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

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BOARD OF STUDIES THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA COMMON PROFICIENCY TEST Model Test Paper BOS/CPT 1 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. RPC Ltd. follows the written down value method of depreciating machinery year after year by applying the principle of (a) (c) 2. Convenience. All of the above. To comply with accounting standards To ensure more appropriate presentation of the financial statement of the enterprise. To comply with the law. All of the above. Purchases book records: (a) (c) 4. (b) (d) A change in accounting policy is justified (a) (b) (c) (d) 3. Comparability. Consistency. All cash purchases All Credit purchases of goods in trade only. (b) All credit purchases of goods & assets (d) None of the above A Bank Reconciliation Statement is prepared to know the causes for the difference between: (a) (b) (c) (d) The balances as per cash column of Cash Book and the Pass Book The balance as per bank column of Cash Book and the Pass Book The balance as per bank column of Cash Book and balances as per cash column of Cash Book None of the above Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 1 MODEL TEST PAPER - 1 5. While finalizing the current year s profit, the company realized that there was an error in the valuation of closing inventory of the previous year. In the previous year, closing inventory was valued more by Rs.50,000. As a result (a) (b) (c) (d) 6. In the absence of any provision in the partnership agreement, profits and losses are shared (a) (b) (c) (d) 7. Business entity Dual aspect Compensating errors Errors of commission Wrong balancing of an account Wrong totalling of an account Purchase of goods Cost of repairs Wages paid for installation of machinery Rent of a factory Which of the following statement is not true? (a) (b) (c) (d) 11. (b) (d) Which of the following are of capital nature? (a) (b) (c) (d) 10. Materiality Going concern Which of the following errors are not revealed by the Trial Balance? (a) (b) (c) (d) 9. In the ratio of capitals Equally In the ratio of loans given by them to the partnership firm None of the above Fundamental accounting assumption is (a) (c) 8. Previous year s profit is overstated and current year s profit is also overstated Previous year s profit is understated and current year s profit is overstated Previous year s profit is understated and current year s profit is also understated Previous year s profit is overstated and current year s profit is understated If del-credere s commission is allowed, bad debt will not be recorded in the books of consignor If del-credere s commission is allowed, bad debt will be debited in consignment account Del-credere s commission is allowed by consignor to consignee Del-credere s commission is generally given to promote credit sales Discount on issue of debentures is a __________ (a) (b) (c) (d) Revenue loss to be charged in the year of issue Capital loss to be written off from capital reserve Capital loss to be written off over the tenure of the debentures Capital loss to be shown as goodwill 2 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 12. Loss on issue of debentures is treated as ____________ (a) (c) (d) 13. Dividends are usually paid as a percentage of ______ (a) (c) 14. (b) (d) New Profit Sharing Equal Profits of the year Accumulated Profits (b) (d) Reserves Goodwill Consignor Trade receivables (b) (d) Consignee None Co-venturers Principal & Agent (b) (d) Partners Friends The accommodation bill is drawn_______ (a) (b) (c) (d) 20. Old Profit Sharing Capital The parties to joint venture is called_________ (a) (c) 19. Policy Amount Surrender Value Policy amount or surrender value which ever is higher Policy amount or surrender value which ever is lower The owner of the consignment inventory is________ (a) (c) 18. Net profit Called-up capital Interest on capital will be paid to the partners if provided for in the agreement but only from________ (a) (c) 17. (b) (d) Profit or loss on revaluation is shared among the partners in _______ ratio. (a) (c) 16. Authorized share capital Paid-up capital At the time of death of a partner, firm gets ________ from the insurance company against the Joint Life Policy taken jointly for all the partners (a) (b) (c) (d) 15. Intangible asset (b) Current liability Other non-current/current assets (depending on tenure of its amortization None of the above To finance actual purchase or sale of goods To facilitate trade transmission When both parties are in need of funds None of the above The number of production or similar units expected to be obtained from the use of an asset by an enterprise is called as _________ (a) (c) Unit life Production life Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Useful life Expected life 3 MODEL TEST PAPER - 1 21. Mr. A purchased a machinery costing Rs. 1,00,000 on 1st October, 2009. Transportation and installation charges were incurred amounting Rs. 10,000 and Rs. 4,000 respectively. Dismantling charges of the old machine in place of which new machine was purchased amounted Rs. 10,000. Market value of the machine was estimated at Rs. 1,20,000 on 31st March 2010. While finalising the annual accounts, A values the machinery at Rs. 1,20,000 in his books. Which of the following concepts was violated by A? (a) (c) 22. (d) Matching concept Periodicity concept. Change in the method of depreciation should be done only with the consent of the auditor Depreciation method can be changed only from WDV to SLM and not vice versa Change in the method of depreciation should be done only if it is required by some statute or change would result in more appropriate presentation of financial statement or for compliance with the accounting standard Method of depreciation cannot be changed under any circumstances If cost of goods sold is Rs.80,700, Opening inventory Rs.5,800 and Closing inventory Rs.6,000. Then the amount of purchase will be (a) (c) 24. (b) (d) M/s ABC Brothers, which was registered in the year 2000, has been following Straight Line Method (SLM) of depreciation. In the current year it changed its method from Straight Line to Written Down Value (WDV) Method, since such change would result in