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CA CPT : Volume 1 - Model Test Paper 15 (with Answers)

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BOARD OF STUDIES THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA COMMON PROFICIENCY TEST Model Test Paper BOS/CPT 15 Time : 4 hours Maximum Marks : 200 The test is divided into four sections. SECTION A : FUNDAMENTALS OF ACCOUNTING (60 MARKS) 1. If a firm makes a number of Promissory Notes usually, it would be convenient to record the transaction in (a) (c) 2. Trading Account (b) Profit and loss appropriation account (d) Profit and loss account Balance sheet Revenue expenditure Deferred revenue expenditure (b) (d) Capital expenditure None of the above Material costing Rs. 700 in the erection of the machinery and wages paid for it amounting to Rs. 400 should be debited to (a) (c) 5. Bills Payable Book Sales Book Amount spent, for the construction of temporary huts, which were necessary for construction of the cinema house and demolished when the cinema house was ready is a (a) (c) 4. (b) (d) Carriage outward is debited to (a) (c) 3. Bills Receivable Book Journal Proper Material account Purchases account (b) (d) Wages account Machinery account Difference of totals of both debit and credit side of the trial balance is transferred to (a) (c) Trading account Difference account Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Miscellaneous account Suspense account 397 MODEL TEST PAPER - 15 6. Which of the following is correct (a) (b) (c) (d) 7. All of the following have debit balance except one. That account is (a) (c) 8. (b) (c) (d) In the ratio of capitals In the ratio of loans given by them to the partnership firm Equally None of the above Book keeping is mainly concerned with recording of financial data Goods given as sample should be credited to purchase A/c The balance of petty cash is an asset In case of a debt becoming bad the amount should be credited to bad debts A/c Insurance Premium A/c To Prepaid Insurance Premium Insurance Premium A/c To Prepaid Insurance Premium Prepaid Insurance Premium A/c To Insurance Premium A/c Prepaid Insurance Premium A/c To Insurance Premium A/c Dr. Rs. 1,800 Dr. Rs. 600 Rs. 1,800 Rs. 600 Dr. Rs. 1,800 Dr. Rs. 600 Rs. 1,800 Rs. 600 The purpose of accommodation bill is (a) (b) (c) (d) 12. Loan to contractor Goodwill Annual insurance premium paid on January 1, 2010 was Rs. 2,400. What will be the opening entry on April 01, 2010, if financial year ends on March, 31 every year? (a) 11. (b) (d) Which of following statement is not true (a) (b) (c) (d) 10. Wages outstanding account Trade receivables Account In the absence of any provision in the partnership agreement, profits and losses are shared (a) (b) (c) (d) 9. Capital is equal to assets minus liabilities Capital is equal to assets plus liabilities Assets are equal to liabilities minus capital Liabilities is equal to capital plus assets To finance actual purchase or sale of goods To facilitate trade transmission When both parties are in need of funds None of the three Municipal tax Rs. 50,000 under dispute is a (a) (c) Current liability Revenue loss 398 The Institute of Chartered Accountants of India (b) (d) Contingent liability None of the above. Common Proficiency Test (CPT) Volume - I 13. If del-credere commission is allowed for bad debt, consignee will debit the bad debt amount to (a) (c) 14. (b) (d) Net Profit Called up capital Posting Balancing (b) (d) Journalizing Casting Ordinary commission Over riding commission (b) (d) Del- Credere commission Special commission Personal a/c Nominal a/c (b) (d) Real a/c None of the above 4 8 (b) (d) 6 10 Carriage charges paid for a new plant purchased if debited to carriage a/c would effect _ (a) (c) 21. Authorised share capital Paid up capital In the ledger there are _______ columns (a) (c) 20. 4 12 Memorandum Joint venture account is a (a) (c) 19. (b) (d) Commission provided by the consignor to the consignee to promote credit sale is known as (a) (c) 18. 7 6 Writing of transaction in the ledger is called (a) (c) 17. Consignor A/c General trading a/c Dividends are usually paid as a percentage of _____ (a) (c) 16. (b) (d) As per section 37 of the Indian Partnership Act, 1932, the executors would be entitled at their choice to the interest calculated from the date of death till the date of payment on the final amount due to the dead partner at ______ percent per annum (a) (c) 15. Commission earned account Customers A/c Plant account Plant and Carriage account (b) (d) carriage account None of the above If a machinery is purchased for Rs. 1,00,000 the asset would be recorded in the books at Rs. 1,00,000 even if its market value at that time happens to be Rs. 1,40,000. In case a year after, the market value of the asset comes down to Rs. 90,000 it will ordinarily continue to be shown at Rs. 1,00,000 and not Rs. 90,000 due to (a) (c) Realisation concept Replacement concept Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Present value concept Cost concept 399 MODEL TEST PAPER - 15 22. A owed Rs. 25,000 to B. A became insolvent and B got A s computer valuing Rs. 11,500 in full settlement. Journal entry will be passed in the books of B will be (a) (b) (c) (d) 23. Purchase A/c To A Computer A/c Bad debts A/c To A Computer A/c To A Computer A/c Purchases A/c To A Dr. Rs. 11,500 Rs. 11,500 Dr. Dr. Rs. 11,500 Rs. 13,500 Rs. 25,000 Dr. Rs. 25,000 Dr. Dr. Rs. 11,500 Rs. 13,500 Rs. 25,000 Rs. 25,000 Sharma of Allahabad sends goods costing Rs. 1,00,000 at an invoice price of the Rs. 1,20,000 to Kalapil of Katak. Sharma incurs the following expenditure in relation to such consignment: Rs. 5000 1. Packing and loading 2. Transportation Rs. 10000 3. Insurance Rs. 5000 th 1/10 of the consignment is damaged in transit. Amount of abnormal loss will be (a) (c) 24. Rs. 12,250 Rs. 10,000 Original cost Salvage Value Useful Life Annual depreciation (a) (c) 26. (b) (d) Rs. 10,000 None of the above. Suresh of Delhi consigned 600 fans to Naresh of Agra to be sold on his account and at his risk. The cost of each fan is Rs. 300. Suresh paid Rs. 6000 as freight and insurance Naresh paid Rs. 1500 as octroi and cartage. Rs. 2000 as rent; and Rs. 1500 as insurance. 