Stage 1Orientation0%
Understand the official syllabus, paper structure, marks and preparation resources.
Stage 2Foundation0%
Build the concepts, terminology and prerequisite knowledge needed for the subject.
Stage 3Official Syllabus Coverage0%
Cover every official FPSC topic in a practical sequence.
Stage 4Consolidation0%
Prepare short notes, comparisons, evidence, diagrams, facts, formulas or timelines.
Stage 5Exam Application0%
Apply knowledge through the paper-specific practice format.
Stage 6Past Papers0%
Attempt topic-wise and full-length past-paper practice.
Stage 7Revision and Mock Examination0%
Complete layered revision, weak-area review and a timed mock paper.
Paper 1 · 100 marks
Fundamental Accounting Principles, Concepts, Assumptions and Conventions:
Nature and Scope of Accounting, Accrual/Matching Concept, Consistency of Presentation and Comparability, True and Fair View, Neutrality, Materiality, Prudence, Completeness, Understandability and Usefulness, Going Concern, and Substance over Form.
Accounting Cycle/Process and Financial Statements: Transactions and/or Events,
General Journal, General Ledger, Trial Balance (Unadjusted),Adjusti ng Entries and Adjusted Trial Balance, Work Sheet, Financial Statements including Income Statement, Statement of Financial Position (Balance Sheet), Statement of Cash Flows and Statement of Changes in Equity in accordance with the Financial Reporting Framework as specified by International Accounting Standard Board (IASB) through IFRSs/IASs, and by Securities and Exchange Commission of Pakistan through Companies Ordinance 1984, and Closing and Reversing Entries.
Attributes, and Significance of Accounting Information: Attributes of Accounting
Information, Information/Reporting Requirements of various Users/Stakeholders of Financial Statements including External (Investors/Shareholders, Creditors, Suppliers, Lenders/Financiers, Government Agencies etc.) and I nternal (Board of Directors,
Accounting for common Legal Forms of a Business: Accounting Principles and
Financial Statements of Sole -proprietorships, Partnerships and Joint Stock Companies including Bankin g Companies (Excluding Advanced Topics like Amalgamation, Capital Reduction, Consolidation etc.)
Accounting for Associations Not -for-profit, and for Public Sector: Accounting
Principles and Financial Statements - of Associations Not -for-profit, and – of Public Sector Entities as per Standardized Financial Reporting Framework provided by International Public Sector Accounting Standards (IPSAS) Board and Practices being followed in the country.
Accounting for Non -current Tangible Assets: Fundamental Concept s and
Principles concerning Non -current Assets: Cost; Depreciable Amount; Depreciation; Fair Value; Property, Plant and Equipment; Residual Value; and Useful Life. Depreciation Methods and their Application (as specified by International Accounting Standards Board):Straight-line Method; Reducing Balance Method; Number of Units Produced and basic know -how of other Methods/Techniques being commonly used by the Industry.
Fundamental and Technical Analysis of various Forms of Organizations:
Financial Statement s’ Analysis including both Horizontal (Measuring Change) and Vertical (Ratio) Analysis including Liquidity Ratios, Activity Ratios, Debt Ratios, Profitability Ratios and Market Ratios; Technical and Industry Analysis.
Fundamental Cost Accounting Principles and Concepts: Nature and Scope of
Cost and Managerial Accounting; Cost Concepts, Elements and Classification; Underlying Differences among Financial, Cost, and Management Accounting.
Accounting for Material, La bour and Factory Overheads (FOH): Recognition and
Valuation Principles for Material Inventory, and Methods to control Material Inventory; Calculation/Measurement and Accounting for Payroll for all forms of Labour, Time Rate and Piece Rate Systems; Commonly used Group Incentive Schemes; Factory Overhead Costs and FOH Rate, Departmentalization of FOH Costs, their Allocation, Apportionment and Reapportionment (Primary and Secondary Distributions), Methods for Secondary Distribution including both Repeated Appor tionment/Distribution and Algebraic Method.
Costing for Specific Jobs, and Process Costing: Nature of a Specific Job, and
Job-order Costing; Process Flow and Process Costing by the use of Cost of Production Report (CPR).
