CPA Intermediate Level Exam Paper with Full Answers – KASNEB Standard (2024)

📙 CPA INTERMEDIATE LEVEL FINAL EXAM PAPER



Duration: 3 Hours

Maximum Marks: 100

Instructions: Answer all questions in Sections A and B, and any two
questions in Section C.



🔹 SECTION A – MULTIPLE CHOICE QUESTIONS (20 MARKS)



(Each question carries 1 mark. Choose the most appropriate answer)



1. Working capital is defined as:

A. Total assets – total liabilities

B. Current assets – current liabilities

C. Fixed assets – current liabilities

D. Cash + Bank

✅ Answer: B




2. A debenture is:

A. A short-term loan

B. A long-term loan issued by a company

C. A type of equity

D. A type of tax

✅ Answer: B




3. In marginal costing, fixed costs are treated as:

A. Variable cost

, B. Non-existent

C. Product cost

D. Period cost

✅ Answer: D




4. Capital gains tax is charged on:

A. Income from salary

B. Rent received

C. Profit from selling an asset

D. Loan interest

✅ Answer: C




5. The primary objective of an audit is:

A. To detect fraud

B. To ensure accounting policies are followed

C. To express an opinion on financial statements

D. To calculate tax

✅ Answer: C




6. The break-even point is when:

A. Fixed costs = total revenue

B. Profit = total sales

C. Total cost = total revenue

D. Contribution = fixed cost

✅ Answer: C