500 fans were sold by Naresh for Rs. 1,80,000 Naresh was entitled to a commission of 4% on sale @ Rs. 350 per fan and 20% of any surplus price realized. Consignment profit will be (a) (c) 25. Rs. 14,000 Rs. 12,000 (b) (d) Rs. 12,000 Rs. 13,000 (b) (d) Rs. 20000 Rs. 14000 = Rs. 1,26,000 = Rs. 6000 = 6 years under SLM will be Rs. 21000 Rs. 15000 At the end of the accounting period the provision is made for the amount outstanding for the electricity that has been consumed during the said period. This statement is based on (a) (c) Accrual concept Realisation 400 The Institute of Chartered Accountants of India (b) (d) Matching Money measurement Common Proficiency Test (CPT) Volume - I 27. Under the diminishing balance method, depreciation (a) Increases every year (b) Decreases every year (c) Is constant every year (d) None of the above 28. Which inventory valuation method best matches the cost of goods sold with current replacement cost? (a) (c) 29. Income statement Statement of cash flow (b) (d) Balance sheet None of the three Purchases account Journal proper (b) (d) Cash book None of the above Legal expenses incurred in defending a suit for breach of contract to supply goods is a (a) (c) 32. FIFO Specific identification method. The total of the purchase day book is posted periodically to the debit of (a) (c) 31. (b) (d) Which financial statement represents the accounting equation, Assets = Liabilities + Owners equity? (a) (c) 30. LIFO Weighted average method Revenue expenditure Deferred revenue expenditure (b) (d) Capital expenditure None of the three A running business was purchased by Ram with following assets and liabilities Cash in hand Cash at Bank Inventory Land and building Plant and machinery Owing from Mr. X Prepaid Insurance Owing to Z Ltd. Interest received in advance 1,000 5000 20000 100000 50000 12500 500 3750 250 Ram s capital will be (a) (c) Rs.1,85,000 Rs.1,75,000 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Rs.1,80,000 None of the above 401 MODEL TEST PAPER - 15 33. Following are the sales return of Jindal & Co. a saree dealer Date Credit Note 05.01.2012 201 Goyal & Co. Rampur returned 2 Polyster sarees @ 125 10.01.2012 202 Accepted return of goods (which were sold for cash) from Garf & Co. Bhiwani, 2 Kota Sarees @ Rs. 50 17.01.2012 31.01.2012 203 204 Mittal & Co. Hissar returned 2 silk sarees @ Rs. 325 Mohan returned one old type writer @ Rs. 500 Total of sales return book will be (a) (c) 34. Rs. 900 Rs. 1000 (b) (d) Rs. 800 None of the three Following is an incorrect trial balance Sen Gupta s Capital Sen Gupta s Drawings Leasehold premises Sales Dues from customers Purchases Purchases return Loan from Bank Trade payables Trade expenses Cash at Bank Bills payable Salaries and wages Opening inventory Rent and taxes Sales return Total of corrected trial balance will be (a) (c) Rs. 5454 Rs. 5600 402 The Institute of Chartered Accountants of India Dr. Balance (Rs.) 564 750 - Cr Balance (Rs.) 1556 2.750 530 1259 264 256 528 700 226 100 600 463 264 98 (b) (d) Rs. 5400 Rs. 5000 Common Proficiency Test (CPT) Volume - I 35. Ankush Ltd. had issued 10,000, 10% Redeemable Preference Shares of Rs.100 each, fully paid up. The company decided to redeem these preference shares at par, by issue of sufficient number of equity shares of Rs. 10 each at a premium of Rs.2 per share as fully paid up. The amount to be transferred to capital redemption reserve account will be (a) (c) 36. Credited to discount allowed account by Rs. 500. Credited to discount received account by Rs.500. Credited to rebate account by Rs.500. Not shown in the books of Ritesh at all. Normal loss Loss of bad debts (b) (d) Abnormal Loss Loss by theft A inventory worth Rs. 10,00,000 is insured for Rs. 6,00,000. It is completely destroyed by fire. The loss to be admitted by the insurance company will be (a) (c) 39. Rs. 12,00,000. Nil. No journal entry is required to be passed when there is (a) (c) 38. (b) (d) Bill of Rs.10,000 accepted by Rajesh was endorsed by Ritesh to Dinesh on account of final settlement of Rs.10,500. The benefit of Rs.500 earned by Ritesh was: (a) (b) (c) (d) 37. Rs. 10,00,000. Rs. 8,00,000. Rs. 10,00,000 Rs. 8,00,000 (b) (d) Rs. 6,00,000 None of the three Cost of goods sold 80,700, opening inventory 5,800 and closing inventory 6,000 then amount of purchases will be (a) (c) Rs. 80,500 Rs. 74,700 (b) (d) 40. Rs. 74,900 Rs. 80,900 (b) (d) Rs. 30,000 None of the three Rs. Opening inventory Purchases Direct expenses 8500 30,700 4800 Indirect expenses 52000 Closing inventory 9000 Cost of goods sold will be (a) (c) Rs. 35,000 Rs. 40,000 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 403 MODEL TEST PAPER - 15 41. Cost of goods sold Sales Gross Profit will be (a) (c) 42. Rs. 70,800 Rs. 1,30,200 Rs. 59,400 Rs. 60,000 (b) (d) Inventory at start 2400 Rs. 59,000 None of the above Carriage inward Purchases 15205 Manufacturing wages Sales 20860 Manufacturing wages outstanding Closing inventory 3840 Return outward 185 Return Inward Loss due to fire Indirect expenses 524 2800 96 1000 200 860 On the basis of the above information, Gross Profit will be (a) (c) 43. Rs. 4,000 Rs. 6,000 (b) (d) Rs. 68,000 Accounts payable Rs. 5,000 None of the three Long Term Loan Capital 2,00,000 Wages payable Cash in hand 1,24,000 Investments Prepaid expenses Cash at Bank 2,000 2,90,000 Inventories Rs. 30,000 1,20,000 2,000 Net Profit 96,000 Bills receivable 80,000 16,000 Total of Balance Sheet will be (a) (c) 44 (b) (d) Rs. 6,00,000 None of the three. Depreciation on motor car, whose cost is Rs. 58,000 with an accumulated depreciation reserve of Rs.11,600, at 20% p.a. on diminishing balance will be (a) (c) 45. Rs. 5,14,000 Rs. 6,80,000 Rs. 9000 Rs. 10000 (b) (d) Rs. 9280 None of the three. Balance of Provision for bad debts on Jan 1, 2009 Rs. 1250; Bad debts during