Management Accounting for Planning, Decision-making and Control:
Budgeting and its Use: Meaning and Nature of a Budget; Major Forms of a Budget including Production and Sales Budget, Cash Budget, Flexible Budgets, Zero -based Budget, Master Budget etc. Break-even Analysis: Difference bet ween Marginal and Absorption Costing Techniques; Concept of Relevant Cost; Application and Use of Contribution Margin and other Concepts for Planning and Decision-making (under Break-even Analysis) Variance Analysis: Meaning and Use of Standards and Varia nces; Major Classification of Variances including Material, Labour and FOH Variances, and their Computation.
Paper 2 · 100 marks
Fundamental Auditing Principles and Concepts: Audit and Auditing, True and Fair
View, Audit Assertions, Reasonable Assurance, Documentation and Audit Evidence, Audit Program, Audit Risks, Computer Information Systems (EDP Systems) and Computer-assisted Audit Techniques (CAAT), Inspection, Fraud, Going Concern, Audit Materiality, Misstatement, Governance an d Premise, Tests of Control and Substantive Procedures.
Audit Considerations, Dimensions and Conduct: Internal Control System and
Internal Audit, Internal VS External Audit, Responsibility for Financial Statements, Audit Planning, Scope of an Audit, Objec tives of an Audit, Inherent Limitations of an Audit, Risk Assessment and Management, Internal Audit and Corporate Governance, Classification of Audit, Qualities of an Auditor, Auditing in Computer Information Systems (EDP Systems) and Computer -assisted Audit Techniques, General Auditing Principles and Techniques commonly applicable to various Types of Undertakings including Merchandizing, Manufacturing, Banking, Insurance, Investment Entities etc., Audit Performance and Audit Completion.
Role and Responsib ilities of an Auditor: Auditor’s professional and legal Rights,
Responsibilities & Duties, and Liabilities; Auditor’s Opinion and Report, and their classification (Types); - as specified under the Companies Ordinance 1984, and in the handbook of IFAC.
Tax Structure, and Fundamental Concepts vis-à-vis Income Tax in Pakistan: Tax
Structure in Pakistan; Fundamental Definitions/Terminologies defined under Section 2 of the Income Tax Ordinance 2001.
Income Tax and Sales Tax Princi ples, and their Application: Selected Provisions
from Income Tax - Income for Tax Purposes [Section 4, 9 & 10], Heads of Income [Section 11], Tax Payable on Taxable Income [First Schedule to the Ordinance], Salary Income and Taxation [Sections 12 to 14], Income from Property [Sections 15 & 16], Income from Business[Sections 18 to 20], Capital Gains[Sections 37 to38], Income from other sources[Section 39, 40, 101(6), 111],Tax Credits [Sections 61 to 65], Taxation of Individuals, AOPs and Companies [Sections 86, 92, 94], Due Date for Payment of Tax [Section 137], Deduction of Tax at Source/With-holding Tax [Sections 147, 149, 153, 155]and related Income Tax Rules 2002. Selected Definitions and Provisions from Sales Tax –Scope of Tax [Section 3], Exempt supply [Section 2(11)], Goods [Section 2(12)], Input Tax [2(14)], Registered person [Section 2(25)], Supply [Section 2(33)], Tax [Section 2(34)], Retail Price and Retailer [Section 2(27)& 2(28)], Taxable Activity [Section 2(35)], Taxable Supply [Section 2(41)], Tax Fraction [Section 2(36)], Tax Period [Section 2(43)], Time of Supply [Section 2(44)], and Determination of Tax Liability [Section 7].
Business Studies: Nature and Scope of a Business Entity, Contemporary
Challenges posed to a Business; Common Legal Forms of a Business Entity – Sole- proprietorship, Partnership, Joint Stock Company, their Features, Formation and Management; Business Combinations and their Scope; Business Cycle and its Implications; Role of Information Technology in Business.
Finance: Meaning, Nature and Scope of Finance, and Financial Management;
Common Modes (Types) of Business Finance – Short-, Medium -, and Long -term Financing; Nature and Scope of Financial Markets and Institutions; Features an d Classification of Financial Markets; Financial Management Techniques for Decision - making: Time Value of Money, Cost of Capital and Capital Budgeting Techniques.
