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CA CPT : Volume 1 - Model Test Paper 3 (with Answers)

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BOARD OF STUDIES THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA COMMON PROFICIENCY TEST Model Test Paper BOS/CPT 3 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. All of the following are functions of Accounting except (a) (c) 2. Measurement Ledger posting Ascertain the profit or loss on the goods produced Ascertain the cost of the manufactured goods Show the sale proceeds from the goods produced during the year Both (b) and (c). On March 31, 2010 after sale of goods worth Rs. 2,000, he is left with the closing inventory of Rs. 10,000. This is (a) (c) 4. (b) (d) Manufacturing account is prepared to (a) (b) (c) (d) 3. Decision making Forecasting An event A transaction as well as an event (b) (d) A transaction Neither a transaction nor an event Financial statements only consider (a) (b) (c) (d) Assets expressed in monetary terms Liabilities expressed in monetary terms Assets expressed in non-monetary terms Assets and liabilities expressed in monetary terms Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 57 MODEL TEST PAPER - 3 5. Which financial statement represents the accounting equation, Assets = Liabilities + Owner s equity? (a) (c) 6. Capital Account None of the above Double column cash book is prepared Three-column cash book is prepared Simple cash book is prepared None of the above Real account Nominal account (b) (d) Personal account None of the above Money Measurement Periodicity (b) (d) Matching Accrual Accounting policies refer to specific accounting ________. (a) (c) 13. (b) (d) Economic life of an enterprise is split into the periodic interval as per ________ concept. (a) (c) 12. Drawings Account Cash Account Consignment account is (a) (c) 11. Credited to Bad Debts Recovered Account Credited to Trade receivables Account Debited to Profit and Loss Account None of the above Contra entries are passed only when (a) (b) (c) (d) 10. Total assets increased by Rs. 5,00,000. Total liabilities increased by Rs. 4,00,000. Total assets increased by Rs. 4,00,000. Total assets increased by Rs. 4,00,000 with corresponding increase in liabilities by Rs. 4,00,000. A withdrawal of cash from business by the proprietor should be credited to: (a) (c) 9. Statement of Cash flows None of the above The debts written off as bad, if recovered subsequently are (a) (b) (c) (d) 8. (b) (d) A purchased a car for Rs.5,00,000, making a down payment of Rs. 1,00,000 and signing a Rs. 4,00,000 bill payable due in 60 days. As a result of this transaction (a) (b) (c) (d) 7. Income Statement Balance Sheet Principles Both (a) and (b) (b) (d) Methods of applying those principles None of the above Dividends are usually paid as a percentage of ______ (a) (c) Authorized share capital Paid-up capital 58 The Institute of Chartered Accountants of India (b) (d) Net profit Called-up capital Common Proficiency Test (CPT) Volume - I 14. Outgoing partner is compensated for parting with firm s future profits in favour of remaining partners. The remaining partners contribute to such compensation amount in ______ (a) (c) 15. Profits Goodwill (b) (d) Reserves None of the above Consignee to Consignor Customers to Consignee (b) (d) Consignor to Consignee Customers to Consignor The drawer of the bill The drawee of the bill The discounting charges will be recorded in memorandum account The discounting charges will be borne by bank X Z (b) (d) Y None A Company wishes to earn a 20% profit margin on selling price. ________is the profit mark up on cost, which will achieve the required profit margin? (a) (c) 21. Income Liability X draws a bill on Y. X endorsed the bill to Z. ________will be the payee of the bill. (a) (c) 20. (b) (d) If a venturer draws a bill on his co-venturer and if the drawer discounts the bill with same sets of books maintained, the discounting charges will be borne by________. (a) (b) (c) (d) 19. An expense An asset A proforma invoice is sent by ________ (a) (c) 18. Capital Ratio Profit Sharing Ratio Interest on capital will be paid to the partners if provided for in the agreement but only from________ (a) (c) 17. (b) (d) The balance of the petty cash is ______. (a) (c) 16. Gaining Ratio Sacrificing Ratio 33% 20% (b) (d) 25% None of the above A businessman purchased goods for Rs. 25,00,000 and sold 80% of such goods during the accounting year ended 31st March, 2010. The market value of the remaining goods was Rs. 4,00,000. He valued the closing inventory at cost. He violated the concept of (a) (c) Money measurement Cost Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Conservatism Periodicity 59 MODEL TEST PAPER - 3 22. M/s ABC Brothers, which was registered in the year 2008, has been following Straight Line Method (SLM) of depreciation. In the current year it changed its method from Straight Line to Written Down Value (WDV) Method, since such change would result in the additional depreciation of Rs. 200 lakhs as a result of which the firm would qualify to be declared as a sick industrial unit. The auditor raised objection to this change in the method of depreciation. The objection of the auditor is justified because (a) (b) (c) (d) 23. Change in the method of depreciation should be done only with the consent of the auditor Depreciation method can be changed only from WDV to SLM and not vice versa Change in the method of deprecation should be done only if it is required by some statute and change would result in appropriate presentation of financial statement Method of depreciation cannot be changed under any circumstances E Ltd., a dealer in second-hand cars has the following five vehicles of different models and makes in their inventory at the end of the financial year 2009-2010: Car Cost