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CA CPT : Volume 1 - Model Test Paper 9 (with Answers)

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BOARD OF STUDIES THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA COMMON PROFICIENCY TEST Model Test Paper BOS/CPT 9 Time : 4 hours Maximum Marks : 200 The test is divided into four sections. Every correct answer carries + 1 mark each and 0.25 mark will be deducted for each wrong answer. SECTION A : FUNDAMENTALS OF ACCOUNTING (60 MARKS) 1. During the lifetime of an entity, accountants prepare financial statements at arbitrary points of time as per (a) (c) 2. Machinery. Receivables. (b) (d) Debt. None of the three. An event. A transaction. A transaction as well as an event. Neither a transaction nor an event. Profit leads to increase in (a) (c) 5. Consistency. Matching. Amit purchased a typewriter, for the purpose of sale, from Arvind for Rs. 8,000. This is (a) (b) (c) (d) 4. (b) (d) Real accounts relate to assets of the firm and not (a) (c) 3. Prudence. Periodicity. Assets. Both (a) and (b) (b) (d) Capital. Neither (a) nor (b) (b) (d) Real account None of the above Vikas and Co. account is a (a) (c) Personal account Nominal account Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 233 MODEL TEST PAPER - 9 6. Depreciation arises because of (a) (c) 7. Bills receivable. Outstanding wages. Sale of Rs. 5,000 was written in the purchases journal. Wages paid to Shyam has been debited to his account. The total of the sales journal has not been posted to the sales account. None of the above Credit balance. Negative balance. (b) (d) Debit balance. None of the above Bank reconciliation statement. Trial balance. (b) (d) Cash book. None of the three. Accounting estimate. Measurement discipline. (b) (d) Accounting policy. None of the above. Credit balance in the cash book means ________ . (a) (c) 14. (b) (d) Change in the method of depreciation is change in ________. (a) (c) 13. Sale returns. Carriage inwards. The equality of debits and credits of the ________ does not mean that the individual accounts are also accurate. (a) (c) 12. Discounting None of the above Prepaid salary has a (a) (c) 11. (b) (d) Which of the following error is an error of omission? (a) (b) (c) (d) 10. Noting Acceptance Which of the following accounts will have credit balance? (a) (c) 9. Fall in the value of money. None of the three. A promissory note does not require (a) (c) 8. Fall in the market value of the asset. (b) Physical wear and tear of the asset. (d) Overdraft as per passbook Both (a) and (b). (b) (d) Favourable balance as per passbook None of the above. Sale of scrap of raw materials appearing in the trial balance are shown on the credit side of ________ (a) (c) Trading account. Profit and Loss account. 234 The Institute of Chartered Accountants of India (b) (d) Manufacturing account. None of the three. Common Proficiency Test (CPT) Volume - I 15. Goodwill is a ________ (a) (c) 16. Profit and Loss account. Consignment account. (b) (d) Consignee s account. None of the three. Credits. Either (a) or (b). (b) (d) Debits. None of the three. 2 3 (b) (d) 4 5 Discount account. Sales account. (b) (d) Customer s account. None of the above. Huge Ltd. issued 25,000 equity shares of Rs.100 each at a premium of Rs. 15 each payable as Rs. 25 on application, Rs. 40 on allotment and balance in the first call. The applications were received for 75,000 equity shares but the company issued to them only 25,000 shares. Excess money was refunded to them after adjustment for further calls. Last call on 500 shares were not received and were forfeited after due notice. The above is the case of (a) (c) 22. Real account. None of the three. The cash discount allowed to a customer should be credited to (a) (c) 21. (b) (d) ________ days of grace are allowed in case of time bills for calculating date of maturity. (a) (c) 20. Personal account. Nominal account. When money is withdrawn from the bank, the bank ________ the account of the customer. (a) (c) 19. Fictitious asset. Intangible asset. Abnormal loss on consignment is credited to ________ (a) (c) 18. (b) (d) Joint venture account is a ________. (a) (c) 17. Current asset. Tangible asset. Oversubscription. Forfeiture of shares. (b) (d) Pro-rata allotment. All of the above A, B and C are partners in the firm sharing profits and losses in 5:3:2 ratio. The firm s Balance Sheet as on 31.3.2012 shows the Reserve balance of Rs. 25,000, Profit of the last year Rs. 50,000, Joint Life policy of Rs. 10,00,000, fixed assets of Rs. 12,00,000. On 1st June, C died and on the same date assets were revalued. The executor of the deceased partner will get along with the capital of C (a) (b) (c) (d) Share in the Reserves account of the firm. Proportionate share of profit upto the date of death. Share in Joint life policy. All of the above. Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 235 MODEL TEST PAPER - 9 23. A machine purchased on 1st January, 2008 at Rs. 15,00,000, having useful life of 15 years was depreciated on straight line basis. On 1st January, 2011, the same machine was revalued upward by Rs. 3 lacs. The amount of depreciation for the year 2011 will be (a) (c) 24. (b) (d) Rs. 35,500. Rs. 38,000. Rs. 75,000. Rs. 63,750. (b) (d) Rs. 60,000. Rs. 50,000. Cash account Rs. 35,000 and Discount account Rs. 500. Bank account Rs. 35,000 and Discount account Rs. 500. Cash account Rs. 35,500. Bank account Rs. 35,500. If repair cost of a building is Rs.15,000, whitewash expenses are Rs. 10,000, cost of extension of building is Rs.5,00,000 and cost of improvement in electrical wiring system is Rs. 25,000. The amount to be expensed is (a) (c) 28. Rs. 37,000. Rs. 36,500. A cheque of Rs. 35,000 received by M/s Nandini was endorsed to M/s Chandini on account of full settlement of Rs. 35,500 on 1st October, 2011. Chandini deposited the same into the bank on 4th October, 2011. In the books of M/s Chandini, the account to be debited on 1st October, 2011 will be (a) (b) (c) (d) 27. Rs. 1,00,000. Rs. 1,50,000. Atul purchased goods costing Rs. 50,000 at an invoice price, which is 50% above cost. On invoice price he enjoyed 15% trade discount and Rs. 3,750 cash discount on cash payment of goods in lump sum at the time of purchase. The purchase price to be recorded in the books before cash discount will be (a) (c) 26. (b) (d) At the end of the accounting year, material A costing Rs. 10,000 was having net realisable value of Rs. 9,500 only, while material B costing Rs.12,000 was having a net realisable value of Rs. 13,000 in the market and material C costing Rs. 15,000 was having net realisable value of Rs. 14,000 only. The total amount of closing inventory will be (a) (c) 25. Rs. 1,25,000. Rs. 1,20,000. Rs. 50,000. Rs. 25,000. (b) (d) Rs. 5,50,000. Nil An amount of Rs. 6,000 due from Anshul, which had been written off as a bad debt in a previous year, was unexpectedly recovered, and had been posted to the personal account of Anshul. The rectification entry will be (a) (b) (c) (d) Anshul s A/c Dr. Rs. 6,000, To Suspense A/c Rs.6,000. Suspense A/c Dr. Rs. 6,000, To Bad debts recovered A/c Rs. 6,000. No rectification entry required. Anshul s A/c Dr. Rs. 6,000, To Bad debts recovered A/c Rs. 6,000. 