- Suggested ReadingsAccounting Paper – I (100 Marks) 1 Financial Accounting, and Intermediate Accounting Kieso, Weygandt and Warfield 2 Fundamentals of Accounting Principles Wild. Larson. Chiappetta 3 Accounting for Decision-making Meigs, William and Haka 4 IFRSs / IASs ICAP / IFAC 5 Principles and practice of Book Keeping and Accounts Vickery, B.G 6 Financial Accounting M. Hanif and A. Mukherjee 7 Principles of Accounting, and Advanced Accounting Sohail Afzal 8 Principles of Accounting, and Advanced Accounting M.A Ghani and Ejaz 9 Cost Accounting – Planning and control Usry, Hammer, Matz 10 Managerial Accounting Peter C. Brewer, Ray H. Garison, Eric W. Noreen. 11 Cost Accounting Jain and Narang 12 Cost Accounting Nisar ur Din. Accounting Paper – II (100 Marks) 13 Auditing- Principles and Techniques S. K. Basu 14 Auditing Dickseee, L.R 15 Practical Auditing Spiecer and Pegler 16 Companies Ordinance 1984 SECP 17 Auditing S. K. Millichamp, ELBS 18 Handbook of International Quality Control, Auditing, Review and Other Assurance ICAP / IFAC 19 Auditing M. Irshad 20 Advanced Auditing Prof. Dr. Khuaja Amjad Seed 21 Income Tax Ordinance 2001 FBR 22 Introduction to Taxation / Synopsis of Taxes in Pakistan Mirza Munawar Hussain 23 Law in Practice – Income and Sales Tax Abdul Razzaq 24 Business Taxation Ijaz Ali Waince 25 Principles of Managerial Finance Lawrence J.Gitman 26 Fundamental of Financial Management Van Horne. Wachowicz Jr. Bhaduri 27 Basic Business Finance Hunt, Williams and Donaldson 28 Business Studies Hall, Jones and Raffo 29 Foundations of Financial Markets and Institutions Fabozzi, Modigliani, Jones and Ferri 30 Contemporary Business Kurtz and Boone 31 Principles and Practice of Commerce Stephenson 32 Introduction to Business M. Saeed Nasir
My Subjects
Stage 1Orientation0%
Understand the official syllabus, paper structure, marks and preparation resources.
Stage 2Foundation0%
Build the concepts, terminology and prerequisite knowledge needed for the subject.
Stage 3Official Syllabus Coverage0%
Cover every official FPSC topic in a practical sequence.
Stage 4Consolidation0%
Prepare short notes, comparisons, evidence, diagrams, facts, formulas or timelines.
Stage 5Exam Application0%
Apply knowledge through the paper-specific practice format.
Stage 6Past Papers0%
Attempt topic-wise and full-length past-paper practice.
Stage 7Revision and Mock Examination0%
Complete layered revision, weak-area review and a timed mock paper.
Paper 1 · 100 marks
Fundamental Accounting Principles, Concepts, Assumptions and Conventions:
Nature and Scope of Accounting, Accrual/Matching Concept, Consistency of Presentation and Comparability, True and Fair View, Neutrality, Materiality, Prudence, Completeness, Understandability and Usefulness, Going Concern, and Substance over Form.
Accounting Cycle/Process and Financial Statements: Transactions and/or Events,
General Journal, General Ledger, Trial Balance (Unadjusted),Adjusti ng Entries and Adjusted Trial Balance, Work Sheet, Financial Statements including Income Statement, Statement of Financial Position (Balance Sheet), Statement of Cash Flows and Statement of Changes in Equity in accordance with the Financial Reporting Framework as specified by International Accounting Standard Board (IASB) through IFRSs/IASs, and by Securities and Exchange Commission of Pakistan through Companies Ordinance 1984, and Closing and Reversing Entries.
Attributes, and Significance of Accounting Information: Attributes of Accounting
Information, Information/Reporting Requirements of various Users/Stakeholders of Financial Statements including External (Investors/Shareholders, Creditors, Suppliers, Lenders/Financiers, Government Agencies etc.) and I nternal (Board of Directors,
Accounting for common Legal Forms of a Business: Accounting Principles and
Financial Statements of Sole -proprietorships, Partnerships and Joint Stock Companies including Bankin g Companies (Excluding Advanced Topics like Amalgamation, Capital Reduction, Consolidation etc.)
