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CA CPT : Volume 1 - Model Test Paper 8 (with Answers)

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BOARD OF STUDIES THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA COMMON PROFICIENCY TEST Model Test Paper BOS/CPT 8 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. It is generally assumed that the business will not liquidate in the near foreseeable future because of______________ concept. (a) (c) 2. Materiality Going concern Capital is equal to assets plus liabilities Assets is equal to liabilities minus capital Liabilities is equal to capital plus assets Capital is equal to assets minus liabilities Double column cash book records (a) (b) (c) (d) 4. (b) (d) Which of the following is correct? (a) (b) (c) (d) 3. Periodicity Matching Only cash transactions All transactions Cash and bank transactions Cash purchase and cash sale transactions Errors of commission do not permit (a) (b) (c) (d) Incorrect totaling of the trial balance Incorrect totaling of the Balance sheet Trial balance to agree None of the above Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 203 MODEL TEST PAPER - 8 5. All of the following have debit balance except (a) (c) 6. Discounting None of the above Bank Bearer (b) (d) Endorser None of the above Capital expenditure Deferred revenue expenditure (b) (d) Revenue expenditure None of the above Real account Nominal account (b) (d) Personal account None of the above Sales Expenses (b) (d) Purchases Capital Debited to the trading account Credited to the trading account Deducted from closing inventory in the balance sheet Added to closing inventory in the balance sheet Purchase returns appearing in the trial balance are deducted from ____ (a) (c) 14. (b) (d) The trial balance of Meghna shows the opening inventory of Rs. 10,000 which will be_____ (a) (b) (c) (d) 13. Noting Acceptance Drawings are deducted from ________ (a) (c) 12. Natural resources None of the three Outstanding salary account is (a) (c) 11. (b) (d) Rs.5,000 spent to remove a worn out part and replace it with a new one is (a) (c) 10. Fixed assets Intangible assets According to the provisions of the Reserve Bank of India, a promissory note cannot be made payable to the (a) (c) 9. Trade receivables accounts Goodwill A bill of exchange when drawn requires (a) (c) 8. (b) (d) The term depletion is used for (a) (c) 7. Wages account Bills payable account Sales returns Sales (b) (d) Capital Purchases _______ will generally show a debit balance (a) (c) Bank Loan Salary payable 204 The Institute of Chartered Accountants of India (b) (d) Bad debts recovered Drawings Common Proficiency Test (CPT) Volume - I 15. Purchase of a fixed asset on credit basis is recorded in _____________ (a) (c) 16. (b) (d) Equal ratio None of the above Sacrificing ratio New profit sharing ratio (b) (d) Gaining ratio Old profit sharing ratio Bill receivable Bill payable (b) (d) Noted bill of exchange None of the above Issued capital, called up capital Paid up capital, called up capital (b) (d) Called up capital, issued capital Called up capital, paid up capital Receipt of order Delivery of goods (b) (d) Production of goods Purchase of raw material If a machinery is purchased for Rs. 1,00,000, the asset would be recorded in the books at Rs. 1,00,000 even if its market value at that time happens to be Rs. 1,40,000. In case, a year after, the market value of this asset comes down to Rs. 90,000, it will ordinarily continue to be shown at Rs. 1,00,000 and not at Rs. 90,000 due to (a) (c) 23. New profit sharing ratio Old profit sharing ratio Smita places an order to Priya for supply of certain goods yet to be manufactured. On receipt of order, Priya purchases raw materials, employs workers, produces the goods and delivers them to Smita. In this case, sale will be presumed to have been made at the time of (a) (c) 22. Events Neither (a) nor (b) The amount of calls in arrear is deducted from_____________ to arrive at________. (a) (c) 21. (b) (d) A bill of exchange is called a ________ by one who is liable to pay it on the