How annoying is ICAI question paper?

This is the extract of question asked in May 2000 in financial management paper (Look at the wordings in bold - how meaningless they are): “ Profit after tax = Rs 250 lacs…….Other relevant details – Total assets Rs 2200 lakhs, debt asset ratio (ie total debts including current liabilities) 31.8%, Earnings per share Rs 3.16 (Number of equity shares of Rs 10 paid up 80 lakhs); dividend per share Rs 1.5(these all relate to last year)…..” Now look at how so called “bright chartered accountants/examiners” have set the answers(these are taken from compilation of suggested answers published by our own ICAI) “Total assets Rs 2200 lakhs, debt assets ratio = 31.8%. Hence debt = 31.8% X 2200 lacs = Rs. 700. Thus equity is 2200-700 = Rs 1500 lacs. Return on capital employed = 500/2200 = 22.7%” How annoying the questions are set in exams : 1. This problem is back ward working problem. So if you try to work no of shares, by dividing profit after tax of Rs 250 lacs by EPS of Rs 3.16 you get 79 lakh no of shares outstanding. But the problem says 80 lakh shares are outstanding. 2. Here comes the biggest blunder. The problem itself says debt asset ratio includes current liabilities. If that be so, Rs 700 is inclusive of current liabilities. But so called “Buddhimans” have put Rs 2200 lacs in denominator of capital employed. Should you not reduce current liabilities from 2200 figure to get capital employed ? Will any person with basic knowledge in Finance management include current liability in capital employed figure??? 3. If the suggested answers are themselves wrong, what right does ICAI have to fail students. A genuine student having knowledge of subject will be breaking his head as to how the EPS figure has come in the exam thereby wasting precious time. I wonder how the person who wrote answers even cleared 10+2 (forget ca exam) having such a poor knowledge in subject? PS: This is an extract of 20 marks problem. 4. I have came across lot of such annoying mistakes and stupid assumptions ICAI has made in getting the answers. I used to wonder in exam as to how am I going to get answers when complete details (like current liability figure) are not given. I thought I should think intelligent and somehow get current liability figure. All I must have done is I must have made stupid assumption (in other words-I must be dumb). I think taking up ICAI exams are going to cost my sanity. If any council member or President is seeing this post on CAclubindia.com, please do the need ful – not to put unprofessional and knowledge less people in exam committee.