Auditing

Q. 1)
How do you distinguish Audit from Book Keeping, Accountancy and
Investigation?
Q. 2)
What do you understand by Continuous Audit? Enumerate the
Advantages and 2 Disadvantages if any of Continuous Audit.
Q. 3)
What is and Audit Programme? What particular advantages are derived
from an Audit Programme, drawn up before commencing and Audit? What
precautions to be taken to overcome shortenings of Audit Programme.
Q. 4)
To what essential points must and Auditor give special attention while
vouching Cash Payments/Cash Receipts.
Q. 5)
State Briefly how in your opinion the under mentioned assets should be
verified by the auditor in the accounts which he has been asked to certify.
(Only Two)
a)
Book Debts c)
Loans
b)
Goodwill
Q. 6)
State in briefly by Powers and Duties of an Auditor under the
Companies Ordinance of 1984.
Q. 7)
What is meant by Investigation of Accounts of a business and how does
it differ from Auditing. Mention some of the purposes which may necessitate
investigating of accounts of a business.
Q. 8)
What is and Audit Report? What is its Importance? Draft a report of an
auditor to be appended to Financial Statements of a Company when such
report is without any qualification/with qualification (Qualified and
Unqualified).
Q. 9)
Define Auditing. Discuss briefly 6 Functions, 6 Objectives and 6
Advantages of Auditing.
Q. 10) What do you understand from the term Vouching? Enumerate the
objectives of Vouching, also list down the techniques of Vouching.
Q. 11) Define Final and Interim Audit. Give 4 Advantages each of Final as well
as Interim Audit.
Q. 12) Define the term Internal Control, Internal Audit and Internal Check.
Give 3 Objectives of each term.
Q. 13) Explain the special points that and Auditor should take into
consideration while auditing the accounts of an insurance company/Banking
Company.
Q. 14) What do you understand by the terms: (Any Two)
a)
Liability for Misfeasance (quote one law case)
b)
Liability for Liable (quote one law case)
c)
Liability for Negligence (quote one law case)
d)
Criminal Liability (quote one law case)
Q. 15) Explain the legal provisions relating to the appointment of an auditor of
a public limited company Or Removal procedure of auditor.
Q. 16) Define Commercial Frauds. Explain its types.

Q. 17) What is Prospectus Report? Describe its contents and draft and an
imaginary specimen of this report.

Definitions:Errors of Omission, Teeming and Lading, Window Dressing, Compensating

Errors, Interim Audit, Audit Note Book, Owner of Working Paper, Honorary
Auditors Liability, Errors of Principles, Internal Check, Calling Over, Auditor,
Input Devices, Test Checking, Audit Working Paper, Government Audit, Audit
Programme, Rotation Principle, Ticking

Business Law
Q. 1)
Define Contract and give essential of a Valid Contract.
Q. 2)
Discuss in detail the essential of a Valid Offer.
Q. 3)
What remedies are available to the Aggrieved Party on Breach of
Contract?
Q. 4)
Define Contract of Sale. Distinguish between Sale and Agreement to
Sell.
Q. 5)
Define Bill of Exchange. Discuss its Characteristics.
Q. 6)
Write an essay of Rights and Duties of Common Carrier.
Q. 7)
Define an Unpaid Seller. What are the Rights according to Sale of Good
Act?
Q. 8)
Enlist Unfair Labour Practices on the part of Employer and Workmen.
Q. 9)
Discuss the Various Kinds of Contract.
Q. 10) Discuss the methods under which and offer stand revoked. Give
Examples.
Q. 11) Define Consideration. What are the rules regarding a Valid
Consideration?
Q. 12) What are the various ways in which a contract may be discharged or
terminated?
Q. 13) Define contract of Sale of Goods. Discuss its characteristics.
Q. 14) Define Cheque. How does it differ from Bill of Exchange?
Q. 15) What are the provisions of factories Act relating to Health of Workers.
Q. 18) No Consideration No Contract. Elaborate the statement.
Q. 19) Define Principal and Agent. Also describe Rights and Duties of Principal
and Agent.
Q. 20) a)
Define Condition and Warranty. Also distinguish between them.
b)
Explain in detail the Doctrine of Caveat Emptor.
Q. 21) Define Holder in Due Course. Explain various privileges available to
Holder in Due Course.
Q. 22) Define Collective Bargaining Agent (CBA). Explain the procedure of its
determination.
Q. 23) Define Acceptance and state essentials of valid Acceptance. Also
explain when communication of Offer, Acceptance, and Revocation is
complete.
Q. 24) Define Misrepresentation and Fraud and also differentiate them to each
other.
Q. 25) Define Contract of Bailment and give its essentials.

