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CA CPT : Volume 1 - Model Test Paper 5 (with Answers)

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BOARD OF STUDIES THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA COMMON PROFICIENCY TEST Model Test Paper BOS/CPT 5 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. Drawings account is in the nature of (a) (c) 2. Income tax account Capital account (b) (d) Bank account Not to be shown in the business books Government Lenders (b) (d) Investors Employees Recording of a transaction in a journal is called (a) (c) 5. Real account None of the above Following is the example of internal users of financial statements: (a) (c) 4. (b) (d) Income tax paid by the sole-proprietor from business bank account is debited to (a) (c) 3. Personal account Nominal account Posting Transfer (b) (d) Entry Ruling (b) (d) Trial balance Each journal entry Narrations are given at the end of (a) (c) Final accounts Each ledger account Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 115 MODEL TEST PAPER - 5 6. The concerned account debited in the journal should be (a) (b) (c) (d) 7. The basic consideration(s) in distinction between capital and revenue expenditures is/are (a) (b) (c) (d) 8. (b) (d) Error of principle Error of commission All the errors and omissions in the cashbook are taken into consideration All the errors and omissions in the passbook are taken into consideration Delays in recording in the passbook due to difference in timing are taken into consideration All of the above 4 8 (b) (d) 6 10 Chronological order Descending order of amount (b) (d) Ascending order of amount None of the above If an effect of an error is cancelled by the effect of some other error, it is commonly known as ___________ (a) (c) 14. Compensating error Error of omission In journal, transactions are recorded on __________. (a) (c) 13. Misinterpretation None of the above In ledger, there are _______ columns (a) (c) 12. (b) (d) Under bank reconciliation statement, while adjusting the cash book (a) (b) (c) (d) 11. Frauds Errors Treating a revenue expense as a capital expenditure is an example of (a) (c) 10. Nature of business Effect on revenue generating capacity of business Purpose of expenses All of the above Unintentional omission or commission of amounts and accounts in the process of recording transactions are known as (a) (c) 9. Debited in the ledger but reference should be of the respective credit account. Credited in the ledger but reference should be of the respective debit account. Credited in the ledger and reference should also be of the respective credit account Debited in the ledger and reference should also be of the respective debit account Errors of principle Errors of omission (b) (d) Compensating errors Errors of commission When opening inventory is overstated, net income for the accounting period will be ___. (a) (c) Overstated Understated 116 The Institute of Chartered Accountants of India (b) (d) Not be affected None of the above Common Proficiency Test (CPT) Volume - I 15. Inventories should be generally valued at lower of cost or ________ (a) (c) 16. Real account None of the above Old partners in old profit/loss sharing ratio All the partners including the new partner in new profit/loss sharing ratio Old partners in sacrificing ratio New partner in gaining ratio Ordinary commission Over riding commission (b) (d) Del-credere commission Special commission Abnormal loss Extra-ordinary loss (b) (d) Normal loss None of the three Generally, when the size of the venture is ________, the co-venturers keep separate set of books of account for the joint venture. (a) (c) 21. (b) (d) _________ is unavoidable and should be spread over the entire consignment while valuing consignment inventory. (a) (c) 20. Personal account Nominal account Commission provided by the consignor to the consignee to promote credit sale is known as _____________ (a) (c) 19. Replacement value Net realisable value At the time of admission of a new partner, if the value of goodwill is shown in the books, it is written back by ________ (a) (b) (c) (d) 18. (b) (d) Memorandum Joint venture account is a ________ (a) (c) 17. Fair market value Present value Small Big (b) (d) Medium All of the above Mohit, the acceptor of the bill has to honour a bill on 31st March 2010. Due to financial crisis, he is unable to pay the amount of bill of Rs. 20,000. Therefore, he approaches Rohit on 20th March 2010 for extension of bill for further 3 months. Rohit agrees to extend the credit period by drawing a new bill for Rs. 20,500 together with interest of Rs. 1,000 in cash. In this case, old bill of Rs. 20,000 will be considered as (a) (c) Discounted Cancelled Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Dishonoured Retired 117 MODEL TEST PAPER - 5 22. Sujal consigned goods costing Rs. 2,50,000 to Mridul on 1st January 2010 by incurring Rs. 20,000 on freight. Some goods were lost in transit. For remaining goods Mridul spend Rs. 15,000 to take the delivery including storage charges. During the quarter, Mridul sold 3/4 of the goods received by him for Rs. 3,00,000 and charged commission @10% on it to Sujal. At the end of the quarter, Sujal asked the details of goods lost, sold, expenses commission and balance due to him alongwith the consignment inventory from Mridul. As desired, Mridul sent the periodical detail statement commonly known as (a) (c) 23. Account statement Statement of affairs (b) (d) The following information pertains to X Ltd. Equity share capital called up Calls in arrear Calls in advance Proposed dividend The amount of dividend payable = ? (a) (c) 24. (b) (d) Rs. 72,750 Rs. 69,000 60 shares; Rs. 120 320 shares; Rs. 200 (b) (d) 340 shares; Rs. 160 300 shares; Rs. 240 X of Kolkata sent out 2,000 boxes costing 100 each with the instruction that sales are to be made at cost + 45%. X draws a bill on Y for an amount equivalent to 60% of sales value. The amount of bill will be (a) (c) 26. Rs. 75,000 Rs. 71,250 Rs.5,00,000 Rs. 40,000 Rs. 25,000 15% E Ltd. had allotted 10,000 shares to the applicants of 14,000 shares on pro rata basis. The amount payable on application is Rs.2. F applied for 420 shares. The number of shares allotted