maturity date. (a) (c) 20. Transactions Both (a) and (b) The ratio in which the continuing partners acquire the outgoing (retired or deceased) partner s share is called ________ (a) (c) 19. Purchases book None of the above Unless given otherwise, the ratio of sacrifice is the same as________ (a) (c) 18. (b) (d) Accounting means recording of _________________ (a) (c) 17. Cash book Journal proper Realization concept Replacement concept (b) (d) Present value concept Cost concept Mr. Shyam deposited a cheque on 28th March, 2012 for a sum of Rs.10,000. The cheque was collected on 4 th April, 2012. If the bank balance as per cash book on 31st March, 2012 is Rs.1,00,000, balance as per pass book will be (a) (c) Rs.1,10,000 Rs.1,00,000 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Rs.90,000 None of the above 205 MODEL TEST PAPER - 8 24. If cost of goods sold is Rs.1,00,000, sales is Rs.1,25,000, closing inventory is Rs.20,000, the gross profit will be (a) (c) 25. Loss of Rs. 2,000 Loss of Rs.1,000 Rs.1,000 Rs.985 (b) (d) Rs.970 Rs.2,000 Rs. 12,500 Rs. 10,000 (b) (d) Rs. 8,000 Nil Rs.2,000 Rs.1,000 (b) (d) Nil None of the above A, B and C are partners in the ratio of 3:2:1. D is admitted in the firm for 1/6th share in profits. C would retain his original share. The new profit sharing ratio between A, B, C and D will be (a) (c) 30. (b) (d) Somesh and Ramesh are equal partners. Their capitals are Rs.40,000 and Rs.80,000 respectively. The profits for the year before charging interest on capital was Rs.6,000. The accounts of the year were closed before providing interest @ 5% per annum as per partnership agreement. To rectify this mistake they decided to pass an adjustment entry between the partners. Therefore, Somesh s account needs to be debited by (a) (c) 29. Profit of Rs. 2,000 Profit of Rs. 1,000 ABC Ltd. sells goods to its approved customers on sale or return basis at a profit of 20% on sales, treating as actual sales. On 26th March, 2012 goods costing Rs.10,000 were sent to Annu Ltd. No confirmation has been received from Annu Ltd. till 31st March, 2012. The amount of inventory with customers to be shown as closing inventory in the balance sheet of ABC Ltd. as on 31st March, 2012 will be (a) (c) 28. Rs. 5,000 None of the three On 1st January, 2012, Mohan draws upon Sohan a bill of exchange for three months, of Rs.2,000 for mutual accommodation. On 4th January, 2012 Mohan discounts the bill @ 6% per annum and sends half of the proceeds to Sohan. The amount of proceeds sent to Sohan will be (a) (c) 27. (b) (d) X enters into a joint venture with Y. The goods were purchased by X and Y amounting Rs.20,000 and Rs.40,000 respectively. Y incurred the expenses of Rs.5,000. Goods were sold by X and Y amounting Rs.22,000 and Rs.39,000. Goods unsold were taken over by Y for Rs.2,000. The profit or loss on joint venture is (a) (c) 26. Rs.45,000 Rs. 25,000 12:8:5:5 5:5:12:8 (b) (d) 8:12:5:5 5:5:8:12 According to which concept, the owner of an enterprise pays the interest on drawings ? (a) (c) Accrual concept Dual aspect concept 206 The Institute of Chartered Accountants of India (b) (d) Conservatism concept Entity concept Common Proficiency Test (CPT) Volume - I 31. A firm earns profit of Rs.1,10,000. The normal rate of return in a similar type of business is 10%. The value of total assets (excluding goodwill) and total outside liabilities are Rs.11,00,000 and Rs.1,00,000 respectively. The value of goodwill by capitalisation method is (a) (c) 32. (b) (d) Rs.10,00,000 None of the above The cost of inventory as per physical verification of Bharat Ltd. on 10th April, 2012 was Rs. 1,20,000. The following transactions took place between 1st April, 2012 to 10th April, 2012: Cost of goods sold Rs.10,000 Cost of goods purchased Rs.10,000 Purchase returns Rs.1,000 The value of inventory as per books on 31st March, 2012 will be (a) (c) 33. Rs.1,00,000 Nil Rs. 1,19,000 Rs. 1,21,000 (b) (d) Rs. 1,11,000 Rs. 1,20,000 The following data has been provided by Omega Ltd.: Item No. Units Cost per unit Realization value per unit 1 2 10 11 2 10 5 4 3 2 2 2 The