the year Rs. 300; Provision for bad debts is 5% on Trade receivables of Rs. 10,000. Provision credited to Profit and Loss account will be (a) (c) Rs. 400 Rs. 450 404 The Institute of Chartered Accountants of India (b) (d) Rs. 500 None of the three Common Proficiency Test (CPT) Volume - I 46. Depreciable amount of the machinery is Rs.11,00,000. The machine is expected to produce 30 lakhs units in its 10 year life and expected distribution of production units is as follows: 1-3 year 4-6 year 7-10 year 5 lacs units each year 3 lacs units each year 1.5 lacs units each year. Annual depreciation for 1-3 year, using production units method will be (a) (c) 47. (b) (c) (d) Rs. 3000 Rs. 5000 (b) (d) Rs. 4000 None of the three. Ajit To Bad Debts recovered Bank To bad debts Trade receivables To Bad debts recovered None of the three. Dr. 500 Dr. 500 500 500 Dr. 500 500 When balance as per cash book is the starting point, and cheques issued for payment Rs. 400 was wrongly credited by Bank as Rs.900 then in the bank reconciliation statement cash balance will be (a) (c) 50. Rs.55,000. Rs. 1,83,333. Received final dividend of Rs. 500 from Ajit, whose account had already been written off as bad debt was credited to a newly opened account and was included in the list of trade payables rectifying entry will be (a) 49. (b) (d) A and B enter into a joint venture in timber trading. A pays for purchase of timber Rs. 2,00,000 and expenses Rs. 2,000. He draws a bill of exchange on B for Rs.1,00,000 and discounts it with Bank for Rs. 95,000. B sells the timber for Rs. 2,50,000 and pays expenses Rs. 3,000 B is entitled to get a commission of 10% on sale A is entitled to get an interest of Rs. 12,000 on his capital. Profit on venture will be (a) (c) 48. Rs.1,10,000. Rs. 65,000. Added by Rs. 1300 Added Rs. 900 (b) (d) Subtracted by Rs. 1,300 Subtracted by Rs. 400 Overdraft as per pass book is given Rs. 10,000 (i) Cheques deposited in the Bank but not recorded in Cash Book Rs. 100 (ii) Cheques drawn but not presented for payment Rs. 6,000 (iii) Bank charges recorded twice in cash book Rs. 30 Overdraft as per Cash Book will be (a) (c) Rs. 16,000 Rs. 15,000 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Rs. 16,130 None of the three. 405 MODEL TEST PAPER - 15 51. Ratan and Karan entered into partnership on April 1, 2009. They invested capital Rs.15,000 and Rs.10,000 respectively. It was agreed that 8% p.a. interest will be calculated both on capital and drawings. Drawings were made as follows: Ratan Karan June 30 600 800 Sept. 30 500 700 Dec. 31 400 600 Karan was entitled to a salary of Rs. 250 p.m. Profit before adjusting interest and salary was Rs. 8848. Divisible profit will be (a) (c) 52. (b) (d) 4:2:1 None of the three Rs. 26,000 Rs. 20,000 (b) (d) Rs. 25,000 None of the three. A only A and B (Equally) (b) (d) A, B and C (Equally) A and C (Equally) X, Y and Z were partners sharing profits in proportion to 5:3:2. Goodwill does not appear in the books, but it is agreed to be worth Rs. 1,00,000. X retires from the firm and Y and Z decide to share future profits equally. X s share of goodwill will be debited to Y s and Z s capital A/cs in the ratio. (a) (c) 56. 5:2:1 2:2:1 A, B and C are partners, sharing profits in the ratio of 4:3:2. D is admitted for 2/9th share of profits and brings Rs. 30,000 as his capital and 10,000 for his share of goodwill. The new profit sharing ratio between partners will be 3:2:2:2. Goodwill amount will be credited in the capital accounts of: (a) (c) 55. Rs. 3,000 None of the three. A and B are equal partners in a firm their capital shows credit balance of Rs. 18,000 and Rs.12,000 respectively. A new partner C is admitted with 1/5th share in profits. He brings Rs. 14,000 for his capital. Value of hidden goodwill at the time of C s admission will be (a) (c) 54. (b) (d) X and Y have been sharing profit and losses in the ratio of 5:3; C is admitted as a partner. He acquires his 1/8th share only from B. New ratio will be (a) (c) 53. Rs. 4,000 Rs. 5,000 1:1 3:2 (b) (d) 2:3 None of the three. X Ltd. invited applications for 1,00,000 shares of Rs. 10 each at a discount of 6%. Discount per share will be (a) (c) Re. 1.00 0.60 paisa 406 The Institute of Chartered Accountants of India (b) (d) 0.80 Paisa None of the three. Common Proficiency Test (CPT) Volume - I 57. A company makes an issue of 5000 equity shares of Rs. 100 each at 10% discount allowed at the time of allotment. The net amount is payable as follows: Rs. On application and allotment 40 On first call 25 On final call 25 A shareholder holding 100 shares did not pay final call money. His shares were forfeited. Amount credited to Discount on issue of shares A/c will be (a) (c) 58. (b) (d) Rs. 500 None of the three. 1,000 shares of Rs.100 each were issued to a promoter of the company for their legal services, rendered in the formation of the company. For this, company credited Share Capital Account and debited (a) (b) (c) (d) 59. Rs. 1,000 Rs. 1,500 Goodwill account by Rs. 1,00,000. Legal services account by Rs.1,00,000. Promoter s account by Rs.1,00,000. Formation expenses account by Rs.1,00,000. In the trial balance of a joint stock company, the following balances are given Dr. Rs. (i) (ii) (a) (c) 60. 