How to prepare for AFF's entrance test

[A.A]

@mariaanwerBest of luck for tomorrow.Remember to be confident-the interviewers may ask you a few academic questions(accounting or audit) or check how you respond to pressure by commenting on your weak points/weak test areas but you have to remain confident-that's what counts.
@KYHMaybe, but I don't believe I know you.

[Dard]

What is the maximum age for C.A inter AFF tolerates?

[A.A]

Congrats to all those who got selected(mariaanwer,NS and others...)Best of luck for this new stage.Now enjoy your training!

[mariaanwer]

thank you A.A and all seniors for ur sincere advice n wishes ) thanks alot.

[YNWA]

got the call too,never thought i wod get the call after the **** i pulled in the 2nd one p

[A.A]

So how was the first day?Sir IM is great-hope you had a stimulating session!

[imdad1]

is AFF conducting test....OMG...amazed lol !!! AFF is changing...hhahaha

[A.A]

Salam,
The induction process for AFF Islamabad for Autumn 2011 has started.Online form filling will commence from 14th September and will end on 25th September.So visit the following link tomorrow(when the form will be updated)and get registered.And read this thread to get help about the process.Best of luck!
http//affco.com.pk/stumain.aspx

[A.A]

My friend got a call from AFF Isb for test.Best of luck for Thursday.
P.S.The ones who were not called today,do not worry as calls usually take 2 days and they started quite late today so insha'allah you will get called tomorrow.

[haseeb0954]

<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by A.A</i>
<br />My friend got a call from AFF Isb for test.Best of luck for Thursday.
P.S.The ones who were not called today,do not worry as calls usually take 2 days and they started quite late today so insha'allah you will get called tomorrow.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">

I hv received the call for test in AFF Lhr
A.A plz tell me what will be tested in the test
and wat contents i hv to prepare for test?

test is on saturday 22nd october

[A.A]

@haseeb0954If you read all the posts on this thread from page 1,you will get a fair enough idea of the usual pattern of Big 4 tests and interviews especially those held in Islamabad and Karachi.Don't know specifically about AFF Lahore but hopefully it wouldn't be all that different from the rest.Best of luck!

[sweety]

Aut11-AFF Isb Test
AOA... yesterday i had test at A.F.Fergusons & co.
QUe ppr wz of 100 marks.

Accounting- 20 marks
Q1was most boring... deferred tax.
in thz que different rates 4 given for 2 years.
calculation of deferred tax asset/liability.
reversal of temporary dfrnc nd cary 4wd of loss wz tested.

Q2quite easy que of Impairmnt loss.
CA-RA, n thz loss allocation to assets of 2 CGUs.
Allocation to Goodwill, property,plant nd equipmnt Nd inventory.
n thn calculation of revised CA.

Q3Ias 18 revenue recognition in dfrnt scenarios...

Q4a loan z obtained by a cmpny of rs.10m,payable in equal annual instalmnts of 5 yearz.
rate of intrst z 14%.whole amount of principal vl b payable in case of any default, at the end of 2nd year,cmpny

makes default in repaymnt of loan.
(i). wt amount shd b disclosd in f.statmnts if cmpny renegotiates the termz of repaymnt 4r remaining amount of

loan in equal annual instalmnts.
(ii). if bank waive ths right n a sum of amount z payable in case of default.

Q5Ias 2...calculation of closing stock...easy ques.

Auditing- 20 marks
Q1Case study.
fin.stat of a cmpny r prepared on going cncrn basis...while thr r doubts as to going cncrn position of cmpny.
Directors intend to provide a note 4 thz....as an auditor,wt vl b implications of thz on audit report?

Q2wt vl the term "independce" refrs to a chartered accountant in practice?

Q3 case study (dnt remember)

Q4 advantages nd disadvantages of statistical nd judgemntal sampling?

Q5according to isa 580,wt z relevance of oral representation to external auditors.

Q6wt r agreed upon procedures engagemnt.. gv an xmple.

Q7 case study.
auditor asks managemnt to snd cnfirmation for receivablz/payablez to telecom operaters. hwever mgt z reluctant to

snd cnfrmations,as thr vl b significant variances in balances. auditor's duty in thz case?

