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PAK301 GDB Idea Solution Spring July 2012

Topic:
"How do you see Judicial Activism in Pakistan?

Post your comments after inferring the above topic.
Your comments should NOT exceed from 100 to 120 words.

Solution:
The most challenging task in democracy is to balance rights and rightful role on the one hand and obligations and societal good on the other. They go together. The right of one person is an obligation for other person. This applies to individuals, groups and state institutions because none functions in a vacuum.
Much depends on how a person or an institution interprets the facts of a situation and articulates one’s role. There is a strong tendency to equate societal good and obligations towards others with one’s partisan interests in a society where the norms of democracy are not firmly established. This is more so where the individuals, groups and state institutions do not have a long experience of working in a democratic and participatory framework. Invariably, the desire to expand the domain of authority dominates the disposition of individuals, groups and state institutions. Restraint, moderation and mutual respect become rare commodities.
There is a lot of jockeying for power and influence in the formative phase of democratic transition. This power struggle is often couched in high moral rhetoric or legal and constitutional interpretations to one’s advantage. One troubling tendency is to engage in propaganda to delegitimise democratic processes and leadership if one’s partisan agenda is not achieved. This is also done as a part of struggle to expand one’s power or influence or domain of authority.
It is quite common in Pakistan to invoke abstract democratic theories and principles to delegitimise democratic institutions and processes. There is a tendency to trash democracy because it does not meet the ideal and textbook criterion. Other argument is that there is no use of democracy if it does not solve the problems of the common people. There is no answer to the question as to what is the guarantee of solution of the problems of people in a non-democratic and military-dominated system. If nothing works for questioning the legitimacy of elected rulers or democratic arrangements, Islamic principle or some precedent from Islamic history is invoked to argue that the existing arrangements should be done away with.
An independent judiciary is needed for a democratic political order but this is not the only requirement. It is important that different state institutions like the executive, the parliament, the judiciary, the bureaucracy and the military perform their assigned tasks within the limits of law and constitution and respect each other’s autonomy and role. Any attempt by one institution to overwhelm others causes institutional imbalance and adversely affects democracy and civilian order. Another important principle of democracy is the primacy of elected institutions over non-elected institutions, although the elected institutions and office holders have to function in accordance with the constitution.
We are experiencing a steady attempt by the Supreme Court and the High Courts to expand their domain of action through judicial activism. Though judicial activism is a well-recognised principle for public service and welfare issues but the use of judicial activism and the suo-motu power by the Supreme Court and, at times, by the High Courts, since 2009 has generated a debate in the legal and political circles about the extent to which the superior judiciary can interfere in the domains of other institutions. If we make a list of issues taken up by the superior judiciary since 2009, judicial activism can be described as unprecedented, covering a wide range of issues relating mainly to governance.
Even if a purely legal approach is adopted to examine judicial activism, one cannot help pointing out that the issues taken up by the superior judiciary have political implications in Pakistan’s polarised political context. Most politically active circles get information about court proceedings through the press and TV news channels that highlight the comments made by the judges sitting on the bench. A large number of comments as published in the media can be described as politically loaded. These comments are used by the opposition parties and the media to embarrass the federal government.
Sensing tension between the superior judiciary and the PPP-led federal government, the opposition parties have endeavoured to turn the judiciary into an arena of contestation with the PPP. They have gone to court on a number of purely political issues that should have been settled through political interaction or through the parliament. After having failed to stall the Senate elections by political pressure, the PPP adversaries are now approaching the Supreme Court for stopping the Senate elections due on March 2.
The most interesting case is a petition filed in the Supreme Court by someone on the basis of a speculative report that the prime minister might remove the army chief and director general of the ISI. The prayer of the petitioner is to stop the prime minister from doing that. The Supreme Court wants the prime minister to give a written undertaking for not removing these top army officers. It would be interesting when the Supreme Court takes up the Asghar Khan case involving the ISI and some leading opposition political leaders. There are two other cases that are likely to bring the army/intelligence in focus.
The long term political implications of the possible conviction of the prime minister in the contempt of court case are going to be negative for political stability and internal harmony. If the PPP-led coalition at the federal level stays intact after the conviction of the present prime minister it can elect a new prime minister and thus the present political order at the federal level can continue. What if the new prime minister also refuses to write the letter to the Swiss authorities for reopening of corruption cases against President Zardari?
In case of increased tension between the elected executive and non-elected Supreme Court, the opposition parties are expected to oppose the federal government. This will set the stage for political confrontation and turmoil. If the confrontation between the federal government and the opposition escalates Pakistan’s troubled economy will further deteriorate. This will make the civilian political order vulnerable to strong pressure from the military that will view itself as a stabilising and conflict-managing entity.
Though several internal and external factors are not conducive to military takeover, the military’s capacity should not be underestimated to set aside the civilian order in a situation of acute internal conflict and economic relapse. In case of direct military intervention, the superior judiciary will also be removed. Thus, the decline and discredit of democracy endangers independent judiciary