value of inventory on item by item basis will be (a) (c) 34. Rs. 40 Rs.66 (b) (d) Rs.64 Rs.60 Sushila s business disclosed the following profits for the last two years: 2010 Rs.40,000 (including an abnormal gain of Rs.5,000) 2011 Rs.50,000 (After charging an abnormal loss of Rs.10,000) The value of goodwill on the basis of one year purchase of the average profit of last two years is (a) (c) 35. Rs.45,000 Rs.47,500 (b) (d) Rs.37,500 None of the three Ram sells goods for Rs.1,00,000 to Hari on 1st January, 2012 and on the same day draws a bill on Hari at three months for the amount. Hari accepts it and returns it to Ram, who discounts it on 4th January, 2012 with his bank at 12% per annum. The discounting charges are (a) (c) Rs.12,000 Rs.3,000 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Rs.4,000 Nil 207 MODEL TEST PAPER - 8 36. Nidhi started her business with capital of Rs.45,000 on 1st January, 2011. Interest on drawings Rs.5,000 and interest on capital Rs.2,000 were appearing in the Profit and Loss A/c for the year ended 31st December, 2011. Nidhi withdrew Rs.14,000 during the year and profit earned during the year amounted to Rs.15,000. Her capital on 31st December, 2011 is (a) (c) 37. (b) (d) Rs. 47,000 Rs. 43,000 The accountant of M/s ABC & Bros. paid personal income tax for the proprietor amounting Rs.10,000. This income tax should be (a) (c) 38. Rs. 67,000 Rs.45,000 Added to capital Debited to Trading Account (b) (d) Credited to Profit & Loss Account Deducted from capital Suresh s Trial balance provides you the following information: Bad debts Rs.10,000 Provision for doubtful debts Rs.15,000 Suresh wants to make a provision of Rs.20,000 at the end of the year. The amount debited to the Profit & Loss Account is (a) (c) 39. Rs. 45,000 Rs. 15,000 (b) (d) Rs. 5,000 None of the above Following are the extracts from the Trial Balance of a firm as at 31st March, 2012: Name of Account Debit Balance Credit Balance Rs. Rs. Salaries 16,000 P.F. deducted from salaries 1,000 Provide for employer s share of P.F. equivalent to employee s share to P.F. The amount at which salaries expense will be shown in the Profit and Loss A/c is (a) (c) 40. Rs.15,000 Rs.16,000 (b) (d) Rs.17,000 None of the above. Dinesh Garments purchased a machine for Rs.50,000 and spent Rs.6,000 on its erection. On the date of purchase it was estimated that the effective life of the machine will be ten years and after ten years its scrap value will be Rs.6,000. The amount of depreciation for each year on straight line basis is (a) (c) Rs.5,000 Rs.6,000 208 The Institute of Chartered Accountants of India (b) (d) Rs. 5,600 None of the above Common Proficiency Test (CPT) Volume - I 41. Xeta Ltd. was formed as a Public Limited Company with an authorized capital of Rs.20,00,000 divided into shares of Rs.10 each. Xeta Ltd. issued fully paid up shares of Rs.10 each at a premium of 20%, in consideration for acquiring assets worth Rs.3,64,800 from M/s Rahim Bros. To record this transaction, share capital need to be credited by (a) (c) 42. Rs.500 None of the above Rs. 4,000 Rs. 5,000 (b) (d) Rs. 1,000 Rs. 10,000 Rs. 640 Rs. 800 (b) (d) Rs. 600 None of the above Rs.1833 Rs.1,000 (b) (d) Rs.2,000 None of the above On 1st April, 2011, Raghu invested capital of Rs.2,00,000. He withdrew Rs.50,000 during the year. Interest on drawings is provided @ 10% per annum. The amount of interest on drawings deducted from capital is (a) (c) 47. (b) (d) Salary has been paid for 11 months from April 2011 to February, 2012 amounting Rs.22,000. The amount of outstanding salary shown in the balance sheet will be (a) (c) 46. Rs.300 Rs.400 A fire broke out on 30th March, 2012 in the godown of Mahesh. Inventory of invoice value Rs.1,600 was destroyed. The goods were invoiced at 25% above cost. The insurance company admitted claim of 50% only. The insurance claim accepted was (a) (c) 45. Rs.76,000 Rs.3,04,000 A Ltd. forfeited 1,000 equity shares of Rs.10 each, issued at a discount of 10%, for nonpayment of first call of Rs.2 and second call of Rs.3 per share. For recording this forfeiture, calls