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CA CPT : Volume 1 - Model Test Paper 6 (with Answers)

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BOARD OF STUDIES THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA COMMON PROFICIENCY TEST Model Test Paper BOS/CPT 6 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. Transactions between owner and business are recorded as per (a) (c) 2. Going concern concept Business Entity concept Salary paid to manager Sales (b) (d) Accounts payable Trade receivables The information provided in the annual financial statements of an enterprise pertain to: (a) (c) 4. (b) (d) Which of the following items is an asset? (a) (c) 3. Periodicity concept Prudence concept Business Industry Individual business entity (b) (d) Economy None of the three Which of the following is not a transaction? (a) (b) (c) (d) Goods are purchased on cash basis for Rs.1,000. Salaries paid for the month of May, 2010. Land is purchased for Rs.10 lacs. An employee dismissed from the job. Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 145 MODEL TEST PAPER - 6 5. All the following statements are objectives of accounting except (a) (b) (c) (d) 6. Payment of personal expenses of the owners of the business need to be recorded as: (a) (c) 7. (b) (d) Balance sheet. Trial balance. Written down value. Original cost. (b) (d) Scrap value. None of the three. Next working day. Holiday itself. (b) (d) Preceding working day. Other agreed day. Drawer, Drawee. Payer, Payee. (b) (d) Maker, Payee. Drawer, Payee. _______ principle requires that the same accounting method should be used from one accounting period to the next. (a) (c) 13. P & L Account. Earnings Statement A promissory note is drawn by _______ in favour of _______ . (a) (c) 12. All purchases. All purchases of goods dealt in by the firm. Credit purchases of goods dealt in by firm. Cash purchase of goods dealt in by firm. If the date of maturity of a bill is a holiday, then the bill will mature on: (a) (c) 11. Liabilities. None of the three. Under straight line method, depreciation is calculated on (a) (c) 10. (b) (d) Which of the following lists the balance and the title of accounts given in the ledger, on a given date? (a) (c) 9. Drawings. Expenses. The purchases Journal records (a) (b) (c) (d) 8. Providing information about the assets, liabilities and capital of business entity. Maintaining records of business. Providing information about the performance of business entity. Providing details about the personal assets and liabilities of the owner. Conservatism. Business entity. (b) (d) Consistency. Money measurement. The left side of an account is known as _______ and the right side as _______. (a) (c) Debit, credit. Liability, asset. 146 The Institute of Chartered Accountants of India (b) (d) Credit, debit. None of the three. Common Proficiency Test (CPT) Volume - I 14. In double entry book keeping system, every transaction affects at least ______account(s). (a) (c) 15. Beginning. Middle. (b) (d) End None of the three. Accrual. Imprest. (b) (d) Balancing. None of the three. Consignee, Consignor. Consignor, Consignee. (b) (d) Buyer/Seller. None of the three. Plant account. Plant and carriage accounts. (b) (d) Carriage account. None of the three. The amount due to the retiring partner on account of goodwill is debited to the continuing partners in their _______. (a) (c) 21. Income Liability. Carriage charges paid for a new plant purchased if debited to carriage account would affect (a) (c) 20. (b) (d) Proforma invoice is a statement of information in the form of invoice prepared by the _______ to appraise the _______ about certain essential particulars of the goods. (a) (c ) 19. Loss. Asset. The petty cashier generally work on_______ system. (a) (c) 18. Two. Four. Scrap value of an asset means the amount that it can fetch on sale at the _______ of its useful life. (a) (c) 17. (b) (d) All expenses and _______ accounts appearing in the trial balance are transferred either to the trading account or profit and loss account. (a) (c) 16. One. Three. Profit sharing ratio. Capital ratio. (b) (d) Sacrificing ratio. Gaining ratio. Mr. A, the owner of M/s Apex Ltd. withdrew some goods from the business for his personal use. The accountant of the firm recorded this transaction on the basis of selling price of goods. He justifies his contention on the basis that business and the proprietor are two different entities as per business entity concept and therefore drawings should be charged at the same price on which the goods are sold to the outside customers. However, Mr. A emphasizes that he should be charged with only the cost price of the goods withdrawn by him. At which price, the drawings should be recorded? (a) (c) Fair value. Cost price. Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Selling price. None of the three. 147 MODEL TEST PAPER - 6 22. The substance of the transactions gets preference over legal position. The transactions and events recorded in the books of account and presented in the financial statements, should be governed by the substance of such transactions and not merely by their legal form as per the concept of (a) (c) 23. (b) (d) 4:3:3. None of the three. Rs.1,00,000. Rs.2,00,000 (b) (d) Rs.1,50,000. None of the three. 6,000 shares 9,375 shares (b) (d) 7,500 shares 5,000 shares A and B are partners in a firm sharing profits in the ratio of 3:2. They admit C as the new partner for 1/6th share in the profits. The firm s goodwill was valued at Rs.1,50,000. For adjustment of goodwill, C s account will be debited by (a) (c) 27. 3:4:3. 