BNK603 Midterm 2011 Paper Subjective Questions

 MIDTERM EXAMINATION 
Spring 2011
BNK603- Consumer Banking
Shared by Ambar Khaild
Time: 60 min
                                                                                                                  Marks= M = 41

BNK603 - Consumer Banking - Q.No. 23 ( M - 3 ) 
What type of risk and implication are associated to growth of customer finance?

BNK603 - Consumer Banking - Q.No. 24 ( M - 3 ) 
Why consumer says that info disclosure practices are poor in bank? www.vuzs.net

BNK603 - Consumer Banking - Q.No. 25 ( M - 3 ) 
What is difference between doorstep delivery and point of sale delivery?

BNK603 - Consumer Banking - Q.No. 26 ( M - 5 )
What is CFC?

BNK603 - Consumer Banking - Q.No. 27 ( M - 5 )
Explain money laundering?

BNK603 Final Term Paper 2010

FINALTERM EXAMINATION
Spring 2010
BNK603- Consumer Banking

1. Role of groups in credit risk management (3)
2. To whom the credit risk department gives support (3)
3. Attributes of an effective ERM report (5)
4. 20/20 customer experience (5)
5. Give reasons of trend in declining in client relationship with bank and the solutions (5)
6. Change Management in service design
7. Recovery / Collection process
8. Documentation of housing finance
9. Responsibilities of Regional Credit Administration Department?
10. Alternative Face to Face Business?
11. What is on demand business?

BNK603 Final Term Paper 2011 - Consumer Banking

FINALTERM EXAMINATION
Spring 2011
BNK603-Consumer Banking


Paper Pattern:                                                                                 MCQ’s 46
                                    Subjective 04 (3 Marks)                            Subjective 05 (5 Marks)
3 Marks Questions:
Q1:      What are the impediments of Market?
Q2:      Why companies use the qualitative analysis?
Q3:      How the Front line staff can be helpful in improving customer experience?
Q4:      How responsibilities of consumer trust council for improving an organization-wide variable of consumer trust?
5 Marks Question:
Q5:      Why traditional banks and money lenders are significantly over engineered for need of consumer in emerging markets?
Q6:      What are the supporting factors for revolutionalize the accessibility of financial services to the base of Economic Pyramid in Pakistan?
Q7:      What are the attributes for effective ERM reporting in Bank?
Q8:      What is a structure of Credit Risk?
Q9:      What are the associates to marketing of Credit Cards as provided by State Bank of Pakistan?

BNK603 Midterm paper 2011

MIDTERM EXAMINATION 
Spring 2011
BNK603- Consumer Banking
13th May 2011
Time: 60 min
                                                                                                                   M a r k s: 41

Question No: 23 ( M a r k s: 3 ) 
How the banker will ensure the reliability of the person not introduced by the branch employee of the bank?

Question No: 24 ( M a r k s: 3 ) 
Discuss the relationship-based approach for high-potential clients.

Question No: 25 ( M a r k s: 3 ) 
What is the difference between point of sale and doorstep delivery?

Question No: 26 ( M a r k s: 5 ) 
From a consumer’s point of view, why high interest rate spread and variable interest rate are important issues in consumer financing? (Marks=2.5+2.5)


Question No: 27 ( M a r k s: 5 ) 
What challenges did the financial companies face at the time of entry into consumer finance?