Rs. Net realisable value (Rs.) Fiat 90,000 95,000 Ambassador 1,15,000 1,55,000 Maruti Esteem 2,75,000 2,65,000 Maruti 800 1,00,000 1,25,000 Zen 2,10,000 2,00,000 The value of inventory included in the Balance Sheet of the company as on March 31, 2010 was (a) (c) 24. Rs. 7,70,000 Rs. 8,70,000 Rs. 6,000 Rs. 18,000 (b) (d) Rs. 12,000 Rs. 36,000 If sales revenues are Rs. 4,00,000; cost of goods sold is Rs. 3,10,000 and operating expenses are Rs.60,000, the gross profit is (a) (c) 26. (b) (d) Original cost = Rs. 1,26,000; Salvage value = Nil; Useful life = 6 years. Depreciation for the first year under sum of years digits method will be (a) (c) 25. Rs. 7,62,500 Rs. 7,90,000 Rs. 30,000 Rs. 3,40,000 (b) (d) Rs. 90,000 Rs. 60,000 Consider the following for Alpha Co. for the year 2009-10: Cost of goods available for sale Rs.1,00,000 Total sales Rs. 80,000 Opening inventory of goods Rs. 20,000 Gross profit margin 25% Closing inventory of goods for the year 2009-10 was (a) (c) Rs. 80,000 Rs. 40,000 60 The Institute of Chartered Accountants of India (b) (d) Rs. 60,000 Rs. 36,000 Common Proficiency Test (CPT) Volume - I 27. A and B entered into a joint venture and purchased a piece of land for Rs 20,000 and sold it for Rs 60,000 in 2010. Originally A had contributed Rs 12,000 and B Rs 8,000. The profit on venture will be (a) (c) 28. Nil 40 paise Rs. 12,000 Rs. 10,500 (b) (d) Rs. 24,000 Rs. 13,500. Rs. 82,00,000 Rs. 72,00,000 (b) (d) Rs. 12,00,000 Rs. 42,00,000 3:1 5:4 (b) (d) 4:7 2:1 The cash book showed an overdraft of Rs. 1,500, but the pass book made up to the same date showed that cheques of Rs. 100, Rs. 50 and Rs. 125 respectively had not been presented for payments; and the cheque of Rs.400 paid into account had not been cleared. The overdraft balance as per the pass book will be (a) (c) 33. (b) (d) A & B are partners sharing profits and losses in the ratio 5:3. After admission of C, new profit sharing ratio between A, B and C are 7:5:4. The sacrificing ratio among A:B will be (a) (c) 32. Rs. 20,000 Rs. 30,000 Find the goodwill of the firm using capitalization method from the following information: Total Capital Employed in the firm Rs. 8,00,000 Reasonable Rate of Return 15% Profits for the year Rs. 12,00,000 (a) (c) 31. Rs. 20,000 Nil Average inventory = Rs 12,000. Closing inventory is Rs. 3,000 more than opening inventory. The value of closing inventory will be (a) (c) 30. (b) (d) On 1.1.2010 X draws a bill on Y for Rs. 50,000. At maturity, the bill returned dishonoured as Y became insolvent and 40 paise per rupee is recovered from his estate. The amount recovered is: (a) (c) 29. Rs. 40,000 Rs. 60,000 Rs. 1,100 Rs. 1,625 (b) (d) Rs. 2,175 Rs. 1,375 A second hand machinery is purchased for Rs. 10,000, the amount of Rs. 1,500 is spent on its transportation and Rs. 1,200 is paid for installation. The amount debited to machinery account will be (a) (c) Rs. 10,000 Rs. 11,500 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Rs. 10,500 Rs. 12,700 61 MODEL TEST PAPER - 3 34. Consider the following data pertaining to a company for the month of March 2010: Particulars Rs. Opening inventory 22,000 Closing inventory 25,000 Purchases less returns 1,10,000 Gross profit margin (on sales) 20% The sales of the company during the month are (a) (c) 35. Rs. 1,41,250 Rs. 1,33,750 (b) (d) Rs. 1,35,600 Rs. 1,28,400. The accountant of the firm M/s ABC is unable to tally the following trial balance. S. No. 1. 2. 3. 4. Account heads Sales Purchases Miscellaneous expenses Salaries Total Debit (Rs.) Credit (Rs.) 15,000 10,000 2,500 12,500 2,500 17,500 The above difference in trial balance is due to (a) (b) (c) (d) 36. The profits of last five years are Rs. 85,000; Rs. 90,000; Rs. 70,000; Rs. 1,00,000 and Rs. 80,000. Find the value of goodwill, if it is calculated on average profits of last five years on the basis of 3 years of purchase. (a) (c) 37. Wrong placing of sales account Wrong placing of salaries account Wrong placing of miscellaneous expenses account Wrong placing of all accounts Rs. 85,000 Rs. 2,75,000 (b) (d) Rs. 2,55,000 Rs. 2,85,000 C Ltd. recorded the following information as on March 31, 2010: Inventory as on April 01, 2009 Purchases Sales Rs. 80,000 1,60,000 2,00,000 It is noticed that goods worth Rs. 30,000 were destroyed due to fire. Against this, the insurance company accepted a claim of Rs. 20,000. The company sells goods at cost plus 33 1 %. The value of closing inventory, after taking 3 into account the above transactions is, 62 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I (a) (c) Rs. 10,000 Rs. 1,00,000 (b) (d) 38. Rs. Opening inventory Closing inventory Purchases Carriage on purchases Gross profit will be (a) (c) 39. Rs. 47,600 Rs. 50,600 6,000 9,375 (b) (d) 7,500 5,625 Rs. 1,20,000 Rs. 1,40,000 (b) (d) Rs. 1,25,000 Rs. 1,00,000 Rs. 4,00,000 Rs. 3,20,000 (b) (d) Rs. 5,00,000 Rs. 4,80,000 P Ltd. issued 5,000, 12% debentures of Rs.100 each at a premium of 10%, which are redeemable after 10 years at a premium of 20%. The amount of loss on redemption of debentures to be written off every year is (a) (c) 43. (b) (d) 3,000 5,000 1,40,700 F Ltd. purchased Machinery from G Company for a book value of Rs.4,00,000. The consideration was paid by issue of 10% debentures of Rs.100 each at a discount of 20%. The debenture account was credited with (a) (c) 42. Rs. 50,000 Rs. 42,600 Carriage on sales Rent of Office Sales X sent out certain goods to Y of Delhi. 1/10 of the goods were lost in transit. Invoice value of goods lost Rs. 12,500. Invoice value of goods sent out on consignment will be: (a) (c) 41. 