236 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 29. There was difference in the bank column of cash book and passbook by Rs. 2,500. On scrutiny it was found that interest of Rs. 500 charged directly by the bank was not entered in the cash book. The same was adjusted in the cashbook before reconciliation statement. Now, in the bank reconciliation statement, this interest of Rs. 500 is to be (a) (b) (c) (d) 30. Opening inventory of raw material of a manufacturing concern is Rs. 10,000, Purchase during the year is Rs. 2,00,000, Wages Rs. 50,000, Carriage Rs. 5,000, Factory overheads Rs. 1,25,000 and closing inventory of raw material is Rs. 15,000. The amount to be transferred is (a) (b) (c) (d) 31. (b) (d) Rs.15,000. Rs.15,500. Rs. 9.41. Rs. 10.50. (b) (d) Rs. 10.00. Rs. 8.93. Ajay bought goods of the value of Rs 20,000 and consigned them to Bijay to be sold by them on a joint venture, profits being divided equally. Ajay draws a bill on Bijay for an amount equivalent to 80% of cost on consignment. The amount of bill will be: (a) (c) 34. Rs.18,000. Rs.12,500. 1,000 kg of oranges are consigned to a wholesaler, the cost being Rs. 8 per kg, plus Rs. 925 of freight. It is concluded that a loss of 15% is unavoidable. The cost per kg of orange will be (a) (c) 33. Rs. 3,75,000 to cost of goods manufactured account. Rs. 3,75,000 to cost of goods sold account. Rs. 3,75,000 to cost of sales account. Rs. 3,75,000 to cost to company account. Mr. A consigned goods costing Rs. 2,50,000 to Mr. B at an invoice price of Rs. 3,00,000. The goods were to be sold at invoice price or above. Mr. B sold some of the goods at invoice price of Rs. 2,00,000 and some at 10% above cost i.e. Rs.1,10,000. For this he gets 5% commission. The amount of commission is (a) (c) 32. Added to the cash book balance. Subtracted from the cash book balance. Ignored while preparing bank reconciliation statement. None of the above. Rs. 16,000. Rs. 4,000. (b) (d) Rs. 20,000. Cannot be determined. A machine purchased on 1.4.2009 for Rs.10,00,000 was depreciated on straight line basis over its useful life of 10 years. On 1.4.2011, it was found that machine is in a good condition and will be used in the production for another 10 years. The amount of depreciation for the year ending 31.3.2012 will be (a) (c) Rs. 1,00,000. Rs. 83,333. Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Rs. 80,000. Rs. 66,667. 237 MODEL TEST PAPER - 9 35. X of Kolkata sends out goods costing Rs. 1,00,000 to Y of Mumbai at cost + 25%. Consignor s expenses Rs. 2,000. 3/5th of the goods were sold by consignee at Rs. 85,000. Commission provided will be 2% on sales + 20% on gross sales less all commission exceeding its invoice value. Amount of total commission will be: (a) (c) 36. 39. (b) (d) Rs. 3,000 Rs. 13,500 8.1.2012 11.1.2012 (b) (d) 10.1.2012 9.1.2012 (a) Rs. 900 (b) Rs. 600 (c) Rs. 300 (d) Rs. 650 On 1.6.05, X draws a bill on Y for Rs. 25,000. At maturity Y request X to accept Rs. 5,000 and noting charges incurred Rs. 100 in cash and for the balance X draws a bill on Y for 2 months at 12% p.a. Interest amount will be: Rs. 410. Rs. 440. (b) (d) Rs. 420. Rs. 400. R, the consignor, sends out goods costing Rs.2,00,000 to K for sale on commission basis. Consignor s expenses Rs.5,000. Consignee s expenses in relation to sales Rs. 2,000. 4/5th of the goods were sold at 20% above cost. Commission charged by K is Rs. 5000. The profit on consignment will be: (a) (c) 41. Rs. 12,500 Rs. 14,500 Mr. Aakash draws a bill on Mr. Yash for Rs. 30,000 on 1.1.2012 for 3 months. On 4.2.2012, Mr. Aakash got the bill discounted at 12%. The amount of discount will be: (a) (c) 40. Rs. 3,000. Rs. 2,000. On 1.12.11 X draws a bill on Y for 30 days after sight . The date of acceptance is 8.12.11. The maturity date of the bill will be: (a) (c) 38. (b) (d) Anuj bought goods of the value of Rs. 10,000 and consigned them to Bittu to be sold by them on a joint venture, profits being divided equally. Anuj paid Rs. 1,000 for freight and insurance. Anuj draws a bill on Bittu for Rs. 10,000. Anuj got it discounted at Rs. 9,500. Bittu sold the goods for Rs. 15,000. Commission payable to Bittu Rs. 500. The amount to be remitted by Bittu to Anuj will be: (a) (c) 37. Rs. 3,083. Rs. 2,500. Rs. 21,000 Rs. 26,200 (b) (d) Rs. 32,000 Rs. (6,000) Ansh and Vansh enter into a joint venture to sell a consignment of biscuits sharing profits and losses equally. Ansh provides biscuits from inventory Rs. 10,000. He pays expenses amounting to Rs. 1,000. Vansh incurs further expenses on carriage Rs. 1,000. He receives cash for sales Rs. 15,000. He also takes over goods to the value of Rs. 2,000. Profit on venture will be (a) (c) Rs. 3,000 Rs. 6,000 238 The Institute of Chartered Accountants of India (b) (d) Rs. 5,000 Rs. 3,500 Common Proficiency Test (CPT) Volume - I 42. Prakash Ltd. issued 15,000, 15% debentures of Rs.100 each at a premium of 10%, which are redeemable after 10 years at a premium of 20%. The amount of loss on redemption of debentures to be written off every year is (a) (c) 43. Rs. 2,000. Rs. 6,000. (b) (d) Rs. 4,000. Rs. 8,000. Rs. 35,000 shown along with Debentures. Rs. 70,000 under current liabilities. Rs. 1,40,000 shown along with Debentures. Rs. 10,000 under current liabilities. Anny and Bunny enter into a joint venture sharing profits and losses in the ratio 1:1. Anny purchased goods costing Rs. 20,000. Bunny sold the goods for Rs. 25,000. Anny is entitled to get 1% commission on purchase and Bunny is entitled to get 5% commission on sales. The profit on venture will be: (a) (c) 47. Customers account debited and sales account credited with Rs. 40,000. Sales account debited and customers account credited with Rs. 40,000. No entry is required for receiving the letter of approval from the customer. Entry for Rs. 40,000 will be made at the end of the year. Tista Ltd. has issued 14% Debentures of Rs. 10,00,000 at a discount of 10% on April 01, 2010 and the company pays interest half-yearly on June 30, and December 31, every year. On March 31, 2012, the amount shown as interest accrued but not paid in the Balance Sheet will be: (a) (b) (c) (d) 46. Rs. 30,000. Rs. 22,500. The profits of last three years are Rs. 42,000; Rs. 39,000 and Rs. 45,000. Capital employed is Rs. 4,00,000 and normal rate of return is 10%. The amount of goodwill calculated on the basis of super profit method for three years of purchase will be: (a) (c) 45. (b) (d) Varun Ltd. sends goods to his customers on Sale or Return basis by recording it as a sale at the time of sending it for approval. During 2011, Varun Ltd. send goods to customers for Rs. 1,00,000 on sale or return basis, at cost plus 33.33%. On September 2011, a letter of approval was received from a customer for Rs. 40,000. In this respect, entry will be (a) (b) (c) (d) 44. Rs. 15,000. Rs. 45,000. Rs. 3,550. Rs. 3,400. (b) (d) Rs. 3,600. Rs. 3,800. A, B & C are equal partners. They wanted to change the profit sharing ratio into 4:3:2. The goodwill was valued as Rs. 90,000. The adjusting journal entry will be (a) (b) (c) (d) C s capital account debit and A s capital account credit with Rs.10,000. B s capital account debit and A s capital account credit with Rs.10,000. C s capital account debit and B s capital account credit with Rs.10,000. A s capital account debit and C s capital account credit with Rs.10,000. Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 239 MODEL TEST PAPER - 9 48. X and Y share profits and losses in the ratio of 2:1. They take Z as a partner and the new profit sharing ratio becomes 3:2:1. Z brings Rs.4,500 as premium for goodwill. The full value of goodwill will be: (a) (c) 49. 4:7. 2:1. Rs. 1,500. Rs. 5,000. (b) (d) Rs. 2,250. Nil. Rs. 75,000. Rs. 2,00,000. (b) (d) Rs. 1,25,000. Cannot be determined. Rs. 1,200. Rs. 4,200. (b) (d) Rs. 3,000. Rs. 1,800. Raj, Jai and Hari are the partners sharing profits in the ratio 7:5:4. Hari died on 30th June, 2012 and profits for the accounting year 2011-2012 were Rs. 24,000. How much share in profits for the period 1st April, 2012 to 30th June, 2012 will be credited to Hari s Account. (a) (c) 54. (b) (d) Anju Ltd. forfeited 300 equity shares of Rs. 10 each fully called-up, held by Manju for nonpayment of final call @ Rs. 4 each. However, she paid application money @ Rs.2 per share and allotment money @ Rs. 4 per share. These shares were originally issued at par. The amount to be credited to Share forfeiture account will be: (a) (c) 53. 3:1. 5:4. A company issued 15,000, 9% preference shares of Rs.100 each at 5% discount and 2,00,000 equity shares of Rs. 10 each at 10% premium. Full amount was received from the applicants in one instalment. The net balance of securities premium account will be: (a) (c) 52. Rs. 18,000. Rs. 24,000. Mr. Big who was the holder of 200 equity shares of Rs.100 each on which Rs.75 per share has been called up could not pay his dues on allotment and first call each at Rs. 25 per share. The Directors forfeited the above shares and reissued 150 of such shares to Mr. Small at Rs. 65 per share paid-up as Rs. 75 per share. The amount to be transferred to Capital Reserve account will be (a) (c) 51. (b) (d) Hum and Tum are partners sharing profits and losses in the ratio 5:3. On admission, Woh brings Rs. 70,000 cash and Rs. 48,000 against goodwill. New profit sharing ratio between Hum, Tum and Woh are 7:5:4. The sacrificing ratio between Hum:Tum will be: (a) (c) 50. Rs. 4,500. Rs. 27,000. Rs. 6,000. Nil. (b) (d) Rs. 1,500. Rs. 2,000. 10,000 equity shares of Rs. 10 each were issued to public at a premium of Rs.2 per share. Applications were received for 12,000 shares. Amount of securities premium account will be (a) (c) Rs. 20,000. Rs. 4,000. 240 The Institute of Chartered Accountants of India (b) (d) Rs. 24,000. Rs. 1,600 Common Proficiency Test (CPT) Volume - I 55. A company offers to the public 10,000 shares for subscription. The company receives application for 12,000 shares. If the shares are allotted on pro-rata basis, then applicants for 12,000 shares are to be allotted as (a) (c) 56. 22,223 shares. 25,000 shares. Nil. Rs. 3,00,000. (b) (d) Rs. 2,00,000. Rs. 50,000. Rs. 3,00,00,000. Rs. 75,00,000. (b) (d) Rs. 2,25,00,000. Rs. 5,25,00,000. G Ltd. purchased land and building from H Ltd. for a book value of Rs. 2,00,000. The consideration was paid by issue of 12% Debentures of Rs. 100 each at a discount of 20%. The debentures account is credited with (a) (c) 60. (b) (d) Koina Ltd. issued 15,00,000, 12% debentures of Rs. 50 each at premium of 10% payable as Rs. 20 on application and balance on allotment. Debentures are redeemable at par after 6 years. All the money due on allotment was called up and received. The amount of premium will be (a) (c) 59. 20,000 shares. 18,182 shares. Rich Ltd. had 3,000, 12% Redeemable preference shares of Rs. 100 each, fully paid-up. The company issued 25,000 equity shares of Rs. 10 each at par and 1,000 14% debentures of Rs. 100 each. All amounts were received in full. The payment was made in full. The amount to be transferred to Capital Redemption Reserve Account is (a) (c) 58. 2 shares for every 3 shares applied. 3 shares for every 4 shares applied. The Board of Directors of a company decides to issue minimum number of equity shares of Rs. 10 each at 10% discount to redeem Rs. 5,00,000 preference shares. The maximum amount of divisible profits available for redemption is Rs. 3,00,000. The number of shares to be issued by the company will be (a) (c) 57. 4 shares for every 5 shares applied. (b) 5 shares for every 6 shares applied. (d) Rs. 2,60,000 Rs. 2,40,000 (b) (d) Rs. 2,50,000 Rs. 1,60,000 Win Ltd. issued 20,000, 8% debentures of Rs.10 each at par, which are redeemable after 5 years at a premium of 20%. The amount of loss on redemption of debentures to be written off every year will be (a) (c) Rs. 40,000. Rs. 20,000. Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Rs. 10,000. Rs. 8,000. 241 MODEL TEST PAPER - 9 SECTION B : MERCANTILE LAWS (40 MARKS) 61. An agency is said to be irrevocable where agency cannot be terminated or put to an end. An agency is irrevocable in the following cases: (a) (b) (c) (d) 62. Which of the following is correct: (a) (b) (c) (d) 63. (d) Is to claim the goods from the official receiver or assignee. Is to claim dividend from the estate of the seller for the price paid. Is not available. Is to file a suit for damages. The following are goods as per the Sale of Goods Act, 1930: (a) (c) 66. Has a right to become a partner in the firm of the deceased partner. Does not have a right to become a partner in the firm of the deceased partner. Can become a partner in the firm of the deceased partner only if the surviving partners give their consent in this regard. Both (b) & (c). In case of an agreement to sale, if the seller becomes insolvent while the goods are in his possession, the buyer s remedy (a) (b) (c) (d) 65. A wagering agreement is void. A contingent contract is valid. A wagering agreement is void while a contingent contract is valid. None of the above. The heir of the deceased partner (a) (b) (c) 64. Where the agency is coupled with interest and the interests exists before the creation of the agency or where the agent has incurred personal liability. Where the agency is coupled with interest but the interest arises after the creation of the agency or where the agent has incurred personal liability. Where the agent has incurred personal liability. None of the above. Trademark. Patent. (b) (d) Goodwill. All of the above. An unpaid seller loses the right of lien under the following circumstances: (a) (b) (c) (d) Where the seller so conducts himself that he leads third parties to believe that the lien does not exist. Where seller has waived the right of lien. Where the buyer or his agent lawfully obtains possession of the goods. All of the above. 