in arrear account will be credited by (a) (c) 44. (b) (d) Mr. Rajiv was the holder of 200 shares of Rs.10 each in RPG Ltd. upon which Rs.5 per share had been called up but he had paid only Rs.2.5 per share thereon. The company forfeited his shares and afterwards sold them to Satbir, credited as Rs.5 per share paid for Rs.900. The amount to be transferred to capital reserve is (a) (c) 43. Rs.3,80,000 Rs.2,00,000 Rs. 5,000 Rs. 2,500 (b) (d) Rs. 15,000 Rs.7,500 The Bank Account of Mukesh was balanced on 31st March, 2012. It showed an overdraft of Rs.50,000. It was observed that one cheque amounting Rs.20,000 deposited but not collected by bank till 31st March. Bank charges of Rs.500 were also charged by the bank during March but accounted in the book of Mukesh on April 4, 2012. The bank statement of Mukesh shows balance of (a) (c) Rs.70,500 Rs.70,000 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Rs.69,500 Rs.50,000 209 MODEL TEST PAPER - 8 48. Rs.5,000 was spent by Saroj for addition to machinery in order to increase the production capacity. The amount is (a) (c) 49. Rs.2,50,000 Rs.2,00,000 Rs.10,000 Rs. 11,500 (b) (d) Rs. 9,900 Rs.10,100 Rs. 3,94,000 Rs. 2,94,000 (b) (d) Rs. 3,46,000 None of the three Rs.12,500 Rs.10,000 (b) (d) Rs.12,000 None of the above A, B and C are the partners sharing profits in the ratio 1:1:2. C died on 30th June 2012 and profits for the accounting year ended on 31st December, 2011 were Rs. 24,000. How much share in profits for the period 1st January, 2012 to 30th June, 2012 will be credited to C s Account? (a) (c) 54. (b) (d) Goods costing Rs.10,000 sent out to consignee at Cost + 25%. Invoice value of the goods will be (a) (c) 53. Rs. 1,90,000 Rs.2,40,000 Capital introduced by Mr. A on 1.4.2011 Rs. 3,00,000; further capital introduced during the year was Rs. 50,000 in the mid of the year. Mr. A withdrew Rs. 2,000 per month and the profit earned during the year was Rs. 20,000. Capital as on 31.3.2012 will be (a) (c) 52. Deferred revenue in nature Liability in nature The total of the debit and credit side of a trial balance of Mr. Rajiv as on 31st March, 2012 were Rs.20,000 and Rs.10,000 respectively. The difference was transferred to suspense account. On 4th April, 2012, it was found that the total of purchase returns book was carry forward as Rs.1,500 instead of Rs.1,400. The balance of the suspense account after the rectification of this error will be (a) (c) 51. (b) (d) Prakash sells goods at 25% on sales. His sales were Rs.10,20,000 during the year. However, he sold damaged goods for Rs.20,000 costing Rs.30,000. This sale is included in Rs.10,20,000. The amount of gross profit is (a) (c) 50. Revenue in nature Capital in nature Rs. 12,000 Nil (b) (d) Rs. 6,000 Rs. 3,000 A purchased a car for Rs. 5,00,000, making a down payment of Rs. 1,00,000 and signing a bill payable of Rs. 4,00,000. As a result of this transaction (a) (b) (c) (d) Assets will increase by Rs. 5,00,000 Liabilities will increase by Rs. 4,00,000 Assets will increase by Rs. 4,00,000 Both (b) and (c) 210 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 55. Rekha purchased a machinery for Rs. 50,000 on 1.4.2011. She paid electricity charges and salary amounting Rs. 1,000 and Rs. 2,000 respectively. Telephone bill amounting Rs. 200 was outstanding on 31.3.2012. The amount of expenses for the year ended 31st March, 2012 will be (a) (c) 56. (b) (d) Rs. 10,450 None of the above 1,000 Nil (b) (d) 1,050 None of the three Salaries account Goods account Drawings account Salaries paid in advance account An old furniture was purchased for Rs. 10,000, it was repaired for Rs. 100. The repairs account should be debited by (a) (c) 60. Rs. 11,000 Rs. 10,500 Ramesh, an employee gets salary Rs. 10,000 per month. He withdrew goods worth Rs. 1,500 for personal use and got salary of Rs. 9,000 in cash in the month of March, 2012. The excess payment of Rs. 500 should be debited to (a) (b) (c) (d) 59. Rs. 3,000 Rs. 3,200 Gauri paid Rs. 1,000 towards a debt of Rs. 1,050, which was written off as bad debt in the previous year. Gauri s account should be credited with (a) (c) 58. (b) (d) Goods costing Rs. 10,000 is supplied to Ram at an invoice price of 10% above cost and a trade discount of 5%. The amount of sales is (a) (c). 