the additional depreciation of Rs. 200 lakhs as a result of which the firm would qualify to be declared as a sick industrial unit. The auditor raised objection to this change in the method of depreciation. The objection of the auditor is justified because (a) (b) (c) 23. Cost concept Realisation concept Rs.80,500 Rs.74,700 (b) (d) Rs.74,900 Rs.80,900 Original cost = Rs. 1,26,000. Salvage value = 6,000. Useful Life = 6 years. Annual depreciation under SLM will be 25. (a) Rs.21,000 (b) Rs.20,000 (c) Rs.15,000 (d) Rs.14,000 A new firm commenced business on 1st January, 2009 and purchased goods costing Rs. 90,000 during the year. A sum of Rs. 6,000 was spent on freight inwards. At the end of the year the cost of goods still unsold was Rs.12,000. Sales during the year Rs.1,20,000. What is the gross profit earned by the firm? 26. (a) Rs. 36,000 (b) Rs. 30,000 (c) Rs. 42,000 (d) Rs. 38,000 X of Kolkata sends out goods costing Rs. 3,00,000 to Y of Mumbai at cost + 25%. Consignor s expenses Rs. 5,000. 1/10th of the goods were lost in transit. Insurance claim received Rs. 3,000. The net loss on account of abnormal loss is (a) (c) Rs.27,500 Rs.30,500 4 The Institute of Chartered Accountants of India (b) (d) Rs.25,500 Rs.27,000 Common Proficiency Test (CPT) Volume - I 27. A and V enter into a joint venture to sell a consignment of biscuits sharing profits and losses equally. A provided biscuits from his inventory Rs. 10,000. He paid expenses amounting to Rs. 1,000. V incurred further expenses on carriage Rs. 1,000. He received cash for sales Rs. 15,000. He also took over goods to the value of Rs. 2,000. The profit on joint venture will be (a) Rs.3,000 (b) Rs.5,000 (c) Rs.6,000 (d) Rs.3,500 28. X draws a bill on Y for Rs. 20,000 for 3 months on 1.1.10. The bill is discounted with banker at a charge of Rs. 100. At maturity the bill return dishonoured. In the books of X, for dishonour, the bank account will be credited by (a) Rs. 19,900 (b) Rs. 20,000 (c) Rs. 20,100 (d) Rs. 19,800 29. A sent some goods costing Rs.3,500 at a profit of 25% on sale to B on sale or return basis. B returned goods costing Rs.800. At the end of the accounting period i.e. on 31st December, 2009, the remaining goods were neither returned nor were approved by him. The inventory sent on approval will be shown in the balance sheet at (a) Rs. 2,000 (b) Rs. 2,700 (c) Rs. 2,700 less 25% of 2,700 (d) Rs. 3,500 30. A and B are partners sharing profits and losses in the ratio of 3:2 having the capital of Rs. 80,000 and Rs. 50,000 respectively. They are entitled to 9% p.a. interest on capital before distributing the profits. During the year firm earned Rs. 7,800 after allowing interest on capital. Profits apportioned among A and B is (a) (c) 31. 32. (b) (d) Rs. 4,800 and Rs. 3,000 None of the above A & B are partners sharing profits and losses in the ratio 5:3. On admission, C brings Rs. 70,000 cash and Rs. 48,000 against goodwill. New profit sharing ratio between A, B and C are 7:5:4. The sacrificing ratio among A & B will be (a) 3:1 (b) 4:7 (c) 5:4 (d) 2:1 The cash book showed an overdraft of Rs.1,500, but the pass book made up to the same date showed that cheques of Rs.100, Rs. 50 and Rs.125 respectively had not been presented for payments; and the cheque of Rs.400 paid into account had not been cleared. The balance as per the pass book will be (a) (c) 33. Rs. 4,680 and Rs. 3,120 Rs. 5,000 and Rs. 2,800 Rs. 1,100 Rs. 1,625 (b) (d) Rs. 2,175 Rs. 1,375 A second hand car is purchased for Rs.10,000, the amount of Rs. 1,000 is spent on its repairs, Rs. 500 is incurred to get the car registered in owner s name and Rs. 1,200 is paid as dealer s commission. The amount debited to car account will be (a) (c) Rs. 10,000 Rs. 11,500 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Rs. 10,500 Rs. 12,700 5 MODEL TEST PAPER - 1 34. If a purchase return of Rs.84 has been wrongly posted to the debit of the sales return account, but had been correctly entered in the suppliers account, the total of the trial balance would show (a) (b) (c) (d) 35. the credit side to be Rs.84 more than debit side the debit side to be Rs.84 more than credit side the credit side to be Rs.168 more than debit side the debit side to be Rs.168 more than credit side The Accountant of the firm M/s ABC is unable to tally the following trial balance: S. No. 1. 2. 3. 4. Account heads Sales Purchases Miscellaneous expenses Salaries Total Debit (Rs.) Credit (Rs.) 15,000 10,000 2,500 12,500 2,500 17,500 The above difference in trial balance is due to (a) (b) (c) (d) 36. R, J and D are the partners sharing profits in the ratio 7:5:4. D died on 30th June 2009. It was decided to value the goodwill on the basis of three year s purchase of last five years average profits. If the profits are Rs. 29,600; Rs. 28,700; Rs. 28,900; Rs. 24,000 and Rs. 26,800. D s share of goodwill will be (a) (c) 37. Rs. 20,700 Rs. 82,800 (b) (d) Rs. 27,600 Rs. 27,000 A company forfeited 2,000 shares of Rs.10 each (which were issued at par) held by Mr. John for non-payment of allotment money of Rs.4 per share. The called-up value per share was Rs.9. On forfeiture, the amount debited to share capital will be (a) (c) 38. wrong placing of sales account wrong placing of salaries account wrong placing of miscellaneous expenses account wrong placing of all accounts Rs.10,000 Rs.2,000 (b) (d) Rs.8,000 Rs.18,000 S Ltd. issued 2,000, 10% Preference shares of Rs.100 each at par, which are redeemable at a premium of 10%. For the purpose of redemption, the company issued 1,500 Equity Shares of Rs.100 each at a premium of 20% per share. At the time of redemption of Preference Shares, the amount to be transferred by the company to the Capital Redemption Reserve Account will be (a) (c) Rs.50,000 Rs.2,00,000 6 The Institute of Chartered Accountants of India (b) (d) Rs.40,000 Rs.2,20,000 Common Proficiency Test (CPT) Volume - I 39. W 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) 40. Rs.125,000 Rs.100,000 Rs.2,60,000 Rs.2,40,000 (b) (d) Rs.2,50,000 Rs.1,60,000 Rs.90 Rs.60 (b) (d) Rs.81 Rs.54 Rs. 18,000 Rs. 51,000 (b) (d) Rs. 25,000 Rs. 20,000 A and B are partners sharing profits and losses in the ratio of 3:2 (A s Capital is Rs.30,000 and B s Capital is Rs.15,000). They admitted C and agreed to give 1/5th share of profits to him. How much C should bring in towards his capital? (a) (c) 45. (b) (d) A, B and C are partners sharing profits and losses in the ratio 9:4:3. The firm took separate life policy of Rs. 25,000 for A, Rs. 20,000 for B and Rs. 51,000 for C. What is the share of C in the policy amount? (a) (c) 44. Rs.120,000 Rs.140,000 B Ltd. issued shares of Rs.10 each at a discount of 10%. Mr. C purchased 30 shares and paid Rs.2 on application but did not pay the allotment money of Rs.3. If the company forfeits his entire shares, the forfeiture account will be credited by (a) (c) 43. Rs.10,000 Rs.8,000 T Ltd. purchased land and building from U 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 will be credited with (a) (c) 42. (b) (d) X sent out certain goods to Y of Delhi. 