242 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 67. Essentials involved in appropriation of the goods are (a) (b) (c) (d) 68. Which of the following is not correct: (a) (b) (c) (d) 69. (d) No at least two persons or parties must be involved. Yes as the contract is between the individual and others jointly. Yes if there is a formal agreement. None of the above. The cardinal principle of partnership law implies that (a) (b) (c) (d) 72. There is not much difference in the nature of a partnership from the nature of a HUF. There is considerable difference in the nature of a partnership from the nature of a HUF. There is difference in the nature of a partnership from the nature of a HUF because unlike the nature of a HUF, the nature of a partnership is voluntary and contractual. There is not much difference in the nature of a partnership from the nature of a HUF because both involve a certain interest of a particular individual. One person can contract with himself or with himself and others jointly (a) (b) (c) (d) 71. Coercion involves physical force. Undue influence involves physical force. Coercion need not be directed at the promisor. Undue influence is always exercised between the parties to the contract. State which of the following is correct: (a) (b) (c) 70. The goods should conform to the description and the quality stated in the contract. The goods must be in a deliverable state. The goods must be unconditionally appropriated to the contract either by delivery to the buyer or to its agent or the carrier. All of the above. The business must be carried on by all the partners or by anyone or more of the partners acting for all. The business may be carried on by all the partners acting for all. The business may be carried on by anyone or more of the partners acting for all. The business must be carried on in accordance with the decided profit (loss) sharing ratio. In case of a public company (a) (b) (c) There should be at least seven members and maximum number of members should not exceed fifty. There should be at least seven members and maximum number of members should not exceed hundred. There should be at least two members and maximum number of members should not exceed fifty. Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 243 MODEL TEST PAPER - 9 (d) 73. Silent is fraudulent in the following cases: (a) (b) (c) (d) 74. (b) (c) (d) Such contracts do not arise from any agreement of the concerned parties. It is imposed by law. Such a right is always a right to money, very often a right to a liquidated sum of money. It is a right available against a particular person or persons only, not against the world at large. All of the above. Death of the principal. Insolvency of the principal. (b) (d) Insanity of the principal. All of the above. That the expulsion must be in the interest of the partnership. That the partner to be expelled is served with a notice. That he is given an opportunity of being heard. All of the above. The relationship of principal and agent may arise by (a) (c) 79. Agency by ratification. All of the above. The test of good faith as provided in expulsion of the partner in the Indian Partnership Act, 1932 requires the following: (a) (b) (c) (d) 78. (b) (d) An agency coupled with interest does not come to an end in case of the following: (a) (c) 77. Agency by actual authority. Agency by ostensible authority. The features of a Quasi Contract are as follows: (a) 76. If the circumstances of the case are such that, regard being had to them, it is the duty of the person keeping silence to speak. Where the circumstances are such that silence is in itself equivalent to speech. Both (a) and (b). None of the above. An agency can be created by the following ways: (a) (c) 75. There should be at least seven members and there is no restriction on the maximum number of members. Express or implied agreement. Operation of law. (b) (d) Ratification. All of the above. The following are the essential elements which need to co-exist in order to make a valid contract: (a) (c) Offer & Acceptance. Capacity of parties competency. 244 The Institute of Chartered Accountants of India (b) (d) Intention to create legal acceptance. All of the above. Common Proficiency Test (CPT) Volume - I 80. The essential elements of a partnership __________. (a) (b) (c) (d) 81. In case of bailment, __________. (a) (b) (c) (d) 82. (c) (d) (b) (d) Four Two A person whom authority has been given cannot delegate the authority to another. A person whom authority has been given can delegate the authority to another with prior permission. A person whom authority has been given to indemnify agent for injury caused by principal s neglect can be delegated. An authority can be delegated under protest by the person to whom authority has been given. A registered firm cannot claim a set off exceeding the __________ in a proceeding instituted against the firm or any partner thereof. (a) (c) 85. Three Five The maxim delegatus non potest delegare means __________. (a) (b) 84. Property in goods passes to the bailee at the time of contract. Property in goods passes to the bailee upon the payment of the last installment. Property in goods can pass to the bailee at any time after the contract. Property in goods does not pass to the bailee and instead there is transfer of possession of goods takes place from bailor to the bailee for a specific reason. There are __________ kinds of delivery. (a) (c) 83. Must coexist before a partnership can come into existence. May be brought in within a reasonable time of a partnership coming into existence. May be brought in any time either during the creation of partnership or even thereafter. May not coexist before a partnership can come into existence, but they must coexist within one year of a partnership coming into existence. Rupees 1000/-. Rupees 500/-. (b) (d) Rupess 100/-. Rupees 10,000/-. In case of an agreement to sell, the ownership in the goods remains with __________. (a) (b) (c) (d) The buyer. The seller. Both the buyer and the seller. The Central Government or the State Government, as the case may be. Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 245 MODEL TEST PAPER - 9 86. When two parties exchange identical offers in ignorance at the time of each other s offer, the offers are called __________. (a) (c) 87. Existing Goods Unascertained Goods Idiot Person Intoxicated Person (b) (d) Lunatic Person All of the above Null and void Null and void to some extent Is unconstitutional In good faith and in the interest of the partnership Indian Contract Act, 1872 Sale of Goods Act, 1930 (b) (d) Indian Partnership Act, 1932 Transfer of Property Act, 1882 Dissolution of partnership means ________. (a) (b) (c) (d) 92. (b) (d) The provisions relating to passing of property in case of goods sent on approval or on sale or return basis is dealt in the __________ . (a) (c) 91. Specific Goods Future Goods Expulsion of a partner, which is not in accordance with provisions of the Indian Partnership Act, 1932 is __________. (a) (b) (c) (d) 90. Open Offer. Cross Offer. A person who is mentally deranged due to some mental strain or other personal experience and suffers from intermittent intervals of sanity and insanity is __________. (a) (c) 89. (b) (d) Goods which are to be manufactured or produced or acquired by the seller after making the contract of sale are known as __________. (a) (c) 88. Standing Offer. Identical Offers. Dissolution of partnership between all the partners of a firm Insolvency of all the partners Both of the above None of the above If the buyer is insolvent, ________. (a) (b) (c) (d) The seller cannot exercise the right of stoppage in transit The seller cannot exercise the right of lien The seller can exercise the right of lien The seller can exercise the right of re-sale 246 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 93. There can be a stranger to a consideration but not a stranger to a contract signifies that a consideration may move from ________. (a) (c) 94. (b) (d) Undue Influence Misrepresentation The Indian Partnership Act, 1932 The Indian Partnership Act, 1930 The Indian Partnership Act , 1872 The Indian Partnership Act, 2006 Remission Supervening Impossibility (b) (d) Recission Alteration X, Y, Z are partners in a firm and X becomes insolvent. Then ________. (a) (b) (c) (d) 98. Coercion Fraud When performance of promise becomes impossible or illegal by occurrence of an unexpected event or change of circumstances beyond the contemplation of parties, the contract becomes void. The situation is dealing with ________. (a) (c) 97. Promisee An independent person The law dealing with the partnerships is contained in ________. (a) (b) (c) (d) 96. (b) (d) A Hindu widow borrowed money from a lender for the purpose of filing a suit for maintenance. The lender advanced money at 100 percent rate of interest. The act of the money lender is induced by ________. (a) (c) 95. Promisee or any other person Promisor The firm has to dissolve by default. The firm may not be dissolved unless there is any agreement between the partners to do so. The status of the firm becomes illegal from the date of adjudication of X as an insolvent. X remains a partner, unless the firm is dissolved. A contingent contract is ________. (a) (b) (c) (d) A contract to do something if some event collateral to such contract does or does not happen. A contract not to do something if some event collateral to such contract does or does not happen. A contract to do or not to do something if some event collateral to such contract does or does not happen. A contract to do or not to do something if some event collateral to such contract does not happen. Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 247 MODEL TEST PAPER - 9 99. Arun had deposited a bag in the cloak Room of a railway station by paying Rs. 50/. On the face of the ticket, issued to him. were inscribed see reverse for terms & conditions . Clause 10 of the printed Terms & Conditions limited the liability of the company for loss of a baggage to Rs. 100/-. The bag was lost and Arun claimed Rs. 650/- as its value. (a) (b) (c) (d) 100. Arun was not bound by the conditions on the back of the ticket as he had not read them at all. Arun was bound by the conditions on the back of the ticket even if he had not read them. Arun was not bound by the conditions on the back of the ticket as his claim was 13 times more than the compensation offered to him by the railway company. Arun was bound by the conditions on the back of the ticket as he had not read them in full. A and B become partners for 16 years. A pays B a premium of Rs. 5,000/-. At the end of 8 years there is dispute between A and B and they declare a dissolution. (a) (b) (c) (d) A can get back entire amount of the premium paid by him to B. A can get back a reasonable part of the premium. A can get back Rs. 2,500/- from B. A cannot get back any amount of the premium paid by him. SECTION C : GENERAL ECONOMICS (50 MARKS) 101. Which of the following statements is incorrect? (a) (b) (c) (d) 102. Which of the following is correct? (a) (b) (c) (d) 103. Unlike normative economics, positive economics is based on objective analysis of economic issues. The opportunity cost of a good is the quantity of other goods sacrificed to get another unit of that good. Microeconomics emphasizes interactions in the economy as a whole. None of the above. The production possibilities frontier shows the maximum combination of outputs that the economy can produce using all the resources available. Increasing opportunity cost implies a production possibility frontier concave to the origin. Free markets are the markets in which the governments do not intervene. All of the above are correct. With the same amount of resources, a farmer can feed the following combinations of goats and horses: Goats Horses Option I 168 44 Option II 150 50 Given the option available with him, what is the opportunity cost to the farmer of feeding one horse? (a) 1 goat. (b) 3 horses. (c) 3 goats. (d) 18 goats. 248 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 104. A drought in India leads to unusually low level of wheat production. This would lead to a rise in the price of wheat and fall in the quantity of wheat demanded due to: (a) (c) 105. (c) (d) demand is unit elastic and a change in price does not affect sellers revenue. demand is elastic and a change in price causes sellers revenue to change in the opposite direction. demand is inelastic and a change in price causes sellers revenue to change in the same direction. None of the above is correct. The law of diminishing returns implies that: (a) (b) (c) (d) 108. The commodity must be essential to those who purchase it. The commodity must have many substitutes. The commodity will be purchased regardless of increase in its price. The elasticity of demand for this commodity must equal zero. If a good has price elasticity greater than one then: (a) (b) 107. excess supply at the original price. the demand curve shifting to the left. If the elasticity of demand for a commodity is perfectly inelastic then which of the following is incorrect? (a) (b) (c) (d) 106. excess demand at the original price. (b) the supply curve shifting to the right. (d) for each extra unit of X consumed, holding constant consumption of other goods, total utility increases. total utility remains unchanged regardless of how many units of X are consumed. marginal utility will increase at a constant rate as more units of X are consumed. each extra unit of X consumed, holding constant consumption of other goods, adds successively less to total utility. Which of the following is correct? (a) (b) (c) (d) Firms that earn accounting profits are economically profitable. Opportunity cost plus accounting cost equals economic cost. When a firm s demand curve slopes down marginal revenue will rise as output rises. Firms increase profits by selling more output than their rivals. Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 249 MODEL TEST PAPER - 9 109. You are given the following data: Output 0 1 2 3 4 5 Table 1 Total Costs 0 15 28 38 46 54 The above data is an example of: (a) (c) 110. Taking a nap All of these answers involve trade-offs. Watching a football game on Saturday afternoon Going to university casually unemployed. voluntarily unemployed. (b) (d) chronically unemployed. disguisedly unemployed. If out of 100 people in the labour force, 92 are in the work force, the number of people unemployed is: (a) (c) 114. If marginal revenue exceeds marginal cost the firm should increase output. If marginal cost exceeds marginal revenue the firm should decrease output. Economic profits are maximized when total costs are equal to total revenue. Profits are maximized when marginal revenue equals marginal cost. When some people in a society are unwilling to work at the prevailing wage rate and there are people who have income from property or some other sources and need not work, such people are: (a) (c) 113. constant returns to scale. positive fixed costs. Which of the following involve a trade-off? (a) (b) (c) (d) 112. (b) (d) Which of the following statements is incorrect? (a) (b) (c) (d) 111. decreasing returns to scale. increasing returns to scale. 8 100 (b) (d) 192 92 NIXI stands for: (a) (b) (c) (d) National Internet Exchange of India. National International Exchange of India. National Institute of Exchange of Indian goods. None of the above. 250 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 115. If demand for goods and services is more than their supply, the resultant inflation is: (a) (c) 116. Income inequalities. Supply inequalities. economical. efficient. (b) (d) unlimited. scarce complements. normal goods. (b) (d) inferior goods. substitutes. below the demand curve and above the price. above the supply curve and below the price. above the demand curve and below the price. below the supply curve and above the price. A rational person does not act unless _________. (a) (b) (c) (d) 121. (b) (d) Consumer surplus is the area _________. (a) (b) (c) (d) 120. Demand inequalities. Price inequalities. If an increase in the price of blue jeans leads to an increase in the demand for tennis shoes, then blue jeans and tennis shoes are _________. (a) (c) 119. stagflation. demand pull inflation. Trade-offs are required because wants are unlimited and resources are _______. (a) (c) 118. (b) (d) GINI index measures: (a) (c) 117. cost push inflation. deflation. the action is ethical. the action produces marginal costs that exceed marginal benefits. the action produces marginal benefits that exceed marginal costs. the action makes money for the person. Suppose you find Rs. 100. If you choose to use Rs.100 to go to a football match, your opportunity cost of going to the game is _________. (a) (b) (c) (d) nothing, because you found the money. Rs. 100 (because you could have used Rs. 100 to buy other things) plus the value of your time spent at the game. Rs. 100 (because you could have used the Rs. 100 to buy other things) plus the value of your time spent at the game, plus the cost of the dinner you purchased at the game. Rs. 100 (because you could have used the Rs.100 to buy other things). Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 251 MODEL TEST PAPER - 9 122. If a fisherman must sell all of his daily catch before it spoils for whatever price he is offered, once the fish are caught the fisherman s price elasticity of supply for fresh fish is _________. (a) (b) (c) (d) 123. If consumers always spend 15 percent of their income on food, then the income elasticity of demand for food is _________. (a) (c) 124. (d) monopolistic competition. perfect competition. (b) (d) monopoly. oligopoly. net foreign investment net foreign investment plus net domestic investment net national product at factor cost. replacement expenditure incomes of the individual production of goods export and import of goods total property passing to the heirs on the death of a person. _________ countries are more subject to cyclical fluctuations. (a) (c) 129. increase output. decrease output. keep output the same because profits are maximized when marginal revenue exceeds marginal cost. raise the price. Estate duty was levied on the _________. (a) (b) (c) (d) 128. 1.15 0.15 Net national product at market price minus net indirect taxes is equal to _________. (a) (b) (c) (d) 127. (b) (d) A market structure in which many firms sell products that are similar but not identical is known as (a) (c) 126. 1.50 1.00 If marginal revenue exceeds marginal cost, a monopolist should _________. (a) (b) (c) 125. zero. infinite. one. unable to be determined from this information. European. Asian. (b) (d) Capital biased, advanced countries. American India has a _________ income tax system. (a) (c) proportional zero 252 The Institute of Chartered Accountants of India (b) (d) regressive progressive Common Proficiency Test (CPT) Volume - I 130. Electricity generated from water is called _________. (a) (c) 131. (b) (d) hydel electricity. tidal energy. Over the years the number of cancer cases has _________. (a) (c) 132. thermal electricity. atomic energy. increased. remained constant. (b) (d) decreased. doubled. Quantitative restrictions on _________ items were removed in the EXIM Policy of 2001-02. (a) (c) 123 715 (b) (d) 193 183 Read Figure 1 and answer questions 133-135. 133. Refer to Figure 1, if the economy is operating at point C, the opportunity cost of producing an additional 15 units of bacon is (a) (c) 134. 40 units of eggs. 20 units of eggs. (b) (d) 10 units of eggs. 30 units of eggs. Refer to Figure 1, if the economy was operating at E: (a) (b) (c) (d) the opportunity cost of 20 additional units of eggs is 10 units of bacon. the opportunity cost of 20 additional units of eggs is 20 units of bacon. the opportunity cost of 20 additional units of eggs is 30 units of bacon. 