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CA CPT : Volume 1 - Model Test Paper 7 (with Answers)

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BOARD OF STUDIES THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA COMMON PROFICIENCY TEST Model Test Paper BOS/CPT 7 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. Assets should be valued at the price paid to acquire them is based on: (a) (c) 2. Cost concept. Realisation concept. Trial Balance. Ledger. (b) (d) Journal. All of the above. If bank balance as per cash book differs from that appearing in the current account statement, then the balance considered for finalizing the accounts is of (a) (b) (c) (d) 4. (b) (d) Cash book is a form of (a) (c) 3. Accrual concept. Money measurement concept. Adjusted cash book. Cash book before any adjustments. Pass book. Not taken to final accounts in case of difference in the balance. Material costing Rs. 700 in the erection of the machinery and the wages paid for it amounting to Rs. 400 should be debited to: (a) (c) Material account. Purchases account. Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Wages account. Machinery account. 173 MODEL TEST PAPER - 7 5. Difference of totals of both debit and credit side of the trial balance is transferred to (a) (c) 6. (b) (d) Book value. Net realisable value. Revenue expenditure. Deferred revenue expenditure. (b) (d) Capital expenditure. None of the above. Trading account. Profit and loss account Profit and loss appropriation account Balance sheet 30.5.2010. 28.5.2010. (b) (d) 29.5.2010. 27.5.2010. Debit side of that ledger account. Credit side of that ledger account. End of that ledger account as a footnote. None of the above. The cost of a small calculator is accounted as an expense and not shown as an asset in a financial statement of a business entity due to __________ (a) (c) 13. Fair value. Market value. If total of all debits of a ledger account is more than the total of all credits of the same account, then the balancing figure is placed at the __________ (a) (b) (c) (d) 12. LIFO. Weighted average. A bill has been drawn on 26.2.2010 payable after 90 days. The maturity date of the bill will be _________ (a) (c) 11. (b) (b) Carriage inwards is debited to (a) (b) (c) (d) 10. HIFO. FIFO. Expenses incurred to retain the title of a building is a (a) (c) 9. Trading account. Suspense account. The value of an asset after deducting depreciation from the historical cost is known as: (a) (c) 8. (b) (d) Inventories should be out of godown in the sequence in which they arrive is based on: (a) (c) 7. Difference account. Miscellaneous account. Materiality concept. Periodicity concept. (b) (d) Matching concept. Conservatism concept. A minimum quantity of inventory always held as precaution against out of inventory situation is called __________ (a) (c) Zero stock. Base stock. 174 The Institute of Chartered Accountants of India (b) (d) Risk stock. None of the above. Common Proficiency Test (CPT) Volume - I 14. M/s Bhaskaran & Co. drew a three months bill of Rs. 6,000 on M/s Patel & Co. on 1.1.2010 payable to M/s Surendran & Co. or bearer. Here the payee will be _______ (a) (b) (c) (d) 15. Fluctuating capital account is credited with __________ (a) (b) (c) (d) 16. Reserves. Premium for goodwill. When separate set of joint venture books is prepared. When each co-venturer keeps records of all the the joint venture transactions himself. When each co-venturer keeps records of their own joint venturer transactions. None of the above. Consignee. Both consignor and consignee. (b) (d) Consignor. Neither of the two. The party who sends the goods for sale on fixed commission basis is __________ (a) (c) 20. (b) (d) In case of del-credere commission provided by consignor to consignee, bad debts is a loss of _________ (a) (c) 19. Capital. Profits. Memorandum joint venture account is prepared _________ (a) (b) (c) (d) 18. Interest on capital. Profits of the year. Salaries or remuneration of the partners. All of the above. If the incoming partner brings any additional amount in cash other than his capital contributions then it is termed as ________ (a) (c) 17. M/s Bhaskaran & Co. M/s Patel & Co. M/s Surendran & Co. or bearer. All of the above. Consignee. Drawee. (b) (d) Consignor. Drawer. Discounting of bill by the drawer is done with________ (a) (c) Creditors (trade payables). Bank. Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Drawee. Notary public. 175 MODEL TEST PAPER - 7 21. Under this method, the annual charge for depreciation decreases from year to year, so that the burden and benefits of later years are shared by the earlier years. Also, under this method, the value of asset can never be completely extinguished. The other advantage of this method is that the total charge to revenue is uniform when the depreciation is high, repairs are negligible; and as the repairs increase, the burden of depreciation gets lesser and lesser. This method of depreciation is: (a) (c) 22. Consignment Joint venture Sale of goods on sale or return basis Credit sales Rs. 3,00,000: Rs.1,80,000: Rs. 1,20,000 Rs. 2,00,000: Rs.2,00,000: Rs. 2,00,000 Rs. 3,00,000: Rs.2,00,000: Rs. 1,00,000 Rs. 1,00,000: Rs.2,00,000: Rs. 3,00,000 Aditya Ltd. issued 50,000 equity shares of Rs. 10 each for subscription. 40,000 shares were subscribed by the public by paying Rs. 3 as application money. Number of shares allotted to public by Aditya Ltd. will be: (a) (c) 25. Written Down Value Method. Sinking Fund Method. It is decided to form a partnership with a total capital of Rs. 6,00,000. Three partners Ajay, Vijay and Sanjay who will share profits and losses in the ratio of 5:3:2, agreed to contribute proportionate capital. Their capital contribution will be: (a) (b) (c) (d) 24. (b) (d) M/s Mittal & Sen & Co. sends goods costing Rs. 50,000 to M/s Suneja & Jadeja & Co. for sale at invoice price. The invoice price of the goods was Rs. 60,000. Former spends Rs. 2,000 on freight for sending the delivery and later spends Rs. 1,500 for receiving the delivery. M/s Suneja & Jadeja & Co. sold 90% of goods at invoice price and earned a commission of Rs. 5,400. In the due course he made some credit sales also out of which some amount were proved to be bad and was borne by him only. Remaining goods were taken back by M/s Mittal & Sen & Co. The balance due was paid by M/s Suneja & Jadeja & Co. through a demand draft. The above transactions are in the nature of : (a) (b) (c) (d) 23. Straight Line Method. Annuity Method. 