57. Rs. 53,200 Rs. 53,000 Rs.10,000 Rs.100 (b) (d) Rs.10,100 Nil Rs.1,000 paid as rent to Krishna, the landlord, was debited to Krishna s personal account. This error will (a) (b) (c) (d) Affect the trial balance Not affect the trial balance Affect the suspense account None of the three Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 211 MODEL TEST PAPER - 8 SECTION B : MERCANTILE LAWS (40 MARKS) 61. A wager means: (a) (b) (c) (d) 62. Following conditions are implied in a contract of sale of goods unless the circumstances of the contract show a different intention: (a) (b) (c) (d) 63. Partner of firm cannot enter into a contract with the partnership firm. A member of a company can enter into a contract with the company. Partner of a firm can enter into a contract with the partnership firm. All of the above. Persons who do not fall under the category of persons of unsound mind (a) (c) 66. A right against or in respect of a thing. A right against or in respect of a person. Both (a) and (b). None of the above. Which of the following is not correct: (a) (b) (c) (d) 65. Condition as to wholesomeness. Sale by description as well as by sample. Condition as to quality or fitness. All of the above. Jus in personam means: (a) (b) (c) (d) 64. A promise to give money or money s worth upon the determination or ascertainment of an uncertain future event. A promise to give money or money s worth upon the determination or ascertainment of a certain future event. A promise to give money or money s worth upon the happening of future event the outcome of which is predetermined. A promise to give money or money s worth upon the non-happening of certain future events the outcome if which is predetermined. Lunatics Drunkard (b) (d) Alien Idiot Delivery of goods in case of transit made by handing over documents of title to goods is (a) (c) Actual Delivery. Symbolic Delivery. 212 The Institute of Chartered Accountants of India (b) (d) Constructive Delivery. All of the above. Common Proficiency Test (CPT) Volume - I 67. Contracts may be classified on the basis of their validity, formation or performance. Contracts classified on the basis of performance are of the following types: (a) (b) (c) (d) 68. A share certificate (a) (b) (c) (d) 69. Agent. Bailee. Physical force or threat. Both (a) and (b). (b) (d) Mental pressure. None of the above. Submit a dispute relating to the business of the firm to arbitration. Withdraw a suit or proceedings filed on behalf of the firm. Both (a) and (b). None of the above. A proposal may be revoked in the following ways: (a) (c) 73. (b) (d) Implied authority of the partner does not empower him to (a) (b) (c) (d) 72. Principal. Servant. Coercion involves: (a) (c) 71. Allows the person named therein to transfer the share mentioned therein by mere endorsement on the back of the certificate. Allows the person named therein to transfer the share mentioned therein by mere delivery of the certificate. Allows the person named therein to transfer the share mentioned therein by mere endorsement on the back of the certificate and the delivery of the certificate. None of the above. A person employed to do any act for another or to represent another in dealings with the third parties is: (a) (c) 70. Executed Contracts. Executory Contracts. Partly Executed or Partly Executory Contracts. All of the above. By notice of revocation. By death or insanity. (b) (d) By lapse of time. All of the above. Which of the following is correct? (a) (b) (c) (d) Recission must be communicated to the other party in the same manner as a proposal is communicated. Recission must be revoked in the same manner as a proposal is communicated. Communication of recission is optional. Both (a) and (b) Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 213 MODEL TEST PAPER - 8 74. Which of the following statement is / are correct? (a) (b) (c) (d) 75. A fraudulently informs B that A s estate