Corporate n tax laws- 20 marks
Q1 a manufacturing cmpny (as mentioned in MOA), has its regsterd office in karachi. nw it wants to close thz

office nd open a new office in lahore along with some retails shops...Provisions of companies ordinance?

Q2who vl sign the fin.stats?

Q3taxability of income in following cases
(i). loss carried forward ka scenario basd que
(ii). employee share scheme.
(iii). pre-commencement expenditures.

Q4 Time of supply?

Q5in case of change in tax rate during a tax period,taxability of taxable supply n import of goods acordng to

Sales tax act.

English- 20 marks
Q1 one wrd substitution
* A man who acompanies anothr in crime.
* Conventional rules of professional behaviour
* Approval by all
* Convert into cash
* Accusations whch r nt proved
* dnt remember.

Q2Essay writing,wrd limit =150.
wt z the most serious problm of wrld in ur opinion?
OR
studnts learn evrythng in schools..or life experiences r best teachr?

Q3 cmprehension

Q4correct punctuation,grammer,spelling mistakes in para.

General knowledge- 10 marks
worst atemptd portion P
Q1.presidnt of world bank?
Q2.in wch year International federation of accounting z founded?
Q3.who z creator of Mona lisa's portrait?
Q4.first finance minister of pakistan?
Q5.who won Copa American cup 2011?
Q6.wch country z nt a membr of Eurpoen union?
Q7.reason of cyclical unemploymnt?
Q8.in calculation of GDP by expenditure methd,wch of following z used?
Q9, Q10. dnt remember.

Maths- 10 marks
Q1 sun of ages of A nd B z 38. 7 yearz ago, A waz 3 times B,find their presnt ages.

Q2 A taxi charges rs.15 for first 20 kms, rs.12 for nxt 30 kms. n thn rs.9 for each additional km. ahmed pays

1293, find distance covered?

Q3in how many ways 5 persons can sit, if 2 of thm sit nxt to each othr.

Q4 A+B= 23
B+C= 34
C+D= 45
D+A= 56
find A,B,C,D.

Q5 a persons travels 4km/h frm A to B, thn 6 km/hr frm B to A, if time z 50 minutes, find distance travelled?

Q6 A have Rs.1000,after one year A receives 1200...find rate of interest quaterly.

N thats all )
plz pray a lot 4 my selection in aff )

[sweety]

My Ist interview at A.F.F -
It waz a session of 30 minutes almost… first of all introduction hua…thn thy asked about Rzlt #61514;,some coments on rzlt…vl u join firm or wish to continue wd remaining pprz… nxt ques waz how u came in thz field? Thn do u thnk its encouraging or not? Some ques 4m application form…like extra curricular activities, where do u c urslf aftr 5 yearz…thn do u read newsppr? Current affairz? If late sittings,hw vl u manage? Some general questions…
Course related ques-
Accounting
1. Components of financial statements?
2. Wt vl u do in case of conflict, if a client writes Balance sheet instead of Statmnt of financial position?
3. Statement of cash flow? Whr vl u show Dividend?
4. If useful life of an asset changes,wt vl b its accounting treatment nd disclosure, hw vl u inform userz of fin.stat? whether its a change in accounting policy or accounting estimate?
5. Deffered tax asset? Any condition 4 its recognition?
6. Adjusting nd non adjusting event…if dividnd z proposed aftr year end,wt it b disclosd?
7. IAS 37, provision,contingent assets,liabilities in case of probable,possible nd remote obligation?
8. Interim financial reporting?
Auditing
1. Audit procedures?
2. Test of cntrolz?
3. Audit assertions?
4. Sampling? Dfrnt methodz?
5. Which asertn cn b chkd by Physical presence?
6. Being an Auditor,hw vl u find out the value of an asset?
Taxation
1. Dates 4r filing tax returns for individual, AOP, cmpny? Nd a cmpny havng year end June?
2. Recently revised time 4 filing tax returns?
3. # of persns 4 AOP?
Company Law
1. # of directors 4 listed cmpny?
2. Quorum 4 directors meeting?
3. Who cn b a chief executive?
4. Chairman Vs Chief executive?
General knwlegde
1. Capital of Indonesia, Malaysia, Singapore, Hong Kong?
2. Riyadh z capital of wch country?
Any questn 4m UR side? Nd thtz all #61514; Overall session wz quite good in a frndly environment…hope 4 d Best #61514;