3:3:4. G Ltd. acquired assets worth Rs. 75,000 from H Ltd. by issue of shares of Rs.10 each at a premium of Rs. 5. The number of shares to be issued by G Ltd. to settle the purchase consideration will be (a) (c) 26. Substance over form. Fair disclosure. The profits for the last four years are given as follows: Year Rs. 2006 40,000 2007 50,000 2008 60,000 2009 50,000 The value of goodwill on the basis of three years purchase of average profits based on the last four years will be (a) (c) 25. (b) (d) A and B are partners sharing profits in the ratio of 3:2. They admit C as a new partner for 3/10th share, which he acquires 2/10 from A and 1/10 from B. The new profit sharing ratio of A, B and C is (a) (c) 24. Faithful representation. Neutrality. Rs. 20,000. Rs. 25,000. (b) (d) Rs. 15,000. None of the three. Following figures have been taken from the trial balance of a trader; Purchases Rs. 30,000 Purchase Returns Rs. 5,000 Sales Rs. 40,000 Rs. 5,000 Sales Returns The amount of profit will be (a) (c) Rs. 10,000. Rs. 7,500. 148 The Institute of Chartered Accountants of India (b) (d) Rs. 5,000. None of the three. Common Proficiency Test (CPT) Volume - I 28. The balance of furniture and fixtures as on 1st April, 2009 was Rs. 10,000. Furniture of Rs.5,000 was purchased on 1st October, 2009. Depreciation is charged @ 10% p.a. on W.D.V. method. The depreciation for the year ended 31st March, 2010 will be _____ (a) (c) 29. Rs.1,100 None of the three Rs. 2,500 Rs. 3,500 (b) (d) Rs. 1,500 Rs. 2,000 6,000 5,000 (b) (d) 10,000 None of the above Rs. 10,00,000 Rs. 16,00,000 (b) (d) Rs. 6,00,000 Rs. 4,00,000 Om, Jai and Jagdish are partners sharing profits and losses in the ratio of 5: 3 :2. Om retires and goodwill is valued at Rs. 50,000. New profit sharing ratio of Jai and Jagdish will be equal. For the adjustment of goodwill, Jai and Jagdish s capital accounts will be debited by: (a) (b) (c) (d) 34. (b) (d) Asha Deep Company Ltd. issued 1,00,000, 7% debentures of Rs.100 each at a discount of 4% redeemable after 5 years at a premium of 6%. Loss on issue of debentures is ________ (a) (c) 33. Rs.1,000 Rs.1,050 Omega Ltd. purchased assets of Alfa Ltd. for purchase consideration of Rs.60 lacs. It was decided that the purchase consideration will be discharged by issue of 10% debentures of Rs.1,000 each at a premium of 20%. The number of debentures issued will be ________ (a) (c) 32. Rs.1,250 None of the above Mr. Sharma holding 1,000 equity shares of Rs.10 each, issued at a discount of 10%, could pay Rs.3.50 on application, but could not pay the allotment money of Rs. 2.5 per share and his shares were forfeited. In the books of the company, shares forfeited account will be credited by ________ (a) (c) 31. (b) (d) Mr. Yatharth consigned to Mr. Ramesh 100 cases of tea costing Rs. 100 per case. He paid Rs. 1,000 as freight and cartage. Mr. Ramesh could take delivery of only 90 cases since 10 cases were loss in transit. The amount of abnormal loss will be _____ (a) (c) 30. Rs.1,500 Rs.1,750 Rs. 15,000 and Rs. 10,000 respectively Rs. 10,000 and Rs. 15,000 respectively Rs. 20,000 and Rs. 5,000 respectively Rs. 5,000 and Rs. 20,000 respectively The date of maturity of bill is 10th October, 2009. The Government of India suddenly declared 10th October, 2009 as the holiday under the Negotiable Instruments Act, then the bill will mature on _________ (a) (c) 9th October, 2009 12th October, 2009. Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) 10th October, 2009. 11th October, 2009. 149 MODEL TEST PAPER - 6 35. A Ltd. Company purchase machinery on 1st April, 2007 for Rs. 1,00,000. The depreciation on this machinery is charged @ 10% per annum on straight line method. On 30th September, 2009 machinery is sold for Rs.89,000. The profit or loss on sale of such machinery is: (a) (c) 36. Profit of Rs. 12,000. Profit of Rs. 14,000. (b) (d) Loss of Rs. 12,000. Loss of Rs. 6,000. The following are the details regarding purchases January. January 1 Purchases 200 units January 8 Purchases 900 units January 25 Purchases 300 units January 30 Purchases 400 units of a certain item during the month of (a) (c) Rs. 6,700. Rs. 5,000. Rs. 1,400 Rs. 7,200 Rs. 2,700 Rs. 4,000 Rs. 15,300 A physical inventory of the items taken on January 31 shows that there are 700 units in hand. The valuation of inventory as per FIFO method is: 37. (b) (d) A promissory note for Rs. 5,000 in favour of Mohan settled by sending him Tania s acceptance for Rs. 5,000. The required Journal entry will be (a) (b) (c) (d) 38. Rs. 5,400. Rs. 8,600 @Rs. 7 @Rs. 8 @Rs. 9 @Rs. 10 Mohan To Tania Tania To Mohan Bill receivable To Bills payable Bill payable To Bills receivable Dr. Rs. 5,000 Dr. Rs. 5,000 Dr. Rs. 5,000 Rs. 5,000 Rs. 5,000 Rs. 5,000 Dr. Rs. 5,000 Rs. 5,000 Shyam prepared a trial balance for his factory on 31st March, 2010. The debit total of the trial balance was short by Rs. 500. He transferred the deficiency to a suspense account. In April, 2010 after a close examination, he found that the purchases day book for September, 2009 was undercast by Rs.500. The necessary Journal entry to rectify the error will be _________ assuming Final Accounts are not prepared. (a) (b) (c) (d) Purchases A/c To Cash A/c Suspense A/c To Purchases A/c Purchases A/c To Suspense A/c None of the above. 150 The Institute of Chartered Accountants of India Dr. Rs. 500 Dr. Rs. 500 Dr. Rs. 500 Rs. 500 Rs. 500 Rs. 500 Common Proficiency Test (CPT) Volume - I 39. The following particulars relate to the business of Mohan on March 31, 2010. Balance as shown by the cash book Rs. 10,000 Cheques issued but not presented for payment Rs. 4,000 Cheque deposited but not yet collected Rs. 3,000 Balance as shown by the Bank pass book will be (a) (c) 40. (b) (d) Rs. 80 Rs. 160 Rs. 1,000. Rs. 500 (b) (d) Rs. 300 None of the three. Rs. 100 Rs. 300 (b) (d) Rs. 200 Rs. 1,200 Goods costing Rs. 4,80,000 were sent on consignment basis. Goods are invoiced at 125% of the cost price. The invoice price and the loading will be: (a) (c) 45. Rs. 120 Rs. 90 On 1st February, 2010, a loan of Rs.10,000 was given @ 12% per annum. Interest was received for 3 months from February to April in April, 2010. In the financial statements of the year ended 31st March, 2010 amount of accrued interest should be: (a) (c) 44. Repairs to building wrongly debited to Building A/c Total of Purchase Journal cast short by Rs.1,000. Freight paid on new machinery debited to Freight A/c None of the three. On 1.1.2010, a machine costing