is free from incumbrance. B thereupon buys the estate. The estate is subject to mortgage. Now (a) (b) (c) (d) 76. (b) (d) Dissolution by agreement. All of the above. Dissolution by the adjudication of all the partners or of all the partners but one as insolvent. Dissolution as a result of any agreement between all the partners. Dissolution by the business of the firm becoming unlawful. All of the above. Misrepresentation means and includes: (a) (b) (c) (d) 79. Compulsory dissolution. By intervention of the court. Dissolution by agreement is: (a) (b) (c) (d) 78. B may avoid the contract. B may insist upon its performance. B may get the mortgage debt redeemed. All of the above. Dissolution of a firm may take place in the following manner: (a) (c) 77. The general rule is unless otherwise agreed, the goods remain at the seller s risk until the property therein is transferred to the buyer, but when the property therein is transferred to the buyer, the goods are at the buyer s risk whether delivery has been made or not . Where the delivery of the goods has been delayed through the fault of either the buyer or the seller, the goods are at the risk of the party in fault as regards any loss which might not have occurred but for such fault. In ordinary circumstances, risk is borne by the buyer only when the property in the goods passes over to him. However, the parties may by special agreement stipulate that risk will pass sometime after or before the property has passed. All of the above. The positive assertion, in a manner not warranted by the information of the person making it, of that which is not true, though he believes it to be true. Any breach of duty, which, without an intention to deceive, gains an advantage to the person committing it, or any one claiming under him, by misleading another to his prejudice or to the prejudice of any one claiming under him. Causing, however innocently, a party to an agreement to make a mistake as to the substance of the thing which is the subject of the agreement. All of the above. A person may be admitted as a new partner: (a) (b) In accordance with a contract between the existing partners. In accordance with a contract between the existing partners or with the consent of all the existing partners subject to the provisions of Section 30 of the Indian Partnership Act, 1932. 214 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I (c) (d) 80. The Doctrine of Privity of Contract states that___________. (a) (b) (c) (d) 81. 1st July, 1872 1st September, 1872 There is only one contract There are two contracts There are three contracts There are actually only agreements and no contracts The seller Both of the above (b) (d) The buyer General Insurance Company of India (b) (d) Executory contract None of the above Agreement to sale is an ___________. (a) (c) 86. (b) (d) In case of a sale the risk of loss resulting from the insolvency of the buyer is borne by___________. (a) (c) 85. 1st October, 1872 15th August, 1872 In case of a contract of guarantee ___________. (a) (b) (c) (d) 84. A writes the telegram but the same has not been sent to B A dispatches the telegram B receives the telegram B responds to the telegram The Indian Contract Act, 1872 came into operation on and from___________. (a) (c) 83. A contract cannot confer any right on one who is not a party to the contract, even though the very object of the contract may have been to benefit him A contract can confer right on one who is not a party to the contract, if the contract benefits him A contract always confers right on one who is not a party to the contract A contract can confer rights on strangers A proposes by letter, to sell a house to B at a certain price. A revokes his proposal by telegram. The revocation is complete as against B when ___________. (a) (b) (c) (d) 82. After obtaining specific approval of the Registrar of Firms & Societies, to this effect. By simply taking the consent of the new partner. Executed contract Both of the above Suit for specific performance and suit for injunction ___________. (a) (b) (c) (d) Are remedies