20,000 18,000 85,800 2,300 Rs. Omega Ltd., a listed company, acquired assets worth Rs. 7,50,000 from Alpha Ltd. and issued shares of Rs. 100 each at premium of 25%. The number of shares to be issued by Omega Ltd. to settle the purchase consideration will be (a) (c) 40. Rs. 30,000 Rs. 60,000 Rs. 80,000 Rs. 10,000 (b) (d) Rs. 40,000 Rs. 8,000 X and Y share profits and losses in the ratio of 2 : 1. They take Z as a partner and the new profit sharing ratio becomes 3 : 2 : 1. Z brings Rs. 4,500 as premium for goodwill. The full value of goodwill will be (a) (c) Rs. 4,500 Rs. 27,000 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Rs. 18,000 Rs. 24,000 63 MODEL TEST PAPER - 3 44. The profits of last three years are Rs. 42,000; Rs. 39,000 and Rs. 45,000. Find out the goodwill of two years purchase. (a) (c) 45. Rs. 35,500 Rs. 34,000 (b) (d) Rs. 36,000 Rs.38,000 Rs. 13,000 Rs. 21,000 (b) (d) Rs. 17,000 Rs. 25,000 X draws a bill on Y for Rs. 30,000. X wants to endorse it to W in settlement of Rs 35,000 at 2% discount with the help of Y s acceptance and balance in cash. How much cash X will pay to Y? (a) (c) 49. Rs. 70,000 shown under current liabilities Rs. 2,10,000 under current liabilities Rs. 1,40,000 shown along with Debentures Rs. 2,80,000 under current liabilities Ashok purchased a machine on 01.01.2010 for Rs 1,20,000. Installation expenses were Rs. 10,000. Residual value after 5 years Rs. 5,000. On 01.07.2010, expenses for repairs were incurred to the extent of Rs 2,000. Depreciation is provided under straight line method. Annual Depreciation is (a) (c) 48. Rs. 84,000 Rs. 36,000 A and B enter into a joint venture sharing profit and losses in the ratio 2:1. A purchased goods costing Rs. 2,00,000. B sold the goods for Rs. 2,50,000. A is entitled to get 1% commission on purchase and B is entitled to get 5% commission on sales. The profit on venture will be: (a) (c) 47. (b) (d) T Ltd. has issued 14% Debentures of Rs.20,00,000 at a discount of 10% on April 01, 2008 and the company pays interest half-yearly on June 30, and December 31 every year. On March 31, 2010, the amount shown as interest accrued but not due in the Balance Sheet will be (a) (b) (c) (d) 46. Rs. 42,000 Rs. 1,26,000 Rs. 4,300 Rs. 4,100 (b) (d) Rs. 4,000 Rs. 5,000 A and B entered into joint venture for equal profits. A purchased 1,000 kg of rice costing Rs. 200 each. Carriage Rs. 2,000, insurance Rs. 3,000. 4/5th of the boxes were sold by B at Rs. 250 per boxes. Remaining inventory were taken over by B at cost. The amount of inventory taken over will be: (a) (c) Rs. 40,000 Rs. 50,000 64 The Institute of Chartered Accountants of India (b) (d) Rs. 41,000 Rs. 50,200 Common Proficiency Test (CPT) Volume - I 50. A company sends its cars to dealers on sale or return basis. All such transactions are however treated like actual sales and are passed through the sales day book. Just before the end of the financial year, two cars which had cost Rs.55,000 each have been sent on sale or return and have been debited to customers at Rs.75,000 each, cost of goods lying with the customers will be (a) (c) 51. Rs. 2,400 Rs. 2,600 (b) (d) Rs. 3,200 Rs. 3,000 Rs. 2,50,000 Rs. 3,00,000 (b) (d) Rs. 2,40,000 None of the above. R, J and D are the partners sharing profits in the ratio 7:5:4. D died on 30th June 2010 and profits for the accounting year 2009-2010 were Rs. 24,000. How much share in profits for the period 1st April 2010 to 30th June 2010 will be credited to D s Account. (a) (c) 54. Rs. 55,000 None of the above Goods costing Rs 2,00,000 sent out to consignee at Cost + 20%. Invoice value of the goods will be (a) (c) 53. (b) (d) Electricity charges paid on 1 October, 2008 for the year to 30 September, 2009 was Rs. 2,400 and electricity charges paid on 1 October, 2009 for the year to 30 September, 2010 was Rs. 3,200. Electricity charges paid, as shown in the profit and loss account for the year ended 31 December 2009, would be: (a) (c) 52. Rs. 1,10,000 Rs. 75,000 Rs. 6,000 Nil (b) (d) Rs. 1,500 Rs. 2,000 X of Kolkata sends out certain goods at cost + 25%. Invoice value of goods sends out Rs. 2,00,000. 4/5th of the goods were sold by consignee at Rs.1,76,000. Commission is 2% upto invoice value and 10% of any surplus above invoice value. The amount of commission will be: (a) (c) 55. Rs. 4,800 Rs. 3,200 (b) (d) Rs. 5,200 Rs. 1,600 Debit balance as per Cash Book of ABC Enterprises 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 Rs. 150. The bank allowed interest amounting Rs. 50 and collected dividend Rs. 50 on behalf of ABC Enterprises. Balance as per pass book should be (a) (c) Rs. 1,600 Rs. 1,850 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Rs. 1,450 Rs. 1,650 65 MODEL TEST PAPER - 3 56. If a purchase return of Rs.1,000 has been wrongly posted to the debit of the sales returns account, but has been correctly entered in the suppliers account, the total of the (a) (b) (c) (d) 57. X and Y are partners sharing profits in the ratio 5:3. They admitted Z for 1/5th share of profits, for which he paid Rs. 1,20,000 against capital and Rs. 60,000 against goodwill. Find the capital balances for each partner taking Z s capital as base capital. (a) (b) (c) (d) 58. (b) (c) (d) B/R A/c Cash A/c To L A/c To Interest A/c B/R A/c To Cash A/c To L A/c To Interest A/c B/R A/c To L A/c B/R A/c Cash A/c To L A/c Dr Dr 15,100 5,000 20,000 100 Dr 20,100 5,100 15,000 100 Dr 20,100 20,100 Dr Dr 15,000 5,000 20,000 A company forfeited 2,000 shares of Rs. 10 each (which were issued at par) held by Mr. John for non-payment of allotment money of Rs. 4 per share. The called-up value per share was Rs.9. On forfeiture, the amount debited to share capital will be __________ (a) (c) 60. Rs. 3,00,000; Rs. 1,20,000 and Rs. 1,20,000 Rs. 3,00,000; Rs. 1,20,000 and Rs. 1,80,000 Rs. 3,00,000; Rs. 1,80,000 and Rs. 1,20,000 Rs. 3,00,000; Rs. 1,80,000 and Rs. 1,80,000 L s acceptances of Rs. 20,000 given to A is renewed upon cash payment of Rs. 5,000 and the fresh bill of Rs. 15,100. Journal entry for renewal in the books of A will be __________ (a) 59. Trial balance would show the debit side to be Rs. 1,000 more than the credit Trial balance would show the credit side to be Rs. 1,000 more than the debit The debit side of the trial balance will be Rs. 2,000 more than the credit side The credit side of the trial balance will be Rs. 2,000 more than the debit side Rs. 10,000 Rs. 2,000 (b) (d) Rs. 8,000 Rs. 18,000. X, Y and Z are partners sharing profits in the ratio 2:2:1. On retirement of Y, goodwill was valued as Rs. 30,000. The contribution of X and Z to compensate Y will be __________ (a) (b) (c) (d) Rs. 20,000 and Rs. 10,000 Rs. 8,000 and Rs. 4,000 They will not contribute any thing. Information is insufficient for any comment. 