50,000 equity shares. 30,000 equity shares. (b) (d) 40,000 equity shares. 10,000 equity shares. A company issued 1,00,000 equity shares of Rs.10 each at a premium of Rs. 2 and 5,000 10% Debentures of Rs. 100 each at 10% discount. All the shares and debentures were subscribed and allotted by crediting 10% Debentures account with : (a) (c) Rs. 10,00,000 Rs. 5,00,000 176 The Institute of Chartered Accountants of India (b) (d) Rs. 12,00,000 Rs. 4,50,000 Common Proficiency Test (CPT) Volume - I 26. Preference shares amounting to Rs. 1,00,000 are redeemed at a premium of 5% by issue of shares amounting to Rs. 50,000 at a premium of 10%. The amount to be transferred to capital redemption reserve account will be: (a) (c) 27. Rs. 18,000. Rs. 30,000. Rs. 57,000 Rs. 60,000. (b) (d) Rs. 59,000. Rs. 58,000. Rs. 3,200. Rs. 1,800. (b) (d) Rs. 2,000. Rs. 1,200. Rs. 3,000. Rs. 2,600. (b) (d) Rs. 2,800. Rs. 2,400. He, She and Me are partners in a firm sharing profits and losses in the ratio of 5:3:2. Firm took Separate Life Policy of Rs. 50,000, Rs.1,00,000 and Rs.1,50,000 for He, She and Me respectively. The share of Me in the policy will be: (a) (c) 32. (b) (d) Bittu Ltd. issued 10,000 shares of Rs.10 each to public. Applications were received for 12,000 shares by paying Rs.2 per share. Shares were allotted on pro-rata basis to the public and excess money was kept to be used in allotment and further calls. Kittu failed to pay the allotment money of Rs.3 per share and her 1,000 shares were forfeited after due notice. No further calls were made to her. Her call in arrears was (a) (c) 31. Rs. 12,000. Rs. 36,000. 3,000 shares of Rs. 10 each of Krishna were forfeited by crediting Rs. 5,000 to share forfeiture account. Out of these, 1,800 shares were re-issued to Radhe for Rs. 9 per share. The amount to be transferred to capital reserve account will be (a) (c) 30. Rs. 50,000. Rs. 57,500. Followings are the information related to Great Ltd.: (i) Equity share capital called up Rs. 3,00,000, (ii) Call-in advance Rs. 10,000, (iii) Call in arrears Rs. 15,000 and (iv) Proposed dividend 20%. The amount of dividend payable by Great Ltd. will be: (a) (c) 29. (b) (d) On 1st June 2009, Harsh Ltd. issued 4,000 9% convertible debentures of Rs. 100 each at a premium of 10%. Interest is payable on September 30 and March 31, every year. Assuming that the interest runs from the date of issue, the amount of interest expenditure debited to profit and loss account for the year ended 31st March 2010 will be : (a) (c) 28. Rs. 55,000. Rs. 45,000. Rs. 1,50,000. Rs. 60,000. (b) (d) Rs. 90,000. Rs. 3,00,000. Vijay, Vineet and Vivek are partners in a firm sharing profits or losses in 3:2:1. Vijay retires and goodwill of the firm was revalued at Rs.18,000. If new profit sharing ratio is 2:1, then Vijay s share of goodwill debited respectively to Vineet and Vivek s capital account will be: (a) (c) Rs. 6,000: Rs. 3,000. Rs. 4,500: Rs. 4,500. Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Rs. 9,000: Rs. 9,000. Nothing is to be debited to their account. 177 MODEL TEST PAPER - 7 33. Amit, Rohit and Sumit are partners sharing profits and losses in the ratio of 5:4:3. Sumit retires and if Amit and Rohit shares profits of Sumit in 4:3, then new profit sharing ratio will be: (a) (c) 34. (b) (d) 2:2:1. Cannot be calculated. Rs. 68,00,000. Rs. 11,88,000. (b) (d) Rs. 12,00,000. Nil. Rs. 12,000 Rs. 6,000 (b) (d) Rs. 54,000 None of the above On 1st January 2010 Nisha draws a bill for Rs. 5,000 on Disha for 3 months for mutual accommodation. On the same day, Disha draws a bill for Rs. 6,000 on Nisha for 4 months. Both the bills were discounted with the bank for Rs. 4,850 and Rs. 5,700 respectively. 50% of the receipt was sent to the other party. First bill was met on its due date. On the maturity date of Nisha s acceptance, Disha will send (a) (c) 38. 3:2:1. 1:1:1. A trader has credited certain items of sales on approval aggregating Rs. 60,000 to Sales Account. Of these, goods of the value of Rs.16,000 have been returned and taken into inventory at cost Rs. 8,000 though the record of return was omitted in the accounts. In respect of another parcel of Rs.12,000 (cost being Rs. 6,000) the period of approval did not expire on the closing date. Cost of goods lying with customers should be: (a) (c) 37. 47:37. 5:3. Find the goodwill of the firm using capitalization method from the following information: Total capital employed in the firm Rs. 80,00,000 Reasonable rate of return 15% Profits for the year Rs. 12,00,000 (a) (c) 36. (b) (d) Rachna and Sapna are partners sharing profits equally. They admitted Ashna for 1/3 share in the firm. The new profit sharing ratio will be: (a) (c) 35. 4:3. 5:4. Rs. 3,000 Rs. 2,425 (b) (d) Rs. 2,850 Rs. 2,500 Gaurav has to pay Rs. 10,000 to Saurabh on account of Bill accepted by him for credit purchases. Due to financial crisis, Gaurav was unable to pay the bill and was declared insolvent and his estate realized only 30 paisa in a rupee. The amount to be debited to bad debts account of Saurabh will be (a) (c) Rs. 3,000 Rs. 10,000 178 The Institute of Chartered Accountants of India (b) (d) Rs. 7,000 None of the above Common Proficiency Test (CPT) Volume - I 39. Ram in a joint venture with Shyam purchased goods costing Rs. 20,000 and sends to Shyam for sale incurring Rs.1,000 on freight. Shyam took the delivery and paid Rs. 500 as carriage. He sold the goods costing Rs. 18,000 for Rs. 25,000 and kept the remaining goods at cost price. Sharing equal profits of the venture, amount to be paid by Shyam to Ram will be: (a) (c) 40. (b) (d) Rs. 600 Rs. 1,800 The amount of loan Both (a) and (b) (b) (d) Face value of debentures No interest will be payable. Rs. 53,000. Rs. 80,000. (b) (d) Rs. 55,000. Rs. 51,000. Following errors have been rectified at the end of the year: (i) The return inward book was undercast by Rs. 150. (ii) The return outward book was overcast by Rs. 1,000. (iii) A payment of Rs.1,500 on account of salaries has been posted twice in the salaries account although entered correctly in the cashbook. The above errors if rectified, will give correct trial balance. Before rectification, balance of suspense account was (a) (c) 44. Rs. 2,600 Rs. 1,200 Opening inventory of the year is Rs. 20,000, Goods purchased during the year is Rs. 1,00,000, Carriage Rs. 2,000 and Selling expenses Rs.2,000. Sales during the year is Rs. 1,50,000 and closing inventory is Rs. 25,000. The gross profit will be: (a) (c) 43. Rs. 22,250 Rs. 24,500 The holder of debentures