BNK603 Final Term Paper July 2011

Total MCQ= 46
Question No: 47      ( M a r k s: 3 )
Discuss the reasons why banks are giving importance to “know your customer”
  
Question No: 48      ( M a r k s: 3 )
What benefits do the companies achieve by combining the risk appetite statement components?
  
Question No: 49      ( M a r k s: 3 )
What questions do the managers address when gauging the service offering element in diagnosing the service design?
  
Question No: 50      ( M a r k s: 3 )
The bank needs to maintain and establish customer trust. Deloitte has suggested some attributes of trust. Explain these attributes briefly.

 Question No: 51    ( M a r k s: 5 )
How banks can bring change in technological deficient retail banking

 Question No: 52   ( M a r k s: 5 )
What problems the base of the economic pyramid is facing in terms of participation in the formal sector?

 Question No: 53   ( M a r k s: 5 )
What should be the attributes for the effective ERM reporting in a bank? www.vuzs.net 

 Question No: 54    ( M a r k s: 5 )
Why the Credit Administration Department is established?
 Question No: 55    ( M a r k s: 5 )
What necessary should the bank take in response to increasing alternative face to face activity?

BNK601 - Banking Laws and Practices Midterm Paper Fall 2010 Paper


BNK601 Question No: 1      (M - 1 )

Which of the following refers to “An obligation annexed to the ownership of property, and arising out of a confidence reposed in and accepted by the owner, or declared and accepted by him, for the benefit of another, or of another and the owner is the person who reposes or declares the confidence”? 
  • Agency 
  • Trust 
  • Branch 
  • Sole ownership 

BNK601 Question No: 2      (M - 1 ) 

Which of the following includes the evolution of law over a period of time? 
  • Analytical Jurisprudence 
  • Historical Jurisprudence 
  • Ethical Jurisprudence 
  • Behavioral Jurisprudence

BNK601 Question No: 3      (M - 1 ) 
Which of the following is NOT among the instruments of money market? 
  • Bills of exchange 
  • Repurchase agreements 
  • Stocks 
  • Federal funds 
LESSON 4
Stocks: Stocks are issued as equity claims by corporations and represent the largest single category of capital market assets.
 


BNK601 Question No: 4      (M - 1 ) 
Which of the following is NOT among the instruments of capital market? 

  • Federal funds 
  • WAPDA bonds 
  • Debentures 
  • Stocks
BNK601 Question No: 5      (M - 1 ) 
State Bank of Pakistan started its operations on:
  • 1st May, 1948 
  • 20th May, 1948 
  • 1st July, 1948 
  • 1st August, 1948
BNK601 Question No: 6      (M - 1 ) 
All of the following are contents of a company's Memorandum of Association under Banking Companies Ordinance, 1962 EXCEPT: 
 
  • Name of the company
  • Liability of the members 
  • Number of share holders
  • Authorized capital

BNK601 Question No: 7      (M - 1 )

Which of the following is(are) engaged in a letter of credit? 
  • Advising bank 
  • Confirming bank 
  • Negotiating bank 
  • All of the given options 

BNK601 Question No: 8      (M - 1 ) 

Which of the following is FALSE regarding the prohibition of employment as described under section 11 of Banking Companies Ordinance, 1962? 
 
  • No banking company shall employ or be managed by a managing agent.
  • No banking company shall employ who is, or at any time has been, adjudicated insolvent.
  • No banking company shall employ who is convicted by a criminal court of an offence involving moral turpitude.
  • None of the given options
BNK601 Question No: 9      (M - 1 )
Which of the following sections of Banking Companies Ordinance, 1962 describes the regulation of paid-up, subscribed and authorized capital?
  • Section 10 
  • Section 12 
  • Section 14 
  • Section 15 
BNK601 Question No: 10      (M - 1 ) 
Which of the following is NOT included in section 19 of Banking Companies Ordinance, 1962 regarding restriction as to payment of dividend? 