1/10 of the goods were lost in transit. Invoice value of goods lost Rs. 12,500. Invoice value of goods sent out on consignment will be: (a) (c) 41. Rs.40,000 Rs.20,000 Rs. 9,000 Rs. 14,500 (b) (d) Rs. 12,000 Rs. 11,250 A and B are partners with the capital Rs. 50,000 and Rs. 40,000 respectively. They share profits and losses equally. C is admitted on bringing Rs. 50,000 as capital only and nothing was brought against goodwill. Goodwill valued as Rs. 35,000 which was adjusted through the Capital accounts of the partners. What will be value of goodwill in the books after the admission of C? (a) (c) Rs. 55,000 Rs. 20,000 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) NIL Rs. 15,000 7 MODEL TEST PAPER - 1 46. X, Y and Z are partners in a firm. At the time of division of profit for the year there was dispute between the partners. Profits before interest on partner s loan was Rs. 6,000 and Y determined interest @ 24% p.a. on his loan of Rs. 80,000. There was no agreement on this point. Calculate the amount payable to X, Y and Z respectively. (a) (b) (c) (d) 47. A merchant sends out his goods casually to his dealers on approval basis. All such transactions are, however, recorded as actual sales and are passed through the sales book. On 31-12-2009, it was found that 100 articles at a sale price of 200 each sent on approval basis were recorded as actual sales at that price. The sale price was made at cost plus 25%. The value of inventory on approval will be amounting (a) (c) 48. Rs. 20,000 None of the above Rs.4,300 Rs.4,100 (b) (d) Rs.4,000 Rs.5,000 Rs. 1,25,000 Rs. 1,00,000 (b) (d) Rs. 1,50,000 Rs. 1,40,000 P of Faridabad sent out goods costing Rs. 45,000 to Y of Delhi at cost + 331/3%. 1/10th of goods were lost in transit. 2/3rd of the goods received are sold at 20% above invoice price. The amount of sale value will be: (a) (c) 51. (b) (d) A and B enter into a joint venture for purchase and sale of Type-writer. A purchased Typewriter costing Rs. 1,00,000. Repairing expenses Rs. 10,000, printing expenses Rs. 10,000. B sold it at 20% margin on selling price. The sales value will be: (a) (c) 50. Rs.16,000 Rs.15,000 A draws a bill on B for Rs 30,000. A wants to endorse it to C in settlement of Rs 35,000 at 2% discount with the help of B s acceptance and balance in cash. How much cash A will pay to B? (a) (c) 49. Rs. 2,000 to each partner Loss of Rs. 4,400 for X and Z & Y will take home Rs. 14,800 Rs. 400 for X, Rs. 5,200 for Y and Rs. 400 for Z Rs. 2,400 to each partner Rs.54,000 Rs.60,000 (b) (d) Rs.43,200 Rs.36,000 Rent paid on 1st October, 2008 for the year to 30th September, 2009 was Rs. 1,200 and rent paid on 1st October, 2009 for the year to 30th September, 2010 was Rs. 1,600. Rent paid, as shown in the profit and loss account for the year ended 31st December 2009, would be: (a) (c) Rs. 1,200 Rs. 1,300 8 The Institute of Chartered Accountants of India (b) (d) Rs. 1,600 Rs. 1,500 Common Proficiency Test (CPT) Volume - I 52. H Ltd. purchased a machinery on April 01, 2005 for Rs.3,00,000. It is estimated that the machinery will have a useful life of 5 years after which it will have no salvage value. If the company follows sum-of-the-years digits method of depreciation, the amount of depreciation charged during the year 2009-2010 was (a) (c) 53. (b) (d) Rs.80,000 Rs.20,000 If Average inventory = Rs. 12,000. Closing inventory is Rs. 3,000 more than opening inventory then the value of closing inventory will be (a) (c) 54. Rs.1,00,000 Rs.60,000 Rs. 12,000 Rs. 10,500 (b) (d) Rs. 24,000 Rs. 13,500 O Ltd. maintains the inventory records under perpetual system of inventory. Consider the following data pertaining to inventory of O Ltd. held for the month of March 2010: Date Mar. 1 Mar. 4 Mar. 6 Particulars Opening Inventory Purchases Purchases Quantity 15 20 10 Cost Per unit (Rs.) 400 450 460 If the company sold 32 units on March 24, 2010, closing inventory under FIFO method is (a) (c) 55. Rs.5,681 Rs.5,950. Rs. 1,600 Rs. 1,850 (b) (d) Rs. 1,450 Rs. 1,650 If a purchase return of Rs.1,000 has been wrongly posted to the debit of the sales returns account, but has been correctly entered in the suppliers account, the total of the (a) (b) (c) (d) 57. (b) (d) Debit balance as per Cash Book of ABC Enterprises as on 31.3.2012 is Rs. 1,500. Cheques deposited but not cleared amounts to Rs.100 and Cheques issued but not presented of Rs. 150. The bank allowed interest amounting Rs.50 and collected dividend Rs. 50 on behalf of ABC Enterprises. Balance as per pass book should be (a) (c) 56. Rs.5,200 Rs.5,800 trial balance would show the debit side to be Rs.1,000 more than the credit trial balance would show the credit side to be Rs.1,000 more than the debit the debit side of the trial balance will be Rs.2,000 more than the credit side the credit side of the trial balance will be Rs.2,000 more than the debit side If repair cost is Rs.25,000, whitewash expenses are Rs. 5,000, cost of extension of building is Rs.2,50,000 and cost of improvement in electrical wiring system is Rs. 19,000; the amount to be expensed is (a) (c) Rs. 2,99,000 Rs. 30,000 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Rs. 44,000 Rs. 49,000 9 MODEL TEST PAPER - 1 58. Sunset Tours has Rs. 3,500 account receivable from Mohan. On January 20, the later makes a partial payment of Rs. 2,100 to Sunset Tours. The journal entry made on January 20 by Sunset Tours to record this transaction includes: (a) (b) (c) (d) 59. A company forfeited 1,000 shares of Rs. 20 each (which were issued at par) held by Mr. Mohan