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Crescent - Auditing

This document contains an exam for an auditing and income tax course. It includes two sections - Section A contains 4 questions about auditing concepts like continuous audit, audit programs, audit working papers, audit evidence, and internal controls. Section B contains 2 questions - one asking to write short notes on income tax authorities, advantages of being a tax filer, income exempt from tax, and wealth tax rules. The other question requires calculating the tax liability of an individual given details of their income and deductions for the tax year.

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Muhammad Uzair Abbasi
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40 views

Crescent - Auditing

This document contains an exam for an auditing and income tax course. It includes two sections - Section A contains 4 questions about auditing concepts like continuous audit, audit programs, audit working papers, audit evidence, and internal controls. Section B contains 2 questions - one asking to write short notes on income tax authorities, advantages of being a tax filer, income exempt from tax, and wealth tax rules. The other question requires calculating the tax liability of an individual given details of their income and deductions for the tax year.

Uploaded by

Muhammad Uzair Abbasi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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FEDERAL URDU UNIVERSITY OF ARTS, SCIENCES & TECHNOLOGY.

B.COM. 2nd year, Annual Examination 2019 (Affiliated)


AUDITING & INCOME TAX

Time: 6 Hrs.
Maximum Marks: 100
Passing Marks: 40 PAPER CODE: 261506285
Instructions:
(i) Attempt three questions from Sec “A” & both question from Section “B”.

SECTION A

Q. No. 1- (a) Discuss in detail advantages and disadvantages of continuous audit. (10)

(b) Briefly explain various types of audit programmers. (10)

Q. No. 2- (a) Explain the purposes and importance of Audit Working Papers. (10)

(b) Briefly explain Audit Techniques. (10)

Q. No. 3- (a) Briefly explain various types of Audit Evidence. (10)

(b) Discuss the essential features of Internal Control. (10)

Q. No. 4- (a) Discuss in detail the verification of various assets. (10)

(b) Draft a unqualified audit report for Panda textile mills Ltd for the year ended (10)
June 30,2020.
 
2020  
30

Section B

Q. No. 5- Write short notes on any three of the following (15)

(i) Income Tax Authorities

(ii) Advantages of being a Income Tax Filler

(iii) Income Exempt from Tax

(iv) Wealth Tax Rules

Printed by BoltPDF (c) NCH Software. Free for non-commercial use only.
Q. No. 6 - Mr. Asad Ahmad is working as a consultant in M/S Hayat Ltd .Mr. Asad provide the (25 )
th
following particulars for income year ended on June 30 2020.
30 2020  
( )

(i) Pay Rs.85000 per month in the pay scale 70000 -5000 -120000
(ii ) Bonus 45 days salary
(iii ) Free accommodatio n provided by employer
(iv) Medical allowance Rs.7800 per month.
(v) Company provide Toyota car for private and office use cost of car 1.23million
(vi) Life insurance premium paid by employer Rs. 24500.
(vii ) Entertainment Allowance Rs.1630/ - per month.
(viii ) Zakat was deducted Rs.24000
(ix) Prize from prize bond Rs.75000
(x) Invested 265000 in purchase of shares
(xi) Employer paid 38000 each to his two sons education.
(xii ) Entertainment reimbursed by employer 6500
(xiii ) With drawl cash 189000 from bank on a day
(xiv ) Donation paid to approved hospital 87500 .

Required: Calculate tax liability.

Printed by BoltPDF (c) NCH Software. Free for non-commercial use only.

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