B.com Part 2 – Auditing 2005 Regular Paper

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AUDITING 2005 (REGULAR)

 

Time : 3 Hours                Max. Marks:100

 

Instructions: Attempt three questions from section A, including Question No. 1 which is compulsory. Both questions from section- B.

 

SECTION A

1 .a) Draft qualified Audit report for the share holders of Arshad and Company Ltd. For the year ending on 30-06-2005.(1O)

b) Differentiate between Memorandum & Article of Association of a Public Ltd .Co. (10)

 

2.a) Define Auditing and its objectives. (10+10)

b) What is the difference between Accounting and Auditing? 3.a) What do you mean by Audit Programme? (05)

b) State in detail in the different types of Audit Programme (15)

 

4.a) Define internal Control. What are the objects of Internal Control? (10)

b) What are the various types of Internal Control? (10)

 

5.a) What are the Audit Working papers? (05)

b) Describe the purpose and importance of Audit Working Papers. (15)

 

6. Distinguish any THREE of the following: (20)

(i) Financial Audit and Cost Audit. (ii) Internal Audit and

External Audit. (iii) Auditing and Accounting. (iv) Audit and

Investigation. (v) Complete Audit and Continuous Audit.

 

7.a) Describe the importance of’ accurate valuation of Inventories? (10)

b) What steps will you suggest for the verification of Inventories? — (10)

 

SECTION B

 

8. Explain the Powers and functions of C.B.R. OR

Write short notes on any THREE of the following: (15)

(a) Income Tax Officer. (b) Assessee. (d) Resident.

(C) Commissioner of Income Tax. (e) Taxable Income.

 

9. Mr. Hasan has provided the following information for the income year ended on 30th June 2005. (25)

(i) Salary Rs.18000 per month in the pay scale Rs.10.000-500-

20,000. (ii) House Rent Allowance 45% of basic salary.

(iii) Conveyance Rs,3,000 per month. (iv) Commission Rs.35,000. (v) Received Medical allowance at Rs.2,000 per month. His actual expenditure was Rs.15,000. (vi) Utility allowance Rs.2,000 per month. (vii) Share of profit from un-registered firm

Rs.12,000. (viii) Received Cash Award Rs.15,000.

(ix) Income from agriculture Rs.40000. (x) Paid Zakat Rs.5,000. Compute total and Taxable Income of Mr. Hasan. www.firstessaywritinghelp.com

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