for non-payment of allotment money of Rs. 8 per share. The called-up value per share was Rs. 18. On forfeiture, the amount debited to share capital will be (a) (c) 60. A credit to the cash received account of Rs.2,100 A credit to the Accounts receivable account of Rs.2,100 A debit to the cash account of Rs.1,400 A debit to the Accounts receivable account of Rs.1,400 Rs. 10,000 Rs. 2,000 (b) (d) Rs. 8,000 Rs. 18,000 A, B and C are partners sharing profits in the ratio 2:2:1. On retirement of B, goodwill was valued as Rs. 30,000. Contribution of A and C to compensate B will be (a) (b) (c) (d) Rs. 20,000 and Rs. 10,000 respectively Rs. 8,000 and Rs. 4,000 respectively They will not contribute any thing Information is insufficient for any comment SECTION B : MERCANTILE LAWS (40 MARKS) 61. Which of the following is false? An offer to be valid must: (a) (b) (c) (d) 62. Which of the following statement is true? (a) (b) (c) (d) 63. Intend to create legal relations Have certain & unambiguous terms Contain a term the non-compliance of which would amount to acceptance Be communicated to the person to whom it is made Consideration must result in a benefit to both parties Past consideration is no consideration in India Consideration must be adequate Consideration must be something, which a promisor is not already bound to do Which of the following is not an exception to the rule No Consideration, No Contract? (a) (b) (c) (d) Compensation for involuntary services Love & Affection Contract of Agency Gift 10 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 64. A minor s liability for necessaries supplied to him; (a) (b) (c) (d) 65. An agreement is void if it is opposed to public policy. Which of the following is not covered by heads of public policy? (a) (b) (c) (d) 66. becomes void on C s death should be performed by A and B along with C s legal representatives should be performed by A and B alone should be renewed between A, B and D Ordinary damages Remote damages (b) (d) Special damages Nominal damages mistake of fact fraud (b) (d) mistake of Indian law misrepresentation The term goods under the Sale of Goods Act, 1930 does not include (a) (c) 71. Legal representatives of promisor All of these A mistake as to a law not in force in India has the same effect as: (a) (c) 70. (b) (d) Generally, which of the following damages are not recoverable? (a) (c) 69. Promisor alone Agent of the promisor A, B and C jointly promised to pay Rs. 60,000 to D. Before performance of the contract, C dies. Here, the contract (a) (b) (c) (d) 68. Trading with an enemy Trafficking in public offices Marriage brokerage contracts Contracts to do impossible acts Which of the following persons can perform the contract? (a) (c) 67. Arises after he attains majority age Is against only minor s property Does not arise at all Arises if minor gives a promise for it goodwill stocks and shares (b) (d) actionable claims harvested crops Which of the following is not an implied condition in a contract of sale? (a) (b) (c) (d) Condition as to title Condition as to description Condition as to free from encumbrance Condition as to sample Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 11 MODEL TEST PAPER - 1 72. Which of the following is not a form of delivery? (a) (c) 73. let the seller beware let the creditor beware (b) (d) let the buyer beware none of the above Business Sharing of Profits Agreement Business to be carried on by all or any of them acting for all. Not entitled to share profits Entitled to share in capital ratio Entitled to share in proportion to their ages Entitled to share profits equally Takes part in the business of the firm Actively participates in co-curricular activities Actively shares the profits Makes a show of authority On dissolution the partners remain liable to till (a) (b) (c) (d) 79. raise money on the security of goods any of the above Active partner is one who: (a) (b) (c) (d) 78. (b) (d) In the absence of agreement to the contrary all partners are: (a) (b) (c) (d) 77. sell or consign goods sell or buy goods The most important element in partnership is: (a) (b) (c) (d) 76. Structured delivery Symbolic delivery Doctrine of Caveat Emptor means (a) (c) 75. (b) (d) Mercantile Agent is having an authority to (a) (c) 74. Constructive delivery Actual delivery Accounts are settled Partners dues are paid off Public notice is given The registrar strikes off the name Which of the following statements, about the registration of firm, is not true: (a) (b) (c) (d) It must be done at the time of its formation It may be done at the time of formation It may be done before filing a suit against third party It may be done at any time after its formation 12 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 80. An agreement which is enforceable by law at the option of one or more of the parties thereon but not at the option of the other or others is a ____________ (a) (c) 81. Voidable Unlawful Coercion Misrepresentation (b) (d) Undue Influence Fraud Void Voidable (b) (d) Valid Contingent Void Valid (b) (d) Voidable Illegal void voidable (b) (d) valid unlawful void voidable (b) (d) valid contingent Agreement-the meaning of which is uncertain is ________ (a) (c) 89. (b) (d) A agrees to pay Rs. 5 lakhs to B if he (B) procures an employment for A in Income Tax Department. This agreement is _________ (a) (c) 88. Void ab initio Valid A agrees to sell his car worth Rs. 100,000 to B for Rs. 20,000 only, and A s consent was obtained by coercion. Here, the agreement is __________ (a) (c) 87. Voidable Illegal A contingent contract is ____________ (a) (c) 86. (b) (d) An agreement the object or consideration of which is unlawful, is _____________ (a) (c) 85. Void Valid The threat to commit suicide amounts to ___________ (a) (c) 84. Void Contract Illegal Contract Ordinarily, a minor s agreement is ____________ (a) (c) 83. (b) (d) When the consent of a party is not free, the contract is _____________ (a) (c) 82. Valid Contract Voidable Contract Valid Voidable (b) (d) Void Illegal A contract for the sale of future goods is __________ (a) (c) sale void Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) agreement to sell. hire-purchase contract 13 MODEL TEST PAPER - 1 90. A stipulation which is collateral to the main purpose of the contract, and