10% Mortgage Debentures (Payable after five years) Discount allowed on issue of debentures 2000 Amount of discount written off per year will be Rs. 500 Rs. 400 (b) (d) Called up share capital (46,000 shares 10 each) Calls in arrear Proposed dividend Amount of proposed dividend will be (a) (c) Cr. Rs. 1,00,000 Rs. 22625 Rs. 23000 (b) (d) Rs. 800 None of the three. Rs. 4,60,000 Rs. 7,500 5% Rs. 25000 None of the three. SECTION B : MERCANTILE LAWS (40 MARKS) 61. Which of the following is correct? (a) (b) A wagering agreement is void A contingent contract is valid Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 407 MODEL TEST PAPER - 15 (c) (d) 62. The following are the essential elements which need to co-exist in order to make a valid contract: (a) (c) 63. (c) (d) A particular person A particular group or body of person The public at large i.e the whole world All of the above Condition as to title Sale by sample. (b) (d) Sale by description. All of the above Actual delivery Symbolic delivery (b) (d) Constructive delivery All of the above A void agreement is a agreement without any legal effect and cannot be enforced in a court of law. The following are instances of void agreements: (a) (b) (c) (d) 68. Right to recover damages Right to obtain an account of secret profits and recover them and resist a claim for remuneration Right to resist agent s claim for indemnity against incurred liability All of the above Delivery of goods in case of transit made by handing over documents of title to goods is (a) (c) 67. Intention to create legal acceptance All of the above Following conditions are implied in a contract of sale of goods unless the circumstances of the contract show a different intention: (a) (c) 66. (b) (d) An offer may be made to the following (a) (b) (c) (d) 65. Offer & Acceptance. Capacity of parties -Competency The rights of a principal are the following (a) (b) 64. A wagering agreement is void while a contingent contract is valid None of the above Agreements entered under mistake of fact Agreements by way of wager. Agreements made without consideration. All of the above Necessary condition for existing goods is (a) (b) (c) (d) They should be in existence at the contract of sale They should be owned or possessed by the seller Both of the above None of the above 408 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 69. When the consent of a party is not free the contract is (a) (c) 70. (d) Void Voidable 1st March, 1930 1st April, 1932 (b) (d) 1st October, 1932 1st July, 1932 When the goods are of perishable nature When he gives notice to buyer. When he gives notice to the buyer of his intention to re-sale and the buyer does not within a reasonable time pay the price. Both (a) and (b) subsisting Void (b) (d) Cancelled invalid (b) (d) Agreement to sell Both (a) and (b) Legally, a contract of sale includes (a) (c) 76. (b) (d) If the buyer rejects the whole quantity of goods due to short delivery or excess delivery, the contract is treated as (a) (c) 75. Valid Illega Under which circumstances, the unpaid seller can exercise right of re-sale (a) (b) (c) 74. Can be enforced at the option of the aggrieved party Can be enforced at the option of both the parties Cannot be enforced in a court of law Court prohibits. The Sale of Goods Act, 1930 came into force on (a) (c) 73. Voidable Illegal When the consent of a party is obtained by fraud, the contract is (a) (c) 72. (b) (d) A voidable contract is one which (a) (b) (c) (d) 71. Void Valid sale barte State whether the following statements is false (a) (b) (c) (d) Every partner cannot participate in the conduct of business Every partner is bound to attend diligently to his duties in the conduct of the business Every partner can have access to inspect and take a copy of the books of accounts of the firm Every partner is a joint owner of partnership property Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 409 MODEL TEST PAPER - 15 77. State which of the following statements are not correct? (a) (b) (c) (d) 78. A new partner can be admitted in the firm with the consent of (a) (c) 79. (b) (d) Misconduct of a partner All of the above Necessaries Necessities (b) (d) luxuries All the things Contingent Guarantee (b) (d) Quasi-contract bailment Must be distributed to its shareholders Mayor may not be distributed to its shareholder Mayor may not be distributed to its board of directors, shareholders and other stakeholders Are not distributable at all An offer made to the public in general which anyone can accept and do the desired act is ______ (a) (c) 84. Insanity of a partner Perpetual losses in business Profits of a partnership firm must be distributed among the partners as per the partnership deed while the profits of a company ______ (a) (b) (c) (d) 83. Simple majority of partners New partner only A contracts to pay B Rs.100000 if the latter s house is burnt to ashes. This is an example of ______ (a) (c) 82. (b) (d) Minor s estates are liable to reimburse the supplier, who supplies him with ______ (a) (c) 81. All the partners Special majority of partners On which of the following grounds, a partner may apply to the court for dissolution of the firm? (a) (c) 80. An unregistered firm can enforce by suit its dues from a Third party A partner of an unregistered firm cannot sue for his dues from the firm or from other partners. Neither the firm nor the partners when sued can claim a set-off Non registration of a firm does not affect the right of an Official Assignee Receiver or Court to realize the property of an insolvent partner. General offer Cross offer (b) (d) Special offer Counter offer A agrees to sell his car to B at a price which B may be able to pay .This agreement is ______ (a) (c) void voidable 410 The Institute of Chartered Accountants of India (b) (d) valid contingent Common Proficiency Test (CPT) Volume - I 85. Quasi contracts arise ______ (a) (b) (c) (d) 86. Consideration must move at the desire of the ______ (a) (b) (c) (d) 87. valid illegal Express or implied agreement Operation of law (b) (d) Ratification All of the above Promisee or any other person Promisor (b) (d) Promisee An independent person In case of sale the position of a buyer is that of ______ (a) (c) 92. (b) (d) There can be stranger to a consideration but not a stranger to a contract signifies that a consideration may move from ______ (a) (c) 91. void voidable The relationship of principal and agent may arise by ______ (a) (c) 90. Is allowed in the interest of economy Is oppose to public policy and hence void Is not detrimental to any nation Is Impossible because of perfect competition in today s scenario Implied contract, even if not in writing or express words is perfectly- ______ if other conditions are satisfied (a) (c) 89. Promisor promisee Any person Promisee or promissory