CSS Paper of Accountancy and Auditing 2018

Are you looking of for CSS Paper of Accountancy & Auditing 2018 conducted in CE exams 2028 in Pakistan by the Federal Public Service Commission of Pakistan? we have posted for you both paper i & II.

Paper I of Accountancy and Auditing CSS 2018

a) The XYZ Co. purchased a large machine 5 years ago at a total cost of Rs. 400,000.
The accumulated depreciation on this machine is Rs. 290,000. The corporation sold the
machine at Rs.10, 000 gain.
Required: Calculate the amount would be reported as cash flow from this sale.
(b) On April 1, 1993 Ayesha Industries purchased new equipment at a cost of Rs. 325000.
Useful life of this equipment was estimated at 5 years, with a residual value of
Rs. 25000. For tax purposes, however, this equipment is classified as “3- year property”.
Required: Compute the annual depreciation expense for each year until this equipment
becomes fully depreciated under each depreciation methods listed below (Because you
will record depreciation for only a fraction of a year in 1993, depreciation will extend
through in all methods except MACRS) and show supporting computations.
i. Straight –line, with depreciation for fractional years rounded to the nearest whole month.
ii. 20%-declining-balance method, with the half-year convention. Limit depreciation in
1998 to an amount which reduces the undepreciated cost to the estimated residual value.
iii. Sum-of-the-years’-digits, with the half-year convention
iv. MACRS accelerated rates for “3-year property”

Past Paper II of Accountancy and Auditing CSS Exams 2018

How an internal control system helps the management in conduct of their business affairs?
Explain the difference among internal check, internal audit and internal control

ABC Company is an audit and assurance firm, which has recently accepted the audit of XYZ.
Explain the purpose of auditing financial statement of XYZ and the three elements of audit
risk faced by the company

Due to the inherent limitations of audit, auditors are only able to offer ‘reasonable assurance’
over the truth and fairness of the financial statements rather than absolute assurance. Keeping
in view the above statement, explain the limitation of audit of financial statement