if proves false, gives the buyer only a right to claim damages, is known as __________ (a) (c) 91. (b) (d) appropriation storage delivery of goods fall of hammer (b) (d) payment of price none of the above Contract of sale Sale on Approval (b) (c) Agreement to sell Barter Reaching the age of superannuation On the balance in the capital account reaching a certain amount In accordance with the Partnership Deed On the condition of his nominee becoming 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 Registration of a firm is____________ (a) (c) 98. distribution amortization Death of partner has the effect of____________ (a) (b) (c) (d) 97. existing Goods none of the above A partner can retire on_____________ (a) (b) (c) (d) 96. (b) (d) If A agrees to deliver 100 kg of sugar to B in exchange of 15 mts of cloth, then it is __________ (a) (b) 95. present Goods specific Goods An auction sale is complete on the __________ (a) (c) 94. guarantee none of these Selection of goods with the intention of using them in performance of the contract and with the mutual consent of the seller and the buyer is known as __________ (a) (c) 93. (b) (d) Goods which are in existence at the time of the Contract of Sale is known as _________ (a) (c) 92. conditions warranty Compulsory Occasional (b) (d) Optional None of the above The reconstitution of the firm takes place in case of __________ (a) (c) Admission of a partner Expulsion or death of a partner 14 The Institute of Chartered Accountants of India (b) (d) Retirement of a partner All of the above Common Proficiency Test (CPT) Volume - I 99. G paid Rs.1,00,000 to H to influence the head of the Government Organisation in order to provide him some employment. On his failure to provide the job, G sued H for recovery of the amount. Which of the following is correct? (a) (b) (c) (d) 100. The contract is valid and G can recover the amount from H. The contract is void as it is opposed to public policy and G cannot recover G can recover the amount with interest G can recover the amount of Rs.1,00,000 and damages A sold a tin of disinfectant powder to K without warning knowing fully that if the tin was not opened with care, it will likely to cause injury. K was injured while opening the tin. Which of the following statement(s) is/are correct? (a) (b) (c) (d) A is not liable to K under the Doctrine of caveat emptor A is liable for the damages A has no duty to disclose the facts to K The buyer has the responsibility to enquire about all the things before purchasing the goods SECTION C : GENERAL ECONOMICS (50 MARKS) 101. What implication does resource scarcity have for the satisfaction of wants? (a) (b) (c) (d) 102. Who expressed the view that Economics should be neutral between ends ? (a) (c) 103. Robbins Pigou (b) (d) Marshall Adam Smith Which of the following pairs of goods is an example of substitutes? (a) (c) 104. Not all wants can be satisfied We will never be faced with the need to make choices We must develop ways to decrease our individual wants The discovery of new natural resources is necessary to increase our ability to satisfy wants Tea and sugar Pen and ink (b) (d) Tea and coffee Shirt and trousers The consumer is in equilibrium when the following condition is satisfied: (a) MU x Px > MU y Py (b) MU x Px < MU y Py (c) MU x Px = MU y Py (d) None of the above Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 15 MODEL TEST PAPER - 1 105. In the production of wheat, all of the following are variable factors that are used by the farmer except: (a) (b) (c) (d) 106. In describing a given production technology, the short run is best described as lasting (a) (b) (c) (d) 107. The public sector was given a dominant position in the newly Independent India The foreign trade policy post Independence allowed free trade of all goods and services Monetary policy post Independence sought to keep the CRR at a very low level None of the above The unsustainable levels of government deficits in the late 80 s can be attributed to: (a) (b) (c) (d) 111. average total cost equals price at the profit-maximizing level of output average variable cost equals price at the profit-maximizing level of output average fixed cost equals price at the profit-maximizing level of output marginal cost equals price at the profit-maximizing level of output Which of the following statements is correct? (a) (b) (c) (d) 110. The individual firm must have fewer than 10 employees The individual firm faces a downward-sloping demand curve The individual firm has assets of less than Rs.20 lakh The individual firm is unable to affect market price through its output decisions A firm encounters its shutdown point when: (a) (b) (c) (d) 109. up to six months from now up to five years from now as long as all inputs are fixed as long as at least one input is fixed Price-taking firms, i.e., firms that operate in a perfectly competitive market, are said to be small relative to the market. Which of the following best describes this smallness? (a) (b) (c) (d) 108. the seed and fertilizer used when the crop is planted the field that has been cleared of trees and in which the crop is planted the tractor used by the farmer in planting and cultivating not only wheat but also corn and barley the number of hours that the farmer spends cultivating the wheat fields high levels of government expenditures insufficient revenues poor returns on government investments all of the above What is India s rank in world population? (a) (c) First Third 16 The Institute of Chartered Accountants of India (b) (d) Second Fourth Common Proficiency Test (CPT) Volume - I 112. Which of the following statements is correct? (a) (b) (c) (d) 113. The industrial sector faced the process of retrogression and deceleration during (a) (c) 114. (d) Personal income tax Sales tax (b) (d) Excise duty Service tax the public sector has been stripped off all its power the public sector has been given the commanding heights of the economy the public sector s portfolio will be reviewed with greater realism. The focus will be on strategic high tech and essential infrastructure industries the public sector s management has been passed over to the private sector CRR should be increased and Bank rate should be decreased CRR should be reduced and Bank rate should be reduced CRR should be increased and Bank rate should be increased CRR should be reduced and Bank rate should be increased Under market condition, firms make normal profits in the long run. (a) (c) 118. 