Accounting for Associations Not -for-profit, and for Public Sector: Accounting
Principles and Financial Statements - of Associations Not -for-profit, and – of Public Sector Entities as per Standardized Financial Reporting Framework provided by International Public Sector Accounting Standards (IPSAS) Board and Practices being followed in the country.
Accounting for Non -current Tangible Assets: Fundamental Concept s and
Principles concerning Non -current Assets: Cost; Depreciable Amount; Depreciation; Fair Value; Property, Plant and Equipment; Residual Value; and Useful Life. Depreciation Methods and their Application (as specified by International Accounting Standards Board):Straight-line Method; Reducing Balance Method; Number of Units Produced and basic know -how of other Methods/Techniques being commonly used by the Industry.
Fundamental and Technical Analysis of various Forms of Organizations:
Financial Statement s’ Analysis including both Horizontal (Measuring Change) and Vertical (Ratio) Analysis including Liquidity Ratios, Activity Ratios, Debt Ratios, Profitability Ratios and Market Ratios; Technical and Industry Analysis.
Fundamental Cost Accounting Principles and Concepts: Nature and Scope of
Cost and Managerial Accounting; Cost Concepts, Elements and Classification; Underlying Differences among Financial, Cost, and Management Accounting.
Accounting for Material, La bour and Factory Overheads (FOH): Recognition and
Valuation Principles for Material Inventory, and Methods to control Material Inventory; Calculation/Measurement and Accounting for Payroll for all forms of Labour, Time Rate and Piece Rate Systems; Commonly used Group Incentive Schemes; Factory Overhead Costs and FOH Rate, Departmentalization of FOH Costs, their Allocation, Apportionment and Reapportionment (Primary and Secondary Distributions), Methods for Secondary Distribution including both Repeated Appor tionment/Distribution and Algebraic Method.
Costing for Specific Jobs, and Process Costing: Nature of a Specific Job, and
Job-order Costing; Process Flow and Process Costing by the use of Cost of Production Report (CPR).
Management Accounting for Planning, Decision-making and Control:
Budgeting and its Use: Meaning and Nature of a Budget; Major Forms of a Budget including Production and Sales Budget, Cash Budget, Flexible Budgets, Zero -based Budget, Master Budget etc. Break-even Analysis: Difference bet ween Marginal and Absorption Costing Techniques; Concept of Relevant Cost; Application and Use of Contribution Margin and other Concepts for Planning and Decision-making (under Break-even Analysis) Variance Analysis: Meaning and Use of Standards and Varia nces; Major Classification of Variances including Material, Labour and FOH Variances, and their Computation.
Paper 2 · 100 marks
Fundamental Auditing Principles and Concepts: Audit and Auditing, True and Fair
View, Audit Assertions, Reasonable Assurance, Documentation and Audit Evidence, Audit Program, Audit Risks, Computer Information Systems (EDP Systems) and Computer-assisted Audit Techniques (CAAT), Inspection, Fraud, Going Concern, Audit Materiality, Misstatement, Governance an d Premise, Tests of Control and Substantive Procedures.
Audit Considerations, Dimensions and Conduct: Internal Control System and
Internal Audit, Internal VS External Audit, Responsibility for Financial Statements, Audit Planning, Scope of an Audit, Objec tives of an Audit, Inherent Limitations of an Audit, Risk Assessment and Management, Internal Audit and Corporate Governance, Classification of Audit, Qualities of an Auditor, Auditing in Computer Information Systems (EDP Systems) and Computer -assisted Audit Techniques, General Auditing Principles and Techniques commonly applicable to various Types of Undertakings including Merchandizing, Manufacturing, Banking, Insurance, Investment Entities etc., Audit Performance and Audit Completion.
Role and Responsib ilities of an Auditor: Auditor’s professional and legal Rights,
Responsibilities & Duties, and Liabilities; Auditor’s Opinion and Report, and their classification (Types); - as specified under the Companies Ordinance 1984, and in the handbook of IFAC.
Tax Structure, and Fundamental Concepts vis-à-vis Income Tax in Pakistan: Tax
Structure in Pakistan; Fundamental Definitions/Terminologies defined under Section 2 of the Income Tax Ordinance 2001.