issued as collateral security is entitled to interest on (a) (c) 42. (b) (d) Expenses incurred by the consignor on sending the goods to the consignee is Rs.1,000 for insurance, Rs. 1,500 on freight and Rs.500 on packing the goods. While expenses incurred by the consignee on behalf of the consignment are Rs. 800 on octroi, Rs. 600 as godown charges and Rs. 1,200 as selling expenses. The amount to be excluded while calculating consignment inventory will be: (a) (c) 41. Rs. 25,000 Rs. 23,750 Rs. 150 (Dr.) Rs. 350 (Cr.) (b) (d) Rs. 1,150 (Dr.) Rs. 1,500 (Cr.) Given below are the ledger balances of a management consultancy firm: Capital Rs. 4,00,000, Computer Rs. 25,000, Air conditioner and furniture Rs. 1,00,000, Fixed Deposits Rs. 2,00,000, Salaries Rs. 8,00,000, Fee received Rs. 12,00,000, Travelling expenses Rs. 1,50,000, Rent and office expenses Rs. 2,40,000, Cash balances Rs. 1,80,000. Bank overdraft Rs. 95,000. The total of trial balance will be: (a) (c) Rs. 16,00,000. Rs. 14,50,000. Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Rs. 16,95,000. Rs. 15,00,000. 179 MODEL TEST PAPER - 7 45. M/s Delhi Stationers purchase goods from the manufacturers, do packaging and labelling and sell to their customers. At the year-end they had 1,000 pieces of toilet soaps in hand, purchase price of which is Rs. 3.25 per piece. These are yet not packed and labelled. The packaging cost per unit is Re. 0.35 per piece and selling price is Rs. 4.25 per piece. The historical cost and selling price of the closing inventory will be (a) (b) (c) (d) 46. Depreciable amount of the machinery is Rs. 11,00,000. The machine is expected to produce 30 lakhs units in its 10 year life and expected distribution of production units is as follows: 1-3 year 5 lacs units each year 4-6 year 3 lacs units each year 7-10 year 1.5 lacs units each year. Annual depreciation for 1-3 year, using production units method will be ______ (a) (c) 47. Rs. 55,000. Rs. 1,83,333. Rs. 2,150. Rs. 1,475. (b) (d) Rs. 2,175. Rs. 2,075. Rs. 2,60,000 Rs. 1,35,000 (b) (d) Rs. 1,60,000 Rs. 1,40,000 A lease is purchased on 1st January, 2012 for 4 years at a cost of Rs. 1,00,000. Lease is to be depreciated by the annuity method charging 5% interest. Annuity of Re.1 over 4 years charging 5% interest is Re. 0.282012. The amount of annual depreciation will be ______ (a) (c) 50. (b) (d) Cost of physical inventory on 31.3.2012 is Rs.2,80,000, out of which inventory of Rs. 1,20,000 is held as consignee. Goods costing Rs. 25,000 were damaged beyond repair and were expected to realize Rs. 5,000 only. The value of own inventory on 31.3.2012 will be ______ (a) (c) 49. Rs. 1,10,000. Rs. 65,000. The cashbook showed an overdraft of Rs. 2,000 as cash at bank, but the pass book made up to the same date showed that cheques of Rs. 200, Rs. 150 and Rs. 175 respectively had not been presented for payments; and the cheque of Rs. 600 paid into account had not been cleared. The balance as per the pass book will be ______ (a) (c) 48. Rs. 3,250 and Rs. 3,900 respectively. Rs. 3,600 and Rs. 4,250 respectively. Rs. 3,250 and Rs. 4,250 respectively. Rs. 3,600 and Rs. 3,900 respectively. Rs. 28,201. Rs. 25,000. (b) (d) Rs. 20,000. None of the above. 18% investment of Rs. 1,00,000 and interest received on investment Rs. 15,000 have been given in the trial balance for the period ended on 31.3.2012. The amount of interest outstanding in the final accounts will be ______ (a) (c) Rs.18,000 Rs.3,000 180 The Institute of Chartered Accountants of India (b) (d) Rs.15,000 Nil Common Proficiency Test (CPT) Volume - I 51. Bank overdraft as per trial balance is Rs. 1,60,000. Bank has allowed the customer to overdrew 80% of the hypothecated value of the inventory. Hypothecation of inventory has been done by the bank at 80% of the original closing inventory value. The amount of closing inventory is: (a) (c) 52. 54. (b) (d) Rs. 25,000. Rs. 20,000. Rs. 3,80,000. Rs. 2,30,000. (b) (d) Rs. 4,00,000. Rs. 1,50,000. Ravi Ltd. issued 1,40,00,000, 9% debentures of Rs.100 each at a discount of 6%, redeemable at a premium of 5% after 3 years payable as Rs.50 on application and Rs.44 on allotment. Total amount of loss on issue of debentures will be Rs. 8,40,00,000. Rs. 15,40,00,000. (b) (d) Rs. 7,00,00,000. Rs. 1,40,00,000. Kena Ltd. issued 10,000 12% Debentures of Rs.100 each at a discount of 10%payable in full on application by 31st March, 2012. Applications were received for 12,000 debentures. Debentures were allotted on 9th June, 2012. The amount of excess money refunded on the same date will be ______ (a) (c) 57. Rs. 22,000. Rs. 24,000. (a) Rs. 80,000. (b) Rs. 60,000. (c) Rs. 40,000. (d) Rs. 20,000. Closing inventory was not taken on 31.3.2012 but only on 7.4.2012. Following transactions had taken place during the period from 1.4.2012 to 7.4.2012. Sales Rs. 2,50,000, purchases Rs. 1,50,000, inventory on 7.4.2012 was Rs. 1,80,000 and the rate of gross profit on sales was 20%. Closing inventory on 31.3.2012 will be ______ (a) (c) 56. Rs. 2,50,000. Rs. 1,28,000. Out of four floors of a building, ground floor is used as a store house for trading goods, first and second floor is used for office purpose and third floor is used for residential purposes. Total depreciation of a building amounts to Rs. 80,000. The depreciation of building to be shown in the business books will be ______ (a) (c) 55. (b) (d) Net profit before commission has been Rs. 1,20,000. Manager s commission is 20% of net profit before charging such commission. The amount of manager s commission is (a) (c) 53. Rs. 2,00,000. Rs. 1,02,400. Rs. 1,80,000. Rs. 1,20,000. (b) (d) Rs. 1,00,000. Rs. 1,50,000. Ankush Ltd. had issued 10,000, 10% Redeemable Preference Shares of Rs. 100 each, fully paid up. The company decided to redeem these preference shares at par, by issue of sufficient number of equity shares of Rs. 10 each at a premium of Rs.2 per share as fully paid up. The amount to be transferred to capital redemption reserve account will be ______ (a) (c) Rs. 10,00,000. Rs. 8,00,000. Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Rs. 12,00,000. Nil. 181 MODEL TEST PAPER - 7 58. Bill of Rs. 10,000 accepted by Rajesh was endorsed by Ritesh to Dinesh on account of final settlement of Rs.10,500. The benefit of Rs.500 earned by Ritesh was: (a) (b) (c) (d) 59. A company on non-receipt of First Call money of Rs. 2 per share and Final Call money of Rs. 3 per share from Rahul, debited Call-in-Arrears account by Rs. 2,000 and Rs. 3,000 respectively. After due notice 1,000 shares of Rs.10 each were forfeited from Rahul. The amount to be credited to First Call Account at the time of entry for forfeiture will be (a) (c) 60. Credited to discount allowed account by Rs. 500. Credited to discount received account by Rs. 500. Credited to rebate account by Rs.500. Not shown in the books of Ritesh at all. Rs. 2,000. Nil. (b) (d) Rs. 3,000. Rs. 10,000. 