  • No banking company shall pay any dividend on its shares until all capitalized expenses have been completely written off. 
  • Dividend can be paid if adequate provisions on account of depreciation have been made by the banking company to the satisfaction of the auditors. 
  • Dividend can be paid if adequate provisions on and bad debts have been made by the banking company to the satisfaction of the auditors. 
  • A banking company can pay dividend only when it will earn profit. 
              1-The depreciation, if any, in the value of its investments in shares, debentures or bonds (others                 than approved securities) in any case where adequate provision for such depreciation has been                made to the satisfaction of the auditor of the banking company;
              2- the bad debts, if any, in any case where adequate provision for such debts had been made to the               satisfaction of the auditor of the banking company.
 
BNK601 Question No: 11      (M - 1 ) 
According to Section 36 of Banking Companies Ordinance, 1962, the Federal Government can issue a Certificate of Moratorium, upon an application of State Bank for a MAXIMUM period of:
  • Three months 
  • Six months 
  • Nine months 
  • One year 
BNK601 Question No: 12      (M - 1 ) 
Rejected complaints can be sent to Banking Mohtasib along with all related correspondence and the Complaint Form, without the need to give:
  • 30 days notice to the concerned bank 
  • 45 days notice to the concerned bank 
  • 60 days notice to the concerned bank 
  • 90 days notice to the concerned bank 
BNK601 Question No: 13      (M - 1 ) 
According to the State Bank of Pakistan Act, 1956, “Bank” refers to which of the following? 
  • Commercial bank 
  • Investment Bank 
  • Islamic Bank 
  • State Bank of Pakistan 

BNK601 Question No: 14      (M - 1 ) 

When did Pakistan Banking and Finance Services Commission Act come into force? 
  • 1992 
  • 1997 
  • 2001 
  • 1962
BNK601 Question No: 15      (M - 1 ) 
Federal Bank for co-operative and Regulation of Co-operative Banking Act, 1977 extends to: 
  • The whole Pakistan 
  • Punjab Province only 
  • North West Frontier Province only 
  • Sindh Province only 

BNK601 Question No: 16      (M - 1 ) 

According to the Section 10 of Microfinance Institutions Ordinance, 2001, no microfinance institution shall operate in a specified province unless it has a paid up capital of not less than: 

  • Rs. 100,000,000 
  • Rs. 150,000,000 
  • Rs. 500,000,000 
  • Rs. 700,000,000 
LESSON 19
Two hundred and fifty million rupees or such higher amount as may be prescribed from time to time, for microfinance institutions to whom a license to operate in a specified province is issued.

BNK601 Question No: 17      (M - 1 ) 

According to the section 23 of Microfinance Institutions Ordinance, 2001, if any officer of microfinance institution mismanages the affairs of the microfinance institution then he shall be punishable with imprisonment for a term which may extend to:
  • One year 
  • Three years 
  • Five years 
  • 10 years 
LESSON 19
If any officer of a microfinance institution, mismanages the affairs of the microfinance institution or misuses his position for gaining direct or indirect benefit for himself or any of his family members, he shall be punishable with imprisonment for a term which may extend to three years.

BNK601 Question No: 18      (M - 1 ) 
Miss. Naila says to Miss. Amna that my land produces 40 mounds of wheat per acre. Miss. Amna believes it to be true and buys that land. Later on it appears that the land produces 10 mounds of wheat per acre. Miss. Naila has committed which of the following?
  • Corecion 
  • Undue influence 
  • Misrepresentation 
  • Mistake
BNK601 Question No: 19      (M - 3 ) 
What is the objective behind establishing the office of Banking Mohtasib?  
Answer: 
The main objective of the banking Mohtasib is to understand and find out injustice done by anyone to the customer. 
The examples of wrong charges levied on to the customers, extra commissions charged, incorrect interest rates given on deposits or incorrect interest rate charged on loans and advances. Compliants regarding cheque collections inward and outward transfer of domestic and foreign currency etc. 
Thus the banking mohtasib is suppose to address all the grievances faced by the customers of the bank.

BNK601 Question No: 20      (M - 3 ) 
An agent sells goods on credit to a person on behalf of his principal without making proper enquiry about the solvency of that person.  Afterwards, it reveals that the person was insolvent at the time of sale.  Principal sue his agent for loss. Is principal’s claim right?  

Answer: 
An agent sells goods on credit to a person on behalf of his principal without making proper enquiry about the solvency of that person.  .It seems from the above that selling on credit is the normal way of doing business. So as far as selling on credit is concerned the agent is entitled to do so. However as he sold goods to a person who was insolvent at the time of sale.  