Rs. 10,000 and a piece of furniture costing Rs.20,000 was purchased. Depreciation is provided @ 5% p.a. on furniture and 10% per annum on machine. The depreciation for the year ended 31st March, 2010 should be: (a) (c) 43. Rs.10,000. None of the above. A s acceptance to B for Rs. 10,000 renewed for 2 months on the condition that Rs. 4,000 be paid in cash immediately and the remaining amount will carry interest @ 12% p.a. The amount of interest will be _________ (a) (c) 42. (b) (d) Which of the following errors will affect the trial balance? (a) (b) (c) (d) 41. Rs.9,000. Rs.11,000 Rs. 6,00,000 and Rs. 1,00,000. Rs. 6,00,000 and Rs. 1,20,000. (b) (d) Rs. 5,00,000 and Rs. 1,00,000. Rs. 5,00,000 and Rs. 1,20,000. Mr. A sent 250 units costing Rs. 10,000 each to Mr. B. Mr. B sold 150 units @ Rs. 14,200 per unit on credit and 75 units @ Rs. 14,000 for cash. Mr. B is entitled to a commission Rs.500 per unit. The amount of commission will be: (a) (c) Rs. 75,000 Rs. 1,12,500 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Rs. 37,500 Rs. 85,000 151 MODEL TEST PAPER - 6 46. Ram and Shyam enter into a joint venture. Both of them deposited Rs.65,000 and Rs.32,500 respectively into a joint venture. Goods were purchased for Rs.75,000 and expenses amounting Rs.10,950 were incurred. Goods sold for Rs.90,000 and goods unsold were taken over by Ram at an agreed value of Rs.2,700. The profit on joint venture is: (a) (c) 47. Rs. 225 Rs. 900 26th January, 2010. 27th January, 2010. (b) (d) 28th January, 2010. 25th January, 2010. Rs. 3,000 Rs. 500 (b) (d) Rs. 750 None of the three. Rs.19,000 Rs.17,000 (b) (d) Rs.38,000 None of the above. Dheeraj and Gopal are partners in a firm with capitals of Rs. 5,00,000 each. They admit Deepak as a partner with th share in the profits of the firm. Deepak bring Rs. 8,00,000 as his share of capital. The profit and loss account showed a credit balance of Rs. 4,00,000 as on the date of his admission. The value of hidden goodwill will be (a) (c) 52. (b) (d) X and Y are partners sharing profit and losses in the ratio of 2:1. On 1st January, 2009, Z is admitted with 1/4 th share in profits with guaranteed amount of Rs. 25,000. The profits for the year ended 31 st December, 2009 amounting to Rs. 76,000. The share of Y in the profits should be: (a) (c) 51. Rs. 200 Rs. 500 On 1st January, 2010, Vimal sold goods worth Rs.20,000 to Renu and drew a bill on Renu for 3 months. Renu accepted the bill and returned it to Vimal who discounted the bill with bank on 4th February, 2010 @ 15% per annum. The discounting charges will be: (a) (c) 50. Rs. 4,500 Rs. 6,750 A draws a bill of Rs.10,000 on B on 23rd December, 2009 for one month. The bill is accepted on 25th December, 2009 by B. The maturity date of the bill will be: (a) (c) 49. (b) (d) On 1st January Shilpa owes Rs.10,000 and accepts a 3 months bill for the amount. On the date of maturity Shilpa, not being able to honour the bill. She paid Rs.4,000 cash and requested to draw another bill for three months for the balance amount with interest @ 15% per annum. The amount of interest should be (a) (c) 48. Rs. 17,700 Rs. 4,050 Rs. 14,00,000. Rs. 10,00,000. (b) (d) Rs. 18,00,000. None of the above. Rent due for the month of March will appear___________ in the cash book (a) (c) On the receipt side As a contra entry 152 The Institute of Chartered Accountants of India (b) (d) On the payment side No where Common Proficiency Test (CPT) Volume - I 53. Alfa Ltd. issued 20,000, 8% debentures of Rs. 10 each at par. The debentures are redeemable at a premium of 20% after 5 years. The amount of loss on redemption of debentures should be: (a) (c) 54. (b) (d) Rs. 10,80,000. Rs. 10,00,000 9,000 10,000 (b) (d) 11,000 None of the above. Rs. 60,000 Rs. 50,000 (b) (d) Rs. 1,25,000 None of the above. On January 1, 2010 Victory Ltd., purchased a second hand machinery for Rs. 50,000 and spend Rs. 2,000 as shipping and forwarding charges, Rs. 1,000 as import duty, Rs.1,000 as carriage inwards, Rs.500 is repair charges, Rs. 200 as installation charges, Rs.400 as brokerage of the middle man and Rs. 100 for an iron pad. Total cost of machinery is (a) (c) 58. Rs. 12,00,000. Rs. 9,00,000 A firm dealing in cloth has 15,000 meters of cloth on April 1, 2009 valued at Rs.1,50,000. The firm purchased 20,000 meters @ Rs.12 per meter during the year ending 31st March, 2010 and sold 30,000 meters @ Rs.25 per meter during the same period. As per LIFO, the closing inventory will be valued at: (a) (c) 57. Rs. 40,000 None of the above. Indigo Ltd. had 9,000, 10% redeemable preference shares of Rs. 10 each, fully paid up. The company decided to redeem these preference shares at par by the issue of sufficient number of equity shares of Rs.10 each fully paid up at a discount of 10%. The number of equity shares issued should be: (a) (c) 56. (b) (d) Gama Ltd. issued 10,000, 10% debentures of Rs.100 each at a discount of 10%. The entire amount is payable on application. Application were received for 12,000 debentures. The allotment of debentures was made on 10th October, 2009. The amount which should be credited to the debentures account on 10th October, 2009 will be: (a) (c) 55. Rs. 50,000 Rs. 30,000 Rs. 55,100 Rs. 54,600 (b) (d) Rs. 55,000 Rs. 55,200. On 1-4-2009, Ram invested Rs.1,00,000 in a business. Interest on capital is to be allowed @ 12% per annum. Amount of interest to be charged to P & L Account for the year 2009-2010 is: (a) (c) Rs. 9,000. Rs. 12,000 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Rs. 10,000 None of the above. 