which provide the same result Are different remedies and they provide different results Are not the correct way to act against the party committing the breach Are the only correct way to act against the party committing the breach Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 215 MODEL TEST PAPER - 8 87. Contracting parties may not remain same in ___________. (a) (c) 88. (d) Actual Delivery Symbolic Delivery (b) (d) Constructive Delivery Physical Delivery Can sue for price Can sue the buyer for injunction (b) (d) Can sue for damages None of the above Return of goods is possible in case of ___________. (a) (c) 95. Becomes the owner of such money or those goods Must repay the money or return those goods Is allowed to sell the goods and retain the money realized from such sale Has no obligation to return the money, he may do so only a good gesture In case of an agreement to sell, the aggrieved party ___________. (a) (c) 94. Compulsory from the beginning Not compulsory till first five years of beginning of the partnership Not compulsory at all Compulsory only if the Registrar of Firms, gives an order in this regard Delivery by attornment is ___________. (a) (c) 93. Substituting a new contract for the old one Cancellation of the old contract Modifying or altering the terms of contract such that it has the effect of substituting a new contract for the old one Dispensing away the performance of the promise made by the other party A person to whom money has been paid, or anything delivered by mistake___________. (a) (b) (c) (d) 92. Is confined to his share of the profits and property in the firm Is same as that of any other partner in the firm Is similar as that of any other partner in the firm Is unlimited Registration of a partnership firm is___________. (a) (b) (c) (d) 91. Recission Alteration Recission means ___________. (a) (b) (c) 90. (b) (d) The liabilities of a minor when admitted to the benefits of the partnership ___________. (a) (b) (c) (d) 89. Remission Novation Sale Exchange (b) (d) Bailment None of the above (b) (d) Agrees to buy goods Buys or agrees to buy goods Buyer means a person who___________. (a) (c) Buys goods Has bought goods 216 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 96. The appropriation must be made by___________. (a) (b) (c) (d) 97. Partner by holding out is also known as ___________. (a) (c) 98. (b) (d) Dormant Partner Partner by stoppage @ 6% per annum, provided it is payable only out of profits @ 8% per annum, provided it is payable only out of profits @ 8.5% per annum, provided it is payable only out of profits At any rate, provided it is payable only out of profits A had offered B, a price of Rs.10, 00,000/- for B s flat. But B was not ready to sell the flat at all. A says to B that I shall kill you if you don t agree to sell me your house for Rs.10,00,000/- . B thereafter did all that was the desire of A in order to save his life. What is immediate answer? (a) (c) 100. Active Partner Partner by estoppel Interest on capital subscribed by a partner may be provided for in the partnership deed is ___________. (a) (b) (c) (d) 99. The seller with the assent of the buyer The buyer with the assent of the seller The buyer or the seller with or without the assent of the other Both (a) and (b) A can enforce the contract. A has applied coercion. (b) (d) B can enforce the contract. The contract is unenforceable. A had offered B, a price of Rs.10,00,000/- for B s flat. But B was not ready to sell the flat at all. A says to B that I shall kill you if you don t agree to sell me your house for Rs. 10,00,000/- . B thereafter did all that was the desire of A in order to save his life. Choose the most suitable statement for the purpose of finding out remedy for B. (a) (c) A has applied coercion. A is guilty of misbehaving with B. (b) (d) A has done fraud with B. A has an anti-social nature. SECTION C : GENERAL ECONOMICS (50 MARKS) 101. Which of the following statements is correct? (a) (b) (c) (d) In a two-good economy, the production possibilities frontier reflects the maximum amount of one good that can