and the amount carried forward for adjustment against allotment money due from F (a) (c) 25. Account sales Summary statement Rs. 1,74,000 Rs. 2,90,000 (b) (d) Rs. 2,00,000 Rs. 1,20,000 A purchase of Rs. 1,870 by cheques has been wrongly posted in the cashbook as Rs. 1,780. This has the effect of (a) (b) (c) (d) Increasing the bank balance by Rs.90 Decreasing the bank balance by Rs.90 Increasing the bank balance by Rs.180 Decreasing the bank balance by Rs.180 118 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 27. M/s Delhi Stationers purchase 1,000 pcs of cover file @ Rs. 275 per 100 pcs. The wholesaler charged 5% sales tax on cost price. Transport charges were Rs. 50. The purchase price per piece of cover file will be (a) (c) 28. (b) (d) Rs. 3,660 Rs. 3,000 Rs. 8,000 Rs. 5,250 (b) (d) Rs. 8,250 Rs. 13,250 Rs. 10,600 Rs. 10,200 (b) (d) Rs. 10,000 Rs. 10,400 Y Ltd. sends out its goods Rs. 1,20,000 to one of its dealer on Sale or Return basis. On 31st March he received an approval letter for goods of Rs. 80,000. Y Ltd. charge 25% profit on cost. The cost price of the unapproved goods with the dealer will be (a) (c) 32. Rs. 3,360 Rs. 4,500 The bill of Rs. 10,000 accepted by Ritesh on 1 July 2009, was discounted by Hitesh on 15 July 2009 for Rs. 9,600. On 4th October 2009, the bill was dishonoured and bank notified it for Rs. 200. The amount to be received from Ritesh would be (a) (c) 31. Rs. 293.75 Rs. 2.9375 In a Joint venture between A and B, A, on purchase of goods, spend Rs.2,000 on freight, Rs.1,000 as godown rent, and also raised a loan from bank of Rs.50,000 at 18% p.a. repayable after 1 month. B spend Rs. 5,000 as selling expenses and he also raised a loan from bank of Rs.1,50,000 at 18% repayable after 2 months. The total expenses of Joint venture other than purchases will be (a) (c) 30. (b) (d) A consignee sold goods costing Rs. 50,000 at a profit of Rs. 10,000. Out of total sales, 30% was credit sale. As per the agreement the consignee will get 5% ordinary commission, 2% del-credere commission on credit sale and 3% over-riding commission on amount in excess of cost price. The amount of commission will be (a) (c) 29. Rs. 2,937.50 Rs. 29.375 Rs. 32,000 Rs. 80,000 (b) (d) Rs. 40,000 Rs. 64,000 A, B and C are in partnership with no partnership deed. A brought Rs.80,000, B Rs.60,000 and C Rs.40,000 as capital. A does not take part in day to day activities, B acts as general manger and C acts as a sales manager. The profit during the year was Rs. 1,50,000. The share of each partner in profit will respectively be (a) (c) Rs.66,667: Rs.50,000: Rs.33,333 Nil: Rs. 75,000: Rs.75,000 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Rs.50,000: Rs.50,000: Rs.50,000 None of the above 119 MODEL TEST PAPER - 5 33. A second hand car is purchased for Rs. 2,00,000, the amount of Rs. 25,000 is spent on its repairs, Rs. 5,000 is incurred to get the car registered in owner s name and Rs. 2,000 is paid as dealer s commission. The amount debited to car account will be (a) (c) 34. Nil Rs. 3,600 Rs. 1,20,000 Rs. 40,000 (b) (d) Rs. 80,000 Rs. 1,00,000 Rs. 3 Re.1 (b) (d) Rs. 2 Nil Rs.18,750 Nil (b) (d) Rs.25,000 Rs.6,250 Asha Ltd. issued shares of Rs. 100 each at a premium of 25%. Mamta, who has 2,000 shares of Asha Ltd., failed to pay first and final call of Rs.5. Premium was taken by Asha Ltd. at the time of allotment. On forfeiture of Mamta s shares, the amount to be debited to securities premium account will be (a) (c) 39. (b) (d) A partnership firm maintains its accounts on calendar year basis. B, one of its partner died on 31st March 2010. The profit for the year 2009 was Rs. 75,000, which was distributed among all the three partners equally. The share of profit of B for the year 2010 on the basis of the year 2009 will be (a) (c) 38. Rs. 2,400 Rs. 1,200 Brave Ltd. issued 60,000 shares of Rs. 10 each at a discount of Re. 1 per share. The application money was Rs. 2, allotment money was Rs. 4, and first call was of Re.1. The amount of final call will be (a) (c) 37. Rs. 2,25,000 Rs. 2,05,000 In a joint venture between Ansh and Vansh, Ansh purchased goods costing Rs.2,40,000. Vansh sold goods costing Rs 1,60,000 at Rs 2,40,000. Balance goods were taken over by Ansh at same gross profit percentage as in case of sale. The amount of goods taken over will be: (a) (c) 36. (b) (d) Atul, Vipul and Prafful are partners in a firm with no partnership agreement. They invested Rs.1,00,000, Rs.75,000 and Rs.50,000 as capital in the firm. The profit for the year was Rs.2,50,000. Prafful demands interest on loan of Rs.20,000 advanced by him at the market rate of interest which is 12% p.a. The amount of interest to be received by him will be (a) (c) 35. Rs. 2,32,000 Rs. 2,30,000 Rs.5,000 Rs.15,000 (b) (d) Rs.10,000 Nil 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 of a partner till the date of payment on the final amount due to the dead partner at ________ percent per annum. (a) (c) 7 6 120 The Institute of Chartered Accountants of India (b) (d) 4 12 Common Proficiency Test (CPT) Volume - I 40. Fena sent out certain goods to Kena of Delhi. 1/10 of the goods were lost in transit. Invoice value of goods lost Rs 25,000. Invoice value of goods sent out on consignment will be: (a) (c) 41. (b) (d) Rs.6,25,000 Rs.5,50,000 Rs.3,000 Rs.1,000 (b) (d) Rs.2,000 Nil Excess depreciation Rs.400 Short depreciation Rs.400 Excess depreciation Rs.1,600 Short depreciation Rs.1,600 Trade receivables of M/s Santosh amounts to Rs. 25,000 and bad debts Rs.3,000. M/s Santosh provides for Doubtful debts @ 2% and for discount @ 1%. The amount of net trade receivables to be shown in the Balance Sheet will be (a) (c) 45. Rs.6,00,000 Rs.5,00,000 A machine purchased on 1st April 2010 for Rs. 10,000 is showing a balance of Rs. 6,000 as on 1st April 2012 when depreciation is charged on S.L.M. basis. Now, company wants to switch over to W.D.V method by charging depreciation @ 20%. The amount of excess/ short depreciation of last two years will be (a) (b) (c) (d) 44. Rs.25,000 Rs.1,25,000 Jadu Ltd. reissued 2,000 shares, which were forfeited by crediting Share forfeiture account by Rs.3,000. These shares were reissued Rs. 9 per share. The amount to be transferred to Capital Reserve account