1990-2005 1965-1980 In order to control credit: (a) (b) (c) (d) 117. (b) (d) As a result of the New Industrial Policy, 1991: (a) (b) (c) 116. 1950-1965 1980-1995 Find the tax which is direct tax among the following: (a) (c) 115. Gini coefficients are often used for measuring poverty in relative sense When poverty is related to the distribution of income or consumption expenditure, it is absolute poverty In India, we mainly use the concept of relative poverty for measuring poverty. None of the above Perfect Competition Oligopoly (b) (d) Monopoly None of the above Larger production of goods would lead to higher production in future. (a) (c) Consumer goods Agricultural goods (b) (d) Capital goods Public goods 119. Consumer surplus means . (a) (b) (c) (d) the area inside the budget line the area between the average revenue and marginal revenue curves the difference between the maximum amount a person is willing to pay for a good and its market price none of the above Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 17 MODEL TEST PAPER - 1 120. A horizontal supply curve parallel to the quantity axis implies that the elasticity of supply is (a) (c) 121. (b) (d) supply, demand profits, supply RBI NABARD (b) (d) SIDBI ICICI fifth eighth (b) (d) tenth third 10 percent 30 percent (b) (d) 4 percent 96 percent 5 per cent 10 percent (b) (d) 8 percent 6 percent Nearly _____ percent of working population is engaged in the service sector (2009-10). (a) (c) 129. demand, supply prices, demand The Eleventh Plan aims at achieving a growth rate of _________ in the industrial sector. (a) (c) 128. MC = MR AR = MR About _________ percent of the sick units in India are small units. (a) (c) 127. (b) (d) India has the _________ largest scientific and technical manpower in the world. (a) (c) 126. AC = AR MC = AC _________ is the apex bank for agriculture credit. (a) (c) 125. equals the average product of labour equals zero is maximized none of the above In a free market economy, when consumers increase their purchase of a good and the level of _________ exceeds _________ then prices tend to rise. (a) (c) 124. infinite greater than zero but less than one When _________, we know that the firms are earning just normal profits. (a) (c) 123. (b) (d) The average product of labour is maximized when marginal product of labour _________. (a) (b) (c) (d) 122. zero equal to one 29 percent 80 percent (b) (d) 45 percent 50 percent Service sector accounted for nearly _________ percent of exports (2011-12). (a) (c) One Fourth One Third 18 The Institute of Chartered Accountants of India (b) (d) Two Third Two Fourth Common Proficiency Test (CPT) Volume - I 130 A situation of employment in which a person is apparently employed but his contribution to the production is almost nil is called _________ unemployment. (a) (c) 131. (b) (d) chronic cyclical _________ unemployment may result when some workers are temporarily out of work while changing job. (a) (c) 132. structural disguised Cyclical Frictional (b) (d) Voluntary Seasonal According to the Planning Commission, using Mixed Recall period (MRP) _________% people were below poverty line in 2009-10. (based on Tendulkar Committee Report) (a) (c) 26.2 27.8 (b) (d) 25.2 29.8 Read the following paragraph and answer questions 133-134. In 1940, Hitler s air force bombed Rotterdam, a beautiful city in Holland. Twenty five thousand homes, 1200 factories, 69 schools and 13 hospitals were destroyed. Nearly 75,000 people became homeless and 1000 people died. 35 % of the port was gutted by the German army. 133. The above destruction would mean: (a) (b) (c) (d) 134. A complete wipe off of the Production Possibilities Curve (PPC) of Rotterdam An outward shift of the PPC of Rotterdam An inward shift of the PPC of Rotterdam A downward movement on the same PPC of Rotterdam If immediately after the war, Rotterdam rebuilt its port with the help of most up to date cranes, docks and cargo handling technology. By the end of the reconstruction, ships were loading and unloading faster and at lower cost than any where in the world. It became more efficient than it was before the destruction. This means: (a) (b) (c) (d) Rotterdam has come back to its original PPC Rotterdam has shifted to a higher PPC Rotterdam has shifted to a lower PPC Nothing can be said Read the following figure and answer questions 135-137. 135. Which of the following represents the concept of trade-offs? (a) (b) (c) (d) A movement from point A to point B. A movement from point U to point C. Point W. Point U. Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 19 MODEL TEST PAPER - 1 136. Which of the following would not move the PPF for this economy closer to point W? (a) (b) (c) (d) 137. A decrease in the amount of unemployed labour resources A shift in preferences toward greater capital formation An improvement in the overall level of technology An increase in the population growth rate Unemployment or underemployment of one or more resources is illustrated by production at point: (a) (c) A U (b) (d) C W Use Table 1 to answer questions 138-140. Output (O) 1 2 3 4 5 6 Total Cost (TC): 138. 0 Rs.240 Rs.330 Rs.410 Rs.480 Rs.540 Rs.610 Rs.690 The average fixed cost of 2 units of output is: (a) (c) 139. Rs.80 Rs.120 (b) (d) Rs.85 Rs.205 The marginal cost of the sixth unit of output is: (a) (c) Rs.133 Rs.80 20 The Institute of Chartered Accountants of India (b) (d) Rs.75 Rs.450 Common Proficiency Test (CPT) Volume - I 140. Diminishing marginal returns starts to occur between units: (a) (c) 2 and 3 4 and 5 (b) (d) 3 and 4 5 and 6 Use Table 2 to answer questions 141-143 Production possibilities Good X Good Y 141. (b) (d) 14 units of Y 2 units of Y 3 units of X 0.125 units of X (b) (d) 1 unit of X 0.5 units of X increases as more of good X is produced decreases as more of good X is produced remains constant is always equal to one unit of Y Suppose a department store has a sale on its silverware. If the price of a plate-setting is reduced from Rs. 300 to Rs.200 and the quantity demanded increases from 3,000 platesettings to 5,000 plate-settings, what is the price elasticity of demand for silverware? (Use Arc Elasticity Method) (a) (c) 145. 