153 MODEL TEST PAPER - 6 59. Goods costing Rs. 1,20,000 were sent on consignment basis. These goods are invoiced to give a gross margin of 20% on invoice price. The amount of loading is: (a) (c) 60. Rs. 24,000. Rs. 20,000. (b) (d) Rs. 30,000. None of the above. Mohan s trial balance contains the following information: Discount received Rs.1,000 Provision for discount on trade payables Rs.1,600 It is desired to maintain a provision for discount on trade payables at Rs.1,100. The amount to be credited to P & L Account is : (a) (c) Rs.1,500 Rs.1,000. (b) (d) Rs.3,500. Rs.500. SECTION B : MERCANTILE LAWS (40 MARKS) 61. A mate s receipt (a) (b) (c) (d) 62. Each partner is a principal as well as an agent of other partners. (a) (b) (c) (d) 63. The above statement is correct The above statement is not correct in case of unregistered partnerships The above statement is incorrect The above statement is correct only in case of registered partnerships A contract was entered before 1st September, 1872 is governed by The Indian Contract Act, 1872 (a) (b) (c) (d) 64. Is a document of title to goods Is an acknowledgement for the receipt of goods Both the above None of the above Yes if the contract was entered in Indian soil Yes if there was performance of the contract on or after 1st September 1872 No as the act does not apply retrospectively No as there was no performance on or after 1st September 1872 A share in a partnership: (a) (b) (c) (d) Can be transferred in accordance with the terms and conditions contained in the partnership deed Can be transferred only if all the partners agree for such transfer Cannot be transferred at all. Can be transferred through the recognized stock exchanges. 154 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 65. Which of the following is not correct? (a) (b) (c) (d) 66. In case of sale (a) (b) (c) (d) 67. (b) (c) (d) All illegal agreements are void but all void agreements are not necessary illegal. A voidable contract is not voidable at the option of the aggrieved party. Contracts that are immoral or opposed to public policy are illegal in nature. All of the above. The difference between contingent contract and wagering agreements are as follows: (a) (b) (c) (d) 70. A engages B for a certain work and promises to pay such remuneration as shall be fixed by C. B does the work. A and B promise to marry each other. A takes a seat in a public vehicle. A invites B to a card party. B accepts the invitation. Which of the statement is incorrect? (a) (b) (c) (d) 69. Property in goods passes to the buyer. Risk in the goods passes to the buyer. Both the above. None of the above. Which one of the following is not a contract? (a) 68. Joint Hindu Family is governed by law relating to registration of agreements. Joint Hindu Family is governed by Hindu Law. Joint Hindu Family is governed by the Civil Procedure Code. Both (a) & (c) A wagering agreement consists of reciprocal promises whereas a contingent contract may not contain reciprocal promises. In a wagering agreement the uncertain event is the sole determining factor while in a contingent contract the event is only collateral. A wagering agreement is void whereas a contingent contract is valid. All of the above. An agreement made without consideration is valid under the Indian Contract Act, 1872 if (a) (b) (c) (d) The agreement is expresses in writing. The agreement is made on account of natural love and affection or the parties to the agreement stand in a near relation to each other. The document is registered under the law for the time being in force for registration of such document. All of the above. Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 155 MODEL TEST PAPER - 6 71. Which of the following is not correct? (a) (b) (c) (d) 72. Which of the following is not correct? (a) (b) (c) (d) 73. (d) (c) (d) Breach of condition. None of the above. Only after the issue of certificate of Registration by the Registrar of Firms. As soon as an application in the prescribed form with the prescribed fee and other relevant details is delivered to the Registrar of Firms. Only after the Registrar of Firms records an entry of the statement in the Register of Firms to this effect. After giving the information to the Central Government in this regard. An unincorporated association. Both the above. (b) (d) Incorporated association. None of the above. A student was motivated by his teacher to sell his car (value being Rs. 10,00,000/-) for Rs. 5,00,000/-. The student sold the same at the desired price of the teacher. The student can sue the teacher on the ground of : (a) (c) 78. (b) (d) A company may be in the form of: (a) (c) 77. Breach of warranty. Both the above. Registration of a partnership is complete (a) (b) 76. Substituting a new contract for the old one. Cancellation of the old contract. Modifying or altering the terms of contract such that it has the effect of substituting a new contract for the old one. Dispensing away the performance of the promise made by the other party. The following may be treated as a breach of warranty: (a) (c) 75. Consideration must be at the desire of the promisor. Consideration may be past, present or future. Consideration need not be adequate, but should be real and supported by free consent. Consideration should be always monetary. Novation means (a) (b) (c) 74. Minor can always plead minority. Minor is liable for necessaries supplied to him. Minor is a person who has not completed 18 years of age. Minor can be a beneficiary. Undue Influence. Misrepresentation. (b) (d) Fraud. Coercion. (b) (d) Sleeping Partner. All of the above. Types of partners includes: (a) (c) Active Partner. Nominal Partner. 