Examiners Comments

Winter Exam – 2021

 Examiner’s Comments
Financial Accounting
Winter Exam – 2021

General Comments on Examinees Performance

Overall candidates produced an above average standard of answers to the paper.
Few candidates seemed to be well prepared and all questions were attempted.

Question Wise Comments

Q. No. Comments
1 Although many good answers were given to part (a) but majority of the candidates failed to
give a proper working and explanation regarding adjustments required in part (b).

2 The response to this question was better than the last attempt. However, few candidates
still could not write the disclosure requirements correctly.

3 The final accounts question gave candidates the opportunity to gain a substantial number of
marks. Overall, this question was well done with full marks being awarded to many
candidates. However, some failed to properly understand and incorporate the adjustments
including the calculation of depreciation, provision for doubtful debts and bonus issue
causing a few problems but no many marks were lost.

4 More than 50% of the candidates were not able to calculate the amount of provision
correctly. The main reason for loss of marks was the failure to give a proper working and
explanation. However, rectification adjustment was well answered.

5 The response to this question was poor. The main failure was the fact, that candidates were
not well prepared regarding international accounting standards.

6 The response to this question was just appropriate. The reason for a loss of marks was the
lack of knowledge about accounting treatments relating to goodwill and admission of a
partner.

7 This was well done; the majority of candidates being awarded full marks.

8 The majority of the candidates failed to attempt this question correctly. Lack of knowledge
regarding journal entries was evident.

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 Examiner’s Comments
Business Communication and Report Writing

Winter Exam – 2021

General Comments on Examinees Performance

Students did not attempt all questions and this had been the basic reason for not passing exam. Lack of
preparation for exam was observed. Examinees did not have basic knowledge of common terminologies.
Spelling mistakes and grammatical errors were common.

Question Wise Comments

Q. No. Comments
About 90% of examinees gave appropriate answers and the performance was above
1
average.

2 This question was confused with the types of communication networks. The performance
was not upto the mark.

3 Examinees tried to write definition of ‘Perception’ in their own words but performance
was unsatisfactory.

4 Generally answers based on common understanding but lack of theoretical knowledge was
seen.

5 (a) ‘Consideration’ was not properly explained.

(b) Lack of 7C’s knowledge; not clear concept of ‘Courtesy’.

6 Above average performance; still confused psychological noise with physiological noise.

7 Very few examinees could give good examples; majority was unable to identify
characteristics of stereotypes.

8 Above average performance; still lack of knowledge of content in the book was evident.

9 Performance was good. Definition of agenda and enlisted items move accurately written.

10 Few examinees confused in both terms; however,

(a) Majority performed well.
(b) Very few students could write the format of a memo.

11 Few examinees define ‘persuasive letters’ however features were not correctly identified.

12 Almost all students were well aware and terms ‘Social Media’, still few were able to
identify features.

 Suggestion:
 Examinees should prepare exam by understanding the topics and terms thoroughly.
 Examinees should stay focused on the past examination trends. They should prepare exam
accordingly.

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 Examiner’s Comments
Taxation
Winter Exam – 2021

General Comments on Examinees Performance

Overall performance was not good. Most of the students seem to appeared without preparation.

Question Wise Comments

Q. No. Comments
1 Computation of Taxable Income from salary capital gain on Immovable properties and
securities poorly attempted.

2 (a) Question was from the head Income from Business. Required computation of
cost of Asset and Depreciation and not attempted well.
(b) Calculation of gain on disposal of property/asset was also not attempted upto
the mark.

3 Question was from the head Income from other source. It was an easy question but
again not well attempted.

4 (a) Question was from the head Income from Business and Agriculture Income.
Unsatisfactory Performance.
(b) Residential status and foreign source income not well attempted.

5 (a) Wealth Statement contents was an easy question but not attempted by most
of the students.

6 In the question of Sales Tax of Two Tax payers; Sales Tax liability was not correctly
calculated.

7 Theoretical question. Well attempted.

8 Sales tax theory question, Students lack the concept.

9 Definition of Federal Excise Tax, Students should be well versed with theory. Not well
attempted.

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 Examiner’s Comments
Management Strategy
Winter Exam – 2021

General Comments on Examinees Performance

In general, students have not been able to understand the questions and relate them to concepts of
both Management Strategy and management of Information Technology.
Specifically in the questions related to information technology, the majority of the students, were
unable to attempt.

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 Examiner’s Comments
Financial Reporting
Winter Exam – 2021

General Comments on Examinees Performance

a) Overall performance of the examinees was average.
b) Some examinees were well familiar with the question requirements and scored good marks
in the exam. Q3 and Q5 were poorly attempted as many of the students were unable to link
the requirement with relevant accounting standard.
c) A repetitive issue on the numbering of Questions/Answers was found again. Examinees
didn’t arrange answers in accordance with the question paper. Most of the students did not
even mention the question number in their answer sheet.
d) Presentation skills were not up to the mark as the students did not provide proper headings
where applicable and proper templates were not used.