or any other person Agreement for the creation of monopolies ______ (a) (b) (c) (d) 88. Where obligations are created without a contract Where obligations are created under a contract Out of natural causes Out of man-made causes Owner of the goods Hirer of the goods (b) (d) Bailee of the goods None of the above In India the age majority is regulated by ______ (a) (c) The Indian Majority Act, 1875 The Indian Contract Act, 1872 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) The Indian Minority Act, 1875 The Constitution of India 411 MODEL TEST PAPER - 15 93. A new partner is held liable for all acts of the firm done (a) (b) (c) (d) 94. A partner may retire with the consent of ______ (a) (c) 95. All of the partner None of the partner (b) (d) Any partner Some of the partner Dissolving the firm Result in continuance of the business of the firm His heirs joining the firm Computation of profits upto the date of death From the date of admission as a minor partner from the date of attaining majority from the date of his notice to the public that he elects to become partner As decided by all other partner Death of partner has the effect of ______ (a) (b) (c) (d) 99. Some of the partner All of the other partner If a minor elects to becomes partner after attaining majority, he will be liable for the debts of the firm _____ (a) (b) (c) (d) 98. (b) (d) Death of a partner has the effect of ______ (a) (b) (c) (d) 97. Any partner None of the partner A person can be introduced as a partner in a firm with the consent of ______ (a) (c) 96. Before he become a partner After he become a partner Any time after even he ceases to be a partner and up to his death Before or after he became a partner Dissolving the firm Result in continuance of the business of the firm His heirs joining the firm Computation of profits upto the date of death A & B are the only two partner in a firm B was murdered by C who wanted to become a partner of the firm but B has raised objection to it A now wants to take D as a partner in the said firm D is father of C light of the situation answer which of the following is correct? (a) (b) (c) (d) The original partnership is dissolved. The original partnership is not dissolved and A&D can continue. A &D has to enter into fresh agreement and create a new partnership Both (a) and (c) 412 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 100. A B tyre Co.Ltd sold tyres to a dealer C, who sold those to A, a sub-dealer on the condition that those tyres would not be sold at a price lower than the list price fixed by A B tyre Co. Ltd and if the tyres were sold at a price lower than the list price a penalty of Rs. 2 for every tyre sold below the list price would be recovered as damages. A sold five tyres below the list price A B tyre Co. Ltd filed a suit against C Is AB tyre Co. Ltd. entitled to maintain the suit (a) (b) (c) (d) No since A B tyre Co. Ltd was not a party to the contract No since only 5 tyres are involved and the amount is insignificant. Yes as A B tyre Co. Ltd is the producer of the tyres Yes as A B tyre Co. Ltd sold the tyre to C who in turn sold to A SECTION C : GENERAL ECONOMICS (50 MARKS) 101. Which of the following statements is correct? (a) (b) (c) (d) 102. Identify the correct statement : (a) (b) (c) (d) 103. inelastic elastic (b) (d) perfectly elastic perfectly inelastic Which of the following statement is not correct? (a) (b) (c) (d) 105. In capitalist economy people are not free to spend their income as they like In socialist economy the right to work is guaranteed but the choice of occupation gets restricted In socialist economy a relative inequality in income is an important feature. In today s world only U.S.A. is a purely socialist country When quantity demanded changes by larger percentage than does price, elasticity is termed as: (a) (c) 104. Employment and economic growth are studied in micro economics. Micro economics deals with balance of trade Economic condition of a section of the people is studied in Micro Economics External value of money is dealt with in micro-economics GDP at market price = GNP at market price Net income from abroad GDP at factor cost = GDP at market price net indirect taxes NDP at factor cost = NDP at market price net indirect taxes NNP at factor cost = NNP at market price net income from abroad Identify the item which is not a factor payment : (a) (b) (c) (d) Free uniform to defence personnel Salaries to the members of Parliament Imputed rent of an owner occupied building Scholarships given to scheduled caste students. Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 413 MODEL TEST PAPER - 15 106. Money in dynamic sense: (a) (b) (c) (d) 107. Which of the following is not a quantitative measure of credit control? (a) (c) 108. (c) (d) (b) (d) privatization globalisation reducing the peak rate of custom duties rectifying anomalies like inverted duty structure the tax rate on foreign companies has also been reduced from 55% to 40% introduction of value added tax for achieving harmonized taxation regime Privatization will help reducing the burden on exchequer It will help the profit making public sector units to modernize and diversity their business. It will help in making public sector units more competitive None of the above Workers employed in Sugar Mills face seasonal unemployment Due to introduction of new machinery, labour saving device etc. some workers tend to be replaced by machine is termed as structural unemployment Frictional unemployment is temporary phenomenon Disguised unemployment refers to a situation where removal of some workers will not affect the volume of total output If the price of good A increases relative to the price of substitute B and C, the demand for: (a) (c) 113. disinvestment liberalisation Which of the following statements is incorrect: (a) (b) 112. Open Market Operation Variable Reserve Requirement Which of the following statements is against Privatization? (a) (b) (c) (d) 111. (b) (d) Which of the following is not an indirect tax