20 additional units of eggs can be produced with no impact on bacon production. Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 253 MODEL TEST PAPER - 9 135. If the economy moves from point A to point D in Figure 1 then: (a) (b) (c) (d) 136. Point F in figure 1 represents: (a) (b) (c) (d) 137. Rs. 500 Rs. 200 (b) (d) Rs. 300 Rs. 400 Suppose that at a price of Rs 300 per month, there are 30,000 subscribers to cable television in Small Town. If Small Town Cablevision raises its price to Rs. 400 per month, the number of subscribers will fall to 20,000. Using the arc elasticity (midpoint) method for calculating the elasticity, what is the price elasticity of demand for cable TV in Small Town? (a) (c) 140. A movement from point A to point B. A movement from point E to point B. A movement from point C to point B. A movement from point F to point B. Suppose that the price of a new bicycle is Rs. 200. Natalie values a new bicycle at Rs. 400. What is the value of total consumer surplus if Natalie buys a new bike? (a) (c) 139. none of these answers. a combination of production that can be reached if we reduce the production of eggs by 20 units. a combination of production that can be reached if there is a sufficient advance in technology. a combination of production that is inefficient because there are unemployed resources. Which of the following represents a movement towards better utilisation of existing resources? (a) (b) (c) (d) 138. the opportunity cost of eggs in terms of bacon falls. the opportunity cost of eggs in terms of bacon rises. the opportunity cost of eggs in terms of bacon is constant. the economy becomes less efficient. 1.4 0.75 (b) (d) 0.66 2.0 If a buyer s willingness to pay for a new car is Rs. 200,000 and she is able to actually buy it for Rs.1,80,000 her consumer surplus is (a) (c) Rs.18,000 Rs. 2,000 254 The Institute of Chartered Accountants of India (b) (d) Rs.20,000 Rs. 0 Common Proficiency Test (CPT) Volume - I 141. Suppose there are three identical vases available to be purchased. Buyer 1 is willing to pay Rs 30 for one, buyer 2 is willing to pay Rs 25 for one, and buyer 3 is willing to pay Rs 20 for one. If the price is Rs 25, how many vases will be sold and what is the value of consumer surplus in this market? (a) (b) (c) (d) Three vases will be sold and consumer surplus is Rs. 80. One vase will be sold and consumer surplus is Rs. 5. One vase will be sold and consumer surplus is Rs.30. Two vases will be sold and consumer surplus is Rs. 5. Read the following paragraph and answer questions 142-144 Nicole owns a small pottery factory. She can make 1,000 pieces of pottery per year and sell them for Rs. 100 each. It costs Nicole Rs. 20,000 for the raw materials to produce the 1,000 pieces of pottery. She has invested Rs 1,00,000 in her factory and equipment: Rs 50,000 from her savings and Rs 50,000 borrowed at 10 percent. (Assume that she could have loaned her money out at 10 per cent, too.) Nicole can work at a competing pottery factory for Rs. 40,000 per year. 142. The accounting cost at Nicole s pottery factory is: (a) (c) 143. Rs. 25,000 Rs. 80,000 (b) (d) Rs. 75,000 Rs. 80,000 Rs. 70,000 Rs 30,000 The accounting profit at Nicole s pottery factory is: (a) (c) 145. Rs. 50,000 Rs. 75,000 The economic cost at Nicole s factory is: (a) (c) 144. (b) (d) Rs. 30,000 Rs. 80,000 (b) (d) Rs.50,000 Rs 75,000 (b) (d) Rs. 35000 Rs 30000 The economic profit at Nicole s factory is: (a) (c) Rs. 75000 Rs 80000 Mr. X and Co. operates in a perfectly competitive market. He sells his product at Rs. 8 per unit. His fixed costs are Rs. 100. His other costs are given below. Read the following table and answer questions 146-150. Output Variable Cost Fixed Cost Total Cost Marginal Cost 0 0 1 5 2 11 3 18 4 26 5 36 6 50 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 255 MODEL TEST PAPER - 9 146. What is Mr X and Co s total cost when 4 units are produced? (a) (c) 147. Rs. 8 Rs. 10 (b) (d) Rs. 14 Rs. 6 Rs 1.50 Rs. 25 (b) (d) Rs 2.25 Rs. 3.00 The average total cost of producing 6 units is: (a) (c) 150. Rs. 100 Rs. 8 The average fixed cost of producing 4 units is: (a) (c) 149. (b) (d) When Mr. X and Co s production increases from 5 to 6 units, his marginal cost becomes? (a) (c) 148. Rs. 126 Rs. 26 Rs. 2.50 Rs. 25 (b) (d) Rs. 3.00 Rs. 30 (b) (d) When 5 units are produced. When 3 units are produced. When will Mr X and Co maximize profits? (a) (c) When 4 units are produced. When the company shuts down. SECTION D : QUANTITATIVE APTITUDE (50 MARKS) 151. Factor reversal test is satisfied by (a) (c) 152. Paasche s index. None of these. Base year quantities. Current year quantities. Average of current year and base year. None of these. The mean and mode of a normal distribution (a) (c) 154. (b) (d) Laspeyre s index is based on (a) (b) (c) (d) 153. Laspeyre s index. Fisher s ideal index. Are always different. May be different. (b) (d) Are always equal. May be equal. Two cards are drawn from a well shuffled pack of 52 cards. Find the probability that they are both kings if the first is replaced. (a) (c) 1/13 1/221 256 The Institute of Chartered Accountants of India (b) (d) 1/ 169 None of these. Common Proficiency Test (CPT) Volume - I 155. A pair of dice is thrown and sum of the numbers on the two dice comes to be 7. What is the probability that the number 3 has come on one of the dice? (a) (c) 156. 0 on 1 0 on 0 (b) (d) xx (1 + log x) None of these. (b) (d) 2a a2 dy if y = xx dx xx . loge ex y. log x a 2a 8.80 8.80 (b) (d) 8.86 8.86 Normal Poisson (b) (d) Binomial None of these (b) (d) Poisson Hyper geometric ________ is uniparametric distribution. (a) (c) 163. (b) (d) 1 on 0 1 on 1 We use t-distribution when samples are drawn from the ______ population. (a) (c) 162. 1/2 None of these. Two variables x and y are related by 7x + 7y + 13 = 0 and x = 7, then y is (a) (c) 161. (b) (d) x2 a2 Compute the value of lim x a x a (a) (c) 160. 1/3 1/4 Find value of (a) (c) 159. 1/3 None of these. P10 is the index for time (a) (c) 158. (b) (d) If in binomial distribution np = 6 and npq = 3, then p is equal to (a) (c) 157. 