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24th July 2014, 03:52 PM
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Rajasthan Public Service Commission Junior Accountant exam last year question papers

Will you please share with me the Rajasthan Public Service Commission Junior Accountant exam last year question papers?
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  #2  
25th July 2014, 02:51 PM
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Join Date: Apr 2013
Re: Rajasthan Public Service Commission Junior Accountant exam last year question pap

As you want to get the Rajasthan Public Service Commission Junior Accountant exam last year question papers so here it is for you:

1. Auditing standards differ from auditing procedures in that procedures relate to
a) Measure of performance.
b) Audit principles.
c) Acts to be performed.
d) Audit judgments.

2. The independent auditor of 1900 differs from the auditor of today in that the 1900 auditor was more concerned with the
a) Validity of the income statement.
b) Determination of fair presentation of financial statements.
c) Improvement of accounting systems.
d) Detection of irregularities.

3. The first general standard of generally accepted auditing standards which states, in part, that the examination is to be performed by a person or persons having adequate technical training, requires that an auditor have
a) Education and experience in the field of auditing.
b) Ability in the planning and supervision of the audit work.
c) Proficiency in business and financial matters.
d) Knowledge in the areas of financial accounting.

4. The first standard of field work, which states that the work is to be adequately planned, and assistants, if any, are to be properly supervised, recognizes that
a) Early appointment of the auditor is advantageous to the auditor and the client.
b) Acceptance of an audit engagement after the close of the client’s fiscal year is generally not permissible.
c) Appointment of the auditor subsequent to the physical count of inventories requires a disclaimer of opinion.
d) Performance of substantial parts of the examination is necessary at interim dates.

5. An independent audit aids in the communication of economic data because the audit
a) Assures the reader of financial statements that any fraudulent activity has been corrected.
b) Confirms the accuracy of management’s financial representations.
c) Lends credibility to the financial statements.
d) Guarantees that financial data are fairly presented.

6. A CPA is most likely to refer to one or more of the three general auditing standards in determining
a) Whether the CPA should undertake an audit engagement.
b) The nature of the CPA’s report qualification.
c) The scope of the CPA’s auditing procedures.
d) Requirements for the review of internal control.

7. The first standard of field work recognizes that early appointment of the independent auditor has many advantages to the auditor and the client. Which of the following advantages is least likely to occur as a result of early appointment of the auditor?
a) The auditor will be able to complete the audit work in less time.
b) The auditor will be able to perform the examination more efficiently.
c) The auditor will be able to better plan for the observation of the physical inventories.
d) The auditor will be able to plan the audit work so that it may be done expeditiously.

8. Which of the following best describes the reason why an independent auditor reports on financial statements?
a) A management fraud may exist and is more likely to be detected by independent auditors.
b) Different interests may exist between the company preparing the statements and the persons using the statements.
c) A misstatement of account balances may exist and is generally corrected as the result of the independent auditor’s work.
d) Poorly designed internal control may exist.

9. What is the general character of the three generally accepted auditing standard classified as general standards?
a) Criteria for content of the F/S and the auditor’s report.
b) Criteria of audit planning and supervision and evidence gathering.
c) The need to maintain an independence in mental attitude in all matters relating to the assignments.
d) Criteria for competence, independence and professional care of individuals performing the audit.

10. A CPA, while performing an audit, strives to achieve independence in appearance in order to
a) Reduce risk and liability.
b) Comply with the generally accepted standards of field work.
c) Become independent in fact.
d) Maintain public confidence in the profession.

11. The “generally accepted auditing standards” are standards which
a) Are sufficiently established so that independent auditors generally agree on their existence.
b) Are generally accepted based upon a pronouncement of the Financial Accounting Standards Board.
c) Are generally accepted in response to the changing needs of the business community.
d) Are generally accepted as a consequence of approval of the AICPA membership.

12. The primary objective of the ordinary examination of financial statement by a CPA is the expression of an opinion on
a) The competence of management in accounting matters which is implied by whether the opinion is qualified or not.
b) The conformity of the statements with the book of account.
c) The conformity of the financial statements with generally accepted auditing standards applied on a basis consistent with that of the prior year.
d) The fairness with which the financial statements present cash flows and results of operations.

13. The primary responsibility for the adequacy of disclosure in the financial statements of a publicly held company rests with the
a) Partner assigned to the engagement.
b) Auditor in charge of field work.
c) Management of the company.
d) Securities & Exchange Commission.

14. A CPA should comply with applicable GAAS on every engagement
a) Without exception.
b) Except in examinations that result in a qualified report.
c) Except in engagements where the CPA is associated with unaudited F/S.
d) Except in examinations of interim financial statements.

15. Which of the following best describes what is meant by GAAS?
a) Audit objectives generally determined on audit engagements.
b) Acts to be performed by the auditor.
c) Measures of the quality of the auditor’s performance.
d) Procedures to be used to gather evidence to support financial statements.