reform: (a) (b) (c) (d) 110. Bank Rate Policy Consumer Credit Regulation Integration of the domestic economy with the world economy is called: (a) (c) 109. Serves as encouragement to division of labour Serves as smooth transformer of saving into investments Serves as both (a) and (b) of the above Serves neither as (a) or (b) of the above. B will increase B and C will increase (b) (d) C will increase B and C will decrease If income elasticity for the household for good A is 2 then it is a: (a) (c) necessity item luxurious item 414 The Institute of Chartered Accountants of India (b) (d) inferior goods comfortable item Common Proficiency Test (CPT) Volume - I 114. FRBM Act Stands for : (a) (b) (c) (d) 115. Which of the following statements is incorrect? (a) (b) (c) (d) 116. (b) (d) macro-economic theory micro-economic theory Public goods Capital goods (b) (d) Consumer goods Agriculture goods Robbins Paul A. Samuelson (b) (d) Adam Smith Pigou 9 6.5 (b) (d) 7.0 7.5 RBI makes advances to the Central and State Government repayable within ___________ from the date of advance. (a) (c) 122. statistics econometrics At present, Bank rate is __________ per cent (2012). (a) (c) 121. Downward Sloping Vertical _____________ viewed economics as a science of dynamic growth and development (a) (c) 120. (b) (d) Lesser production of ___________ would lead to lesser production in future (a) (c) 119. Horizontal Upward sloping to the right It is _____________ that deals with the problem of allocation of resources (a) (c) 118. Most of the big industrial units in India are sick The industrial pattern on the eve of independence was not balanced During the planning period, Indian Industrial structure has shifted in favour of basic and capital goods and intermediate sector. None of the above If the elasticity of supply is zero then supply curve will be. (a) (c) 117. Foreign responsibility and Business Management Foreign Responsibility and Budget Management Fiscal Revenue and Budget Management Fiscal Responsibility and Budget Management 60 days 90 days (b) (d) 45 days 75 days At present there are _____________ Nationalised Banks in India (2012). (a) (c) 14 21 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) 6 19 415 MODEL TEST PAPER - 15 123. In ___________________ we remove tariff, subsidies on the flow of goods and services between countries. (a) (c) 124. (b) (d) Cost-Push Inflation Demand pull inflation tourism transport (b) (d) technical Education telecom disguised chronic (b) (d) cyclical structural combined sector agriculture sector (b) (d) industrial sector tertiary sector April 1947 April 1946 (b) (d) March 1946 March 1947 In perfect competition the firm s _________ above AVC has the identical shape of the firm s supply curve (a) (c) 131. Stagnation Deflation International Monetary Fund commenced its operation in ______________ (a) (c) 130. Capital deficit Money deficit NABARD is the apex bank for _____________ credit in India (a) (c) 129. (b) (d) When contribution to the production is almost zero/nil is called _________ unemployment (a) (c) 128. Primary deficit Budget deficit TRAI is regulatory authority for _____________ in India (a) (c) 127. liberalisation disinvestment When more money chases relatively too less quantity of goods, the resulting situation is called___________ (a) (c) 126. (b) (d) In Fiscal deficit we add borrowings and other liabilities to the _______________ (a) (c) 125. globalisation privatisation Marginal revenue curve Average cost curve (b) (d) Marginal cost curve None of the above When _____________, we know that the firms must be producing at the minimum point of average cost curve and so there will be productive efficiency (a) (c) MC = MR AC = AR 416 The Institute of Chartered Accountants of India (b) (d) MC = AC AR = MR Common Proficiency Test (CPT) Volume - I 132. According to the Planning Commission, based on Tendulkar Committee estimation, ________ % people were below poverty line in 2004-2005. (a) (c) 37.2% 26.2 (b) (d) 25.2 27.8 The following data gives the production possibilities frontier of an economy that produces two types of goods, guns and bread. Read the following table and answer questions 133 135. Table 1 : Production Possibilities Production possibilities B C D E F G H Guns 0 10 20 30 40 50 60 30 Bread 133. A 105 100 90 75 55 30 0 45 According to table 1, the opportunity cost of increasing gun s production from 20 to 30 units is equal to (a) (c) 134. Increases as more of guns are produced Decreases as more of guns are produced Remains constant as more of guns are produced Nothing can be said Point D is outside the PPF while point H is on the PPF Point D is inside the PPF while point H is on the PPF Point D is on the PPF while point H is inside the PPF Nothing can be said What is Disinvestment? (a) (b) (c) (d) 137. 15 units of bread 24 units of bread Point D is efficient while point H (30 guns and 45 loaves of bread) is inefficient. Why? (a) (b) (c) (d) 136. (b) (d) Given the data in table 1, one moves successively from point A to point B, C, D, E and F, the opportunity cost of guns: (a) (b) (c) (d) 135. 10 units of bread 25 units of bread It refers to the disposal of Public Sectors equity in the market It refers to the transfer of assets from private to public ownership It means integrating the domestic economy with the world economy None of the above Which of the following statements is incorrect regarding Disinvestment ? (a) (b) Government has not failed to raise the budget disinvestments in the capital market The procedure adopted for disinvestment has suffered from adhocism in the absence of a long term policy Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 417 MODEL TEST PAPER - 15 (c) (d) It means selling of Govt. Share in the PSU to other PSU or Private Sector or Banks It has been too insignificant to affect either the structure of management or the working environment of the PSU in India A competitive firm sells his product at market price of Rs. 51 per unit. The fixed cost is Rs. 300 and