1/9 1/4 Binomial Normal First quartile is the value for which one fourth of the observations are ________Q1 and the remaining three fourths observations are ________Q1. (a) (b) (c) (d) Less than or equal to, More than or equal to More than or equal to, Less than or equal to Less than, More than More than, Less than Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 257 MODEL TEST PAPER - 9 164. A variable is known to be ________ if it can assume any value from a given interval. (a) (c) 165. (b) (d) Body Box head Zero correlation Positive correlation (b) (d) Negative correlation Multiple correlation Mode Mean (b) (d) Median Q1 Positive Zero (b) (d) Negative None of these Primary data Discrete data (b) (d) Secondary data Continuous data What is the median for the following observations 6,10,15,16,20,5,8? (a) (c) 172. Caption Stub Data collected on sex ratio from the census reports are ________. (a) (c) 171. Box head Caption The correlation between Employment and Purchasing power is ________. (a) (c) 170. (b) (d) 50% of actual values will be below & 50% of values will be above ________. (a) (c) 169. Stub Body In case of a ________, plotted points on a scatter diagram concentrate from upper left to lower right. (a) (c) 168. Continuous Characteristic ________ is the left part if the table providing the description of the rows. (a) (c) 167. (b) (d) ________ is the entire upper part of the table which includes columns and sub column numbers, unit(s) measurement. (a) (c) 166. Discrete Attribute 8 15 (b) (d) 10 None of these. The variables x and y are related by 2x+ 3y = 6 and median of x is 2. What is the median of y? (a) (c) 1/3 1 258 The Institute of Chartered Accountants of India (b) (d) 2/3 None of these. Common Proficiency Test (CPT) Volume - I 173. Find D6 for the following observations: 7, 9, 5, 4, 10, 15, 14, 18, 6, 20 (a) (c) 174. 11.40 13.40 (b) (d) 12.40 13.80 Refer following table: Frequency distribution of weights of 16 students Weight in kg. No. of students (Class interval) (Frequency) 44 48 4 49 53 5 54 58 7 Total 16 Find Relative frequency for the second class interval? (a) (c) 175. 0.6 0.4 (b) (d) 0.16 0.2 70% 51% (b) (d) 30% 49% A bag contains 5 red and 3 yellow balls. Two balls are drawn at random one after the other without replacement. The probability that both balls drawn are yellow is (a) (c) 178. 5/4 1/4 If the coefficient of correlation between two variables is 0.7, then the percentage of variation unaccounted for is (a) (c) 177. (b) (d) If the coefficient of correlation between two variables is 0.4, then the coefficient of determination is (a) (c) 176. 1/11 5/16 9/64 1/7 (b) (d) 3/28 None of these. The common ratio of the G.P. 2, 6, 18, 54 is (a) (c) 3 4 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) 3 4 259 MODEL TEST PAPER - 9 179. The integral of x dx will be a2 2 (a) (b) 1 (x + a) log 2a (x a) (c) 180. 1 (x a) log 2a (x + a) 1 x log 2a (x + a) (d) None of these. How many numbers greater than 2000 can be formed with the digits 1, 2,3,4,5 with each digit distinct? (a) (c) 216 24 (b) (d) 120 240 181. If A = (1, 2, 3, 5, 7) and B= (1, 3, 6, 10, 15) cardinal number of A-B is (a) (c) 182. Let p = x3 log x, so what is the value of (a) (c) 183. 3 6 x + 2x log x x2 + 2x log x (b) (d) 4 None of these. d 2p dx 2 (b) (d) x2 + log x 2x2 None of these. Ram is confused whether to invest at 9% p.a. compounded monthly or 9.25% p.a. simple interest, given that (1+ 0.0075)12 = 1.09380690 The student decided to find effective rate of interest which is (a) (c) 184. (b) (d) 9.25% None of these. Find the equation of the line with slope 0.25 and ( 2, 4) on the line (a) (c) 185. 9% 9.38% Find (a) (c) x + 4y + 18 = 0 2x + y + 18 = 0 (b) (d) 2x + 4y + 15 = 0 x + 4xy 18 = 0 (b) (d) 470 None of these. dy when y = 4x3 + 8x7 at x2 = 2 dx 424 472 260 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 186. 9 1+ Evaluate lim x x (a) (c) 187. (b) (d) 9 e1 13 60 (b) (d) 9 None of these. Find the 10th term of an A.P with first term as 4 and common difference being 2 (a) (c) 189. e9 1 If the set P has 6, Q has 5 and R has 2 elements, then the set P Q R contains (a) (c) 188. x 22 20 (b) (d) 25 13 n Pr can be expressed as (a) (b) n! (n r)! (c) 190. n! r! n! r!(n r)! (d) None of these. (b) (d) 2 1 If 10 2 = 0.01, then the value of log 10 0.01 is (a) (c) 191. Solving equation 3x2 14x + 16 = 0, we get roots as (a) (c) 192. +1 0 (b) (d) +2 None of these. Mr. Rahul invested in Bank Rs. 80,000 for 4 years at 10% p.a. rate of interest. How much he will earn? (a) (c) 193. 2 1 Find the value of p from (a) (c) (b) (d) Rs. 32,000 Rs. 23,000 ( 4) ( 2) 6 2 16 7 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India Rs. 18,000 None of these. = 2p (b) (d) 8 4 261 MODEL TEST PAPER - 9 2 194. Evaluate dx (x +1) (x + 2) 1 (a) 9 8 (b) log 8 9 (c) 195. log log 6 8 (d) log 5 4 (b) (d) 5 None of these. If p+q+r p q r = = then is p 7 6 11 (a) (c) 196. The numbers 2.4, 3.2, 1.5, 2 are in proportion & their product of means is 4.8, find the product of extremes? (a) (c) 197. 2.4 None of these. 1 1 1 2 3 4 3 2 1 + + = 5 ; = 11 and + = 6 is x y z x y z x y z 1/2, 1/6, 1/3 1/6, 1/3, 1/2 (b) (d) 1/2, -1/3, 1/6 -1/6, 1/2, 1/3 x + y < 360 x + y 360 (b) (d) x + y > 360 None of these. Determine the common difference of progression 16, 13,10 .............. 25 terms (a) (c) 200. (b) (d) In a class of boys (x) and girls (y) the maximum seating capacity is 360. This can be shown by (a) (c) 199. 4.8 8.4 Determine the solution set of (a) (c) 198. 8 4 2 3 (b) (d) 2 3 (b) (d) {1, 4, 6} None of these. If P = {1, 2, 3, 4} : Q = {2, 4, 6} then P Q (a) (c) {1, 2, 3, 6} {1, 2, 3, 4, 6} 262 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I MODEL TEST PAPER BOS/CPT-9 SECTION A : FUNDAMENTALS OF ACCOUNTING 1 (c) 2 (b) 3 (b) 4 (c) 5 (a) 6 (c) 7 (c) 8 (d) 9 (c) 10 (b) 11 (c) 12 (b) 13 (a) 14 (b) 15 (d) 16 (c) 17 (c) 18 (b) 19 (c) 20 (b) 21 (d) 22 (d) 23 (a) 24 (b) 25 (c) 26 (a) 27 (c) 28 (d) 29 (c) 30 (a) 31 (d) 32 (c) 33 (a) 34 (b) 35 (a) 36 (b) 37 (b) 38 (b) 39 (d) 40 (a) 41 (b) 42 (b) 43 (c) 44 (c) 45 (a) 46 (a) 47 (d) 48 (c) 49 (a) 50 (b) 51 (b) 52 (d) 53 (b) 54 (a) 55 (c) 56 (b) 57 (d) 58 (c) 59 (b) 60 (d) SECTION B : MERCANTILE LAWS 61 (a) 62 (c) 63 (d) 64 (b) 65 (d) 66 (d) 67 (d) 68 (b) 69 (c) 70 (a) 71 (a) 72 (d) 73 (c) 74 (d) 75 (d) 76 (d) 77 (d) 78 (d) 79 (d) 80 (a) 81 (d) 82 (a) 83 (a) 84 (b) 85 (b) 86 (d) 87 (c) 88 (b) 89 (a) 90 (c) 91 (b) 92 (c) 93 (a) 94 (b) 95 (a) 96 (c) 97 (a) 98 (c) 99 (b) 100 (b) Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 579 ANSWERS SECTION C : GENERAL ECONOMICS 101 (c) 102 (d) 103 (c) 104 (a) 105 (b) 106 (b) 107 (d) 108 (b) 109 (c) 110 (c) 111 (b) 112 (c) 113 (a) 114 (a) 115 (d) 116 (b) 117 (d) 118 (d) 119 (a) 120 (c) 121 (b) 122 (a) 123 (c) 124 (a) 125 (a) 126 (c) 127 (d) 128 (b) 129 (d) 130 (b) 131 (a) 132 (c) 133 (c) 134 (d) 135 (b) 136 (c) 137 (b) 138 (c) 139 (a) 140 (b) 141 (d) 142 (a) 143 (b) 144 (d) 145 (d) 146 (a) 147 (b) 148 (c) 149 (c) 150 (a) SECTION D : QUANTITATIVE APTITUDE 151 (c) 152 (a) 153 (b) 154 (b) 155 (b) 156 (b) 157 (b) 158 (a) 159 (b) 160 (d) 161 (a) 162 (b) 163 (a) 164 (b) 165 (b) 166 (c) 167 (b) 168 (b) 169 (a) 170 (b) 171 (b) 172 (b) 173 (b) 174 (c) 175 (b) 176 (c) 177 (b) 178 (b) 179 (a) 180 (a) 181 (a) 182 (d) 183 (c) 184 (a) 185 (c) 186 (a) 187 (c) 188 (a) 189 (b) 190 (a) 191 (d) 192 (a) 193 (c) 194 (a) 195 (d) 196 (a) 197 (b) 198 (a) 199 (d) 200 (c) 580 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I

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