Q. 26) Define the term Negotiable Instrument and also give the
characteristics.
Q. 27) What is a Charter Party? Discuss the various clauses of Charter Party.
Q. 28) Explain about the Constitution, Power, and Functions of Labor Appellate
Tribunal.
Q. 29) Define Contract of Agency and its essentials? Also discuss kinds of
Agents.
Q. 30) Discuss Duties and Liabilities of Railway Administration as a carrier?
Q. 31) Define Void Agreement. Which agreements have been expressly
declared void?
Q. 32) Define Agency. How it is created and terminated?
Q. 33) Define Cheque. Under which circumstance the payment of a cheque
can be terminated by a bank?
Q. 34) What are the unfair labor practices on the part of employer and
employee under the factories act?

Definitions:Void Agreement, Crossed Cheque, Contingent Contract, Termination of

Agency, Strike and Lockout, Minor, Fraud, Bill of Lading, Offer, Revocation,
Agreement, Void Contract, Acceptance, Estoppel, Undue Influence, Contract
of Guarantee, Pledge, Unpaid Seller, Accommodation Bill, Common Carrier,
Voidable Contract, Coercion, Liquidated Damages, Voyage Charter Party,
Noting, Award, Bill of Exchange, Bailment, Implied Contract, Insolvent, Adult,
Quasi Contract, Promissory Note, Voidable Agreement, Public Offer,
Agreement to Sell, Social Agreement

Business Taxation
Q. 1)
Define Income from Business. What Deductions are allowed under the
head Income from Business?
Q. 2)
What is Provident Fund? How many types of Provident Fund are and
what is working of Provident Fund?
Q. 3)
What is Separate Block of Income? What is the rate at which tax is
payable on such Income.
Q. 4)
Discuss the Appointment, Jurisdiction, Powers and Functions of
Regional Commissioner of Income Tax.
Q. 5)
What are various types of Losses? How can these losses be Carried
Forward?
Q. 6)
What do you mean by Agricultural Income? Give at least five examples
of income from agriculture and five examples of income which are not
agriculture income. Is agricultural income taxable in Pakistan?
Q. 7)
Discuss the various types of reliefs and allowance which can be
claimed as tax credits by an individual.
Q. 8)
Discuss the composition of Appellate Tribunal. What are the functions
performed by it?
Q. 9)
Why the difference between Capital and Revenue is important from
income tax viewpoint. What are different tests for differentiating capital and
revenue expenditure/Receipt?
Q. 10) Discuss in detail the tax treatment under income tax ordinance 2001
for following facilities that are provided by employer to employees.
a)
Entertainment
b)
Loan to Employees
c)
Accommodation
d)
Conveyance

Q. 11) What are the various types of Penalties (at least twelve) that can be
imposed under income tax ordinance 2001?
Q. 12) What is Federal Board of Revenue? Give its History and Organization.
Discuss the responsibilities of person who works as a head of board. Who are
the different subordinate to that head. Also discuss ten different function of
board.
Q. 13) Briefly explain the legal provision government the filing of return of
total income under the income tax ordinance 2011.
Q. 14) Discuss the conditions for allowability of depreciation allowance under
the income tax ordinance 2001.

Definitions:Income Tax:
Agricultural Income, Industrial Undertaking, Principal Officer, Small Company,
Accumulated Profits, Assessment Year, Capital Asset, Tax Payer, Tax Year,
Permanent Establishment, Business, Depreciable Asset, Public Company,
Turnover, Speculation Business, Pakistan Source Income, Resident Individual,
Sales Tax:
Appellate Tribunal, Arrears, Tax Fraud, Zero Rated Supply, Exempt Supply,
Input Tax, Tax Invoice, Manufacture, Supply, Value of Supply, Wholesaler,
Associates, Output Tax, Taxable Activity,

Exemptions:Amount of Gratuity, Profit on Debt, Medical Charges, Pension, Income of

Educational Institutions, International Agreement, Income of Certain
Institution, Communication of Pensions