Question Wise Comments

Q. No. Comments
1 This question was related to preparing a consolidated income statement. Generally,
well attempted by students but the majority of students did not attempt the question
completely. The common mistakes are as under:
 Dividend was not properly allocated to NCI
 Unrealized profit on closing was not calculated properly and many students
ignored that adjustment. Students used the margin approach for the
calculation of extra profit.
 Students ignored the impact of contingent consideration while calculation of
goodwill and admin expenses
 Share of profit attributable to group and NCI was not calculated by many
students
 Many students just prepared some workings and did not prepare an income
statement

2 This question was related to the preparation of notes for deferred taxation. Many
students performed very well but some common mistakes are as follows:
 Many students calculated deferred tax on the closing balance of 2020 only
without ignoring calculation of opening deferred tax;
 Interest receivable and the dividend was taxed at 30% instead of using 10%
and 15% rate respectively.
 Deferred tax was calculated on fines and penalties and donations to
unapproved institutions by many students by ignoring the concept of
permanent difference
3 This question was related to passing journal entries in the books of the lessee. It was
the average attempted question, general mistakes are as follows:
 Lease liability at inception was not calculated properly, penalty clause was
 Examiner’s Comments
ignored by many students.
 While calculating ROU assets many students ignored adding advance
payments of Rs. 100,000 in lease liability to reach ROU vale
 JV’s relating to depreciation of ROU asset and Unwinding of lease liability
were ignored by many students
 Payment of lease liability entry was missed by many students.

4 The question was related to the calculation of EPS. Overall, the performance in this
question was unsatisfactory, general mistakes are as follows:
 Weighted average number of shares was not calculated properly
 Many students ignored calculation of right and bonus fraction for calculation
of diluted EPS, and those who calculated ignored many concepts of IAS 33

5 This question was related to the preparation of relevant extracts of profit and loss
and the statement of financial position. This question was worst attempted only 4%
students secured passing marks, general mistakes are as follows:
 Borrowing cost eligible for capitalization was calculated for the whole year of
2019 without ignoring the relevant period of 3 months only;
 Rate for 2019 was 15% but students again calculated at 14.5%, again
borrowing cost for the whole year is capitalized.
 Students did not know how to prepare notes and extracts of financial
statements.

6 This question was a bit easy than others containing three different parts. Students
were required to discuss the accounting treatment, it was the well-attempted
question, general mistakes are as follows:
 In part (A) students remained unable to differentiate between owner-
occupied property and investment property, further depreciation expense on
owner-occupied property and FV gain on investment property was not
calculated properly by many students.
 In part (B) students did not explain the proper application of IFRS 5 further, at
the subsequent measurement many students charged impairment Rs. 3
million in Profit and loss account rather charging of impairment loss of Rs. 1.5
million against revaluation surplus and Rs. 1.5 million in profit or loss account.
 In part (C) many students did not add transaction cost at initial recognition,
further, only few students describe and calculated subsequent
measurements.

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 Examiner’s Comments
Management Accounting

Winter Exam – 2021

General Comments on Examinees Performance

PIPFA is great platform to add value in accountants to become professionals. Students should take
their studies serious to become skillful accountant.

Question Wise Comments

Q. No. Comments
1 Students need to focus study of each contents to earn command.

2 Students should reply relevant answers, purpose was asked rather definitions.
Very few responded well in this question. Budgeting is core of management
3 accounting.

4 Poor understanding of basic concepts. Students should prepare themselves.

5 Poor understanding of basic concepts. Students should prepare themselves.

6 Poor understanding of basic concepts. Students should prepare themselves.

7 Question was attempted by most students and gained good marks.

8 Question was attempted by most students and gained good marks.

9 Question was attempted by most students and gained good marks.

10 Question was attempted by most students and gained good marks.

 Suggestions:
Students are not well prepared. They just appear in exams to check their luck. In professional
studies, students have to gain command over all topics so that they serve Country with integrity
and compatibility.

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 Examiner’s Comments
Audit, Assurance & Ethics
Winter Exam – 2021

General Comments on Examinees Performance

Students who studied got good marks whereas those who tried to use general knowledge failed.
Many students wrote irrelevant things first to fill out copies which is not appropriate for a professional
students.

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 Examiner’s Comments
Business Organization
Winter Exam – 2021

General Comments on Examinees Performance

Generally, the students approach to theoretical questions was very weak.
The weak approach to the scenario-based questions may also be due to lack of practice of such questions.
Handwriting was also an issue due to which certain papers were almost impossible to read.
Generally, the answers to question No. 1, 3, 7 were reasonable.
Question 11, 12, 13 and 14 were very poorly attempted.

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