156 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 79. Price under the Sale of Goods Act, 1930 means (a) (b) (c) (d) 80. Goods that are identified and agreed upon at the time of contract of sale are known as ________. (a) (c) 81. (b) (d) Bilateral Contract Express Contract General Offer Cross Offer (b) (d) Special Offer Counter Offer The buyer Both the buyer and the seller (b) (d) The seller The insurance company Invitation to treat an offer Mere communication of information in the course of negotiation Statement of intention Offer Agreement for the creation of monopolies__________. (a) (b) (c) (d) 86. Unilateral Contract Quasi Contract An auction sale is an example of _________. (a) (b) (c) (d) 85. Existing Goods Generic Goods In case of an agreement to sell, subsequent loss or destruction of the goods is the liability of _______ . (a) (c) 84. (b) (d) An offer made to the public in general which anyone can accept and do the desired act is ________. (a) (c) 83. Specific Goods Future Goods A contract in which only one party has to fulfill his obligation at the time of the formation of the contract, the other party having fulfilled his obligation at the time of the contract or before the contract comes into existence is known as ________. (a) (c) 82. Money or money s worth. Monetary consideration for the sale of goods. Any consideration that can be expressed in terms of money. None of the above. Is allowed in the interest of economy Is opposed to public policy and hence void Is not detrimental to any nation Is impossible because of perfect competition in today s scenario Quasi contracts arise __________. (a) (b) (c) (d) Where obligations are created without a contract Where obligations are created under a contract Out of natural causes Out of man-made causes Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 157 MODEL TEST PAPER - 6 87. Wagering agreements are (a) (b) (c) (d) 88. The relationship of principal and agent may arise by_________. (a) (c) 89. Existing Goods Unascertained Goods Actual Delivery Symbolic Delivery (b) (d) Constructive Delivery None of the above Owner of the goods Hirer of the goods (b) (d) Bailee of the goods None of the above Right against the goods Right of re-sale (b) (d) Right of stoppage in transit All of the above Compulsory from the beginning Not compulsory till first five years of beginning of the partnership Not compulsory at all Compulsory only if the Registrar of Firms gives an order in this regard Death of a partner ordinarily leads to _________. (a) (b) (c) (d) 95. (b) (d) Registration of a partnership firm is __________. (a) (b) (c) (d) 94. Specific Goods Future Goods Rights of an unpaid seller include_________. (a) (c) 93. Ratification All of the above In case of a sale the position of a buyer is that of _________. (a) (c) 92. (b) (d) Delivery by acknowledgment is_________. (a) (c) 91. Express or implied agreement Operation of law Goods that are defined only by description and not identified and agreed upon at the time of contract of sale are known as__________. (a) (c) 90. Valid Void Unlawful Illegal Dissolution of the partnership. Revision of the partnership. Reconsidering of the partnership. Induction of a new partner to carry on the partnership. A new partner is held liable for all acts of the firm done __________. (a) (b) (c) (d) Before he became a partner After he became a partner. Any time after even he ceases to be a partner and upto his death. Before or after he became a partner 158 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 96. One of the essential elements of a partnership is agreement _________. (a) (b) (c) (d) 97. A person is deemed to be in a position to dominate the will of the other when he __________. (a) (b) (c) (d) 98. By sale By charge (b) (d) By mortgage All of the above D P Tyre Co. Ltd. sold tyres to a dealer S, who sold those to D, a sub-dealer on the condition that those tyres would not be sold at a price lower than the list price fixed by D P Tyre Co. Ltd. and if the tyres were sold at a price lower than the list price, a penalty of $ 2 for every tyre sold below the list price would be recovered as damages. D sold five tyres below the list price. D P Tyre Co. Ltd. filed a suit against S. Is D P Tyre Co. Ltd. entitled to maintain the suit? (a) (b) (c) (d) 100. Holds real authority over the other Holds apparent authority over the other Stands in a fiduciary relation to the other All of the above As per the Indian Partnership Act, 1932 a partner may transfer his interest in the firm________. (a) (c) 99. Which is enforceable Which is legal Between two or more persons The object of which is not prohibited by law. No since D P Tyre Co. Ltd. was not a party to the contract. No since only 5 tyres are involved and the amount is insignificant. Yes as D P Tyre Co. Ltd. is the producer of the tyres. Yes as D P Tyre Co. Ltd. sold the tyres to S who in turn sold to D. A, B and C are partners in a firm. B was murdered by D, who wanted to become a partner of the firm, but B has raised objections to it. The Partnership Deed contains a provision that the firm would not be dissolved after the death of any partner. Which of the following is correct? (a) (b) (c) (d) Estate of B is liable for the act of the firm done after the death of B. Estate of B is not liable for the act of the firm done after the death of B. Estate of D is liable for the act of the firm done after the death of B. D is liable for the act of the firm done after the death of B. SECTION C : GENERAL ECONOMICS(50 MARKS) 101. The law of consumer surplus is based on : (a) (c) Indifference curve analysis Law of substitution Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Revealed preference theory. The law of diminishing marginal utility. 159 MODEL TEST PAPER - 6 102. Supply of a commodity is a: (a) (c) 103. (d) At different points. At the rising part of each. The productivity of factors of production. The relation between the factors of production. The economies of scale. The relations between change in physical inputs and physical output. Perfect competition. Oligopoly. (b) (d) Monopoly Monopolistic competition. The short period The long period (b) (d) The market period All of the above. A monopolist who is selling in two markets in which demand is not identical will be unable to maximize his profits unless he (a) (b) (c) (d) 109. (b) (d) The period of time in which the plant capacity can be varied is known as (a) (c) 108. At the falling part of each. At their respective minimas. Which of the following market situations explains marginal cost equal to price for attaining equilibrium? (a) (c) 107. An indifference curve relating the two goods will be curvilinear. An indifference curve relating the two goods will be linear. An indifference curve relating the two goods will be divided into two segments which meet at a right angle. An indifference curve relating the two goods will be convex to the origin. In general, most of the production functions measure (a) (b) (c) (d) 106. A flow concept None of these. The MC curve cuts the AVC and ATC curves (a) (c) 105. (b) (d) If two goods were perfect substitutes of each other, it necessarily follows that (a) (b) (c) 104. Stock concept Both stock and flow concept. Sells below costs of production in both markets. Practices price discrimination. Equates the volume of sales in both markets. Equates marginal costs with marginal revenue in one market only. Which of the following is not microeconomic subject matter? (a) (b) (c) (d) The price of apples. The cost of producing a fire truck for the fire department of Delhi, India The quantity of apples produced for the apple market. The national economy s annual rate of growth. 