Income Tax and Sales Tax Princi ples, and their Application: Selected Provisions
from Income Tax - Income for Tax Purposes [Section 4, 9 & 10], Heads of Income [Section 11], Tax Payable on Taxable Income [First Schedule to the Ordinance], Salary Income and Taxation [Sections 12 to 14], Income from Property [Sections 15 & 16], Income from Business[Sections 18 to 20], Capital Gains[Sections 37 to38], Income from other sources[Section 39, 40, 101(6), 111],Tax Credits [Sections 61 to 65], Taxation of Individuals, AOPs and Companies [Sections 86, 92, 94], Due Date for Payment of Tax [Section 137], Deduction of Tax at Source/With-holding Tax [Sections 147, 149, 153, 155]and related Income Tax Rules 2002. Selected Definitions and Provisions from Sales Tax –Scope of Tax [Section 3], Exempt supply [Section 2(11)], Goods [Section 2(12)], Input Tax [2(14)], Registered person [Section 2(25)], Supply [Section 2(33)], Tax [Section 2(34)], Retail Price and Retailer [Section 2(27)& 2(28)], Taxable Activity [Section 2(35)], Taxable Supply [Section 2(41)], Tax Fraction [Section 2(36)], Tax Period [Section 2(43)], Time of Supply [Section 2(44)], and Determination of Tax Liability [Section 7].
Business Studies: Nature and Scope of a Business Entity, Contemporary
Challenges posed to a Business; Common Legal Forms of a Business Entity – Sole- proprietorship, Partnership, Joint Stock Company, their Features, Formation and Management; Business Combinations and their Scope; Business Cycle and its Implications; Role of Information Technology in Business.
Finance: Meaning, Nature and Scope of Finance, and Financial Management;
Common Modes (Types) of Business Finance – Short-, Medium -, and Long -term Financing; Nature and Scope of Financial Markets and Institutions; Features an d Classification of Financial Markets; Financial Management Techniques for Decision - making: Time Value of Money, Cost of Capital and Capital Budgeting Techniques.
- Suggested ReadingsAccounting Paper – I (100 Marks) 1 Financial Accounting, and Intermediate Accounting Kieso, Weygandt and Warfield 2 Fundamentals of Accounting Principles Wild. Larson. Chiappetta 3 Accounting for Decision-making Meigs, William and Haka 4 IFRSs / IASs ICAP / IFAC 5 Principles and practice of Book Keeping and Accounts Vickery, B.G 6 Financial Accounting M. Hanif and A. Mukherjee 7 Principles of Accounting, and Advanced Accounting Sohail Afzal 8 Principles of Accounting, and Advanced Accounting M.A Ghani and Ejaz 9 Cost Accounting – Planning and control Usry, Hammer, Matz 10 Managerial Accounting Peter C. Brewer, Ray H. Garison, Eric W. Noreen. 11 Cost Accounting Jain and Narang 12 Cost Accounting Nisar ur Din. Accounting Paper – II (100 Marks) 13 Auditing- Principles and Techniques S. K. Basu 14 Auditing Dickseee, L.R 15 Practical Auditing Spiecer and Pegler 16 Companies Ordinance 1984 SECP 17 Auditing S. K. Millichamp, ELBS 18 Handbook of International Quality Control, Auditing, Review and Other Assurance ICAP / IFAC 19 Auditing M. Irshad 20 Advanced Auditing Prof. Dr. Khuaja Amjad Seed 21 Income Tax Ordinance 2001 FBR 22 Introduction to Taxation / Synopsis of Taxes in Pakistan Mirza Munawar Hussain 23 Law in Practice – Income and Sales Tax Abdul Razzaq 24 Business Taxation Ijaz Ali Waince 25 Principles of Managerial Finance Lawrence J.Gitman 26 Fundamental of Financial Management Van Horne. Wachowicz Jr. Bhaduri 27 Basic Business Finance Hunt, Williams and Donaldson 28 Business Studies Hall, Jones and Raffo 29 Foundations of Financial Markets and Institutions Fabozzi, Modigliani, Jones and Ferri 30 Contemporary Business Kurtz and Boone 31 Principles and Practice of Commerce Stephenson 32 Introduction to Business M. Saeed Nasir