will be (a) (c) 43. (b) (d) Taksh Ltd. purchased land and building from Daksh Ltd. for a book value of Rs.5,00,000. The consideration was paid by issue of 10% Debentures of Rs.100 each at a discount of 20%. The debentures account will be credited with (a) (c) 42. Rs.2,50,000 Rs.2,500 Rs. 21,560 Rs. 21,780 (b) (d) Rs. 22,000 Rs. 21,344 A, B and C share profits and losses in the ratio of 4:4:2. They have a joint life insurance policy of Rs.1,00,000, whose premium is paid by the firm. Surrender value of the policy at the beginning of the year 2010 in the balance sheet is Rs. 80,000. On the death of A on 2nd January 2010, the amount to be credited in C s account will be (a) (c) Rs. 20,000 Rs. 8,000 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Rs. 4,000 Nil 121 MODEL TEST PAPER - 5 46. X, Y and Z are equal partners in a firm. At the time of division of profit for the year there was dispute between the partners. Profits before salary of partners capital was Rs. 60,000 and Y claimed salary for his extra services to the firm @ 2,000 p.m. There was no agreement on this point. Calculate the amount payable to X, Y and Z respectively. (a) (b) (c) (d) 47. Deepak consigned 100 sets of TVs to Sudeep @ Rs.10,000 each. 5 TVs were damaged in transit due to unavoidable reason whose price was adjusted in the remaining TVs. The new price of each TV will be (a) (c) 48. Rs. 10,200 Rs. 10,526 Rs. 14,000 Rs.15,000 (b) (d) Rs.14,500 Rs.15,500 Rs. 1,25,000 Rs. 1,00,000 (b) (d) Rs. 1,50,000 Rs. 1,40,000 Sure Ltd. issued 5,000, 15% Debentures of Rs.100 each at a premium of Rs.10 each. These debentures were to be redeemed at a premium of Rs.4 each after 5 years. The amount to be credited to the securities premium account 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. 1,20,000. 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. 10,000 Rs. 15,000 A draws a bill on B for Rs 30,000 for mutual accommodation. A discounted that bill for Rs.28,000 from bank and remitted Rs.14,000 to B. On due date A will send to B (a) (c) 49. Rs. 20,000 to each partner Rs. 12,000 to each partner Rs.12,000 to X and Z and Rs.36,000 to Y Rs. 24,000 to Y and Rs.18,000 to X and Z Rs.25,000 Rs.40,000 (b) (d) Rs.50,000 Rs.60,000 Light Ltd. has 10,000 5% preference shares of Rs. 10 each to be redeemed after 5 years. The company forfeited 500 preference shares on which final call of Rs 2 has not been received after due notice, and cancelled these shares on account of redemption. Remaining shares were redeemed out of reserves of the company. The amount to be credited to capital redemption reserve will be (a) (c) Rs.1,00,000 Rs. 99,000 122 The Institute of Chartered Accountants of India (b) (d) Rs. 95,000 Rs. 99,500 Common Proficiency Test (CPT) Volume - I 52. Bajaj Ltd. issued 25,000 equity shares of Rs. 10 each payable at Rs. 2 on application, Rs 3 on allotment, Rs. 2 on first call and the balance in the final call. Archit, who has 1,000 shares paid full value of shares with allotment money. The amount to be debited to bank account at the time of receipt of first call money will be (a) (c) 53. (b) (d) Rs 20,440 Rs 18,478 Added Ignored (b) (d) Subtracted None of the above Rs. 1,600 Rs. 1,650 (b) (d) Rs. 1,450 Rs. 1,850 If a sales return of Rs.1,500 has been wrongly posted to the credit of the purchase returns account, but has been correctly entered in the trade receivable s account, the total of the (a) (b) (c) (d) 57. Rs 18,508 Rs 18,396 Debit balance as per Cash Book of Topsy Enterprise as on 31.3.2010 is Rs. 1,500. Cheques deposited but not cleared amounts to Rs. 100 and Cheques issued but not presented is of Rs. 150. The bank allowed interest amounting Rs. 50 and collected dividend Rs. 50 on behalf of Topsy Enterprise. After reconciliation, balance as per pass book should be (a) (c) 56. Rs.47,000 Rs.48,000 In the bank reconciliation statement, when balance as per the cash book is taken as the starting point, then direct deposits from the customer of Rs. 2,500 in the bank will be (a) (c) 55. (b) (d) Books of Ekta, shows on 1st January 2010 furniture Rs. 20,000. During the year a part of the furniture whose book value on 1st January 2010 is Rs. 1,200 has been exchanged with another furniture by paying additional Rs. 500. Ekta charge depreciation @ 10% p.a. The net amount of the furniture to be shown in the balance sheet will be (a) (c) 54. Rs.50,000 Rs.49,000 trial balance would show the debit side to be Rs.3,000 more than the credit trial balance would show the credit side to be Rs.3,000 more than the debit the debit side of the trial balance will be Rs.1,500 more than the credit side the credit side of the trial balance will be Rs.1,500 more than the debit side The total cost of goods available for sale with a company during the current year is Rs.12,00,000 and total sales during the period is Rs.13,00,000. If the gross profit margin of the company is 33 1/3% on cost, the closing inventory during the current year is (a) (c) Rs. 4,00,000 Rs. 2,25,000 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Rs. 3,00,000 Rs. 2,60,000 123 MODEL TEST PAPER - 5 58. On 31st March 2009, Suraj has to pay to M/s Chandra Rs.7,000 on account of credit purchase from the later. He paid Rs.1,800 on 30th June 2009 after availing a cash discount of 10%. On 30th September 2009, he paid Rs. 2,850 after availing 5% cash discount. On account of final settlement, the amount to be paid by Suraj without any discount will be (a) (c) 59. (b) (d) Rs. 2,000 Rs. 2,150 The profit of the M/s ABC, a partnership firm before charging managerial commission is Rs. 44,000. The managerial commission is charged @ 10% on profit after charging such commission. The amount of managerial commission will be (a) (c) 60. Rs. 2,350 Rs. 2,200 Rs.4,400 Rs.4,000 (b) (d) Rs.40,000 Rs.39,600 (b) (d) Revenue expenditure Revenue receipt A bad debt recovered during the year is a (a) (c) Capital expenditure Capital receipt SECTION B : MERCANTILE LAWS (40 MARKS) 61. The following conditions must exist so that a promise to pay for the past voluntary services is binding: (a) (b) (c) (d) 62. In case of a firm carrying on the business of banking (a) (b) (c) (d) 63. The services should have been rendered voluntarily The services must have been