variable cost for different level of production are shown in the following table 2. Use table No.2 to answer questions 138 141. Table 2 Quantity 0 0 10 470 20 980 30 1850 40 3400 50 138. Variable cost 5950 ATC MC 70.6 61.6 (b) (d) 60.6 71.6 265 245 (b) (d) 255 275 To maximize profit, the firm should produce (a) (c) 141. AVC When production is 50 units, marginal cost is: (a) (c) 140. Total Cost When production is 30 units, the average variable cost is: (a) (c) 139. Fixed cost 30 units 20 units (b) (d) 10 units 40 units If the market price drops from Rs. 51 to Rs. 47, the firm should (a) (c) Close down Produce 30 units (b) (d) produce 10 units Produce 20 units Read the following data and answer Questions 142-147 X, Y and Z are three commodities where X and Y are complementary goods whereas X and Z are substitutes. A shop keeper sells commodity X at Rs. 20 per piece. At this price he is able to sell 100 pieces of X per month. After some time, he decreases the price of X to Rs. 10 per piece. Following the price decrease. 418 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I He is able to sell 150 pieces of X per month. The demand for Y increases from 25 units to 50 units. The demand for commodity Z decreases from 75 units to 50 units. 142. The price elasticity of demand when price of X decreases from Rs. 20 per piece to Rs. 10 per piece will be equal to: (use Arc Elasticity Method) (a) (c) 143. +1.5 1 + 1.66 1.66 (b) (d) + 0.6 0.6 Demand is unit elastic Demand is inelastic (b) (d) Demand is highly elastic Demand is perfectly elastic .04 4.00 (b) (d) 0.4 -4.00 We can say that commodity X in economic sense is a / an (a) (c) 148. (b) (d) Suppose income of the consumers increases by 50% and the demand for commodity X increases by 20% what will be the income elasticity of demand for commodity X? (a) (c) 147. 1.5 +1 What can be said about the price elasticity of demand for commodity X? (a) (c) 146. 1.6 1.5 The cross elasticity of commodity Z when the price of X decreases from Rs. 20 per piece to Rs. 10 per piece will be equal to: (a) (c) 145. (b) (d) The cross elasticity of demand for commodity Y when the price of X decreases from Rs. 20 per piece to Rs. 10 per piece will be equal to: (a) (c) 144. 0.6 0.5 Inferior foods Normal Goods (b) (d) Giffen Goods Luxury Goods. Suppose the total cost of producing commodity X is Rs. 1,25000. Out of this cost implicit cost is Rs. 35000 and normal profit is Rs. 25000. What will be explicit cost of commodity X? (a) (c) 90,000 60,000 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) 65,000 1,00,000 419 MODEL TEST PAPER - 15 149. Use table 3 to answer questions 149 150. Hours of Labour 0 1 2 3 Table 3 Total output 350 670 Marginal output 350 230 What is the total output when 2 hrs of labour are employed (a) (c) 150. 500 600 (b) (d) 580 680 What is the marginal product if the third hour of labour is employed? (a) (c) 90 100 (b) (d) 110 120 SECTION D : QUANTITATIVE APTITUDE (50 MARKS) 151. Unequal widths of classes in the frequency distribution do not cause any difficulty in the construction of (a) (c) 152. (b) (d) Frequency Polygon None of these The presence of extreme observations does not affect (a) (c) 153. Ogive Both A.M. Mode (b) (d) Median Any of these S.D. of first n natural numbers is (a) (b) n(n 1) 2 (c) 154. n(n 1) 2 n2 1 12 (d) None of these (b) (d) Half the Standard Deviation None of these For any two numbers range is always (a) (c) Twice the Standard Deviation Square the Standard Deviation 420 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 155. G.M. is defined only when (a) (b) (c) (d) 156. All observation have the same sign and none is zero. All observation have the different sign and none is zero All observation have same sign and one is zero All observation have the different sign and one is zero The quickest method to find correlation between two variables is: (a) (c) 157. Scatter diagram Method of Rank Correlation False Both x is independent of y y is dependent of x True Both Estimating a mean Both If log 3 (a) (c) 162. 1 2 y is independent of x Both (a) and (b) (b) (d) False None of these 1 (b) (d) Estimating a proportion None of these (x + 1) = 2 then x is equal to ______ 3 (b) (d) 3 0 (b) (d) 12 0 5 3 4 6 4 2 4 is equal to (a) (c) 163. (b) (d) The standard deviation is required to determine sample size for (a) (c) 161. True None of these For a binomial distribution mean and mode are not equal, when q = 0.50 (a) (c) 160. (b) (d) If P (x/y) = p(x), then (a) (c) 159. Method of concurrent deviation Method of Product moment Correlation In rank correlation coefficient the association need not be linear (a) (c) 158 (b) (d) 10 14 The number ________ has same ratio to 7/33 as that 8/21 does to 4/9. (a) (c) 2/11 2/21 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) 3/11 None of these 421 MODEL TEST PAPER - 15 2(1 + x) (c) 165. dx 1+ x is equal to (a) 164. 2(1 + x) 128 64 (b) (d) 256 512 5040 6! (b) (d) 8! None of these 786 486 (b) (d) 586 186 2 0.5 (b) (d) 5 None of these 20 220 (b) (d) 120 None of these 7/9 11/9 (b) (d) 5/9 2 (b) (d) 125/2 0 x5 - 243 lim 2 is equal to x 3 x - 9 (a) (c) 172. None of these If a pair of dice is thrown, the probability that the sum is neither 7 nor 11 is ________ (a) (c) 171. (d) The price level of a country in a certain year has increased 20% over the base period. The Index number is _____________ (a) (c) 170. 2 2 If SD = 40 and the sample size is 150, then the standard error of mean is _______ (a) (c) 169. (1 + x ) The compound interest on Rs. 1000 for 10 years at 4% p.a. the interest being paid quarterly is _______? (a) (c) 168. (b) The no. of permutation can be made out the letters of word COMMERCE is ________ (a) (c) 167. 1 1 2 The 8th term of the series 4, 8, 16 .. nth term is ______ (a) (c) 166. 1 150 135/2 If f(x) = 2x+ 5 and g(x) = x2+1, then the f o g is (a) (c) 2x2 + 7 x2 + 5 422 The Institute of Chartered Accountants of India (b) (d) 2x + 1 None of these Common Proficiency Test (CPT) Volume - I 173. The 20th term of the progression 1, 4, 7, 10 ........... is (a) (c) 174. (b) (d) 8/3 4 (b) (d) 37.36 38.36 (b) (d) 39.00 None of these 2 (b) (x 2 1) 2 (d) ( x 2 1) d x is equal to dx x2 - 1 (a) (x 2 1) (c) 177. (x 2 + 1) If 5 = (a) (c) 179. 