Lok Sewa Ayog
Nepal Rastra Bank
Lekha/Lekha Parixan
Adhikrit Tritiya
Sahayak Nirdeshak Written Competition Exam
Date - 2076-11-12
Paper - First
Time - 4 Hours
Full Mark - 100
Subject - Accounting and Auditing

प्रत्यक Section को उत्तर छुट्टाछुट्टै उत्तरपुस्तिकामा लेख्नुपर्नेछ। अन्यथा उत्तर पुस्तिका रद्द हुनेछ। alert-success

Section 'A' [60 Marks]

Question No. 1: TRP Ltd. began construction of a new plant on 1st of Shrawan 2075 and obtained a specific loan of Rs. 400,000 to finance the construction of the plant. The rate of interest on loan was 10%. The expenditure made on the project are as follows:

1st Shrawan 2075 Rs. 500,000
1st Mangshir 2075 Rs. 1,200,000
1st Baisakh 2076 Rs. 2000,000

The company's other outstanding nonspecific loan was Rs. 2,300,000 at the interest rate of 12%.

Calculate the amount of interest to be capitalized as per NAS-23 Borrowing costs. (5)

Question No. 2: Explain with examples the two post-employment benefit schemes defined by NAS 19: 'Employee Benefits'. How should the following items on account of actual valuation of gratuity be treated in financial statements? (5)

A) Current Service Cost
B) Actuarial Gain/Loss
C) Interest Cost

Question No. 3: Distinguish the recognition of characters of Joint operations and Joint ventures under NFRS II Joint Arrangements. (5)

Question No. 4: Present a brief summary of IFRIC 22 Foreign Currency Transactions and Advance Consideration. (5)

Question No. 5: One of the issues covered by NFRS 9 Financial Instruments is the classification and measurement of financial assets. The three possible measurement bases identified by the standard are:

↺ Amortised cost.
↺ Fair value through other comprehensive income.
↺ Fair value through profit or loss.

Explain how NFRS 9 requires entities to select the appropriate measurement basis for a financial asset. You should include any options available to entities regarding classification in your explanation. (5)

Question No. 6: A company has invested in 5 years bond of another company with face value of Rs. 1,000,000 by paying Rs. 500,000. The effective interest rate is 15%. The firm recognizes proportionate interest income in it's income statement throughout the period of bond. Based on this information, answer the following: (5)

i) How interest income will be treated in cash flows?
ii) On maturity, whether the receipt of Rs. 1,000,000 should be split between interest income & receipts from investment activity?

Question No. 7: Following are the summarized Balance Sheet of Company Alpha Ltd. and Beta Ltd., as at Ashad 31, 2076.

Liabilities Alpha Ltd.(Rs.) Beta Ltd.(Rs.) Assets Alpha Ltd.(Rs.) Beta Ltd.(Rs.)
Share Capital - - Goodwill 20,000 -
Equity shares of NRs.100 Each 2,000,000 1,500,000 Other Fixed Assets 2,400,000 1,150,000
10% Preferences Shares of NRs.100 Each 700,000 400,000 Trade Receivable 625,000 615,000
General Reserve 240,000 170,000 Inventory 412,000 680,000
Profit & Loss Account - 15,000 Cash at Bank 38,000 155,000
12% Debenture of NRs. 100 Each 600,000 200,000 Own Debenture (Nominal Values of NRs.200,000) 192,000 -
Trade Payables 560,000 315,000 Discount on issue of Debentures 2,000 -
- - - Profit & Loss Account 411,000 -
Total 4,100,000 2,600,000 Total 4,100,000 2,600,000

On Shrawan 01, 2076, Alpha Ltd. adopted the following scheme or reconstruction:

A) Each equity share shall be sub-divided into 10 equity share of Rs. 10 each fully paid up. 50% of the equity share capital would be surendered to the company.
B) Preference dividend are in arrears for 3 years. Preference shareholders agreed to waive 80% of the dividend claim and accept payment for the balance.
C) Own debenture of Rs. 80,000/- (Nominal Value) were sold at NRs. 98 cum interest and remaining own debentures were cancelled.

D) Debentures holders of Rs. 300,000/- agreed to accept one machinery of book value of Rs. 320,000/- in full statement.
E) Trade payables, Trade receivables and Inventory were valued at Rs. 500,000/-, Rs. 600,000/- and Rs. 400,000/-.
F) The company paid Rs. 20,000/- as penalty to avoid capital commitment of Rs. 400,000/-.

On Shrawan 02, 2076, a scheme of absorption was adopted. Alpha Ltd. would take over Beta Ltd. The purchase consideration was fixed below:

A) Equity shareholders of Beta Ltd. will be given 50 equity shares of Rs. 10 each fully paid up, in exchange for every 5 shares held in Beta Ltd.
B) Issue of preference shares of NRs. 10 each in the ratio of 4 preference shares of Alpha Ltd. for every 5 preference shares held in Beta Ltd.
C) Issue of 12% debentures of Rs. 100 each of Alpha Ltd. for every 12% debentures in Beta Ltd.

Prepare statement of financial position as at Shrawan 02, 2076.
(Make a suitable assumptions required, if any.) (10)

Question No. 8: Explain how the recognition and measurement of subsequent events is done as per NAS 10. As an auditor, how would you deal with material non adjusting event identified after Balance Sheet date that would affect going concern assumptions of the entity? Explain with suitable example by referring provisions of NSA 570 "Going Concern" as well. (10+10)

Section 'B' (40 Marks)

Question No. 9: According to guidance notes on Nepal Standards on Quality Control, what are the procedures to follow to evaluate managements integrity and the risk associated with providing professionals services in particular circumstances while accepting and/or continuing the client relationship? State. (5)

Question No. 10: Briefly explain the term 'Modified Opinion'. Provide a situation where auditor should issue disclaimer of audit opinion. (5)

Question No. 11: "There is a direct relationship between Audio risk and Detection risk". Comment with reference to relevant standards on auditing. (5)

Question No. 12: What are the risks and issues in securities underwriting that have adult implications as per Nepal Auditing Practice Statements (NAPS 101)?

Question No. 13: What is the main requirements under ISA 701 communicating key audit matter in the independent auditor's report? (5)

Question No. 14: State the reporting responsibility of an auditor in the context of non-compliance of Law and Regulation in an audit of Financial Statements stating in Nepal Standard on Auditing. (5)

Question No. 15: What steps should be taken by auditor if management refuses to provide representation considered necessary by him? (5)

Question No. 16: What are the preconditions for an adult? Explain in light of NSA 210. "Agreeing upon terms of Engagement." (5)

PDF DOWNLOAD Assistant Director Adhikrit Tritiya Accounting and Auditing Question Paper 2076-11-12 Nepal Rastra Bank NRB. alert-success

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