1,000 shares of Rs. 100 each were issued to a promoter of the company for their legal services, rendered in the formation of the company. For this, company credited Share Capital Account and debited (a) (b) (c) (d) Goodwill account by Rs. 1,00,000. Legal services account by Rs. 1,00,000. Promoter s account by Rs. 1,00,000. Formation expenses account by Rs. 1,00,000. SECTION B : MERCANTILE LAWS (40 MARKS) 61. Which of the following is correct : (a) (b) (c) (d) 62. As per the Indian Contract Act, 1872 every person is competent to contract provided he: (a) (b) (c) (d) 63. A minor can be admitted as a partner provided the partnership deed is signed by the guardian of the minor on behalf of and in the best interest of such minor. A minor can enter into a contract of partnership provided it is a necessity and not a luxury . A minor cannot be admitted as a partner unless all the partners agree to it. A minor can be admitted to the benefits of partnership. Is of the age of majority according to the law to which he is subject. Is of sound mind. Is not disqualified from contracting by any law to which he is subject. All of the above. Necessary condition for existing goods is (a) (b) (c) (d) They should be in existence at the time of the contract of sale. They should be owned or possessed by the seller. Both of the above. None of the above. 182 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 64. The action of goods being physically delivered to the buyer is known as: (a) (c) 65. (b) (c) (d) The performance of a contingent contract depends upon the happening or non-happening of a certain event in future. The event must be uncertain. The event must be collateral to the main contract. All of the above. By estoppel. By holding-out. (b) (d) By a legal presumption. All of the above. A sold some land to B. At the time of sale both the parties believed to be in good faith that the area of the land sold was 10 hectares. It however, turned out that the area was 7 hectares only. How is the contract of sale affected? (a) (c) 70. Can pass a goods title to a bonafide purchaser. Cannot pass a goods title to a bonafide purchaser. Can choose whether to pass or not to pass the goods title to a bonafide purchaser. All of the above. Agency by ostensible authority may happen in the following ways: (a) (c) 69. The wife can avoid the contract. The wife cannot avoid the contract. The husband can enforce the contract. Both (b) & (c). Which of the following are the characteristics of a contingent contract: (a) 68. Constructive Delivery. All of the above. In case of a hire purchase the hirer (a) (b) (c) (d) 67. (b) (d) A tells his wife that he would commit suicide, if she did not transfer her personal assets to him. She does so under his threat. (a) (b) (c) (d) 66. Actual Delivery. Symbolic Delivery. The agreement is void. The agreement is impossible. (b) (d) The agreement is illegal. All of the above. Which one of the following is a legal requirement regarding consideration: (a) (b) (c) (d) Consideration should move at the desire of the promise. Consideration may move from promisee or any other person. Consideration may be past, present or future. All of the above. Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 183 MODEL TEST PAPER - 7 71. Exceptions to the statement No consideration no contract are the following: (a) (b) (c) (d) 72. In case of a firm carrying on the business other than banking (a) (b) (c) (d) 73. not not not An agreement to share the salary of a public officer. An agreement to sell a religious office. An agreement with the objective of procuring a public post. All of the above. Condition as to title. Sale by sample. (b) (d) Sale by description. All of the above. The distinction between fraud and misrepresentation are the following: (a) (b) (c) (d) 76. not Following conditions are implied in a contract of sale of goods unless the circumstances of the contract show a different intention: (a) (c) 75. There should be at least seven members and maximum number of members should exceed fifty. There should be at least two members and maximum number of members should exceed ten. There should be at least two members and maximum number of members should exceed twenty. There should be at least two members and maximum number of members should exceed fifty. Which of the following agreements are void: (a) (b) (c) (d) 74. No consideration is required to create an agency as also in the case of completed gifts. A promise made without consideration is valid if it is a promise, made in writing and signed by the person to be charged therewith, or by his agent generally or specially authorized in that behalf, to pay wholly or in part a debt, which is barred by the Law of Limitation. A promise made without any consideration is valid if it is a promise to compensate wholly or in part a person who has already voluntarily done something for the promisor or something which the promisor was legally compellable to do. All of the above. Misrepresentation is innocent whereas fraud is deliberate or willful. In misrepresentation the person making the suggestion believes it to be true while in case of a fraud he does not believe it to be true. In misrepresentation there can be no suit for damages whereas in fraud there can be a suit for damages. All of the above. The following are the essential elements which need to co-exist in order to make a valid contract: (a) (c) Lawful Consideration. Free Consent. 