10 units of Y 24 units of Y Given the data in Table 2, as one moves from successively from point A to point B, C, D, E and F, the opportunity cost of Good X: (a) (b) (c) (d) 144. F 5 0 According to Table 2, the opportunity cost of increasing one unit of Good Y from 10 units to 18 units is: (a) (c) 143. E 4 10 According to Table 2, the opportunity cost of increasing Good X s production from 2 to 4 units is equal to: (a) (c) 142. Table 2: Production Possibilities A B C D 0 1 2 3 30 28 24 18 .8 1.25 (b) (d) 1.0 1.50 A discount store has a special offer on CDs. It reduces their price from Rs.150 to Rs.100. Suppose the store manager observes that the quantity demanded increases from 700 CDs to 1,300 CDs. What is the price elasticity of demand for CDs? (Use Arc Elasticity Method) (a) (c) .8 1.25 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) 1.0 1.50 21 MODEL TEST PAPER - 1 146. If the local pizzeria raises the price of a medium pizza from Rs.60 to Rs.100 and quantity demanded falls from 700 pizzas a night to 100 pizzas a night, using Arc Elasticity Method the price elasticity of demand for pizzas is: (Use Arc Elasticity Method) (a) (c) 147. .67 2.0 (b) (d) 1.5 3.0 Suppose that a sole proprietorship is earning total revenues of Rs.100,000 and is incurring explicit costs of Rs.75,000. If the owner could work for another company for Rs.30,000 a year, we would conclude that: (a) (b) (c) (d) the firm is incurring an economic loss implicit costs are Rs.25,000 the total economic costs are Rs.100,000 the individual is earning an economic profit of Rs.25,000 Use Table 3 to answer questions 148-150 Table 3 Hours of Labour 100 100 2 80 3 240 What is the total output when 2 hours of labour are employed? (a) (c) 80 180 (b) (d) 100 200 What is the marginal product of the third hour of labour? (a) (c) 150. 1 149. Marginal Product 0 148. Total Output 60 100 (b) (d) 80 240 What is the average product of the first three hours of labour? (a) (c) 60 100 (b) (d) 80 240 SECTION D : QUANTITATIVE APTITUDE (50 MARKS) 151. Simple random sampling is very effective if (a) (b) (c) (d) The population is not very large The population is not much heterogeneous The population is partitioned into several sections Both (a) and (b) 22 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 152. Which of the following pairs of events are mutually exclusive? (a) (b) (c) (d) 153. Statistical analysis of data requires tabulation It facilitates comparison between rows and not columns Complicated data can be presented Diagrammatic representation of data requires tabulation Mean Mode = 3 (Mean Median) Median Mode = 3 (Mean Median) Mean Median = 3 (Mean Mode) Mean Median = 3 (Median Mode) Not Equals to P(A) P(B) Equals to P(A) P(B/A) (b) (d) Equals to P(A) P(B) Equals to P(B) P(A/B) Establishing a mathematical relationship between two variables Measuring the extent of association between two variables Predicting the value of the dependent variable for a given value of the independent variable Both (a) and (c) Mean and standard deviation are equal. Mean and variance are equal. Standard deviation and variance are equal. Both (a) and (b). The best method to collect data in case of natural calamity is (a) (c) 159. He studies Philosophy He is a fine Engineer She is a good singer Peter is a voter of Kolkata For a Poisson distribution, (a) (b) (c) (d) 158. : : : : Regression analysis is concerned with (a) (b) (c) (d) 157. B B B B If two events A and B are independent, then P(A B) (a) (c) 156. The student reads in a school Raju was born in India Ruma is 16 years old Peter is under 15 years of age For a moderately skewed distribution, which of the following relationship holds? (a) (b) (c) (d) 155. : : : : Which of the following statements is untrue for tabulation? (a) (b) (c) (d) 154. A A A A Personal interview Mailed questionnaire method (b) (d) Telephone interview Indirect interview Sequence of periodic payments/ receipts regularly over a period of time is called (a) (c) Perpetuity Annuity regular Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Annuity Annuity due 23 MODEL TEST PAPER - 1 160. Which of the following statements is true? (a) (b) (c) (d) 161. ________ distribution is symmetrical when p = 0.5. (a) (c) 162. log 32 log4 None of these b 4ac= 0 b 4ac < 0 (b) (d) b 4ac > 0 b 4ac > 0 18 xy 8 xy (b) (d) 81 xy 19.5 xy 1: 2 1:1 (b) (d) 2:1 1.5:1 384 438 (b) (d) 834 854 The two variables are known to be_______ if the movement on the part of one variable does not produce any movement of the other variable in a particular direction. (a) (c) 168. (b) (d) The 7th term of the series 6, 12, 24 is_______. (a) (c) 167. log 32/log4 2 The letters of the words CALCUTTA and AMERICA are arranged in all possible ways. The ratio of the number of these arrangement is _______. (a) (c) 166. Population Binomial ________ is the mean proportional between 12x2 and 27y2. (a) (c) 165. (b) (d) If ________, the roots are real and equal. (a) (c) 164. Chi- square Poisson log 32/4 is equal to ________. (a) (c) 163. Usually mean is the best measure of central tendency Usually median is the best measure of central tendency Usually mode is the best measure of central tendency Normally, GM is the best measure of central tendency Correlated Negative correlated (b) (d) Positive correlated Uncorrelated If two letters are taken at random from the word HOME, _________ is the probability that none of the letters would be vowels. (a) (c) 1/6 1/3 24 The Institute of Chartered Accountants of India (b) (d) 1/2 1/4 Common Proficiency Test (CPT) Volume - I 169. In ________ years a sum will double at 5% p.a. compound interest. (a) (c) 170. 171. lim x -2 (a) (c) Chronological data Ordinal data The derivative of y = 1/ 1/2 4 None of these (b) 1/ (d) None of these (b) (d) x logx x2 + k None of these (b) (d) 2 3 (b) (d) (n/6) (n + 1) (2n + 1) None of these. x + 1 is x +1 x +1 x (logx-1)+k x logx + k If g(x) = (a) (c) x +1 x-1 , g( ) is x 1 3/2 The sum of first n natural number (a) (c) 176. Geographical data Cordinal data log x dx is equal to (a) (c) 175. (b) (d) (b) (d) 4 Does not exist (c) 174. 14 years 2 months 15 years 2 months x 2 4 is equal to x+ 2 (a) 173. (b) (d) When the data are classified in respect of successive time points, they are known as_______. (a) (c) 172. 