160 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 110. Which of the following is a reason for the negative slope of the PPF? (a) (b) (c) (d) 111. SJSRY stands for (a) (b) (c) (d) 112. Poor planning Technical complications (b) (d) Power, finance and labour problems All of the above. Small scale units. Public sector units (b) (d) Private sector units Sick units The foreign trade policy was very liberal, it allowed import of all types of goods. Import of food grains was strictly prohibited The balance of payments situation was quite comfortable None of the above. Money stock in India refers to: (a) (c) 117. TRAI BSNL Which of the following statements is correct with regard to external sector in the pre-reform period? (a) (b) (c) (d) 116. (b) (d) Oil and Natural Gas Corporation Indian Oil Corporation, Steel Authority of India, and Bharat Heavy Electricals are all examples of (a) (c) 115. SEBI MTNL Which of the following has resulted in failure to achieve targets of industrial production? (a) (c) 114. Swarna Jayanti Shahari Rozgar Yojana Shahari Jeewan Sudhar Rashtriya Yojana Sampoorna Jeewan Shahari Rozgar Yojana None of the above. Who is regulatory authority for telecom in India? (a) (c) 113. The inverse relationship between the use of technology and the use of natural resources. Scarcity at any point in time we have limited amounts of productive resources. Resource specialisation. Increasing opportunity costs. M1 M3 (b) (d) M2 M4 Giffen goods are those goods ___________ (a) (b) (c) (d) For which demand increases as price increases That have a high income elasticity of demand That are in short supply None of these Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 161 MODEL TEST PAPER - 6 118. Three methods of computing national income are ___________. (a) (b) (c) (d) 119. When AR = Rs. 10 and AC = Rs. 8 the firm makes ___________. (a) (c) 120. (b) (d) Quantitative Optional The government coming to the rescue of poor farmers. Central bank coming to the rescue of other banks in times of financial crisis. Commercial banks coming to the rescue of small industrial units. People coming to the rescue of commercial banks in times of their financial crisis. SBI NABARD (b) (d) SIDBI RBI Household sector only. Government sector only. Both household and government sectors. Neither household nor government sector. Service Tax was introduced in the financial year ___________. (a) (c) 126. Selective credit Margin requirements Demand for final consumption arises in ____________. (a) (b) (c) (d) 125. An upward shift in demand for the other commodity. A rise in the price of the other commodity. A downward shift in demand for the other commodity. No shift in the demand for the other commodity. ___________is the custodian of monetary reserves in India (a) (c) 124. Net profit Supernormal profit The lender of last resort means ___________. (a) (b) (c) (d) 123. (b) (d) ___________ controls affect indiscriminately all sectors of the economy. (a) (c) 122. Normal profit Gross profit If two goods are complements, this means that a rise in the price of one commodity will induce ___________. (a) (b) (c) (d) 121. Production, outlay and income methods. Balance of payments, income and consumption methods. Saving, investment and income methods. Outlay, depreciation and production methods. 1991-92 1994-95 (b) (d) 2001-02 1995-96 At present, the marginal rate of income tax(i.e. tax for the highest slab) is___________ (a) (c) 10%. 30% 162 The Institute of Chartered Accountants of India (b) (d) 20% 40% Common Proficiency Test (CPT) Volume - I 127. About ___________ percent of the external assistance has been in the form of loans. (a) (c) 128. (b) (d) Balance of transactions Balance of payments Revenue deficit Primary deficit (b) (d) Capital deficit Fiscal deficit IRDP IAY (b) (d) MGNREGS SGRY According to Planning Commission about ___________ percent of the population of India lived below poverty line (as per MRP Method) in 2004-05. (a) (c) 132. Balance of trade Budget ________ gives 100 days of guaranteed employment in a Financial year to every household whose adult member volunteer to do unskilled work. (a) (c) 131. 30 90 If borrowings and other liabilities are added to the budget deficit we get ___________. (a) (c) 130. (b) (d) ___________ is a systematic record of all the economic transactions between one country and rest of the world (a) (c) 129. 40 10 37.2 22.5 (b) (d) 25.7 21.5 In terms of deposit mobilization, ___________ leads other states. (a) (c) U.P Kerala (b) (d) Maharashtra Bihar Questions 133 to 137 are based on the Figure 1. Figure 1 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 163 MODEL TEST PAPER - 6 133. Figure 1 represents a: (a) (c) 134. E F (b) (d) A B (b) (d) Marginal cost curve Demand curve. Average cost curve Marginal revenue curve In figure 1, the firm s most efficient output is: (a) (c) 137. Perfectly competitive industry. None of the above. In Figure 1, curve E is the firm s: (a) (c) 136. (b) (d) In figure 1, the firm s marginal revenue curve is curve (a) (c) 135. Perfectly competitive firm. Monopolist K M (b) (d) L N In figure1, the firm s most profitable output is: (a) (c) K M (b) (d) L N Consider Sumit s production data given in the table 1. Use Table 1 to answer questions 138-142 Table 1 Number of Workers 1 10 2 22 3 31 4 40 5 47 6 52 7 56 8 58 9 60 10 138. Total Output 61 Suppose Sumit has to pay his workers Rs 20 per hour, and further suppose there are no other production costs at all. What is the marginal product of the 5th worker? (a) (c) 12 7 164 The Institute of Chartered Accountants of India (b) (d) 9 8 Common Proficiency Test (CPT) Volume - I 139. In Table 1, Sumit s Average Total Cost when 40 units are produced is: (a) (c) 140. Rs. 80 Rs. 20 Rs. 0.25 Rs. 2.50 (b) (d) Rs. 1.25 Rs. 4.00 Suppose Sumit decides to purchase fire insurance which costs Rs. 87,600 a year.