rendered for the promisor They must be in existence at the time when the services were rendered and must have intended to compensate the promise All of the above There should be at least seven members and maximum number of members should not exceed fifty. There should be at least two members and maximum number of members should not exceed ten. There should be at least ten members and maximum number of members should not exceed twenty. There should be at least two members and maximum number of members should not exceed fifty. Champerty means (a) (b) (c) (d) An agreement to trade with the enemy owing allegiance to a government at war with India. An agreement whereby a person promises to maintain a suit, by money or otherwise, in which he has no interest. An agreement whereby a person agrees to help another in a litigation in exchange of a share of the result of the litigation. An agreement to stifle criminal prosecutions tend to be a perversion or an abuse of justice. 124 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 64. A collateral event is an event (a) (b) (c) (d) 65. A person who has been induced to enter into a contract by misrepresentation has the following remedies: (a) (b) (c) (d) 66. (c) (d) Condition as to non existence of encumbrances Condition as to undisturbed possession All of the above None of the above A person to whom money has been paid, or anything delivered by mistake (a) (b) (c) (d) 69. 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 Following conditions are implied in a contract of sale of goods unless the circumstances of the contract show a different intention: (a) (b) (c) (d) 68. Affirm the contract and insist on the misrepresentation being made good, if possible Rescind the contract Rely upon the misrepresentation as a defence to an action on the contract All of the above The rights of a principal are the following: (a) (b) 67. The performance for which is neither directly promised nor it is the entire consideration for the promise The performance for which is directly promised It is the entire consideration for the promise The performance which is agreed upon by the parties in a Court of Law Becomes the owner of such money or those goods Must repay the money or return those goods Is allowed to sell the goods and retain the money realized from such sale Has no obligation to return the money, he may do so only a good gesture Which one of the offers is a valid offer? (a) (b) (c) (d) A garment store gave the following advertisement in a newspaper Special sale for tomorrow only. Men s night suits reduced from Rs.200 to Rs.100 P says to Q, I will sell you a digital camera. P owns three different types of digital cameras of various prices An auctioneer displays a refrigerator before a gathering in an auction sale A advertises in a leading daily newspaper that he would pay Rs. 2000 to anyone who finds and returns his lost dog Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 125 MODEL TEST PAPER - 5 70. A promises to paint a picture for B at a certain price. Which of the following is not correct? (a) (b) (c) (d) 71. An agreement of partnership may be (a) (b) (c) (d) 72. Alien Enemy Foreign Sovereigns or accredited representatives of a foreign state Insolvents and convicts None of the above Which of the following is correct? (a) (b) (c) (d) 76. Can pass a goods title to a bonafide purchaser Cannot pass a goods title to a bonafide purchaser Both of the above None of the above The following persons can enter into contracts as per the provisions of the Indian Contract Act, 1872: (a) (b) (c) (d) 75. By the adjudication of all the partners or of all the partners but one as insolvent As a result of any agreement between all the partners By the business of the firm becoming unlawful All of the above In case of a sale the buyer (a) (b) (c) (d) 74. Expressed or implied from the act done by partners Oral or in writing Both of the above None of the above Dissolution of a firm may take place (a) (b) (c) (d) 73. A is not bound to perform the promise himself A can appoint some other painter to paint the picture on his behalf A dies before painting the picture, the contract can be enforced either by representatives of A or by B All of the above are incorrect Free consent is not important, if consideration is preset, even if the consideration is inadequate Anticipatory breach and anticipatory bail are actually the same thing The concept of damage allows one to make some gain out of it All of the above are incorrect Remedies available for breach of contract are: (a) (b) Dissolution of the firm Charging extra fees from the party committing the breach 126 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I (c) (d) 77. A person to whom money has been paid, or anything delivered under coercion (a) (b) (c) (d) 78. (b) (d) Implied Contracts None of the above Misrepresentation Coercion (b) (d) Undue Influence All of the above Where both parties to a contract of sale are under a mistake as to a matter of fact, essential to such contract, then the contract is ________. (a) (c) 83. Express Contracts Quasi Contracts According to the Indian Contract Act, 1872, Consent is said to be free when it is not caused by ________. (a) (c) 82. Plus conveyance of property and creates jus in personam Plus conveyance of property and creates jus in rem No conveyance of property and creates jus in rem No conveyance of property and creates jus in personam If the terms of a contract are expressly agreed upon (whether by words spoken or written) at the time of formation of the contract, the contract is said to be an ________. (a) (c) 81. Rajlikhee Devi v. Bhoot Nath, 1900 State of Madras v. Gannon Dunkerly and Co. Limited, 1958 Khawaja Md. Khan v. Hussaini Begum, 1910 Suppu Ammal v. Subramanian, 1910 A sale implies an agreement (a) (b) (c) (d) 80. Becomes the owner of such money or those goods Is allowed to sell the goods and retain the money realized from such sale Has no obligation to return the money, he may do so only a good gesture Must repay the money or return those goods Which of the following case laws relate to the definition of contract of sale? (a) (b) (c) (d) 79. Suit for Specific Performance None of the above Illegal Still enforceable (b) (d) Void