184 The Institute of Chartered Accountants of India (b) (d) Lawful Agreement. All of the above. Common Proficiency Test (CPT) Volume - I 77. The test of good faith as required under Partnership Act includes the following: (a) (b) (c) (d) 78. Delivery which is effected without any change in the custody or actual possession of the thing is known as: (a) (c) 79. Sharing of profits Sharing of profits and losses Mutual agency Existence of an agreement to share profits of the business Coercion Fraud (b) (d) Undue Influence Misrepresentation Liability Liability Liability Liability for special damages for exemplary damages for nominal damages for disciplinary damages The communication of an acceptance is complete as against the acceptor, __________. (a) (b) (c) (d) 84. No period has been fixed by the partners for its duration. There is no provision in the partnership agreement for its determination. Both of the above. None of the above. ___________ does not exist. (a) (b) (c) (d) 83. Symbolic Delivery. None of the above. Where a person asserts something which is not true, though he believes it to be true, his assertion amounts to ___________. (a) (c) 82. (b) (d) True test of partnership is ______________. (a) (b) (c) (d) 81. Actual Delivery. Constructive Delivery. The essential elements of a partnership at will are: (a) (b) (c) (d) 80. That the expulsion must be in the interest of the partnership. That the partner to be expelled is served with a notice. That the partner to be expelled is given an opportunity of being heard. All of the above. When it is put in course of transmission to him so as to be out of reach of the acceptor When it comes to the knowledge of the proposer When both the proposer and the acceptor declare the acceptance When the acceptor accepts his acceptance in a court of law Total substitution of new contract in place of the old contract takes place in case of ___________. (a) (c) Remission Novation Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Recission Alteration 185 MODEL TEST PAPER - 7 85. Profits of a partnership firm must be distributed among the partners as per the partnership deed while the profits of a company ___________. (a) (b) (c) (d) 86. The principle evolved in the case of Garner v. Murray (1904) is ___________. (a) (b) (c) (d) 87. A contingent contract Illegal (b) (d) A wagering contract Void A contracts to pay B Rs. 5,00,000/- if B s house is destroyed by fire. It is __________. (a) (b) (c) (d) 91. Death of the principal Insanity of the principal Insolvency of the principal Death or Insanity or Insolvency of the principal A contract to do or not to do something if some event, collateral to such contract does or does not happen is __________. (a) (c) 90. B A Congruence of A and B Either party cannot avoid the contract An agency coupled with interest does not come to an end in case of __________. (a) (b) (c) (d) 89. Deficiencies in the capital of the insolvent partner are distributed among the solvent partners in the ratio of their capital Partners have a fiduciary relationship with each other Partners liability is unlimited Partners can make supernatural profits, provided proper disclosures are made in this regard A intending to deceive B falsely represents that 750 tons of sugar is produced per annum at the factory of A and hereby induces B to buy the factory. The contract is avoidable at the option of __________. (a) (b) (c) (d) 88. Must be distributed to its shareholders May or may not be distributed to its shareholders May or may not be distributed to its board of directors, shareholders and other stakeholders Are not distributable at all A wagering contract A contingent contract A wagering contract plus a contingent contract Neither a contingent contract nor a wagering contract All Contracts which are not made under seal are __________ contracts. (a) (c) Formal Unlawful 186 The Institute of Chartered Accountants of India (b) (d) Simple Illegal Common Proficiency Test (CPT) Volume - I 92. The latin maxim Nemo dat quod non habet means __________. (a) (b) (c) (d) 93. Rules regarding delivery of goods are given in the __________ . (a) (c) 94. Retain possession Remove possession (b) (d) Regain possession Recharge possession Is a Criminal offence Renders the partnership illegal Is compulsory to activate the partnership Is not compulsory but desirable Becomes the owner of those goods thereafter Is subject to the same responsibility as a bailee Is allowed to sell them and retain the money realized from such sale Has no obligation to return those goods, he may do so only a good gesture Quasi contracts arise __________. (a) (b) (c) (d) 98. Indian Partnership Act, 1932 None of the above A person who finds goods belonging to another and takes them into his custody __________. (a) (b) (c) (d) 97. (b) (d) Non - Registration of a partnership firm__________. (a) (b) (c) (d) 96. Sale of Goods Act, 1930 Indian Contract Act, 1872 Right of lien is to __________. (a) (c) 95. An eye for an eye and a tooth for a tooth Never dare to quarrel with a good seller No one can give what he has not got Let the buyer beware. Where obligations are created without a contract Where obligations are created under a contract Out of natural causes Out of man-made causes Discharge by mutual agreement may involve__________. (a) (c) Novation Alteration Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Recission Novation, Recission and alteration 187 MODEL TEST PAPER - 7 99. A & B are partners in a partnership firm. A introduced C, a former partner, as his partner to D. C remained silent at that moment, but later on informed D that he is actually a former partner of the firm. C had also issued public notice in the year of his retirement from the partnership firm. D, a trader supplied 500 refrigerators to the firm on credit. The credit period expired and D did not get the price of his supplies. D filed a suit against A & C for the recovery of price. In light of the above circumstances answer which of the following is correct: (a) (b) (c) (d) 100. C is liable for the price to D. C is liable for the price to D, irrespective of the fact, whether C remained silent or not. C is not liable for the price to D. None of the above. H contracted with NIC Corporation for the erection of a number of houses. In calculating his price for the houses, H by mistake deducted a particular sum twice over. The corporation affixed its seal to the contract, which correctly represented its intention. (a) (b) (c) (d) The contract is now binding. The contract can be avoided by H. There is no contract at all, since there is no consensus ad idem. The contract is not binding. SECTION C : GENERAL ECONOMICS (50 MARKS) 101. An increase in the demand can result from: (a) (b) (c) (d) 102. In the short run if a perfectly competitive firm finds itself operating at a loss, it will: (a) (b) (c) (d) 103. A decline in market price. An increase in income. A reduction in the price of substitutes. An increase in the price of complements. Reduce the size of its plant to lower fixed costs. Raise the price of its product. Shut down. Continue to operate as long as it covers its variable cost. A competitive firm maximizes profit at the output level where: (a) (b) (c) (d) Price equals marginal cost. The slope of the firm s profit function is equal to zero. Marginal revenue equals marginal cost. All of the above. 