Principal is justified and must sue his agent for loss and the Principal’s claim is right. The agent must have used reasonable care and diligence while selling the goods on credit. He should have by no means sold on credit to an insolvent person.

BNK601 Question No: 21      (M - 5 ) 
Write down any five topics covered in Part IIA (Transaction of Banking Business Illegally By Companies, etc.) of Banking Companies Ordinance, 1962. 

Answer: 

Following are the five topics covered in Transaction of Banking Business Illegally By Companies: 

1-Call for information as required by central bank . 
2-Power to make orders and decrees. 
3- Conservation of assets. 
4- Submission of Financial statements. 

BNK601 Question No: 22      (M - 5 ) 
In 2006, a commercial bank aggressively marketed for Term Deposits and told its customers that no penalties would be charged if premature encashment were desired. As a result of the campaign, many customers placed sizeable funds on 5 year Term Deposits with the bank. However, during 2007 when some of the depositors wanted to prematurely encash their deposits they were threatened with substantial penalties by the bank.  
Bank’s stance 
The bank defended the penalty by saying that it was empowered through its “Account Terms and Conditions” to alter any condition unilaterally at any time it chose. The bank claimed that even though the new penalty was included in its Schedule of Charges dated January 1, 2007, penalties were not invoked until July 1, 2007.  
In your opinion whose claim was right, customer or bank? Justify your answer with reasons. 
Answer:  
The banks stance is incorrect as they had promised the customers  to return the money to customers if they desired to withdraw the same without any penalty. The deposits were placed by customers based on the above said promise by the bank and now the bank cannot go back on its promise. This is a classic example to be referred to the Bank Mohtasib. 

BNK601 Question No: 23      (M - 5 ) 
Write down any five provisions of the Section 10 (Disqualifications of the Managing Director) of SBP Banking Services Corporation Ordinance, 2001. 

Answer: 
The following reasons: 
1- A person who is a member of Senate or National Assembly. 
2-A person who is an employee of the federal Government or of a provincial Government. 
3-A person who has not settled any dues of any Bank. 
4-A person who is holding a position of office like a secretary or treasurer in a political party. 
5-If he is a major share holder in another bank.

ACC501 Business Finance Final Term 2011 paper subjective

Total 59 mcqs
10 Subjective questions as under
  1. what is optimal credit policy state? 3
  2. what is difference between market value and book value? 3
  3. how cost of debt can be measured? 3
  4. define benchmarking and its method? 5
  5. find out portfolio?  5
  6. find out capita gain and dividend yeild and total percentage of return? 5
  7. describe difference type of firm's inventory and retail business? 5
  8. what is the best cash policy?   5

ACC501-Business Finance-Current-Midterm-Subjective-Paper-2011

Difference between public issued bond and public bond (3)
Why value of ordinary annuity is less than due annuity? (3)
What is dividend payout and retention ratio? and their relationship? (5)
calculate real rate if
a) Nominal rate is 15% and inflation rate is 6%.
b)Nominal rate is 12% and inflation rate is 5% .

Long Questions
1: Dividend payout and retention ratio and their relationship
2: Bond Theorism ........
3: How does Bond price fluctuate with the change of interest rate?
4:FV calculation ? when principal was 12000 and 9% interest rate four years investment period.

ACC501 Business Finance Paper Midterm 2011 Subjective Questions

Question # 1 (3 Marks)
Method of Calculating Yield to Maturity?
Question # 2 (3 Marks)
what is meant by total vu39 assets management ratios? name any common ratio under this category?
Question # 3 (5 marks)
Bond valuation Numerical Question, given from discount bond valuation.?
Question Material:
face value = 1000
annual coupon = 80
t = 15 years
Market value of the identical bond = 10%
Question # 4 (5 Marks)
Find the debt equity? when profit margin ratio = 10% You need Rs. 500,000 to buy a new vehicle. If you have Rs. 60,000 to invest at 15 percent compounded annually, how long will you have to wait to buy the vehicle

ACC501 Business Finance Subjective Final Term Questions Jan-2012

Electronic Dara Interchange and its advantages.