None of the above In India the age of majority is regulated by ________. (a) (b) (c) (d) The Indian Majority Act, 1875 The Indian Minority Act, 1875 The Indian Contract Act, 1872 The Constitution of India Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 127 MODEL TEST PAPER - 5 84. Agreement entered into by a minor is ________. (a) (c) 85. Executed contract Both of the above (b) (d) Executory contract None of the above @ 6% per annum @ 8.5% per annum (b) (d) @ 8% per annum At any rate The Indian Partnership Act, 1932 The Indian Partnership Act , 1872 (b) (d) The Indian Partnership Act, 1930 The Indian Partnership Act, 2006 (b) (d) Agrees to sell goods Has sold goods Must be expressed Must be implied if not expressed May either be expressed or implied None of the above Sells goods Sells or agrees to sell goods Delivery of a thing in token of a transfer of something else is known as________. (a) (c) 93. Counter Offer Cross Offer Seller means a person who________. (a) (c) 92. (b) (d) Conditions and warranties ________. (a) (b) (c) (d) 91. Special Offer Continuing Offer The law dealing with the partnerships is contained in ________. (a) (c) 90. Immovable goods only All goods except ornaments Interest on advances by a partner to his firm may be payable _______. (a) (c) 89. Movable goods only (b) Both movable & immovable goods (d) Sale is an_______. (a) (c) 88. Illegal Unenforceable by the minor If the offeree offers to qualified acceptance of the offer subject to modifications and variations in the terms of original offer, he is said to have made a________. (a) (c) 87. (b) (d) The Sale of Goods Act, 1930 deals with (a) (c) 86. Void as against the minor Unlawful Actual Delivery Delivery by acknowledgment (b) (d) Constructive Delivery None of the above A is not a minor. A agrees to B for Rs.1,00,000/- that A will never marry. Promise of A is _______. (a) (c) Binding Enforceable 128 The Institute of Chartered Accountants of India (b) (d) Not binding Illegal Common Proficiency Test (CPT) Volume - I 94. The rule of caveat emptor does not apply in the case of_______. (a) (b) (c) (d) 95. ________ is/are the exception(s) to the general rule, no consideration no contract. (a) (b) (c) (d) 96. Railway receipt or Multimodal transport document Warrant or order for delivery of goods Warehouse keeper s certificate All the above A agrees to pay B Rs.500/- if a particular ship does not return to the port. The ship was sunk. The contract ________. (a) (b) (c) (d) 99. Invitation to treat an offer Mere communication of information in the course of negotiation Statement of intention All of the above ________ is/are the document of title to goods (a) (b) (c) (d) 98. Natural love and affection Compensation for past voluntary services Promise to pay a time barred debt All of the above An offer should be distinguished from________ . (a) (b) (c) (d) 97. Fitness for buyer s purpose Sale under a patent or trade name Usage of trade or consent by fraud All of the above Can be enforced by B Cannot be enforced by B Is a wagering contract Is unlawful, illegal and against public policy D believes blue colour to be black colour, for any reason whatsoever. He has a garment shop. He sells one blue colour shirt to M, representing it to be black colour. M knows nothing about colours. M believes D and accepts the blue colour to be black colour. Later on M s mother explains M that the colour of the shirt is actually blue and not black. It is a clear case of (a) (c) Misrepresentation Unintentional fraud Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Fraud Cheating 129 MODEL TEST PAPER - 5 100. A & B are the only two partners in a firm. B was murdered by C, who wanted to become a partner of the firm, but B has raised objections to it. A now wants to take D as a partner in the said firm. D is father of C. In 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 a fresh agreement and create a new partnership Both (a) & (c) SECTION C : GENERAL ECONOMICS (50 MARKS) 101. In a typical demand schedule, quantity demanded: (a) (c) 102. AR curve lies above the MR curve AR curve coincides with the MR curve AR curve lies below the MR curve AR curve is parallel to the MR curve AVC curve AC curve (b) (d) AFC curve MC curve From the national point of view which of the following indicates micro approach? (a) (b) (c) (d) 106. P = MR = SAC = LAC D = MR = SMC = LMC P = MR = Lowest point on the LAC curve All of the above All of the following are U shaped curves except the: (a) (c) 105. varies proportionately with price is independent of price In monopoly, the relationship between average and marginal revenue curves is as follows: (a) (b) (c) (d) 104. (b) (d) When the perfectly competitive firm and industry are in long run equilibrium then: (a) (b) (c) (d) 103. varies directly with price varies inversely with price Per capita income of India Underemployment in agricultural sector. Lock out in TELCO Total savings in India The total effect of a price change of a commodity is (a) (b) (c) (d) substitution effect plus price effect substitution effect plus income effect substitution effect plus demonstration effect substitution effect minus income effect 130 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 107. Which of the following is not a part of Fiscal policy? (a) (b) (c) (d) 108. The following are some of the costs of a clothing manufacturer. State which among them will you consider as fixed cost? (a) (b) (c) (d) 109. Balance of payments is a narrow concept than balance of trade India is facing severe foreign exchange reserves crunch Devaluation is panacea for BOP problem The RBI is the lender of last resort for Indian public sector banks In which state is the sex ratio most favourable to women? (a) (c) 113. Gross national income National income at factor cost Private income before cost Net consumer income All but one of the following statements are incorrect. Find the correct statement. (a) (b) (c) (d) 112. consumer expenditure on durable goods indirect business taxes a statistical discrepancy depreciation National income at market prices, plus subsidies, but less indirect taxes is equal to which one of the following? (a) (b) (c) (d) 111. Cost of cloth Piece wages paid to workers Depreciation