SENIOR AUDITOR PAST PAPERS
Senior Auditor Past Papers
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چار آپشن میں سے کسی ایک پر کلک کرنے سے جواب سرخ ہو جائے گا۔
Objective and Scope of Financial Statements Audit
Objective and Scope of the Financial Statements
Objective and Scope of the Audit of Financial Statements
None of these
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Explanation
AAS-2 (now SA 200) issued by the Institute of Chartered Accountants of India (ICAI) defines the objective and scope of auditing financial statements .
It provides guidelines on the responsibilities of auditors and the assurance process in financial audits.
مزدوری کی شرح میں فرق کا تعین اصل مزدوری کی شرح اور معیاری مزدور کی شرح کے درمیان فرق کو ______ کے ذریعہ بڑھا کر کیا جاتا ہے؟
The standard hours allowed.
The actual hours worked.
The budgeted hours allowed.
None of these.
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Explanation
Labor rate variance measures the difference between the actual labor cost and the expected (standard) labor cost . It is calculated as: (Actual Rate – Standard Rate) × Actual Hours Worked
Since the actual hours worked determine the total variance, they are used in the calculation.
ایک نامناسب اوور ہیڈ حجم کا تغیر اس بات کی نشاندہی کرتا ہے کہ _____؟
Actual production was less than the normal level of output.
Total fixed overhead has exceeded the standard budgeted amount.
Actual production was more than the normal level of output.
None of these
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Explanation
An unfavorable overhead volume variance occurs when actual production is lower than the expected or normal level, leading to under-applied fixed overhead costs .
This means the company did not produce enough to fully absorb the fixed overhead , causing higher costs per unit.
ایک سازگار اوور ہیڈ اخراجات میں فرق کا مطلب ہے کہ _____؟
Actual overhead costs were less than the budgeted overhead costs. has been under applied
Overhead has been under applied
Actual production was less than the normal volume of output
None of these
اس سوال کو وضاحت کے ساتھ پڑھیں
Explanation
A favorable overhead spending variance occurs when actual overhead costs are lower than the budgeted or expected costs, meaning the company spent less than planned.
This indicates efficient cost control in managing overhead expenses, leading to potential savings.
مندرجہ ذیل میں سے کس میں نامزد کمپنی کو بیان کردہ اثاثہ پر کسی فرسودگی کے اخراجات کو ریکارڈ نہیں کرنا چاہئے؟
Computer Sales Company has in inventory a new type of computer, designed “never to become obsolete.”
Metro Advertising owns an office building that has been increasing in value each year since it was purchased.
Commuter Airline is required by law to maintain its aircraft in “as good as new” condition.
None of these
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Explanation
Commuter Airline : Even if the aircraft is maintained in "as good as new" condition, depreciation is still recorded because assets lose value over time due to wear and tear. Metro Advertising : An increase in market value does not eliminate the need for depreciation, as accounting follows the cost principle.
Computer Sales Company : Inventory is not depreciated; however, this does not relate to fixed assets, which are subject to depreciation. Since none of the situations justify avoiding depreciation, "None of these" is the correct answer.
$16,000 (FIFO) and $13,700 (LIFO)
$13,700 (FIFO) and $16,000 (LIFO)
$8,300 (FIFO) and $6,000 (LIFO)
None of these
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Explanation
Step 1: Calculate Total Cost of Purchases
500 units @ $9 = $4,500 500 units @ $10 = $5,000 500 units @ $12 = $6,000 500 units @ $13 = $6,500 Total units purchased = 2,000 units Total cost of inventory = $22,000 Step 2: Identify Sold and Unsold Units
Total purchased: 2,000 units Ending inventory: 650 units COGS = Total purchased - Ending inventory COGS = 2,000 - 650 = 1,350 units sold Step 3: FIFO Method (First-In, First-Out) FIFO means the oldest costs are used for COGS:
500 units @ $9 = $4,500 500 units @ $10 = $5,000 350 units @ $12 = $4,200 Total FIFO COGS = $13,700 Step 4: LIFO Method (Last-In, First-Out) LIFO means the most recent costs are used for COGS:
500 units @ $13 = $6,500 500 units @ $12 = $6,000 350 units @ $10 = $3,500 Total LIFO COGS = $16,000 Final Answer:
COGS under FIFO = $13,700 COGS under LIFO = $16,000
انوینٹری لاگت کے بہاؤ کے مفروضے کو استعمال کرنے کا بنیادی مقصد _____ ہے؟
Maximize the reported amount of net income.
Parallel the physical flow of units of merchandise.
Offset against revenue an appropriate cost of goods sold.
None of these
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Explanation
Matching Principle : Inventory cost flow assumptions help match the cost of goods sold with revenue.
Financial Accuracy : Ensures expenses are properly recorded to reflect true profitability.
A $92,000 sale and a $92,000 cash receipt.
A $12,000 gain and an $80,000 cash receipt.
A $12,000 gain and a $92,000 cash receipt.
None of these
اس سوال کو وضاحت کے ساتھ پڑھیں
Explanation
Gain Calculation : Selling Price ($92,000) - Cost ($80,000) = $12,000 Gain
Cash Flow Statement : Reports the total cash received = $92,000 Cash Receipt
$36,000
$9,000
$18,000
None of these
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Explanation
Interest formula: Interest = Principal × Rate × Time
→ $300,000 × 12% × (3/12) = $9,000
Since the fiscal year ends on December 31, 2011 , the interest earned during 2012 covers only the first three months (Jan–March).
مندرجہ ذیل میں سے کون سے اقدامات سے کم از کم کمپنی کے اکاؤنٹس میں قابل وصول کاروبار میں اضافہ ہوتا ہے؟
Offer customers larger cash discounts for making early payments.
Encouraging customers to use bank credit cards, such as visa and mastercard, rather than other national credits, such as american express.
Borrowing money, pledging accounts receivable as collection.
None of these
اس سوال کو وضاحت کے ساتھ پڑھیں
Explanation
Borrowing money by pledging accounts receivable does not impact how quickly customers pay; it only provides immediate cash to the company.
Accounts receivable turnover measures how efficiently a company collects payments , and this action does not directly influence customer payment behavior.