Define portfolio....What is portfolio weight give example.
Difference between Cash Cycle and Operating Cycle.
What is the reason of tax deduction on the difference between book value and market value.
What is the relationship between Capital structure and WACC.
Two aspects of short term financial policy.
Draw the cost table for chain matrix multiplication problem with initial state.
(2)
What is the common problem in communications networks and circuit designing?
(2)
How shortest path information is propagated in graph using Bell-Ford algorithm?
(2)
The following adjacency matrix represents a graph that consists of four vertices labeled 0.
1, 2 and 3. The entries in the matrix indicate edge weights.
0 1 2 3
0 0 1 0 3
1 2 0 4 0
2 0 1 0 1
3 2 0 0 0
Answer the following question.
Supposing we encounter an algorithm that works on weighted graphs, but we want to run
it on an un-weighted graph. How do we do this?
(2)
Consider the following two problems. In P1 we are given as input a set of n squares
(specified by their corner points), and a number k. The problem is to determine whether
there is any point in the plane that is covered by k or more squares.
In P2 we are given as input an n–vertex graph, and a number k; the problem is to
determine whether there is a set of k mutually adjacent vertices. (E.g. for k = 3 we are just
looking for a triangle in the graph.).
Obviously, the problems are both in NP. There exists a simple translation from P1 to P2:
just make a graph vertex for each square, and add an edge between a pair of vertices if
the corresponding two squares overlap.
If P1 is NP-complete, would this translation imply that P2 is NP-complete?
(Give your Answer in Yes or No)
(3)
Briefly discuss at least three variants of the shortest path problem.

ACC501-Business Finance Midterm Subjective Paper May-2012

ACC501-Business Finance Midterm Subjective Paper May-2012
  • Aslam will receive Rs.30,000 after 5 years at a discount rate of 12 percent what is the present value of this amount to Aslam (3).
  • Calculate the price of a share of stock of ABC Corporation if it pay Rs. 21 per share dividend every year the policy continuous indefinitely and required rate of return is 25%(3).
  • Shahid is planning to save amount for future suggest him the effective option from the flowing different Bank on saving account
               Bank A = 16.5% compounded quarterly
               Bank A = 16.75% compounded quarterly (5)
  • ABC company bound have face value of 8,000 and promised annual coupon of Rs.880 the bound return in 12 years. Determine the current value of bound if present market condition justify a 13% required rate of return is this a premium bound or discreet bound (5).

ACC311 Fundamentals of Auditing Solved MCQs

During audit of the financial statements, the auditors are concerned with the verification and determination of which one of the following items? 
  •  Statements, accuracy, and feasibility
  • Date, accuracy, and reliability 
  • Policies, value, and reliability
  • Cycle, policies, and reliability

Which one of the following authorities shall fix the remuneration of the auditors, if auditors are appointed by the SECP? (Companies Ordinance, 1984)? 