66 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I SECTION B : MERCANTILE LAWS (40 MARKS) 61. Which of the following statement is true? (a) (b) (c) (d) 62. An offer may lapse by: (a) (c) 63. Promisor Any other person (b) (d) Promisee Any of these He cannot become a partner in an existing firm He can become a partner in an existing firm He can be admitted only to the benefits of any existing firm He can become partner on becoming a major Cancellation of the existing contract Change in one or more terms of the contract Substitution of existing contract for a new one None of these When prior to the due date of performance, the promisor absolutely refuses to perform the contract, it is known as (a) (b) (c) (d) 67. Counter Offer All of these A contract is discharged by novation which means the (a) (b) (c) (d) 66. (b) (d) Which of the following statements is not true about minor s position in a firm? (a) (b) (c) (d) 65. Revocation Rejection of Offer by Offeree Consideration must move at the desire of (a) (c) 64. An agreement is an unaccepted proposal An agreement enforceable by law is a contract An agreement can only consist of an offer An agreement can only consist of an acceptance Abandonment of contract Remission of contract Actual breach of contract Anticipatory breach of contract In case of breach of contract, which of the following remedy is available to the aggrieved party? (a) (c) Suit for rescission Suit for specific performance Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Suit for damages All of these 67 MODEL TEST PAPER - 3 68. A voidable contract is one which (a) (b) (c) (d) 69. A agrees to sell his car worth Rs. 1,00,000 to B for Rs. 20,000 only, and A s consent was obtained by coercion. Here, the agreement is (a) (c) 70. (b) (d) Actionable claims. Harvested crops. Condition as to title Condition as to description Condition as to free from encumbrance Condition as to sample Constructive delivery Actual delivery (b) (d) Structured delivery Symbolic delivery Present Goods Specific Goods (b) (d) Existing Goods None of the above The doctrine of Caveat Emptor does not apply, when (a) (b) (c) (d) 75. Goodwill. Stocks and shares. Goods which are in existence at the time of the Contract of Sale is known as (a) (c) 74. Valid Unlawful Which of the following is not a form of delivery? (a) (c) 73. (b) (d) Which of the following is not an implied condition in a contract of sale? (a) (b) (c) (d) 72. Void Voidable The term goods under Sale of Goods Act, 1930 does not include (a) (c) 71. Can be enforced at the option of aggrieved party Can be enforced at the option of both the parties Cannot be enforced in a court of law Courts prohibit The goods are bought by sample The goods are bought by sample as well as description The goods are purchased under its brand name All of the above If X commissioned Y, an artist, to paint a portrait of A for 200 dollars & Y uses his own canvas and paint then it is (a) (c) Contract of sale Sale on approval 68 The Institute of Chartered Accountants of India (b) (d) Contract of work and labour Hire-Purchase agreement Common Proficiency Test (CPT) Volume - I 76. The most important element in partnership is: (a) (b) (c) (d) 77. On dissolution the partners remain liable to till (a) (c) 78. Active partner Sleeping partner Representative of deceased partner Both (b) and (c) Promise Obligation (b) (d) Contract Lawful Promise Coercion Misrepresentation (b) (d) Undue Influence Fraud When the consent of a party is obtained by coercion, undue influence, fraud or misrepresentation, the contract is____________. (a) (c) 83. To buy or sell goods on accounts of partners To borrow money for the purposes of firm To enter into partnership on behalf of firm To engage a lawyer to defend actions against firm A wrong representation when made without any intention to deceive the other party amounts to ____________. (a) (c) 82. Partners dues are paid off The registrar strikes off the name An agreement enforceable by law is a __________. (a) (c) 81. (b) (d) After retirement from firm, which of the following partners is not liable by holding out, even if the public notice of retirement is not given? (a) (b) (c) (d) 80. Accounts are settled Public notice is given Which of the following acts are not included in the implied authority of a partner? (a) (b) (c) (d) 79. Business Sharing of Profits Agreement Business to be carried on by all or any of them acting for all Void Valid (b) (d) Voidable Illegal A threatens to kill B if he does not agree to sell his scooter to him for Rs. 1,000 only. Here B s consent is obtained by __________. (a) (c) Undue influence Coercion Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Fraud None of these 69 MODEL TEST PAPER - 3 84. Where the consent of both the parties is given by mistake, the contract is ___________ (a) (c) 85. Void Contingent Void Voidable (b) (d) Valid Contingent Wagering agreement Quasi contract (b) (d) Contingent contract Uncertain agreement. Valid Voidable (b) (d) Void Illegal Ownership of goods Custody of goods (b) (d) Possession of goods Both (b) and (c) Specific Physically transferred to buyer (b) (d) In a deliverable state Both (a) and (b) In case of sale of unascertained goods, the ownership is transferred to the buyer when the goods are _________. (a) (c) 93. (b) (d) In case of unconditional contract of sale, the property passes to the buyer at the time of making the contract. For this rule to apply, the goods must be ___________. (a) (c) 92. Valid Voidable The goods are at the risk of a party who has the ____________. (a) (c) 91. Mistake of Indian law Misrepresentation Agreement-the meaning of which is uncertain is ________. (a) (c) 90. (b) (d) An agreement to pay money or money s worth on the happening or non-happening of a specified uncertain event is a ____________. (a) (c) 89. Mistake of fact Fraud A agrees to sell his car to B at a price which B may be able to pay. This agreement is ___________. (a) (c) 88. Valid Illegal An agreement, which prevents a person from carrying a lawful business, is ___________. (a) (c) 87. (b) (d) A mistake as to a law not in force in India has the same effect as ______________. (a) (c) 86. Void Voidable Ascertained Weighed and measured (b) (d) Appropriated to the contract Both (a) and (b) In case of sale on approval, the ownership is transferred to the buyer when he _________. (a) (c) Accepts the goods Fails to return goods 70 The Institute of Chartered Accountants of India (b) (d) Adopts the transaction In all the above cases. Common Proficiency Test (CPT) Volume - I 94. The bidder at an auction sale can withdraw his bid __________. (a) (c) 95. Admission of a partner Expulsion or death of a partner (b) (d) Retirement of a partner All of the above As given by express contract In absolute good faith (b) (d) By majority of partners All of the above A contracts with B to buy a necklace, believing it is made of pearls whereas in fact it is made of imitation pearls of no value. B knows that A is mistaken and takes no steps to correct the error. Now A wants to cancel the contract on the basis of fraud. Which of the following statement is correct? (a) (b) (c) (d) 100. Dissolving the firm Result in continuance of the business of the firm His heirs joining the firm Computation of profits upto the date of death A partner may be expelled from the firm on the fulfillment of the condition that the expulsion power is exercised ______________. (a) (c) 99. Reaching the age of superannuation On the balance in the capital account reaching a certain amount In accordance with the Partnership Deed On the condition of his nominee becoming a partner The reconstitution of the firm takes place in case of __________ (a) (c) 98. Before fall of hammer Cannot withdraw at all. Death of partner has the effect of____________. (a) (b) (c) (d) 97. (b) (d) A partner can retire on_____________. (a) (b) (c) (d) 96. Any time during auction Before payment of price A can cancel the contract alleging fraud A cannot cancel the contract A can cancel the contract alleging undue influence A can claim damages A timber merchant agreed to supply best teak at a certain agreed price to a builder. Later the merchant supplied timber which was identified as ordinary class of timber and demanded the payment from the builder. Which of the following statements is/are true? (a) (b) (c) (d) Builder can reject the goods and can claim damages Builder has to accept the goods Builder has to pay the price by taking delivery of teak wood Timber merchant cannot plead the doctrine of caveat emptor Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 71 MODEL TEST PAPER - 3 SECTION C : GENERAL ECONOMICS (50 MARKS) 101. Which of the following statements is correct? (a) (b) (c) (d) 102. The green revolution is also known as: (a) (c) 103. ICICI Bank State Bank of India (b) (d) Regional Rural Banks EXIM Bank NNP population Population NNP (b) (d) Total capital population None of the above. Birth rate rises, death rate rises Birth rate falls, death rate rises Birth rate rises, death rate falls Birth rate falls, death rate falls Work force refers to that part of: (a) (b) (c) (d) 107. Rice revolution Forest revolution In the theory of demographic transition in the last stage, (a) (b) (c) (d) 106. (b) (d) Per capita national income means (a) (c) 105. Wheat revolution Maize revolution Which of the following has been specifically established to meet the requirements of credit of the farmers and villagers? (a) (c) 104. Agriculture occupies 10 percent population of India Nearly 5 percent population of India is below the poverty line The production techniques are backward None of the above Labour force which is employed Population which is unemployed Population which is forced to work Labour force which is unemployed According to National Sample Survey Organisation (NSSO) during 2009-10 (a) (b) (c) (d) Unemployment rates on the basis of current daily status were same as those on the basis of usual status Unemployment rates on the basis of current daily status were higher than those on the basis of usual status Unemployment rates on the basis of current daily status were lower than those on the basis of usual status None of the above 72 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 108. Electricity generated from radio active elements is called: (a) (c) 109. (b) (d) RBI World Bank Policy relating to money and banking in a country Policy relating to public revenue and public expenditure Policy relating to non banking financial institutions None of the above Serves as a medium of exchange Serves as a store of value Serves as both medium of exchange and store of value Serves neither as medium of exchange and store of value Narrow money refers to: (a) (c) 115. IMF WTO Money in traditional sense: (a) (b) (c) (d) 114. Liberalization and de-regulation of the economy. Capital markets should be sufficiently developed. None of the above Both of the above (a) & (b) Fiscal policy means: (a) (b) (c) (d) 113. Fiscal