.
n thn calculation of revised CA.
Q3Ias 18 revenue recognition in dfrnt scenarios...
Q4a loan z obtained by a cmpny of rs.10m,payable in equal annual instalmnts of 5 yearz.
rate of intrst z 14%.whole amount of principal vl b payable in case of any default, at the end of 2nd year,cmpny
makes default in repaymnt of loan.
(i). wt amount shd b disclosd in f.statmnts if cmpny renegotiates the termz of repaymnt 4r remaining amount of
loan in equal annual instalmnts.
(ii). if bank waive ths right n a sum of amount z payable in case of default.
Q5Ias 2...calculation of closing stock...easy ques.
Auditing 20 marks
Q1Case study.
fin.stat of a cmpny r prepared on going cncrn basis...while thr r doubts as to going cncrn position of cmpny.
Directors intend to provide a note 4 thz....as an auditor,wt vl b implications of thz on audit report?
Q2wt vl the term "independce" refrs to a chartered accountant in practice?
Q3 case study (dnt remember)
Q4 advantages nd disadvantages of statistical nd judgemntal sampling?
Q5according to isa 580,wt z relevance of oral representation to external auditors.
Q6wt r agreed upon procedures engagemnt.. gv an xmple.
Q7 case study.
auditor asks managemnt to snd cnfirmation for receivablz/payablez to telecom operaters. hwever mgt z reluctant to
snd cnfrmations,as thr vl b significant variances in balances. auditor's duty in thz case?
Corporate n tax laws 20 marks
Q1 a manufacturing cmpny (as mentioned in MOA), has its regsterd office in karachi. nw it wants to close thz
office nd open a new office in lahore along with some retails shops...Provisions of companies ordinance?
Q2who vl sign the fin.stats?
Q3taxability of income in following cases
(i). loss carried forward ka scenario basd que
(ii). employee share scheme.
(iii). precommencement expenditures.
Q4 Time of supply?
Q5in case of change in tax rate during a tax period,taxability of taxable supply n import of goods acordng to
Sales tax act.
English 20 marks
Q1 one wrd substitution
* A man who acompanies anothr in crime.
* Conventional rules of professional behaviour
* Approval by all
* Convert into cash
* Accusations whch r nt proved
* dnt remember.
Q2Essay writing,wrd limit =150.
wt z the most serious problm of wrld in ur opinion?
OR
studnts learn evrythng in schools..or life experiences r best teachr?
Q3 cmprehension
Q4correct punctuation,grammer,spelling mistakes in para.
General knowledge 10 marks
worst atemptd portion P
Q1.presidnt of world bank?
Q2.in wch year International federation of accounting z founded?
Q3.who z creator of Mona lisa's portrait?
Q4.first finance minister of pakistan?
Q5.who won Copa American cup 2011?
Q6.wch country z nt a membr of Eurpoen union?
Q7.reason of cyclical unemploymnt?
Q8.in calculation of GDP by expenditure methd,wch of following z used?
Q9, Q10. dnt remember.
Maths 10 marks
Q1 sun of ages of A nd B z 38. 7 yearz ago, A waz 3 times B,find their presnt ages.
Q2 A taxi charges rs.15 for first 20 kms, rs.12 for nxt 30 kms. n thn rs.9 for each additional km. ahmed pays
1293, find distance covered?
Q3in how many ways 5 persons can sit, if 2 of thm sit nxt to each othr.
Q4 A+B= 23
B+C= 34
C+D= 45
D+A= 56
find A,B,C,D.
Q5 a persons travels 4km/h frm A to B, thn 6 km/hr frm B to A, if time z 50 minutes, find distance travelled?
Q6 A have Rs.1000,after one year A receives 1200...find rate of interest quaterly.
N thats all )
plz pray a lot 4 my selection in aff )