188 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 104. Which of the following is correct? (a) (b) (c) (d) 105. A necessity is defined as a good having: (a) (b) (c) (d) 106. Price does not at least cover average total cost. Price does not equal marginal cost. Economies of scale are being reaped. Price is greater than long run average cost. If a firm s average variable cost curve is rising, its marginal cost curve must be: (a) (c) 108. A positive income elasticity of demand. A negative income elasticity of demand. An income elasticity of demand between zero and 1. An income elasticity of more than 1. In the long run any firm will eventually leave the industry if: (a) (b) (c) (d) 107. Normative economics is not concerned with value judgment. A market is a process that reconciles consumer decision, production decisions and labour decisions. A mixed economy has a certain level of government intervention in the economy along with private sector ownership of the economy. Both (b) and (c). Constant. (b) Above the average variable cost curve. (d) Above the total cost curve. All of the above. You are given the following data: Table 1 Output 0 1 2 3 4 5 The above data is an example of: (a) (b) (c) (d) Total Costs 0 15 30 45 60 75 Constant returns to scale. Decreasing returns to scale. Increasing returns to scale. Globalization. Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 189 MODEL TEST PAPER - 7 109. Which of the following is incorrect? (a) (b) (c) (d) 110. When a market is in equilibrium: (a) (b) (c) (d) 111. (b) (c) (d) (b) (d) Biggest commercial bank All of the above Power Banking (b) (d) Transport All of the above (b) (d) Reserve Bank of India Bank of India Find the odd one out: (a) (c) 115. Central bank Biggest cooperative bank In infrastructure of an economy we include: (a) (c) 114. India adopted planning as her way of life because she wanted to quicken industrialization and economic development with optimum utilization of resources and reduction of inequalities. Removal of poverty and the attainment of self reliance were two basic objectives of the fifth plan. India has never been able to achieve its targeted rate of growth. The Second plan was a very ambitious plan as seeds of industrialization were sowed. Reserve Bank of India is India s: (a) (c) 113. No shortages exist. Quantity demanded equals quantity supplied. A price is established that clears the market. All of the above are correct. Which among the following is incorrect? (a) 112. The central problem in economics is that of allocating scarce resources in such a manner that society s unlimited needs are satisfied as well as possible. In mixed economy, the government and the private sector interact in solving the basic economic questions. Microeconomics best describes the study of the behaviour of individual agents. An important theme in economics is that market systems are better than command (socialistic) economies. State Bank of India Bank of Baroda Indian economy is mixed economy because: (a) (b) (c) (d) Agriculture and industry have both simultaneously developed in India. Agriculture and industry have both developed in the public sector. Private ownership and public ownership over means of production co-exist. Any of the above. 190 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 116. What is the contribution of agriculture to National income in India (2011-12) Constant Price? (a) (c) 117. 1961-71 1981-91 1941-51 1971-81 (b) (d) 1961-71 1981-91 3.3% 6.6% (b) (d) 4.6% 2% 50% 60% (b) (d) 40% 80% depriciates fast has huge intrinsic value (b) (d) has stability in value has no intrinsic value 74% 49% (b) (d) 100% 26% MSME sector contributes nearly _______ of the total exports in India. (a) (c) 125. (b) (d) ________ FDI is allowed in private banking in India. (a) (c) 124. 1941-51 1971-81 Fiat money is something which ________ (a) (c) 123. Deficit Long term About ________ area is rain fed in India. (a) (c) 122. (b) (d) Suppose India s GNP increased at an annual average rate of 6.6% during the Tenth plan, presuming that the growth rate of population is 2 per cent per annum; per capita income would increase at an annual average rate of________. (a) (c) 121. Balanced Surplus India s population recorded the maximum growth rate of 2.22 % per annum during the decade ________. (a) (c) 120. 14% 50% Indian population registered a growth of 1.25% per annum during the decade ________. (a) (c) 119. (b) (d) In a ________ budget revenue equals expenditure. (a) (c) 118. 44% 34% 60% 40% (b) (d) 35% 20% Services account for more than ________ of total export of India. (a) (c) one-fourth one-half Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) one-third one-tenth 191 MODEL TEST PAPER - 7 126. Product method of calculating national income is also known as ________. (a) (c) 127. (c) (d) Indirect taxes. NNP 10 12 (b) (d) 15 7 Industrial reforms in India. Land reforms in India. (b) (d) External sector reforms in India. Banking reforms in India. Where most of the employees are sick. Which is unable to perform its normal functions and activities of production of goods and services at a reasonable profit on a sustained basis. Which is unable to make profits more than 10 percent of its capital employed. Which borrows money from bank for its fixed assets. BPO stands for ________. (a) (c) 132. (b) (d) A sick industrial unit is one ________. (a) (b) 131. Depreciation. Subsidies Abolition of intermediaries and tenancy reforms are both parts of ________. (a) (c) 130. Value added method Distribution method In 2010-11, direct taxes were around ________ % of GNP. (a) (c) 129. (b) (d) NDP is GDP minus ________. (a) (c) 128. Income method Expenditure method Bharat Petro Organisation Big Portfolio Outsourcing (b) (d) Business Process Outsourcing Business Partners Organisation India accommodates about________ percent of the world s population. (a) (c) 17.5% 15.1% (b) (d) 11.4% 25.8% Questions 133 to 135 are based on Figure 1 which shows production possibilities curve (PPC) for grape juice and wine. H Figure 1 192 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 133. The opportunity cost of increasing wine production from D to E is: (a) (c) 134. (b) (d) 5 litres of grape juice. 0.2 litres of wine. Assuming that the PPC does not shift, which of the following is true? (a) (b) (c) (d) 135. 