(As it happens, it works out to be Rs 10 per hour) The approximate marginal cost of the 52nd unit now is: (a) (c) 142. (b) (d) Using data in Table 1, we know that the approximate marginal cost of the 52nd unit of output is: (a) (c) 141. Rs. 2 Rs. 5 Rs. 0.25 Rs. 2.50 (b) (d) Rs. 1.25 Rs. 4.00 Sumit s marginal product of the 9th worker: (a) (c) 2 units 5 units (b) (d) 3 units 7 units Read table 2 and answer Questions number 143-145 % change in price -1 x 15 y 3 Supply of chicken z 14 1 Refer Table 2 and find the value of x. (a) (c) -20 -1 (b) (d) -0.05 Can not be determined (b) (d) 15 -3 (b) (d) 1 5 Refer Table 2 and find the value of y. (a) (c) 145. 20 Demand for bananas 144. Elasticity Demand for salt 143. % change in quantity demanded(quantity supplied) -5 -45 Refer table 2 and find the value of z. (a) (c) 14 0.07 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 165 MODEL TEST PAPER - 6 Read table 3 and answer Questions number 146-147 With the same amount of resources, a farmer can feed the following combinations of sheep and cows: Table 3 Sheep Option I 1 sheep 9 cows. (b) (d) 3 sheep 9 sheep. 9 sheep. 1/3 sheep. (b) (d) 3 cows. 1/3 cow. 3.4 1.3 (b) (d) 0.01 2.3 If the quantity of good X demanded increases from 8 to 12 in response to an increase in the price of good Y from Rs. 23 to Rs. 27, the cross elasticity of demand for X with respect to the price of Y is approximately: (a) (b) (c) (d) 150. 25 If the quantity of CD demanded increases from 260 to 290 in response to an increase in income from Rs. 9,000 to Rs. 9,800, the income elasticity of demand is approximately: (a) (c) 149. 75 Given the options available to him, what is the opportunity cost to the farmer of feeding one sheep? (a) (c) 148. 22 Given the options available to him, what is the opportunity cost to the farmer of feeding one cow? (a) (c) 147. 84 Option II 146. Cows 0.35 and X and Y are complements. 0.35 and X and Y are substitutes. 2.5 and X and Y are complements. 2.5 and X and Y are substitutes. The following table provides a breakdown of a country s population (millions): Table 4 Total population 228 Children(below the working age) 36 Unemployed people looking for a job 18 Full-time students (not looking for a job) 4 Retired people 28 Employed people 126 People confined to correctional institutions 2 Other adults not in the labour force 14 Based on the information in table 4, the country s unemployment rate is (a) (c) 7.9% 20.2% 166 The Institute of Chartered Accountants of India (b) (d) 12.5% 22.2% Common Proficiency Test (CPT) Volume - I SECTION D : QUANTITATIVE APTITUDE(50 MARKS) 151. Standard deviation of binomial distribution is : (a) (b) npq (c) 152. (npq)2 (np)2 (d) np A A is equal to (a) (c) 153. A The integral of (b) (d) Sample Space None of these x dx is equal to: x + 1 (a) (b) 1 2x +c 4 ( x + 1) (c) 154. 1 + 2x +c 4 ( x + 1) (1 + 2x ) +c 4 ( x + 1) (d) None of these. Find f o g for the functions f (x) = x8, g(x) = 2x2 + 1 (a) (c) 155. Sampling error. Either (a) or (b). (b) (d) Non-sampling error. Both (a) and (b). Relative index. Value index. (b) (d) Price index. None of these. The algebraic sum of deviations of a set of observations from their A.M. is: (a) (c) 158. x8 (2x2+1)8 Simple Aggregative Method is used for computing a: (a) (c) 157. (b) (d) A sample survey is prone to: (a) (c) 156. x8 (2x2+1) 2x2+1 Negative. Zero. (b) (d) Positive. None of these. Number of petals in a flower is an example of: (a) (c) A continuous variable. An attribute. Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) A discrete variable. All of these. 167 MODEL TEST PAPER - 6 159. A Qualitative characteristic is known as : (a) (c) 160. (b) (d) U-shaped Inverted J-shaped Time reversal test Circular test (b) (d) Factor reversal test Unit test Factor reversal test Unit test (b) (d) Circular test None of these Zero Minimum (b) (d) Maximum None of these 125: 64 64:125 (b) (d) 16:25 None of these When we want to divide the given set of observations into two equal parts, we consider ______. (a) (c) 167. Bell-shaped J-shaped The triplicate ratio of 4: 5 is ______. (a) (c) 166. Questionnaire method. All of these. For a set of observations, the sum of absolute deviations is ______, when the deviations are taken from the median. (a) (c) 165. (b) (d) ______ is an extension of time reversal test. (a) (c) 164. Interview method. Observation method. The ______ is satisfied when Pab Pbc Pca = 1 (a) (c) 163. A variable. A continuous variable. The normal curve is ______. (a) (c) 162. (b) (d) Methods that are employed for the collection of primary data (a) (c) 161. An attribute. A discrete variable. Mean Mode If y = x2x then (a) (c) (b) (d) Median None of these (b) (d) 2(1 + logx) None of these dy is ______. dx 2x2x(1 + logx) x2x(1 + logx) 168 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 168. The value of lim x 1 (a) (c) 169. 1 0 Correlated Positive correlated 2 3 (b) (d) Uncorrelated Negative correlated The correlation between demand and price (for normal goods) is ______. (a) (c) 171. (b) (d) The two variables are known to be ______ if the movement on the part of one variable does not produce any movement on other variable in a particular direction. (a) (c) 170. 2x 2 + x 3 is ______. x + 9 Zero Negative Differentiate (b) (d) Positive None of these 1 + x w.r.t. x, we get : (a) (b) (c) 172. 2x 1 x x 1 + x (d) None of these. (b) (d) 1, 1 None of these If lim x a (a) (c) 173. 