Revenue and Budget Management Foreign Revenue and Business Management Fiscal Responsibility and Budget Management Foreign Responsibility and Budget Management Which of the following is also known as International Bank for Reconstruction and Development? (a) (c) 112. Atomic energy Tidal energy The pre-condition for privatization to be successful requires: (a) (b) (c) (d) 111. (b) (d) FRBM Act stands for: (a) (b) (c) (d) 110. Thermal electricity Hydel electricity M1 M3 (b) (d) M2 M4 Which of the following statements about banks is incorrect? (a) (b) (c) (d) Banks encourage saving habits among people Banks mobilize savings and make them available for production Banks help in creating credit money None of the above Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 73 MODEL TEST PAPER - 3 116. Who is the official lender of the last resort in India? (a) (c) 117. Bangladesh Japan (b) (d) Australia China Fourth First (b) (d) Third Second 5 8 (b) (d) 7 3 Defence Banks (b) (d) Drugs and pharmaceuticals Insurance When due to introduction of new machinery, some workers tend to be replaced by machines, their unemployment is termed as __________. (a) (c) 124. Second plan Fourth plan At present, 100 percent FDI is allowed in __________ . (a) (c) 123. (b) (d) At present only __________ industries are reserved for the public sector. (a) (c) 122. First plan Third plan India s passing through _________ stage of demographic transition. (a) (c) 121. Increased Decreased Remained constant Remained above 50 percent The annual addition to the country s population is almost equal to the total population of ___________. (a) (c) 120. PNB OBC Three steel plants in Bhilai, Rourkela and Durgapur were set up in the __________. (a) (c) 119. (b) (d) Over the planning period the share of industrial sector in the GDP of India has ___________. (a) (b) (c) (d) 118. SBI RBI Structural Mechanical (b) (d) Technological Seasonal Most of the unemployment in India is __________. (a) (c) Voluntary Frictional 74 The Institute of Chartered Accountants of India (b) (d) Structural Technical Common Proficiency Test (CPT) Volume - I 125. Rural bank branches constitute __ percent of total bank branches in India. (as on June 2012) (a) (c) 126. Straight line Backward leading (b) (d) Convex Concave Positive and less than 1. Positive and greater than 1. (b) (d) Negative but greater than -1. Zero. Horizontal Upward-sloping to the right (b) (d) Downward-sloping to the right Vertical Long run average cost curve Average variable cost curve (b) (d) Short run average cost curve Average total cost curve If increasing air fares increases revenues and decreasing them decreases revenues, then the demand for air travel has a price elasticity of: (a) (c) 132. Descriptive economics Normative economics __________ is also known as planning curve. (a) (c) 131. (b) (d) In the case of a Giffen good, the demand curve will be __________. (a) (c) 130 . Macroeconomics Microeconomics If a good is a luxury, its income elasticity of demand is__________. (a) (c) 129. 60 82 If the marginal (additional) opportunity cost is a constant then the PPC would be __________. (a) (c) 128. (b) (d) A study of how increases in the corporate income tax rate will affect the national unemployment rate is an example of__________. (a) (c) 127. 14 37 Zero One (b) (d) Greater than zero but less than one Greater than one When __________, we know that the firms must be producing at the minimum point of the average cost curve and so there will be productive efficiency. (a) (c) AC = AR MC = MR Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) MC = AC AR = MR 75 MODEL TEST PAPER - 3 Figure 1 gives the production possibilities frontier of an economy that produces two types of goods, guns and bread. Read the figure and answer questions 133-135. Which point on the PPF shows a productively efficient level of output? Bread 133. (a) (b) (c) (d) 134. Guns Which of the following clearly represents a movement toward greater productive efficiency? (a) (b) (c) (d) 135. A B C All of the above A movement from point A to point B A movement from point C to point D A movement from point F to point C A movement from point E to point B Which of the following illustrates a decrease in unemployment using the PPF? (a) (b) (c) (d) A movement down along the PPF A rightward shift of the PPF A movement from a point on the PPF to a point inside the PPF A movement from a point inside the PPF to a point on the PPF Read the para below and answer questions 136-137. It was the World Trade Organisation (WTO) which gave a real push to the process of globalization. The World Trade Organisation came into existence on 1st January 1995. It is a powerful body which aims at making the whole world a big village where there is a free flow of goods and services and there is no barrier to trade. At its heart are the WTO agreements, negotiated and signed by the bulk of the world s trading nations. 136. What is globalization? (a) (b) (c) (d) It refers to the transfer of assets from public to private ownership It refers to the disposal of public sector s equity in the market It means integrating the domestic economy with the world economy None of the above 76 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 137. Which of the following is false about WTO? (a) (b) (c) (d) It is the main organ for implementing the Multilateral Trade Agreements It is global in its membership It has far wider scope than GATT Only countries having more than prescribed level of total GDP can become its members A competitive firm sells as much as of its product as it chooses at a market price of Rs. 100 per unit. Its fixed cost is Rs. 300 and its variable costs (in rupees) for different levels of production are shown in the following table. Use Table 2 to answer questions 138-141. Table 2 Quantity Variable Fixed Total Average Average Marginal Cost cost cost variable cost total cost cost 0 0 5 250 10 470 15 700 20 980 25 1350 30 1850 35 2520 40 3400 45 4530 50 5950 138. When production is 40 units, the average total cost is (a) (c) 139. Rs. 7.50 Rs. 92.50 Rs. 22 Rs. 176 (b) (d) Rs. 85 Rs. 880 To maximize profit, the firm should produce (a) (c) 141. (b) (d) In the table marginal cost per unit that corresponds to 40 units of production is (a) (c) 140. Rs. 4.40 Rs. 85 15 units 35 units (b) (d) 30 units 50 units If the market price drops from Rs 100 to Rs 56, the firm s short run response should be (a) (b) (c) (d) Shut down Produce 5 units Produce 20 units Continue to produce the same number of units as before the drop in price. Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 77 MODEL TEST PAPER - 3 Read the following data and answer Questions number 142-147 A shopkeeper sells gel pen at Rs. 10 per pen. At this price he can sell 120 per month. After some time, he raises the price to Rs. 15 per pen. Following the price rise: Only 60 pens were sold every month. The number of refills bought went down from 200 to 150. The number of ink pen customers bought went up from 90 to 180 per month. 142. The price elasticity of demand when gel pen s price increases from Rs. 10 per pen to Rs. 15 per pen is equal to: (use Arc Elasticity Method) (a) (c) 143. + 0.25 + 0.38 + 1.66 2.09 (b) (d) -1.05 + 2.09 It is perfectly elastic It is perfectly inelastic (b) (d) It is elastic It is inelastic 0.4 1.25 (b) (d) 0.6 1.50 We can say that gel pen in economics sense is a/an (a) (c) 148. (b) (d) Suppose income of the residents of locality increases by 50% and the quantity of gel pens demanded increases by 20%. What is income elasticity of demand for gel pen? (a) (c) 147. - 0.71 - 0.1 What can be said about the price elasticity of demand for pen? (a) (c) 146. 1.0 2.66 The cross elasticity of monthly demand for ink pen when the price of gel pen increases from Rs. 10 to Rs. 15 is equal to: (a) (c) 145. (b) (d) The cross elasticity of monthly demand for refills when the price of gel pen increase from Rs. 10 to Rs.15 is equal to: (a) (c) 144. 2.5 1.66 Luxury good Normal good (b) (d) Inferior good Nothing can be said. Suppose that a sole proprietorship is earning total revenues of Rs.120,000 and is incurring explicit costs of Rs 90,000. If the owner could work for another company for Rs.50,000 a year, we would conclude that: (a) (b) (c) (d) the firm is incurring an economic loss implicit costs are Rs. 90,000 the total economic costs are Rs. 100,000 the individual is earning an economic profit of Rs. 25,000 78 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I Use Table 3 to answer questions 149-150. Table 3 Hours of Labour 0 1 2 3 149. Marginal Product 300 240 What is the total output when 2 hours of labour are employed? (a) (c) 150. Total Output 300 720 160 360 (b) (d) 200 540 What is the marginal product of the third hour of labour? (a) (c) 120 200 (b) (d) 160 180 SECTION D : QUANTITATIVE APTITUDE (50 MARKS) 151. Statistics is concerned with (a) (c) 152. Twice the range Square of the range (b) (d) Half of the range None of these Two variables More than two variables Two variables at the same point of time Two variables at different points of time Karl Pearson s coefficient is defined from (a) (c) 155. Quantitative information Both (a) and (b) Bivariate Data are the data collected for (a) (b) (c) (d) 154. (b) (d) For any two numbers Standard Deviation is always (a) (c) 153. Qualitative information (a) or (b) Ungrouped data Both (b) (d) Grouped data None An experiment is known to be random if the results of the experiment (a) (b) (c) (d) Cannot be predicted Can be predicted Can be split into further experiments Can be selected at random Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 79 MODEL TEST PAPER - 3 156. A theoretical probability distribution (a) (c) 157. The error committed in sampling The error committed in sample survey The error committed in estimating a parameter Standard deviation of a statistic 1 on 0 1 on 1 (b) (d) 0 on 1 0 on 0 Rs. 23,809.41 Rs. 32,214.90 (b) (d) Rs. 32,218.644 None of these. Real, Equal Imaginary, Unequal (b) (d) Real, Unequal Imaginary, Equal If an investment of Rs. 60,000 and Rs. 70,000 respectively yields an income of Rs. 5,750 Rs. 6,500 an investment of Rs. 90,000 would yield income of Rs. ___________ (a) (c) 163. Bimodal (a) or (b) If b2 4ac >0 then the roots are ______ and ______ . (a) (c) 162. (b) (d) The present value of an annuity of Rs. 3,000 for 15 years at 4.5% p.a CI is (a) (c) 161. Unimodal Multi-modal P01 is the index for time (a) (c) 160. Exists only in theory Both (b) and (c) Standard error can be described as (a) (b) (c) (d) 159. (b) (d) Poisson distribution may be (a) (c) 158. Does not exist Exists in real life 7,500 7,750 (b) (d) 8,000 7,800 In ______ ways can 4 Americans and 4 English men be seated at a round table so that no 2 Americans may be together. (a) (b) 4 P4 (c) 164. 4! 3! 3 4 P4 (d) 4 C4 The last term of the series x , x, 1, . to 31 terms is _______ . (a) (c) x28 1/x28 80 The Institute of Chartered Accountants of India (b) (d) 1/x 1/x30 Common Proficiency Test (CPT) Volume - I 165. The sum of all natural numbers between 200 and 400 which are divisible by 7 is ______. (a) (c) 166. (b) (d) 3 5 A discrete variable An attribute (b) (d) A continuous variable All these Range Standard Deviation (b) (d) Mean Deviation All these measures For finding the degree of agreement about beauty between two Judges in a Beauty Contest, we use______ . (a) (b) (c) (d) 170. 2 4 ______ is an absolute measure of dispersion. (a) (c) 169. 8729 8730 Mutually inclusive classification is usually meant for______ . (a) (c) 168. (b) (d) An Ogive can be prepared in ______ different ways. (a) (c) 167. 