0 litres of grape juice. 1 litre of wine. Point A is desirable but is inefficient. Point D represents a more efficient allocation of resources than points A and F. Point H is desirable but is not attainable. If wine production equals 7 litres, the maximum amount of grape juice that can be produced simultaneously is 28 litres. The PPC in the diagram reflects: (a) (b) (c) (d) Increasing opportunity cost of more wine production and constant opportunity cost of more grape juice production. Increasing opportunity cost of more wine production and decreasing opportunity cost of more grape juice production. Decreasing opportunity cost of more wine production and decreasing cost of more grape juice production. Increasing opportunity cost of more wine production and increasing cost of more grape juice production. Read the following paragraph and answer questions 136 and 137. John is Jacqueline s father. Both of them are unemployed. Jacqueline, a brilliant new Ph.D in Economics, has turned down many job offers because she hopes eventually to teach at one of the top ten universities in her field. John lost his job as a shipbuilder during the recession of 1991. His plant never reopened and he has very specialized skills that are no longer in demand. 136. The type of unemployment Jacqueline is experiencing is (a) (c) 137. Frictional. Seasonal. (b) (d) Structural. Cyclical. The type of unemployment John is experiencing is (a) (c) Frictional. Seasonal. Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Structural. Cyclical. 193 MODEL TEST PAPER - 7 138. In the table below what will be equilibrium market price? Table 2 Price (Rs.) Supply (tonnes per annum) 1 1000 400 2 900 500 3 800 600 4 700 700 5 600 800 6 500 900 7 400 1000 8 (a) (c) Demand (tonnes per annum) 300 1100 Rs. 2 Rs. 4 (b) (d) Rs. 3 Rs. 5 Read Table 3 and answer questions 139-143 Table 3 Labor Input Output Average Product Marginal Product 0 0 --- --- 2 25 4 90 6 120 8 140 10 12 139. 10 At a labour input of 2, output is: (a) (c) 140. 14 25 50 (b) (d) 30 75 At a labour input of 4, output per worker is: (a) (c) 20 45 194 The Institute of Chartered Accountants of India (b) (d) 22.5 90 Common Proficiency Test (CPT) Volume - I 141. At a labour input of 6, the marginal product of labor is: (a) (c) 142. (b) (d) 20 10 Output per worker is maximized at a labour input of: (a) (c) 143. 120 15 4 6 (b) (d) 2 8 The firm s output is at a short run maximum at a labour input of : (a) (c) 6 12 (b) (d) 10 2 Table 4 provides cost and price information for a firm called Comfy Cushions (CC). The firm produces and sells cushions using a fixed amount of capital equipment but can change the level of inputs such as labour and materials. Read Table 4 and answer questions 144-150 Table 4 Production (P) 250 240 230 220 210 200 190 180 170 160 (TC) 500 730 870 950 1010 1090 1230 1470 1850 2410 Average Total Cost (ATC) Marginal Cost Total Revenue (MC) (TR) Marginal Revenue (per unit) (MR) What is the value of fixed cost incurred by CC? (a) (c) 145. Total Cost (Q) 0 1 2 3 4 5 6 7 8 9 144. Price per unit Rs. 250 Rs. 500 (b) (d) Rs. 730 cannot be determined What is the average total cost when 5 units are produced? (a) (c) Rs. 218 Rs. 730 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Rs. 1090 Rs. 210 195 MODEL TEST PAPER - 7 146. What is the marginal revenue (per unit) when production increases from 7 units to 8 units? (a) (c) 147. 160 120 (b) (d) 140 100 What is the marginal cost when production increases from 3 to 4 units? (a) (c) 140 60 (b) (d) 80 240 148. To maximize its profit or minimize its loss, what level of production should CC choose? (a) (c) 149. (b) (d) 6 units 8 units. At the profit maximizing level, what price should be charged? (a) (c) 150. 7 units. 4 units. Rs. 190 Rs. 210 (b) (d) Rs. 200 Rs. 220 Calculate CC s maximum profit or minimum loss. (a) (c) Loss of Rs. 100 Profit of Rs. 90 (b) (d) Loss of Rs. 60 Loss of Rs. 90 SECTION D : QUANTITATIVE APTITUDE(50 MARKS) 151. If q: p is the sub duplicate ratio of q x 2: p x2, then x 2 is (a) (b) pq p q (c) 152. p+q pq pq p+q (d) None of these. If p: q = r: s, implies q: p = s: r, then the process is called (a) (c) 153. (b) (d) Invertendo. Dividendo. (b) (d) A discrete variable. An attribute. (b) (d) Can be less than one. Varies between 1. The gender of a baby is example of : (a) (c) 154. Componendo. Alternendo. A variable. A continuous variable. The coefficient of correlation (a) (c) Has no limits. Can be more than one. 196 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 155. If two events A and B are dependent, the conditional probability of B given A i.e., P(B/A) is calculated as (a) (c) 156. (b) (d) P01 P10 = 1 P01 P10 >1 (np)2 np (b) (d) np None of these. m m (b) (d) m2 1/ m If A has 70 elements, B has 32 elements and A B has 22 elements then A B is (a) (c) 160. P01 P10 = 0 P01 P10 <1 Standard deviation of poisson distribution is (a) (c) 159. P(A)/P(B). P(A)/P(AB). The mean of binomial distribution is (a) (c) 158. (b) (d) Time reversal test is satisfied when (a) (c) 157. P(AB)/P(B). P(AB)/P(A). 60 80 (b) (d) 124 None of these. Which of the following statements is not false? (a) (b) (c) (d) Scatter diagram fails to measure the extent of relationship between the variables. Scatter diagram can measure correlation only when the variables are having a linear relationship. Scatter diagram can measure correlation only when the variables are having a non linear relationship. None of these. 2 161. 1 The value of the integral will be _______ for x dx. x (a) x3 1 2x + + c 3 x (b) x3 1 + 2x + + c 3 x (c) x3 1 2x + c 3 x (d) None of these. Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 197 MODEL TEST PAPER - 7 162. The derivative of log x.ex is _______. (a) (b) 1 e x log x x (c) 163. e3 + e x (log x) x ex (1+log x) (d) None of these. (b) (d) { } {0} The null set is given by _______. (a) (c) 164. Quartiles are values dividing a given set of observations into _______ equal parts. (a) (c) 165. (b) (d) Secondary Subsidiary Telephone interview method Personal interview method Mailed questionnaire method Observation method Positive Zero (b) (d) Negative One 1 5 (b) (d) 1 5 The correlation between height and intelligence is _______. (a) (c) 170. Primary Specialized The slope of the equation x y + 5 = 0 is _______. (a) (c) 169. Four Ten If two variables x and y are independent then the correlation coefficient between x and y is _______? (a) (c) 168. (b) (d) The amount of non responses is likely to be maximum in _______ method of collecting data. (a) (b) (c) (d) 167. Two Six The data are known to be _______ if the data, as being already collected, are used by a different person or agency. (a) (c) 166. 