9, 9 8, 8 0.3 0.7 (b) (d) 0.09 0.9 If the coefficient of correlation between two variables is 0.6, then the percentage of variation accounted for is _______ (a) (c) 175. x9 a9 = 9, the value of a is : x a If the coefficient of correlation between two variables is 0.3, then the coefficient of determination is (a) (c) 174. x 1 + x 60% 64% (b) (d) 40% 36% What is the chance of picking a heart or a queen not of heart from a pack of 52 cards? (a) (c) 17/52 4/13 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) 1/3 3/13 169 MODEL TEST PAPER - 6 176. In a single throw with two dice, chance of throwing 8 is (a) (c) 177. 1 0 (b) (d) 1 None of these 14 18 (b) (d) 16 20 6.50 6.50 (b) (d) 6.66 6.66 46 48 (b) (d) 47 49 The wages of 8 workers expressed in rupees are 42, 45, 49, 38, 56, 54, 55, 47. Find median wage? (a) (c) 183. 1/3 None of these The mean weight for a group of 40 female students is 42 kg and that for a group of 60 male students is 52 kg. What is the combined mean weight? (a) (c) 182. (b) (d) Two variables x and y are related by 5x + 6y + 9 = 0 and x = 6, then y is (a) (c) 181. 1/10 1/2 The mean of binomial distribution is 4 and standard deviation 3 . What is the value of n? (a) (c) 180. 5/36 2/9 If an event cannot take place, probability will be_______ (a) (c) 179. (b) (d) A bag contains 10 red and 10 green balls and a ball is drawn from it. The probability that it will be green is: (a) (c) 178. 1/9 5/18 47 49 (b) (d) 48 50 Refer following table: Frequency distribution of weights of 16 students Weight in kg. No. of students (Class interval) (Frequency) 44 48 4 49 53 5 54 58 7 Total 16 Find class mark for the first class interval? (a) (c) 4 44 170 The Institute of Chartered Accountants of India (b) (d) 46 48 Common Proficiency Test (CPT) Volume - I 184. Find the sum of 10 terms G. P with first term and common ratio being 8 and 3 respectively? (a) (c) 185. y 3x + 4 = 0 y 2x + 4 = 0 3 2 (b) (d) 4 None of these 1 1 1 , , , ,10 terms. 2 4 8 1.9 1.998 (b) (d) 1.989 1.89 44550 120 (b) (d) 55440 90 4, 8 2, 6 (b) (d) 2, 3 2,3 A sum of money doubles itself in 25 years. The number of years it would trebles itself is: (a) (c) 192. (b) (d) Solve for x, 4x 3.2x+2 + 25=0 (a) (c) 191. Rs. 5938.02 None of these. Eleven students are participating in a race. In how many ways the first 5 prizes can be won? (a) (c) 190. (b) (d) y 2x + 2 = 0 y 4x + 3 = 0 Find the sum of progression 1, (a) (c) 189. Rs. 5893.02 Rs. 5000 Find the logarithmic of 58,564 to the base 11 2 (a) (c) 188. 2,36,192 2,36,192 The equation of a line passing through (3, 4) and slope 2 is (a) (c) 187. (b) (d) If compounding is done quarterly, what will be the amount Mr. Ravi will receive for Rs. 4000 @10% rate of interest for 4 years? (a) (c) 186. 2,63,291 2,19,631 50 years. 75 years. (b) (d) 37.5 years. None of these. The ratio compound of two ratios 4:3 and 7:3 is (a) (c) 12:21 9:28 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) 28:9 None of these 171 MODEL TEST PAPER - 6 3 193. Evaluate the value of ( 3x + 5x + 2 ) dx 0 (a) (c) 194. 20, 18 17, 15 (b) (d) 10, 12 None of these. 175x + 95y < 30,000 175x + 95y = 30,000 (b) (d) 175x + 95y > 30,000 None of these 6 7 (b) (d) 7 6 13 16 (b) (d) 12 15 (b) (d) 16x 2 16x + 7 The derivative of 8x2 2x+5 w.r.t. x is : (a) (c) 200. 45 None of these The number of subsets of the set {1, 2, 3, 4} is: (a) (c) 199. (b) (d) Find the value of n if (n + 1)! = 42 (n 1)! (a) (c) 198. 9 40 Mr. A plans to invest upto Rs. 30,000 in two stocks X and Y. Stock X(x) is priced at Rs. 175 and Stock Y(y) at Rs. 95 per share. This can be shown by _________ (a) (c) 197. 55.5 56 The sum of two numbers is 38 and their difference is 2. Find the two numbers? (a) (c) 196. (b) (d) The ratio of two quantities is 5:9. If the antecedent is 25, the consequent is: (a) (c) 195. 55 57 16x + 2 16x 2 + 5 A box contains 7 red, 6 white and 4 blue balls. How many selections of three balls can be made so that none is red? (a) (c) 90 48 172 The Institute of Chartered Accountants of India (b) (d) 120 24 Common Proficiency Test (CPT) Volume - I MODEL TEST PAPER BOS/CPT-6 SECTION A : FUNDAMENTALS OF ACCOUNTING 1 (d) 2 (d) 3 (c) 4 (d) 5 (d) 6 (a) 7 (c) 8 (d) 9 (c) 10 (b) 11 (b) 12 (b) 13 (a) 14 (b) 15 (b) 16 (b) 17 (c) 18 (c) 19 (c) 20 (d) 21 (c) 22 (b) 23 (b) 24 (b) 25 (d) 26 (c) 27 (a) 28 (b) 29 (b) 30 (c) 31 (c) 32 (a) 33 (b) 34 (d) 35 (c) 36 (b) 37 (d) 38 (c) 39 (c) 40 (b) 41 (a) 42 (c) 43 (b) 44 (c) 45 (c) 46 (d) 47 (b) 48 (d) 49 (c) 50 (c) 51 (c) 52 (d) 53 (b) 54 (d) 55 (c) 56 (c) 57 (d) 58 (c) 59 (b) 60 (d) SECTION B : MERCANTILE LAWS 61 (b) 62 (a) 63 (c) 64 (b) 65 (d) 66 (c) 67 (d) 68 (b) 69 (d) 70 (d) 71 (b) 72 (d) 73 (a) 74 (c) 75 (b) 76 (a) 77 (a) 78 (d) 79 (b) 80 (a) 81 (a) 82 (a) 83 (b) 84 (a) 85 (b) 86 (a) 87 (b) 88 (d) 89 (d) 90 (b) 91 (a) 92 (d) 93 (c) 94 (a) 95 (b) 96 (c) 97 (d) 98 (d) 99 (a) 100 (b) Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 573 ANSWERS SECTION C : GENERAL ECONOMICS 101 (d) 102 (b) 103 (b) 104 (c) 105 (d) 106 (a) 107 (c) 108 (b) 109 (d) 110 (b) 111 (a) 112 (b) 113 (d) 114 (c) 115 (d) 116 (c) 117 (a) 118 (a) 119 (d) 120 (c) 121 (b) 122 (b) 123 (d) 124 (c) 125 (c) 126 (c) 127 (d) 128 (d) 129 (d) 130 (b) 131 (a) 132 (b) 133 (c) 134 (c) 135 (c) 136 (d) 137 (b) 138 (c) 139 (a) 140 (d) 141 (d) 142 (a) 143 (b) 144 (c) 145 (a) 146 (b) 147 (d) 148 (c) 149 (d) 150 (b) SECTION D : QUANTITATIVE APTITUDE 151 (b) 152 (b) 153 (d) 154 (d) 155 (d) 156 (b) 157 (c) 158 (b) 159 (a) 160 (d) 161 (a) 162 (c) 163 (b) 164 (c) 165 (c) 166 (b) 167 (a) 168 (c) 169 (b) 170 (c) 171 (b) 172 (b) 173 (b) 174 (d) 175 (c) 176 (b) 177 (c) 178 (c) 179 (b) 180 (c) 181 (c) 182 (b) 183 (b) 184 (d) 185 (b) 186 (a) 187 (b) 188 (c) 189 (b) 190 (d) 191 (a) 192 (b) 193 (b) 194 (b) 195 (a) 196 (a) 197 (a) 198 (c) 199 (b) 200 (b) 574 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I

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Additional Info : Chartered Accountancy ICAI India : Common Proficiency Test CPT - Volume 1, Model Test Paper 6 with Answers
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