7730 7729 Scatter diagram Coefficient of rank correlation Coefficient of correlation Coefficient of concurrent deviation Probability density function is always ______ . (a) (c) Greater than 0 Less than 0 (b) (d) Greater than equal to 0 Less than equal to 0 (b) (d) 3/2 None of these. 1 171. 8 3 The value of is 27 (a) (c) 172. The equation 7x + 1 = 5 3x will be satisfied for x equal to (a) (c) 173. 2 1 (b) (d) 1 None of these The sum of two numbers is 52 and their difference is 2. The numbers are (a) (c) 174. 2/3 2/9 17 and 15 27 and 25 (b) (d) 12 and 10 None of these. In what time will Rs. 85,000 amount to Rs. 1,57,675 at 4.5% p.a.Simple Interest? (a) (c) 18 years 19 years Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) 18.5 years 20 years 81 MODEL TEST PAPER - 3 175. On what sum will the compound interest at 5% per annum for two years compounded annually be Rs. 1,640? (a) (c) 176. 29 31 5 7 (b) (d) 3, 13, 8, 18 3, 8, 13, 18 16, 36, 24, 54, .. 16, 24, 36, 54, 6 1 30 32 (b) (d) 18, 3, 8, 13 None of these (b) (d) 24, 36, 53, None of these (b) (d) Evaluate: lim x 3 (a) (c) 183. (b) (d) 4 6 In a group of 20 children, 8 drink tea but not coffee and 13 like tea. The number of children drinking coffee but not tea is (a) (c) 182. Rs. 5,365.25 Rs. 6,355.25 The second term of a G P is 24 and the fifth term is 81. The series is (a) (c) 181. (b) (d) The 4 arithmetic means between 2 and 23 are (a) (c) 180. Rs. 5,635.25 Rs. 6,535.25 A man has 5 friends. In how many ways can he invite one or more of his friends to dinner? (a) (c) 179. Rs. 17000 Rs. 19000 Find n if nP3 = 60 (a) (c) 178. (b) (d) Find the future value of an annuity of Rs.500 is made annually for 7 years at interest rate of 14% compounded annually. Given that (1.14)7 = 2.5023. (a) (c) 177. Rs. 16000 Rs. 18000 lim x 1 (a) (c) 7 None of these (b) (d) 0 2 (b) (d) 1/3 None of these x 2 6x + 9 . x 3 1 1 x2 x is equal to x 1 3 3 82 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 184. If y = x (x 1) (x 2) then (a) (c) 185. 186. 3x2 6x + 2 3x2 + 2 The derivative of (a) (c) dx is dy (b) (d) 6x + 2 None of these. (b) (d) 1 / (3 + 5x)2 None of these 3 5x w.r.t. x is 3 + 5x 30 / (3 + 5x)2 30 / (3 + 5x)2 Integration of 3 2x x4 will become (a) x x /5 (b) x5 3x x 5 (c) 3x x2 x5 / 5 + k (d) None of these (b) (d) 5/12 None of these. 2 5 1 187. Evaluate ( 2x 0 (a) (c) 188. 56 15 (b) (d) 23 8 6 8 (b) (d) 7 None of these The third decile for the numbers 15, 10, 20, 25, 18, 11, 9, 12 is (a) (c) 191. 4/3 4/3 What is the median for the following observations? 5, 8, 6, 9, 11, 4. (a) (c) 190. x 3 ) dx and the value is Find the number of observations between 250 and 300 from the following data: Value : More than 200 More than 250 More than 300 More than 350 No. of observations: 56 38 15 0 (a) (c) 189. 2 2 13 11 (b) (d) 10.70 11.50 If the range of x is 2, what would be the range of 3x + 50 ? (a) (c) 2 6 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) 6 44 83 MODEL TEST PAPER - 3 192. What is the standard deviation of 5, 5, 9, 9, 9, 10, 5, 10, 10? (a) (c) 193. (b) (d) 2:1 3:1 1 0 (b) (d) 0.50 Any value between 0 and 1 0.50 1/3 (b) (d) 0.75 2/3 5.26 4.24 (b) (d) 6.24 4.80 3 2 (b) (d) 9 None of these. The number of subsets of the sets {6, 8, 11} is (a) (c) 200. 1:2 1:3 If 2 log x = 4 log 3, the x is equal to (a) (c) 199. 1 None of these If the quartile deviation of a normal curve is 4.05, then its mean deviation is (a) (c) 198. (b) (d) It is given that a family of 2 children has a girl, what is the probability that the other child is also a girl? (a) (c) 197. +1 0 If A, B and C are mutually exclusive independant and exhaustive events then what is the probability that they occur simultaneously? (a) (c) 196. 8 If an unbiased die is rolled once, the odds in favour of getting a point which is a multiple of 3 is (a) (c) 195. 4.50 42/3 (b) (d) When r = 0 then cov(x,y) is equal to (a) (c) 194. 14 9 8 (b) (d) 6 None of these. (b) (d) 1 None of these. ex + 1 is evaluated to be x e x + 2 lim (a) (c) 0 1 84 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I MODEL TEST PAPER BOS/CPT-3 SECTION A : FUNDAMENTALS OF ACCOUNTING 1 (d) 2 (b) 3 (a) 4 (d) 5 (c) 6 (d) 7 (a) 8 (c) 9 (b) 10 (c) 11 (c) 12 (c) 13 (c) 14 (a) 15 (c) 16 (a) 17 (b) 18 (c) 19 (c) 20 (b) 21 (b) 22 (c) 23 (b) 24 (d) 25 (b) 26 (c) 27 (a) 28 (a) 29 (d) 30 (c) 31 (a) 32 (c) 33 (d) 34 (c) 35 (b) 36 (b) 37 (d) 38 (d) 39 (a) 40 (b) 41 (b) 42 (c) 43 (c) 44 (b) 45 (a) 46 (a) 47 (d) 48 (a) 49 (b) 50 (a) 51 (c) 52 (b) 53 (b) 54 (a) 55 (d) 56 (c) 57 (c) 58 (a) 59 (d) 60 (b) SECTION B : MERCANTILE LAWS 61 (b) 62 (d) 63 (a) 64 (b) 65 (c) 66 (d) 67 (d) 68 (a) 69 (c) 70 (b) 71 (c) 72 (b) 73 (b) 74 (d) 75 (b) 76 (d) 77 (c) 78 (c) 79 (d) 80 (b) 81 (c) 82 (b) 83 (c) 84 (a) 85 (a) 86 (b) 87 (a) 88 (a) 89 (b) 90 (a) 91 (d) 92 (d) 93 (d) 94 (b) 95 (c) 96 (a) 97 (d) 98 (d) 99 (b) 100 (a) Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 567 ANSWERS SECTION C : GENERAL ECONOMICS 101 (c) 102 (a) 103 (b) 104 (a) 105 (d) 106 (a) 107 (b) 108 (b) 109 (c) 110 (d) 111 (d) 112 (b) 113 (c) 114 (a) 115 (d) 116 (c) 117 (a) 118 (b) 119 (b) 120 (d) 121 (d) 122 (b) 123 (b) 124 (b) 125 (c) 126 (a) 127 (a) 128 (c) 129 (c) 130 (a) 131 (b) 132 (b) 133 (d) 134 (b) 135 (d) 136 (c) 137 (d) 138 (d) 139 (c) 140 (b) 141 (c) 142 (c) 143 (a) 144 (a) 145 (b) 146 (a) 147 (c) 148 (a) 149 (d) 150 (d) SECTION D : QUANTITATIVE APTITUDE 151 (d) 152 (b) 153 (c) 154 (a) 155 (d) 156 (a) 157 (d) 158 (d) 159 (a) 160 (c) 161 (b) 162 (b) 163 (a) 164 (c) 165 (b) 166 (a) 167 (a) 168 (d) 169 (b) 170 (b) 171 (a) 172 (b) 173 (c) 174 (c) 175 (a) 176 (b) 177 (b) 178 (c) 179 (c) 180 (c) 181 (b) 182 (b) 183 (c) 184 (a) 185 (c) 186 (c) 187 (b) 188 (b) 189 (b) 190 (b) 191 (b) 192 (b) 193 (c) 194 (c) 195 (c) 196 (c) 197 (d) 198 (b) 199 (c) 200 (c) 568 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I

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