15 years 3 months 14 years 3 months (n/2) (n + 1) [(n/2) (n + 1)] Chain index is equal to (a) (b) (c) link relative of current year chain index of the current year 100 link relative of previous year chain index of the current year 100 link relative of current year chain index of the previous year 100 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 25 MODEL TEST PAPER - 1 (d) 177. If from a population with 25 members, a random sample without replacement of 2 members is taken, the number of all such samples is (a) (c) 178. Rs. 880 None of these 99 80 (b) (d) 90 None of these 11 13 (b) (d) 12 14 12 11 (b) (d) 13 None of these Rs. 163 Rs. 163.83 (b) (d) Rs. 183 None of these If the set P has 3 elements, Q four and R two then the set P Q R contains (a) (c) 184. (b) (d) If you save 1 paise today, 2 paise the next day 4 paise the succeeding day and so on, then your total savings in two weeks will be (a) (c) 183. Rs. 888.50 800 The sum of a certain number of terms of an AP series 8, 6, 4, is 52. The number of terms is (a) (c) 182. 625 600 Every person shakes hands with each other in a party and the total number of hand shakes is 66. The number of guests in the party is (a) (c) 181. (b) (d) There are 10 trains plying between Calcutta and Delhi. The number of ways in which a person can go from Calcutta to Delhi and return by a different train is (a) (c) 180. 300 50 If A = Rs. 1000, n = 2 years, R = 6% p.a compound interest payable half-yearly then principal ( P ) is (a) (c) 179. link relative of previous year chain index of the previous year 100 9 elements 24 elements (b) (d) 20 elements None of these A function f(x) is defined by f(x) = (x 2)+1 over all real values of x. now f(x) is (a) (c) Continuous at x = 2 Undefined at x = 2 26 The Institute of Chartered Accountants of India (b) (d) Discontinuous at x = 2 None of these Common Proficiency Test (CPT) Volume - I 185. The number of accidents for seven days in a locality is given below: No. of accidents Frequency : : 0 15 1 19 2 22 3 31 4 9 5 3 6 2 What is the number of cases when 3 or less accident occurred? (a) (c) 186. 6500 6160 (b) (d) 6200 6100 4 3 (b) (d) 6 0 0.30 0.25 (b) (d) 0.70 0.20 4/13 0.25 (b) (d) 5/13 0.20 The quartile deviation of a normal distribution with mean 10 and Standard Deviation 4 is (a) (c) 192. 5x + 3y >30 None of these If a card is drawn at random from a pack of 52 cards, what is the chance of getting a Spade or an ace? (a) (c) 191. (b) (d) A bag contains 15 one rupee coins, 25 two rupee coins and 10 five rupee coins. If a coin is selected at random from the bag, then the probability of not selecting a one rupee coin is (a) (c) 190. 5x + 3y 30 5x + 3y < 30 The standard deviation of 10, 16, 10, 16, 10, 10, 16, 16 is (a) (c) 189. 6 87 The mean salary for a group of 40 female workers is 5200 per month and that for a group of 60 male workers is 6800 per month. What is the combined mean salary? (a) (c) 188. (b) (d) On the average experienced person does 5 units of work while a fresh one 3 units of work daily but the employer has to maintain an output of at least 30 units of work per day. This situation can be expressed as (a) (c) 187. 56 68 0.675 2.70 (b) (d) 67.50 3.20 If there are 3 observations 15, 20, 25 then the sum of deviation of the observations from their A.M. is (a) (c) 0 5 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) 5 None of these. 27 MODEL TEST PAPER - 1 193. eax dx (a) (b) eax +c a (c) 194. ex + c log x + c (d) eax + c (b) (d) log x ae ax d ( ax) dx (a) (c) 195. Five times of a positive whole number is 3 less than twice the square of the number. The number is (a) (c) 196. 3 3 (b) (d) Positive Zero (b) (d) n (1 p). (b) (c) np. (d) np(1 p) One 0.50 (b) (d) 50 per cent Any value between 0 and 1 What is the present value of Re.1 to be received after two years compounded annually at 10%? (a) (c) 200. np (1 p). The total area of the normal curve is (a) (c) 199. Negative (a) or (c) The mean of a binomial distribution with parameter n and p is (a) 198. 4 2 If the profits of a company remains the same for the last ten months, then the standard deviation of profits for these ten months would be ? (a) (c) 197. ax log e a eax 0.73 0.93 (b) (d) 0.83 None of these. The sum of the series 9, 5, 1, . to 100 terms is (a) (c) 18900 19900 28 The Institute of Chartered Accountants of India (b) (d) 18900 None of these. Common Proficiency Test (CPT) Volume - I Answer of Model Test Papers Model Test Paper BOS/CPT-1 SECTION A : FUNDAMENTALS OF ACCOUNTING 1 (c) 2 (d) 3 (c) 4 (b) 5 (d) 6 (b) 7 (c) 8 (a) 9 (c) 10 (b) 11 (c) 12 (c) 13 (c) 14 (a) 15 (a) 16 (a) 17 (a) 18 (a) 19 (c) 20 (b) 21 (a) 22 (c) 23 (d) 24 (b) 25 (a) 26 (a) 27 (b) 28 (b) 29 (b) 30 (a) 31 (a) 32 (c) 33 (d) 34 (d) 35 (b) 36 (a) 37 (d) 38 (a) 39 (d) 40 (b) 41 (b) 42 (c) 43 (a) 44 (d) 45 (b) 46 (c) 47 (a) 48 (a) 49 (a) 50 (b) 51 (c) 52 (d) 53 (d) 54 (d) 55 (d) 56 (c) 57 (c) 58 (b) 59 (d) 60 (b) SECTION B : MERCANTILE LAWS 61 (c) 62 (d) 63 (a) 64 (b) 65 (d) 66 (d) 67 (b) 68 (c) 69 (a) 70 (b) 71 (c) 72 (b) 73 (d) 74 (b) 75 (d) 76 (d) 77 (a) 78 (c) 79 (a) 80 (c) 81 (b) 82 (a) 83 (a) 84 (a) 85 (c) 86 (c) 87 (a) 88 (b) 89 (b) 90 (c) 91 (b) 92 (b) 93 (c) 94 (d) 95 (c) 96 (a) 97 (b) 98 (d) 99 (b) 100 (b) Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 563 ANSWERS SECTION C : GENERAL ECONOMICS 101 (a) 102 (a) 103 (b) 104 (c) 105 (b) 106 (d) 107 (d) 108 (b) 109 (a) 110 (d) 111 (b) 112 (a) 113 (d) 114 (a) 115 (c) 116 (c) 117 (a) 118 (b) 119 (c) 120 (b) 121 (a) 122 (a) 123 (a) 124 (c) 125 (d) 126 (d) 127 (c) 128 (a) 129 (c) 130 (c) 131 (c) 132 (d) 133 (c) 134 (b) 135 (a) 136 (a) 137 (c) 138 (c) 139 (c) 140 (c) 141 (b) 142 (c) 143 (a) 144 (c) 145 (d) 146 (d) 147 (a) 148 (c) 149 (a) 150 (b) SECTION D : QUANTITATIVE APTITUDE 151 (d) 152 (d) 153 (b) 154 (a) 155 (b) 156 (d) 157 (b) 158 (a) 159 (b) 160 (a) 161 (d) 162 (b) 163 (a) 164 (a) 165 (b) 166 (a) 167 (d) 168 (a) 169 (b) 170 (a) 171 (b) 172 (c) 173 (a) 174 (d) 175 (a) 176 (c) 177 (a) 178 (a) 179 (b) 180 (b) 181 (b) 182 (c) 183 (c) 184 (a) 185 (d) 186 (c) 187 (c) 188 (c) 189 (b) 190 (a) 191 (c) 192 (a) 193 (b) 194 (a) 195 (a) 196 (c) 197 (c) 198 (a) 199 (b) 200 (a) 564 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I

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