16. The first general standard recognizes that regardless of how capable an individual may be in other fields, the individual can not meet the requirements of the auditing standards without the proper
a) Business and finance course.
b) Quality control and peer review.
c) Education & experience in auditing.
d) Supervision and review skills.

17. The first general standard requires that the examination of F/S is to be performed by a person having adequate technical training and
a) Independence with respect to the F/S and supplementary disclosures.
b) Exercising professional care as judged by peer reviewers.
c) Proficiency as an auditor which likely has been acquired from previous experience.
d) Objectivity as an auditor as verified by proper supervision.

18. Due professional care requires
a) A critical review of the work done at every level of supervision.
b) The examination of all corroborating evidence available.
c) The exercise of error free judgment.
d) A study and review of the I/C’s that include tests of controls

19. The third general standard states that due care is to be exercised in the performance of the examination. This standard means that a CPA who undertakes an engagement assumes a duty to perform each audit
a) As a professional possessing the degree of skill commonly possessed by others in the field.
b) In conformity with generally accepted accounting principles.
c) With reasonable diligence and without fault or error.
d) To the satisfaction of governmental agencies and investors who rely upon the audit.

20. According to court decision, GAAS established by the AICPA applies
a) Only to AICPA members.
b) To all CPA’s.
c) Only to those who choose to follow them.
d) Only when conducting audits subject to the AICPA jurisdiction.

21. Which of the following best describes the reason why an independent auditor reports on financial statements?
a) A management fraud may exist and is more likely to be detected by independent auditors.
b) Different interests may exist between the company preparing the statements and the persons using the statements.
c) A misstatement of account balances may exist and is generally corrected as the result of the independent auditor’s work.
d) Poorly designed internal control may exist.
(Yes, this is the same as #8, ask me why!!!)

22. The independent audit is important to readers of F/S because it
a) Determines the future stewardship of the management of the company whose financial statements are audited.
b) Measures and communicates financial and business data in the F/S.
c) Involves the objective examination of, and reporting on, management-prepared statements.
d) Reports on the accuracy of all information in the F/S.

23. Independent auditing can best be described as
a) A branch of accounting.
b) A discipline that attests to the results of accounting and other functional operations and data.
c) A professional activity that measures and communicates financial and business data.
d) A regulatory function that prevents the issuance of improper financial information.

24. What is the meaning of the GAAS that requires the auditor to be independent?
a) The auditor must be without bias with respect to the client under audit.
b) The auditor must adopt a critical attitude during the audit.
c) The auditor’s sole obligation is to third parties.
d) The auditor may have a direct ownership interest in the client’s business if it is not material.

25. The primary purpose of a management advisory services engagement is to help the client
a) Become more profitable by relying upon the CPA’s existing personal knowledge about the client’s business.
b) Improve the use of its capabilities and resources to achieve its objectives.
c) Document and quantify its future plans without impairing the CPA’s objectivity or allowing the CPA to assume the role of management.
d) Obtain benefits that are guaranteed implicitly by the CPA.

26. Operational auditing is primarily oriented toward
a) Future improvements to accomplish the goals of management.
b) The accuracy of data reflected in management’s financial records.
c) The verification that a company’s financial statements are fairly presented.
d) Past protection provided by existing internal control.

27. Because an examination i/a/w GAAS is influenced by the possibility of material errors, the auditor should conduct the examination with an attitude of
a) Professional responsiveness.
b) Conservative advocacy.
c) Objective judgment.
d) Professional skepticism.

28. The exercise of due professional care requires that an auditor
a) Use error-free judgment.
b) Consider the internal control structure, including tests of controls.
c) Critically review the work done at every level of supervision.
d) Examine all corroborating evidence available.

29. CPA firms should establish quality control policies and procedures for personnel management in order to provide reasonable assurance that
a) Employees promoted possess the appropriate characteristics to perform competently.
b) Personnel will have the knowledge required to fulfill responsibilities assigned.
c) The extent of supervision and review in a given instance will be appropriate.
d) All of the above are reasons.

30. The least important evidence of a CPA firm’s evaluation of its system of QC would concern the CPA firm’s policies and procedures for
a) Employment (hiring).
b) Confidentiality of audit engagements.
c) Assigning personnel to audit engagements.
d) Determination of audit fees.

31. A CPA establishes QC policies and procedures for deciding whether to accept a new client or continue to perform services for a current client. The primary purpose for establishing such policies is to
a) Enable the auditor to attest to the integrity or reliability of a client.
b) Comply with the quality control standards established by regulatory bodies.
c) Minimize the likelihood of association with clients whose management lacks integrity.
d) To lessen the exposure to litigation resulting from failure to detect irregularities in client financial statements.

32. In pursuing its quality control objectives with respect to acceptance of a client, a CPA firm is not likely to
a) Make inquiries of the proposed client’s legal counsel.
b) Review financial statements of the proposed client.
c) Make inquiries of previous auditors.
d) Review the personnel practices of the proposed client.

