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Part I: Job-Related
Accounting & Finance including Sales Tax on Services – 50 Marks
Q. What type of asset is goodwill?
Answer: Intangible Asset
Q. A debit balance in the bank statement usually indicates:
Answer: Bank overdraft
Q. Which financial statement shows the financial position at a point in time?
Answer: Balance sheet
Q. In accounting cycle, the first phase is:
Answer: Identifying economic transactions
Q. Recording financial transactions in day‑to‑day order is done in:
Answer: General Journal
Q. If cost of sales is Rs. 60,000 and sales are Rs. 95,000 with operating expenses Rs. 20,000, net profit is:
Answer: Rs. 15,000
Q. Sales tax on services in Punjab is charged at:
Answer: 16%
Q. Who is liable to pay tax for services provided within Punjab?
Answer: Service provider
Q. Who is liable to pay tax for services received from a non-resident?
Answer: Service recipient
Q. What does “Reverse Charge” mean in Punjab Sales Tax on Services Act?
Answer: Registered recipient pays the tax
Q. Input tax adjustment cannot exceed:
Answer: 90% of output tax for the tax period
Q. Payment exceeding Rs. 50,000 must be made through:
Answer: Banking channel (cheque, draft, or pay order)
Q. Value of a taxable service includes:
Answer: Gross amount including federal/provincial duties (excluding Punjab sales tax)
Q. Short-paid tax refers to:
Answer: Paying less than the tax due
Q. If a registered person files a revised return, the time limit is:
Answer: 120 days from filing original return
Q. Penalty for failure to issue tax invoice (1st default) is:
Answer: Rs. 20,000
Q. Who is considered a “Defaulter” under the Act?
Answer: Director, partner, or guarantor failing to pay tax
Q. Retention period for records after July 2022 is:
Answer: 6 years
Q. Who has the authority to conduct a special or forensic audit?
Answer: Chartered Accountants, Cost & Management Accountants, or forensic experts
Q. Maximum penalty if tax is paid during audit but before show-cause notice?
Answer: 20% of penalty plus tax and default surcharge
Q. The standard rate of tax under the Act is:
Answer: 16%
Q. Who has the power to amend the Schedules of taxable services?
Answer: Government by notification in official Gazette
Q. Exempt services under the Act include:
Answer: Services provided by government hospitals, schools, charities, or crop insurance for own use
Q. If tax is charged at a wrong rate, who pays?
Answer: Provider must pay excess collected to Government
Q. Maximum input tax credit cannot be claimed for:
Answer: Vehicles, gifts, entertainment, or utilities not in registered name
Q. Operating Profit Ratio measures:
Answer: Profitability efficiency
Q. Contribution margin ratio helps calculate:
Answer: Break-even point
Q. The formula for operating cycle is:
Answer: Inventory period + Accounts receivable period
Q. Cash flow from a firm’s day-to-day operations is called:
Answer: Operating cash flows
Q. What is a Zero Coupon Bond also called?
Answer: Deep Discount Bond
Q. Which bank is responsible for monetary policy in Pakistan?
Answer: State Bank of Pakistan
Q. Verification of documentary evidence of transactions is called:
Answer: Vouching
Q. Agency Theory explains conflict between:
Answer: Managers and Shareholders
Q. If tax is short-paid and not paid after notice, default surcharge is applied at:
Answer: Interbank rate + 3% per annum
Q. Who must deposit 10% of demanded tax to halt recovery during appeal?
Answer: Taxpayer filing the appeal
Q. Maximum period for sealing business premises under the Act is:
Answer: 1 month
Q. Minimum retention period of records for periods before July 2022 is:
Answer: 8 years
Q. Liability for a deceased person’s estate includes:
Answer: Outstanding tax obligations
Q. A person voluntarily registering for sales tax must:
Answer: Maintain records, file returns, and comply with other tax laws
Q. What is the “180-day Rule” for joint liability?
Answer: Provider and recipient become jointly liable if tax not paid within 180 days