  • Directors 
  • Shareholders
  • Company registrar
  • SECP 
The phrase (Scope of an Audit) refers to which one of the followings?
  •  Engagement letters
  •  Audit procedures 
  •  Audit evidence
  • Reasonable assurance 
Following statements are true about the legal requirements of books accounts for the companies EXCEPT: (Companies Ordinance, 1984)
  • Books of accounts should be preserved for 10 years
  • Books of accounts are to be kept at the registered office of the company
  • Directors can review the books of account during the business hours
  • If a company fails to maintain books of accounts according, it may leads to demolish the entity
 The factors that affect reasonable assurance include all of the following EXCEP:
  •  Use of testing (Sampling)
  • Interest limitations of accounting and internal control
  • Remuneration of the auditor
  •  Persuasive nature of audit evidence
 A well designed Internal Control Questionnaire (ICQ) should incorporate the following EXCEPT:
  •  Be a sufficient source of data for the evaluation of internal controls
  • Identity the internal control system's strengths and weaknesses
  • Be organized by individual functional organizations
  • Should include simple yes or no responses but no narrative responses
 Which one of the following is FALSE about Internal Control Evaluation Checklists (ICEC)?
  •  ICEC is developed to overcome the shortcomings of Internal Control Questionnaire
  • The rules of constructing ICEC is different than construction of Internal Control Questionnaire
  •  It is designed to determine, whether desirable internal controls are present
  • It is normally employed where system's information has already been recorded
 An auditor's flow chart of an entity's information system is a diagrammatic representation. It depicts what kind of information?
  •  Program for tests of control
  • Understanding of the system
  • Understanding of the types of irregularity that are probable given by the present system
  • Documentation of the study and evaluation of the system
Which one of the following is NOT a factor included in the control environment of an entity?
  •  Integrity and ethical values
  • Risk assessment
  • Commitment to competence
  • Organization structure 
The audit which is a review of any part of an entity's operating procedures and methods is known as: 
  • Financial statement audits
  • Operational audits 
  • Technical Audits
  • Compliance audits
 While considering internal control system of an entity, the auditor is basically concerned that the system provides reasonable assurance about which one of the following? 
  • That the management can not override the system
  • Operational efficiency has been achieved according to management plans
  • Errors have been prevented or detected
  • Controls have not been circumvented by collusion
 Which one of the following is the source document for staff salaries? 
  • Approved payrolls 
  • Vouchers
  •  Accounting statements
  •  Cash memos 
Analytical procedures used in planning an audit should focus on identifying which one of the followings? 
  • Areas that may represent specific risks relevant to the audit
  •  Material weaknesses in the internal control structure
  •  The predictability of financial data form individual transactions
  •  The various assertions that are embodied in the financial report
 Which one of the following meetings is considered as a 'meeting of directors or management? 
  • General meeting
  • Extra ordinary general meeting
  • Board meeting 
  • Management meeting

ACC311 Fundamentals of Auditing Final Term Paper 2009

                                                      FINAL TERM EXAMINATION
                                                                      Spring 2009
                                             ACC311- Fundamentals of Auditing (Session - 1)


Question No: 1 ( Marks: 1 ) - Please choose one
Which one of the following is an objective of the internal audit?To report on financial statements
To check accounting system and internal control are operating efficiently
To determine the accuracy of financial statement values and disclosuresTo establish a control system in the company
Question No: 2 ( Marks: 1 ) - Please choose one
Which one of the following statements is NOT correct in respect of the internal auditor?

The scope of audit performed by internal auditors is primarily in respect of financial report audits
An internal auditor does not require a license to practice
Internal auditors are usually employed by companies and government unitsPrimary responsibility of the internal auditor is to the board of directors
Question No: 3 ( Marks: 1 ) - Please choose one
After how many days the Securities and Exchange Commission may appoint the auditors, if the Directors of a company could not appoint the auditors to fill casual vacancy? (Companies Ordinance, 1984)

30 days
60 days
80 days
120 days
Question No: 4 ( Marks: 1 ) - Please choose one
Suppose that during audit of a company, an auditor accepted the schedule of bad debts furnished by the client, though it was apparent that debts were not recoverable. The auditor shall be held liable for which one of the following liabilities?

Liability for negligence
Liability for misfeasance
Criminal liability
Personal liability
Ref: Page no.19
Question No: 5 ( Marks: 1 ) - Please choose one
The books of accounts of a company should be kept at which one of the following offices?(Companies Ordinance, 1984)
Registered office of the company
Accounts office of the company
Record office of the companyRegistrar office

CS607 Assignment # 5 Idea Solution Spring July 2012



CS607 Assignment_05 -

MTH603 GDB Solution Spring July 2012

The topic for Graded Moderated Discussion Board is

“Compare the efficiency and characteristics of Predictor- Corrector methods available to you.”

Idea Solution

Predictor–corrector method is an algorithm thatproceeds in two steps. First, the prediction step calculates a roughapproximation of the desired quantity. Second, the corrector step refines theinitial approximation using another means. A predictor¬¬–corrector methodtypically uses an explicit method for the predictor step and animplicit method for the corrector step. A simple predictor–corrector method canbe constructed from the Eulermethod (an explicit method) and the trapezoidal rule (an implicit method). Effectiveness and Characteristics

The idea behind the predictor-corrector methods is to use a suitable combination of an explicit and an implicit technique to obtain method with better convergence characteristics Runge Kutta method Euler Method, Trapezoidal Rule are predictor corrector methods