on machines owing to time Cost of electricity for running machines The difference between GNP and NNP equals: (a) (b) (c) (d) 110. Subsidy under public distribution system Control of population Imposition of taxation Issue of bonds by government Andhra Pradesh U.P. (b) (d) Kerala Karnataka An underdeveloped economy is generally characterized by a: (a) (b) (c) (d) high ratio of commercial farming to subsistence farming high ratio of industrial output to total output high utilization of existing capital in the economy coexistence of underutilized labour with unexploited national and other resources Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 131 MODEL TEST PAPER - 5 114. Which institution is known as the soft loan window of World Bank? (a) (c) 115. (b) (d) Macroeconomic theory None of the above creating utility destroying utility (b) (d) earning profit providing services excess capacity monopoly (b) (d) monopolistic competition pure competition 8% 15% (b) (d) 7% 2.1% Fiscal deficit Primary deficit (b) (d) Budgetary deficit Revenue deficit Demand for electricity is elastic because . (a) (c) 123. Microeconomic theory Econometrics concept of Budget deficit has become practically redundant in India. (a) (c) 122. generate employment opportunity on a large scale provide a strong base for rapid industrialization contain inflationary pressures meet the deficits in Balance of Payments in the short run If GNP is 15% higher than last year s and the rate of inflation is 7%, production in the economy has grown by . (a) (c) 121. increase CRR increase bank rate The sale of branded articles is common in a situation of . (a) (c) 120. (b) (d) Production may be defined as an act of . (a) (c) 119. decrease bank rate sell securities in the open market The branch of economic theory that deals with the problem of allocation of resources is (a) (c) 118. IDA Indian Development Forum A strategy of heavy industry is sometimes preferred for a developing economy because it can : (a) (b) (c) (d) 117. (b) (d) In order to encourage investment in the country, the RBI may: (a) (c) 116. IFC IMF it is very expensive it has alternative uses (b) (d) it has a number of close substitutes none of the above The cost that firm incurs in hiring or purchasing any factor of production is referred to as . (a) (c) explicit cost variable cost 132 The Institute of Chartered Accountants of India (b) (d) implicit cost fixed cost Common Proficiency Test (CPT) Volume - I 124. The main security guard for International Trade is . (a) (c) 126. (b) (d) M2 M4 number of persons living per sq. km. number of persons living per kilometer ratio of population living below poverty line to total population number of persons in a village bank board exchange programme for consumer goods department In terms of lending, priority sector constitute about _________ of total bank lending. (March, 2012) (a) (c) 130. M1 M3 NABARD is a . (a) (b) (c) (d) 129. World Bank RBI Population density means . (a) (b) (c) (d) 128. (b) (d) is the most liquid measure of money supply. (a) (c) 127. IMF WTO 60 80 (b) (d) 41 30 The tele density in India is about in per cent. (a) (c) 76.75 16.6 (b) (d) 15.34 19.22 131. According to 2011 data, there are Health centers existing in India. (a) (c) 132. about 50,000 about 1,77,000 (b) (d) about 1,00,000 about 2,50,000 TRAI stands for . (a) (b) (c) (d) Trade Regulatory Authority of India Transport Regulatory Authority of India Training Registrar Authority of India Telecom Regulatory Authority of India Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 133 MODEL TEST PAPER - 5 Price Questions 133 to 137 are based on the demand and supply diagrams in Figure 1. D1 and S1 are the original demand and supply curves. D2, D3, S2 and S3 are possible new demand and supply curves. Starting from initial equilibrium point (1) what point on the graph is most likely to result from each change? Quantity 133. Suppose wage rate of coal miners increases and price of natural gas decreases. (Coal and natural gas are substitutes).What point in Figure 1 is most likely to be the new equilibrium price and quantity? (a) (c) 134. Point 4 Point 2 Point 4 Point 5 (b) (d) Point 6 Point 8 Assume that the government has just removed the 10% excise duty on good X. What point in Figure 1 is most likely to be the new equilibrium price and quantity? (a) (c) 136. (b) (d) Assume that consumer income has increased. Given that Y is an inferior good, which point in Figure is most likely to be the new equilibrium price and quantity? (a) (c) 135. Point 6 Point 3 Point 6 Point 7 (b) (d) Point 4 Point 8 A government research agency has published outcome of studies which say that the consumption of good X could cause cancer. In addition, assume that a powerful lobby has persuaded the government to give subsidy to the manufacturers of good X. What point in Figure is most likely to be the new equilibrium price and quantity? (a) (c) Point 6 Point 3 134 The Institute of Chartered Accountants of India (b) (d) Point 5 Point 9 Common Proficiency Test (CPT) Volume - I 137. An increase in demand and an increase in supply will: (a) (b) (c) (d) affect equilibrium quantity in an indeterminate way and price will decrease affect price in an indeterminate way and quantity will decrease affect price in an indeterminate way and quantity will increase affect equilibrium quantity in an indeterminate way and price will increase Use Table 1 to answer questions 138-142 The following table provides cost and price information for an individual firm. The first two columns represent the demand curve that the firm faces. The firm has a fixed amount of capital equipment, but can change the level of other inputs such as labour and materials. Calculate the missing values in the table, and use the table to answer questions 138 to 142. (Make sure you answer each question using the production level specified.) Table 1 Production (P) (TC) (VC) Marginal Cost (per unit) (MC) 130 45 0 1 124 88 2 118 125 3 112 159 4 106 193 5 100 230 6 94 273 7 88 325 8 82 389 9 76 465 Total Revenue (TR) Marginal Revenue (per unit) (MR) When production equals 4 units, the firm s: (a) (b) (c) (d) fixed cost is 100 and its variable cost is 93 fixed cost is 193 and its variable