3 7000 7020 3 3 2 2 (b) (d) 720 7200 x + x + x ............. , then value of x is 10 5 The value of log (a) (c) 180. 3 How many words can be formed out of 5 different consonants and 4 different vowels if each word is to contain 3 consonants and 2 vowels (a) (c) 178. 2/3 3 The average marks scored by 50 students in a class were calculated to be 38. Later it was found, that marks of two students were wrongly copied as 34 and 23 instead of 43 and 32. Find correct average marks? (a) (c) 176. 52 None of these Find value of K, if line 2x + Ky-g = 0 and 3x - 4y + 7=0 are parallel (a) (c) 175. 58 0 (b) (d) 4 20 (b) (d) 0 None of these log 381 is equal to 1 3 At what interset rate will a sum doubles itself in 7 years, if the interest is compounded annually. (a) (c) 7.0% 10.41% Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) 8.0% 7.9% 423 MODEL TEST PAPER - 15 181. Three numbers are in A.P. of whose sum is 15 and whose product is 105, then numbers are: (a) (c) 182. 7.46 6.74 If r = 0.5, (a) (c) 184. (b) (d) 2, 5, 8 None of these The standard deviation of 100 and 150 items are 5,6 respectively; if mean of 250 item is 44, mean of 100 and 150 item are 50 and 40 respectively, then find S.D. for 250 items. (a) (c) 183. 3, 5, 7 0, 5, 10 (b) (d) 7.64 4.67 = 120, y = 8, x 2 = 90, then value of n is equal to ______ 5 15 (b) (d) 10 20 Two lines of regression are given by 5x+7y 22=0 and 6x+2y 22=0. If the variance of y is 15, find the standard deviation of x? (a) (b) 6 (c) 185. 5 7 (d) 8 A card is drawn at random from a well shuffled pack of 52 cards. Find the probability of getting a two of heart or one of diamond. (a) (c) 186. 7.6 6.5 (b) (d) 7.5 6.7 6, 6 10, 6 (b) (d) 10, 8 9, 2 Relation Is Equal to over the set of all natural numbers is explained as (a) (c) 189. 2/51 1/52 If the A.M. of two numbers is 6 and G.M. is 6, then find the two numbers? (a) (c) 188. (b) (d) If the probability of a defective bolt is 0.1, find the standard deviation for the distribution of defective bolt in a total of 500. (a) (c) 187. 1/26 2/26 Reflexive Transitive (b) (d) Symmetric Equivalence What must be added to each of the numbers 6, 15, 20 and 43 to make them proportional. (a) (c) 5 3 424 The Institute of Chartered Accountants of India (b) (d) 4 2 Common Proficiency Test (CPT) Volume - I 190. If f(x+1)= 2x + 7 then f(0) is equal to (a) (c) 191. 5 3 2x + y 4 = 0 x+y 4=0 3:5 3:25 49,000 58,756 If (a) (c) 196. (b) (d) 49,300 50,500 12 2 lim x 3 (b) (d) 14 None of these x n - 3n = 405, then value of n is equal to x-3 4 5 (b) (d) 6 7 6 4 (b) (d) 5 3 Find the coefficient of correlation when its probable error is 0.2 and the number of pairs of item is 9. (a) (c) 198. 1:2 9:25 If the median of 5, 9, 11, 3, 4, x, 8 is 6, the value of x is equal to (a) (c) 197. (b) (d) In a group of 40 children 16 like cricket but not movie and 26 like cricket. The number of children like movie but not cricket are (a) (c) 195. x + 2y 4 = 0 x y 4=0 Find the amount of annuity of payment of Rs. 7000 is made annually for 7 years at interest rate of 6% compounded annually ? (a) (c) 194. (b) (d) The compounded ratio of duplicate ratio of 3:5 and the sub triplicate ratio of 1:27 and reciprocal of 1:5 is equal to (a) (c) 193. 4 0 Find the equation of line passing through the point ( 2, 3) and having x-intercept 4 units. (a) (c) 192. (b) (d) 0.505 0.414 (b) (d) 0.332 None of these (b) (d) 45 0 If 5:6 = 45:a, find the value of a (a) (c) 54 15 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 425 MODEL TEST PAPER - 15 199. log(log x) dx is equal to x (a) (c) 200. log (log x) 1 + K [log(logx) 1] + K (b) (d) log(log x) + K None of these The 4th term of series whose sum to n terms is 5n2+2n is (a) (c) 5n + 3 5n + 2 426 The Institute of Chartered Accountants of India (b) (d) 10n 2 10n 3 Common Proficiency Test (CPT) Volume - I Model Test Paper BOS/CPT-15 SECTION A : FUNDAMENTALS OF ACCOUNTING 1 (b) 2 (b) 3 (b) 4 (d) 5 (d) 6 (a) 7 (a) 8 (c) 9 (d) 10 (a) 11 (c) 12 (b) 13 (a) 14 (c) 15 (c) 16 (a) 17 (b) 18 (c) 19 (c) 20 (c) 21 (d) 22 (b) 23 (c) 24 (a) 25 (b) 26 (a) 27 (b) 28 (a) 29 (b) 30 (a) 31 (a) 32 (a) 33 (c) 34 (a) 35 (d) 36 (b) 37 (a) 38 (b) 39 (d) 40 (a) 41 (a) 42 (a) 43 (a) 44 (b) 45 (c) 46 (d) 47 (a) 48 (a) 49 (a) 50 (b) 51 (a) 52 (a) 53 (a) 54 (c) 55 (b) 56 (c) 57 (a) 58 (a) 59 (c) 60 (a) SECTION B : MERCANTILE LAWS 61 (c) 62 (d) 63 (d) 64 (d) 65 (d) 66 (c) 67 (d) 68 (c) 69 (b) 70 (a) 71 (d) 72 (d) 73 (d) 74 (a) 75 (d) 76 (a) 77 (a) 78 (a) 79 (d) 80 (a) 81 (a) 82 (b) 83 (a) 84 (a) 85 (a) 86 (a) 87 (b) 88 (b) 89 (d) 90 (a) 91 (a) 92 (a) 93 (b) 94 (d) 95 (a) 96 (a) 97 (a) 98 (a) 99 (d) 100 (a) Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 591 ANSWERS SECTION C : GENERAL ECONOMICS 101 (c) 102 (b) 103 (c) 104 (d) 105 (d) 106 (c) 107 (c) 108 (d) 109 (c) 110 (d) 111 (b) 112 (c) 113 (c) 114 (d) 115 (a) 116 (d) 117 (d) 118 (c) 119 (c) 120 (a) 121 (c) 122 (d) 123 (b) 124 (c) 125 (d) 126 (d) 127 (a) 128 (c) 129 (d) 130 (b) 131 (b) 132 (a) 133 (b) 134 (a) 135 (c) 136 (a) 137 (a) 138 (c) 139 (b) 140 (c) 141 (b) 142 (a) 143 (d) 144 (b) 145 (c) 146 (b) 147 (c) 148 (b) 149 (b) 150 (a) SECTION D : QUANTITATIVE APTITUDE 151 (a) 152 (b) 153 (c) 154 (a) 155 (a) 156 (b) 157 (b) 158 (d) 159 (b) 160 (a) 161 (c) 162 (b) 163 (a) 164 (c) 165 (d) 166 (a) 167 (c) 168 (d) 169 (b) 170 (a) 171 (c) 172 (a) 173 (a) 174 (a) 175 (c) 176 (a) 177 (b) 178 (b) 179 (a) 180 (c) 181 (a) 182 (a) 183 (b) 184 (c) 185 (a) 186 (d) 187 (a) 188 (d) 189 (c) 190 (a) 191 (b) 192 (a) 193 (c) 194 (b) 195 (c) 196 (a) 197 (b) 198 (a) 199 (d) 200 (d) 592 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I

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Additional Info : Chartered Accountancy ICAI India : Common Proficiency Test CPT - Volume 1, Model Test Paper 15 with Answers
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