0 Zero Negative (b) (d) Positive None of these The sixth term of a G.P. with common ratio as 2 and first term being 5 is_______. (a) (c) 160 800 198 The Institute of Chartered Accountants of India (b) (d) 32 64 Common Proficiency Test (CPT) Volume - I 171. The gradient of the curve y = 4x2 2x at x =1 is (a) (c) 172. x2 (x+1) x+1 (a) (c) (b) (d) 14.142135 None of these. log 72 log 8/9 (b) (d) log 27 None of these. 75 30 (b) (d) 24 27 2 loge 5 (b) (d) 10 8 40 -45 (b) (d) 45 42 In how many different ways 3 letters can be formed using the letters of the word SPECIAL? (a) (c) 179. 46.04125 % 41.42135 % Find the sum of progression 188, 15, 12 10 terms. (a) (c) 178. 2 = 1.4142135. 10x 2x lim Determine the value of x 0 x (a) (c) 177. x2 (x+1)2 The value of 8C4 + 5C4 is (a) (c) 176. (b) (d) log 8 + log 9 is expressed as (a) (c) 175. 6 None of these. What is the annual rate of interest compounded annually doubles an investment in 2 years. Given that 174. (b) (d) Find the f o g for the functions f (x) =x2, g (x) = x+ 1 (a) (c) 173. 4 8 210 840 (b) (d) 6 450 Determine the value of x for the equation x2 8x + 16 = 0 (a) (c) 4, 4 2, 6 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) 4, 4 6, 2 199 MODEL TEST PAPER - 7 180. How much money should be invested to earn a monthly interest of Rs. 1800 at 9% per annum simple interest? (a) (c) 181. Rs. 120,000 Rs. 200,000 293.33, 366.67, 440 400 : 300 : 400 3 Evaluate (x 3 (a) (c) 183. Rs. 240,000 None of these. Division of Rs. 1100 into 3 parts in the ratio of 4:5:6 is (a) (c) 182. (b) (d) 3 (b) (d) 200 : 500 : 400 None of these. (b) (d) 3 1 + x ) dx 0 3 The denominator of a fraction exceeds the numerator by 7 and if the 2 is added to the denominator then the fraction becomes 4 . Find the fraction. 7 (a) (b) 7 14 (c) 184. 12 19 9 16 (d) 11 18 A firm plans to purchase hens (x) for its canteen. There cannot be more than 20 hens, this can be shown by (a) (c) 185. (b) (d) x = 20 None of these. (b) (d) 362880 40320 Compute the value of 8! (a) (c) 186. x < 20 x > 20 120 720 The sum of progression (a+b), a, (a b)........n term is (a) n [2a+(n 1)b] 2 (b) n [2a+(3 n)b] 2 (c) n [2a+(3 n)] 2 (d) [2a+ (n 1)] 200 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 187. The mean of binomial distribution is 4 and standard deviation 3 . What is the value of p? (a) (c) 188. 0.12 0.3 (b) (d) 0.7 None of these. 6.33 6.44 (b) (d) 6.33 6.44 Rs. 5,400 Rs. 5,600 (b) (d) Rs. 5,500 Rs. 5,700 40.5 41.5 (b) (d) 41 42 If the relationship between x and y is given by 4x 6y =13 and if the median of x is 16. Find median of y. (a) (c) 194. More than 10% Less than 10% The weight of 8 students expressed in kg. are 40, 35, 50, 45, 46, 39, 41, 42. Find median weight? (a) (c) 193. (b) (d) The mean salary for a group of 20 female workers is Rs. 5,000 per month and that for a group of 30 male workers is Rs. 6,000 per month. What is combined mean salary? (a) (c) 192. 10% 20% Two variables x and y are related by 10x + 9y + 8 = 0 and x = 5, then y is (a) (c) 191. 1/4 3/4 B). If A and B are mutually exclusive events and P(A) = 0.3 and P(B) = 0.4, find P(A (a) (c) 190. (b) (d) If with a rise of 10% in prices the salaries are increased by 20%, the real salary increases by (a) (c) 189. 1/3 1/5 7.50 8.50 (b) (d) 8.00 None of these. 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 width of class interval for the second class interval. (a) (c) 4 46 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) 5 48 201 MODEL TEST PAPER - 7 195. A bag contains 30 balls numbered from 1 to 30. One ball is drawn at random. The probability that the number of the drawn balls will be multiple of 5 or 7 is (a) (c) 196. 1/3 None of these. 7/52 3/221 (b) (d) 1/221 None of these. A and B are two events such that P(A) = 1/ 2 , P(B) = 1/4 and P(A B) = 1/5. Find P(A B)? (a) (c) 198. (b) (d) A card is drawn from a pack of playing cards and then another card is drawn without the first being replaced. What is the probability of getting two kings? (a) (c) 197. 1/2 1/4 4/5 3/5 If u = (x3 +1)5 and y = (x3 + 5x+7) then (b) (d) 11/20 None of these. dy is du (a) (b) 10 ( x + 1) 3x + 5 (c) 199. 3x 2 + 5 15x (x 3 + 1) 4 5x (x2 + 1)4 (d) None of these. (b) (d) 14.25 15.25 Find Q1 for the following observations: 14, 16, 13, 15, 20, 18, 19, 22 (a) (c) 200. 4 14 15 If the coefficient of correlation between two variables is 0.2, then the coefficient of determination is: (a) (c) 0.8 0.4 202 The Institute of Chartered Accountants of India (b) (d) 0.2 0.04 Common Proficiency Test (CPT) Volume - I MODEL TEST PAPER BOS/CPT-7 SECTION A : FUNDAMENTALS OF ACCOUNTING 1 (b) 2 (c) 3 (a) 4 (d) 5 (d) 6 (c) 7 (b) 8 (a) 9 (a) 10 (a) 11 (b) 12 (a) 13 (c) 14 (c) 15 (d) 16 (d) 17 (c) 18 (a) 19 (b) 20 (c) 21 (b) 22 (a) 23 (a) 24 (b) 25 (c) 26 (b) 27 (d) 28 (a) 29 (d) 30 (c) 31 (c) 32 (a) 33 (b) 34 (c) 35 (d) 36 (c) 37 (a) 38 (b) 39 (c) 40 (d) 41 (a) 42 (a) 43 (c) 44 (b) 45 (c) 46 (d) 47 (d) 48 (d) 49 (a) 50 (c) 51 (b) 52 (c) 53 (b) 54 (c) 55 (c) 56 (a) 57 (d) 58 (b) 59 (c) 60 (a) SECTION B : MERCANTILE LAWS 61 (d) 62 (d) 63 (c) 64 (a) 65 (a) 66 (b) 67 (d) 68 (d) 69 (a) 70 (d) 71 (d) 72 (c) 73 (d) 74 (d) 75 (d) 76 (d) 77 (d) 78 (c) 79 (c) 80 (c) 81 (d) 82 (d) 83 (b) 84 (c) 85 (b) 86 (a) 87 (a) 88 (d) 89 (a) 90 (b) 91 (b) 92 (c) 93 (a) 94 (a) 95 (d) 96 (b) 97 (a) 98 (d) 99 (c) 100 (a) Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 575 ANSWERS SECTION C : GENERAL ECONOMICS 101 (b) 102 (d) 103 (d) 104 (d) 105 (c) 106 (a) 107 (c) 108 (a) 109 (d) 110 (d) 111 (c) 112 (a) 113 (d) 114 (b) 115 (c) 116 (b) 117 (a) 118 (a) 119 (c) 120 (b) 121 (c) 122 (d) 123 (a) 124 (c) 125 (b) 126 (b) 127 (a) 128 (d) 129 (c) 130 (b) 131 (b) 132 (a) 133 (b) 134 (c) 135 (d) 136 (a) 137 (b) 138 (c) 139 (c) 140 (b) 141 (c) 142 (b) 143 (b) 144 (c) 145 (a) 146 (d) 147 (c) 148 (b) 149 (a) 150 (d) SECTION D : QUANTITATIVE APTITUDE 151 (c) 152 (b) 153 (d) 154 (d) 155 (c) 156 (b) 157 (b) 158 (c) 159 (c) 160 (a) 161 (c) 162 (a) 163 (a) 164 (b) 165 (b) 166 (c) 167 (c) 168 (a) 169 (d) 170 (a) 171 (b) 172 (d) 173 (c) 174 (a) 175 (a) 176 (c) 177 (b) 178 (c) 179 (a) 180 (b) 181 (a) 182 (a) 183 (a) 184 (a) 185 (d) 186 (b) 187 (b) 188 (d) 189 (b) 190 (d) 191 (c) 192 (c) 193 (c) 194 (b) 195 (b) 196 (b) 197 (b) 198 (a) 199 (b) 200 (c) 576 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 7 with Answers
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