cost is 0 fixed cost is 0 and its variable cost is 193 fixed cost is 45 and its variable cost is 148 When production equals 5 units, the firm s total revenue is: (a) (c) 140. Variable Cost 0 139. Total Cost (Q) 138. Price per unit Rs. 100 Rs. 324 (b) (d) Rs. 270 Rs. 500 When production equals 6 units, the firm s marginal revenue is: (a) (c) Rs. 384 Rs. 64 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Rs. 94 Rs. 2 135 MODEL TEST PAPER - 5 141. When production equals 7 units, the firm s profit is: (a) (c) 142. Rs. 0 Rs. 291 (b) (d) Rs. 41.57 Rs. 336 To maximize its profit, the firm should produce: (a) (c) 0 units 5 units (b) (d) 3 units 7 units Read table 2 and answer Questions number 143-149 Hot Pockets Eggos 143. is attainable and it involves an efficient use of society s resources is attainable but involves the unemployment or inefficient use of some of society s resources is not attainable given society s current resources and technology may be produced only if the production possibilities curve shifts inward is attainable and it involves an efficient use of society s resources is attainable but involves the unemployment or inefficient use of some of society s resources is not attainable given society s current resources and technology may be produced only if the production possibilities curve shifts inward Referring to Table 2, in moving from point D to point C, the opportunity cost of 1 more Hot Pockets is: (a) (c) 146. F 0 20 According to the production possibilities curve in Table 2, a combination of 3 Hot Pockets and 15 Eggos: (a) (b) (c) (d) 145. E 3 18 According to the production possibilities curve in Table 2, a combination of 12 Hot Pockets and 11 Eggos: (a) (b) (c) (d) 144. Table 2 Production Possibilities (alternatives) A B C D 15 12 9 6 0 6 11 15 4 eggos 1 eggos (b) (d) eggos 4/3 eggos Given the data in Table 2, as one moves successively from point A to points B, C, D, E, and F the opportunity cost of eggos: (a) (b) (c) (d) increases as more Eggos are produced decreases as more Eggos are produced remains constant as more Eggos are produced cannot be measured 136 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 147. Given the data in Table 2, as one moves successively from point F to points E, D, C, B, and A, the opportunity cost of Hot Pockets: (a) (b) (c) (d) 148. Which of the following would not cause an economy s production possibilities curve to shift to the right? (a) (b) (c) (d) 149. The discovery of new superconductivity materials which makes manufacturing more efficient A decrease in unemployment Improvements in technology Widespread application of irrigation to agricultural land In drawing a production possibilities curve, which of the following is (are) held constant? (a) (b) (c) (d) 150. increases as more Hot potatoes are produced decreases as more Hot potatoes are produced remains constant as more Hot potatoes are produced cannot be measured The supply of natural resources and the supply of labor. Technology and the educational attainment of the work force. Both (a) and (b). None of the above. The following table provides a breakdown of a country s population (millions): Table 3 Total population 114 Unemployed people looking for a job 9 Retired people 14 People confined to correctional institutions 1 Children (below the working age) 18 Full-time students (not looking for a job) 2 Employed people 63 Other adults not in the labour force 7 Based on the information in the table, the country s unemployment rate is (a) (c) 7.9% 20.2% (b) (d) 12.5% 22.2% SECTION D : QUANTITATIVE APTITUDE (50 MARKS) 151. Which of the following measures of central tendency is based on only fifty percent of the central values? (a) (c) 152. Mean Mode (b) (d) Median Both (a) and (b) The unit of measurement in tabulation is shown in (a) (c) Box head Caption Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Body Stub 137 MODEL TEST PAPER - 5 153. Most extreme values which would ever be included in a class interval are called (a) (c) 154. Never positively skewed Symmetrical when p = 0.5 P(A B) = 1 P(A B) = 0 (b) (d) P(A B) = 1 P(A) = P(B) 0 Greater than equal to 0 (b) (d) Greater than 0 Less than 0 The distribution of sample observations The distribution of random samples The distribution of a parameter The probability distribution of a statistic 100 65 (b) (d) 135 None of these 10 Km/hr 71 Km/hr (b) (d) 50 Km/hr None of these If , be the roots of the equation 2x2 4x 3 = 0, the value of 2 + 2 is ______. (a) (c) 162. (b) (d) The ratio between the speeds of two trains is 7: 8. If the second train runs 400 Kms. in 5 hours, the speed of the first train is (a) (c) 161. Never symmetrical Never negatively skewed If now the prices of all the commodities in a place have been decreased by 85% over the base period prices, then the index number of prices for the place is now (index number of prices of base period = 100) (a) (c) 160. Concurrent deviation Normal equation The sampling distribution is (a) (b) (c) (d) 159. (b) (d) Probability mass function is always (a) (c) 158. Least squares Product moment If A denotes that a student reads in a school and B denotes that he plays cricket, then (a) (c) 157. Class interval None of these A binomial distribution is (a) (c) 156. (b) (d) The method applied for deriving the regression equations is known as (a) (c) 155. Class limits Class boundaries 5 3 (b) (d) 7 4 In ______ first payment/receipt takes place at the end of first period. (a) (c) Annuity immediate Annuity due 138 The Institute of Chartered Accountants of India (b) (d) Annuity regular Annuity special Common Proficiency Test (CPT) Volume - I 163. Difference between the maximum & minimum value of a given data is called______ . (a) (c) 164. (b) (d) Mean Mode One Three (b) (d) Two Five 5/12 1/12 (b) (d) 7/12 1/7 Poisson Binomial (b) (d) Normal t Normal Binomial (b) (d) Poisson Sampling For 5 sample values, we have ______ degree of freedom. (a) (c) 171. Range Median The Standard deviation of the ______ distribution is called standard error. (a) (c) 170. Median Mode ______ distribution is sometimes known as the distribution of rare events . (a) (c) 169. (b) (d) If the probability of a horse A winning a race is 1/6 and the probability of a horse B winning the same race is , ______ is the probability that one of the horses will win. (a) (c) 168. A.M. G.M. Under Algebraic Method we get ______ linear equations. (a) (c) 167. Size Class ______ is extremely sensitive to the size of the sample. (a) (c) 166. (b) (d) ______ is used when distribution pattern has to be studied at varying levels. (a) (c) 165. Width Range 5 4 Solve for y in the equation (b) (d) 3 6 y + 11 y + 1 y + 7 and the value of y is = 6 9 4 (a) (b) 7 (c) 172. 