33. Within the context of quality control, the primary purpose of continuing professional education and training activities is to enable a CPA firm to provide personnel within the firm with
a) Technical training that assures proficiency as an auditor.
b) Professional education that is required in order to perform with due professional care.
c) Knowledge required to fulfill assigned responsibilities and to progress within the firm.
d) Knowledge required in order to perform a peer review.

34. In pursuing a CPA firms’ quality control objectives, a CPA firm may maintain records indicating which partners or employees of the CPA firm were previously employed by the CPA firm’s clients. Which quality control objective would this be most likely to satisfy?
a) Acceptance of client.
b) Supervision.
c) Independence.
d) Monitoring.

35. In pursuing its quality control objectives with respect to independence, a CPA firm may use policies and procedures such as
a) Emphasizing independence of mental attitude in firm training programs and in supervision and review of work.
b) Prohibiting employees from owning stock of public companies.
c) Suggesting that employees conduct their banking transactions with banks that do not maintain accounts with client firms.
d) Assigning employees who may lack independence to research positions that do not require participation in field audit work.

36. Which of the following is an element of quality control?
a) Supervision
b) Inspection
c) Personnel management
d) Consultation

37. In connection with the element of monitoring, a CPA firm’s system of quality control should ordinarily provide for the maintenance of
a) A file of minutes of staff meetings.
b) Updated personnel files.
c) Documentation to demonstrate compliance with its policies and procedures.
d) Documentation to demonstrate compliance with peer review directives.

38. One element of the personnel management quality control standard is professional development. The primary reason why a CPA firm establishes policies and procedures for professional development of staff accountants is to
a) Comply with the continuing educational requirements imposed by various states for all staff accountants in CPA firms.
b) Establish, in fact as well as in appearance, that staff accountants are increasing their knowledge of accounting and auditing matters.
c) Provide a forum for staff accountants to exchange their experiences and views concerning firm policies and procedures.
d) Provide reasonable assurance that staff personnel will have the knowledge required to enable them to fulfill responsibilities.

39. Which of the following is a quality control standard?
a) Peer review.
b) Administrative control.
c) Engagement performance.
d) Time studies.

40. What is the responsibility of a successor auditor (SA) with respect to communicating with the predecessor auditor (PA) in connection with a prospective new client?
a. The SA has no responsibility to contact the PA.
b. The SA should obtain permission from the prospective client to contact the PA.
c. The SA should contact the PA regardless of whether the prospective client authorizes contact.
d. The SA need not contact the PA if the successor is aware of all available relevant facts.

41. A CPA firm’s personnel partner periodically studies the CPA firm’s personnel advancement experience to ascertain whether individuals meeting stated criteria are assigned increased degrees of responsibility. This is evidence of the CPA firm’s adherence to prescribed standards of
a) Quality control.
b) Due professional care.
c) Supervision and review.
d) Field work.

42. Quality control for a CPA firm as referred to in Statements on Quality Control Standards, applies to
a) Auditing services only.
b) Auditing and management advisory services.
c) Auditing and tax services.
d) Auditing and accounting and review services.

43. A prospective client’s refusal to grant a CPA permission to communicate with the predecessor auditor will bear directly on the CPA’s ability to
a) Determine appropriate pricing of the audit.
b) Determine the integrity of management.
c) Determine the beginning balances of the current year’s financial statements.
d) Establish consistency in application of GAAP between years.

44 . Prior to the acceptance of an audit engagement with a client who has terminated the services of the predecessor auditor, the CPA should
a. Contact the predecessor auditor without advising the prospective client and request a complete report of the circumstances leading to the termination with the understanding that all information disclosed will be kept confidential.
b. Accept the engagement without contacting the predecessor auditor since the CPA can include audit procedures to verify the reason given by the client for the termination.
c. Not communicate with the predecessor auditor because this would, in effect, be asking the auditor to violate the confidential relationship between auditor and client.
d. Advise the client of the intention to contact the predecessor auditor and request permission for the contact.

45. Before accepting an audit engagement, a successor auditor should make specific inquiries of the predecessor auditor regarding the predecessor’s
a. Awareness of the consistency in the application of GAAP between periods.
b. Evaluation of all matters of continuing accounting significance.
c. Opinion of any subsequent events occurring since the predecessor’s audit report was issued.
d. Understanding as to the reasons for the change of auditors.

1. C 2. D 3. A 4. A 5. C 6. A 7. A 8. B 9. D 10. D 11. D 12. D 13. C 14. A 15. C 16. C 17. C 18. A 19. A 20. B21. B22. C 23. B 24. A 25. B 26. A 27. D 28. C 29. B 30. D 31. C 32. D 33. C 34. C
35. A 36. C 37. C 38. D 39. C 40. B 41. A 42. D 43. B 44. D 45. D


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