Q. Payment in installments: periodic service rules apply?
Answer: No, section 9 does not apply
Q. Penalty for obstructing an officer ranges from:
Answer: Rs. 25,000 to Rs. 100,000 or 100% of tax
Q. Time limit for filing appeal to Commissioner Appeals:
Answer: 30 days
Q. Appeal fee for individual:
Answer: Rs. 200
Q. Appeal fee for company:
Answer: Rs. 1,000
Q. Time limit for appeal to Appellate Tribunal:
Answer: 60 days
Q. Fee for Appellate Tribunal appeal:
Answer: Rs. 2,000
Part II: General Knowledge
Islamic Studies / Ethics & Urdu
Q. Name the Prophet who was the first man to write?
Answer: Hazrat Idrees (A.S)
Q. When did the lady named Zainab poisoned Holy Prophetﷺ?
Answer: Conquest of Khyber
Q. Which prophet slept for 100 years?
Answer: Hazrat Uzair (A.S)
Q. Who was made the custodian of the Kaaba’s key after the Conquest of Makkah?
Answer: Hazrat Usman bin Talha
Q. To which city was Hazrat Loot (AS) sent?
Answer: Sodom
Q. Give the total number of Prophets (AS) in Islam?
Answer: 124,000
Q. Who translated the Holy Quran into Urdu?
Answer: Shah Abdul Qadir and Shah Rafi-ud-Din
Q. Name one ethical teaching of Islam regarding honesty.
Answer: Always speak the truth and avoid lying
Q. مشہور کتاب “آبِ حیات” کے مصنف کون ہیں؟
جواب: محمد حسین آزاد
Q. اردو ادب میں “حیاتِ جاوید” کس کی سوانح عمری ہے؟
جواب: سر سید احمد خان۔
Q. “ادب برائے زندگی” کس تحریک کا بنیادی نظریہ تھا؟
جواب: ترقی پسند تحریک۔
Q. لفظ “اردو” کس زبان سے ماخوذ ہے اور اس کے معنی کیا ہیں؟
جواب: ترکی زبان سے، معنی “لشکر”۔
سوال: جدید اردو شاعری کے بانی کو کون کہا جاتا ہے؟
جواب: مرزا غالب
سوال: “آنگن” کس مصنفہ کا ناول ہے؟
جواب: خدیجہ مستور
Pakistan Studies , Current Affairs & Geography
Q. Who was the first President of the Constituent Assembly of Pakistan?
Answer: Quaid-e-Azam Muhammad Ali Jinnah
Q. The ‘Objective Resolution’ was passed on which date?
Answer: March 12, 1949
Q. Which movement is known as the ‘Mother of All Movements’ in the history of Pakistan?
Answer: Khilafat Movement
Q. The ‘Wakhan Corridor’ separates Pakistan from which country?
Answer: Tajikistan (separating Pakistan from Central Asia)
Q. Which is the largest glacier in Pakistan located outside the Polar Regions?
Answer: Siachen Glacier
Q. What is the current rank of Pakistan in the ‘Global Firepower Index 2026’?
Answer: 9th (Ranks fluctuate; always check latest update)
Everyday Science & Computer
Q. Which layer of the atmosphere contains the Ozone Layer?
Answer: Stratosphere
Q. What is the primary function of a ‘Compiler’ in Computer Science?
Answer: It translates high-level source code into machine code (object code)
Q. The ‘Blue-Shift’ in astronomy indicates that an object is:
Answer: Moving closer to the observer
English
Q. ‘A person who hates mankind’:
Ans: Misanthrope
Q. ‘Neither of them ____ present.’
Ans: Was
Q. ‘He is _____ honest man.’
Ans: An
Q. Plural of ‘Criterion’:
Ans: Criteria
Q. Synonym of “Ubiquitous”
Answer: Omnipresent
Q. Antonym of “Ostentatious”
Answer: Modest
Q. Meaning of “Go the extra mile”
Answer: To put in extra effort
Q. Synonym of “Abstruse”
Answer: Difficult to understand / Complex
Q. Change Voice: “The government has implemented new policies” → ?
Answer: New policies have been implemented by the government
Computer Science & Everyday Science
Q. The ‘Speed of Sound’ is maximum in which medium?
Answer: Solids (like Steel)
Q. Which logic gate is known as the ‘Universal Gate’?
Answer: NAND and NOR gates
Q. ‘GPS’ stands for Global Positioning System. How many satellites are required for a 3D location?
Answer: Minimum 4 satellites
Q. Which component manages hardware resources?
Ans: Operating System
Q. ‘SATA’ is related to which hardware?
Ans: Hard Disk
Q. The default gateway is used to:
Ans: Connect to other networks
Q. A ‘Worm’ in IT terminology is a:
Ans: Self-replicating malware
Q. The speed of a modern CPU is measured in:
Ans: GHZ
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