1 1 (d) 17 (b) (d) 2 None of these If 5Pr = 60, then the value of r is (a) (c) 3 4 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 139 MODEL TEST PAPER - 5 173. A question paper contains 6 questions, each having an alternative. The number of ways an examiner can answer one or more questions is (a) (c) 174. 720 729 (b) (d) 9 None of these (b) (d) (1/2)x-3/2 None of these (b) (d) 3x + x x5/5 None of these (b) (d) 8 None of these 2x 2 7x + 6 is equal to x 5x 2 11x + 2 2/5 1/9 If y = x-1/2 then dy is dx ( 1/2)x-3/2 ( 1/2)x3/2 (a) (c) 176. 728 None of these lim (a) (c) 175. (b) (d) Integrate w.r.t. (3 2x x4 ) 3x x x5/5 3x + x + x5/5 (a) (c) 2 177. 3x 2 dx Is 0 (a) (c) 178. If there are two groups containing 30 and 20 observations and having 50 and 60 as arithmetic means, then the combined arithmetic mean is (a) (c) 179. 55 54 (b) (d) 56 52 If all the observations are multiplied by 2, then (a) (b) (c) (d) 180. 7 8 New Standard Deviation would be also multiplied by 2. New Standard Deviation would be half of the previous SD. New Standard Deviation would be increased by 2. New Standard Deviation would be decreased by 2. The median of 27, 30, 26, 44, 42, 51, 37 is (a) (c) 30 44 140 The Institute of Chartered Accountants of India (b) (d) 42 37 Common Proficiency Test (CPT) Volume - I 181. The minimum value of correlation coefficient is (a) (c) 182. 0.50 1.00 1/9 5/9 (b) (d) 5/36 None of these 1/169 2 /13 (b) (d) 25 /169 None of these 8/3 4/3 (b) (d) 8/9 None of these 0.4 5 (b) (d) 0.2 None of these 125 225 (b) (d) 150 None of these The solution of the equation (p+2) (p 3) + (p+3) (p 4) = p (2p 5) is (a) (c) 190. (b) (d) If the prices of all commodities in a place have increased 1.25 times in comparison to the base period, the index number of prices of that place is now (a) (c) 189. 0.25 0.75 A die was thrown 400 times and six resulted 80 times then observed value of proportion is (a) (c) 188. r = 1 (a) or (b) In Binomial distribution if n = 4 and p = 1/3, then the value of variance is (a) (c) 187. (b) (d) A card is drawn from each of two well-shuffled packs of cards.The probability that at least one of them is an ace is (a) (c) 186. r=1 r=0 In a single throw with two dice the probability of getting a sum of five on the two dice is (a) (c) 185. 2 1 If an unbiased coin is tossed twice, the probability of obtaining at least one tail is (a) (c) 184. (b) (d) The two lines of regression become identical when (a) (c) 183. 0 1 6 5 (b) (d) 7 None of these The effective rate of interest corresponding to a nominal rate 3% p.a payable half yearly is (a) (c) 3.2% p.a. 3.0225% p.a Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) 3.25% p.a None of these 141 MODEL TEST PAPER - 5 191. The present value of annuity of Rs. 5000 per annum for 12 years at 4% p.a C.I. is (a) (c) 192. (b) (d) n 4n 74 12 (b) (d) 62 None of these 5 6 (b) (d) 6 None of these 18 : 25 17 : 24 (b) (d) 8 : 25 None of these (b) (d) 4 None of these (b) (d) log 3 None of these The value of 81/3 is 3 2 2 log (1 2 3) is equal to (a) (c) 199. 2n n /2 If a : b = 3 : 4, the value of (2a+3b) : (3a+4b) is (a) (c) 198. 255 None of these 8x 1 lim is equal to 6x 5x + 1 (a) (c) 197. (b) (d) x 1/ 2 (a) (c) 196. 250 200 If A has 32 elements B has 42 elements and A B has 62 elements. Find the number of elements in A B? (a) (c) 195. Rs. 46955.64 None of these The sum of n terms of the series 2 + 6 + 10 + . is (a) (c) 194. (b) (d) A person has 8 friends. The number of ways in which he may invite one or more of them to a dinner are (a) (c) 193. Rs. 46000 RS. 15000 log 1 + log 2 + log 3 log 2 The three numbers in A.P. whose sum is 27 and the sum of their squares is 341, are (a) (c) 2, 9, 16 Both (a) and (b) 142 The Institute of Chartered Accountants of India (b) (d) 16, 9, 2 2, 9, 16 Common Proficiency Test (CPT) Volume - I 4 200. 3x + 4 is equal to 0 (a) (c) 9/112 11/9 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) 112/9 None of these 143 MODEL TEST PAPER BOS/CPT-5 SECTION A : FUNDAMENTALS OF ACCOUNTING 1 (a) 2 (c) 3 (d) 4 (b) 5 (d) 6 (a) 7 (d) 8 (c) 9 (b) 10 (a) 11 (c) 12 (a) 13 (b) 14 (c) 15 (d) 16 (c) 17 (a) 18 (b) 19 (b) 20 (c) 21 (c) 22 (b) 23 (d) 24 (d) 25 (a) 26 (a) 27 (d) 28 (b) 29 (d) 30 (c) 31 (a) 32 (b) 33 (a) 34 (c) 35 (a) 36 (b) 37 (d) 38 (d) 39 (c) 40 (a) 41 (b) 42 (c) 43 (a) 44 (d) 45 (b) 46 (a) 47 (d) 48 (c) 49 (b) 50 (b) 51 (a) 52 (d) 53 (d) 54 (a) 55 (c) 56 (a) 57 (c) 58 (b) 59 (c) 60 (d) SECTION B : MERCANTILE AWS 61 (d) 62 (b) 63 (c) 64 (a) 65 (d) 66 (d) 67 (d) 68 (b) 69 (d) 70 (d) 71 (c) 72 (d) 73 (a) 74 (d) 75 (d) 76 (c) 77 (d) 78 (b) 79 (b) 80 (a) 81 (d) 82 (b) 83 (a) 84 (a) 85 (a) 86 (b) 87 (a) 88 (a) 89 (a) 90 (c) 91 (c) 92 (d) 93 (b) 94 (d) 95 (d) 96 (d) 97 (d) 98 (a) 99 (a) 100 (d) Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 571 ANSWERS SECTION C : GENERAL ECONOMICS 101 (c) 102 (d) 103 (a) 104 (b) 105 (c) 106 (b) 107 (b) 108 (c) 109 (d) 110 (b) 111 (d) 112 (b) 113 (d) 114 (b) 115 (a) 116 (b) 117 (a) 118 (a) 119 (b) 120 (a) 121 (b) 122 (c) 123 (a) 124 (c) 125 (a) 126 (a) 127 (a) 128 (a) 129 (b) 130 (a) 131 (c) 132 (d) 133 (b) 134 (b) 135 (d) 136 (d) 137 (d) 138 (d) 139 (d) 140 (c) 141 (c) 142 (d) 143 (c) 144 (b) 145 (d) 146 (a) 147 (a) 148 (b) 149 (c) 150 (b) SECTION D : QUANTITATIVE APTITUDE 151 (b) 152 (a) 153 (c) 154 (a) 155 (d) 156 (c) 157 (c) 158 (d) 159 (d) 160 (d) 161 (b) 162 (b) 163 (c) 164 (b) 165 (a) 166 (b) 167 (a) 168 (a) 169 (d) 170 (c) 171 (d) 172 (a) 173 (b) 174 (a) 175 (a) 176 (a) 177 (c) 178 (c) 179 (a) 180 (d) 181 (d) 182 (d) 183 (c) 184 (a) 185 (b) 186 (b) 187 (b) 188 (c) 189 (a) 190 (c) 191 (b) 192 (b) 193 (a) 194 (c) 195 (c) 196 (a) 197 (c) 198 (a) 199 (c) 200 (b) 572 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I

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