be produced when a given amount of the other good is produced. Microeconomics is the study of the behaviour of the economy as a whole. Positive economics focuses on welfare of the people of a society None of the above Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 217 MODEL TEST PAPER - 8 102. Which of the following is incorrect? (a) (b) (c) (d) 103. Which of the following situation does not lead to an increase in equilibrium price? (a) (b) (c) (d) 104. Downward sloping Perfectly elastic (b) (d) Relatively inelastic Upward sloping A firm s production function: (a) (b) (c) (d) 107. Rational, if the firm is covering its variable cost Rational, if the firm is covering its fixed cost Irrational, since plant closing is necessary to eliminate losses Irrational, since fixed costs are eliminated if a firm shuts down An individual firm in a perfectly competitive market faces a demand curve which is: (a) (c) 106. An increase in demand, without a change in supply A decrease in supply accompanied by an increase in demand A decrease in supply without a change in demand An increase in supply accompanied by a decrease in demand I am making a loss, but with the rent I have to pay, I can t afford to shut down at this point of time. If this entrepreneur is attempting to maximize profits or minimize losses, his behaviour in the short run is: (a) (b) (c) (d) 105. The cross elasticity of demand for two substitutes is positive The income elasticity of demand is the percentage change in quantity demanded of a good due to a change in the price of a substitute The cross elasticity of demand for two complements is negative The price elasticity of demand is always negative, except for Giffen goods Shows how much output and the level of input required for the firm to maximize profits Establishes the minimum level of output that can be produced using the available resources Shows the maximum output that can be produced with a given amount of inputs with available technology Shows labour force which is employed The law of diminishing returns: (a) (b) (c) (d) States that beyond some level of a variable input, the average product of that variable input begins to increase steadily. Assumes that there is technological improvement over time. States that beyond some level of a variable input, the marginal product of that variable begins to decrease steadily. Informs a firm whether or not to use a factor input. 218 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 108. Which of the following is correct? (a) (b) (c) (d) 109. If marginal revenue is positive and falling, total revenue will rise at a decreasing rate. Total revenue is equal to price times the quantity sold. Under perfect competition, total revenue is equal to marginal revenue times the quantity sold. 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) (c) 110. (b) (c) (d) They restrict the output to keep the price higher than under perfect competition. They charge a price higher than the marginal cost. Both (a) and (b) are correct. Both (a) and (b) are incorrect. Countries which are industrially well-developed generally have higher per capita income than countries which are not India is a capital surplus economy Agriculture sector need not depend upon industrial sector for its growth None of the above When unemployment tends to be a long term feature of a country, it is called (a) (c) 113. Constant returns to scale. Positive fixed cost. Which of the following statements is correct? (a) 112. (b) (d) Monopolies are allocatively inefficient because: (a) (b) (c) (d) 111. Decreasing returns to scale. Increasing returns to scale. Total Costs 0 15 35 60 92 140 Seasonal Unemployment Chronic Unemployment (b) (d) Cyclical Unemployment Structural Unemployment The effect of increase CRR will be reduced or nullified if: (a) (b) (c) (d) Bank rate is reduced Securities are sold in the open market SLR is increased People do not borrow from non-banking institutions Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 219 MODEL TEST PAPER - 8 114. India can reap the benefit of demographic dividend, as a great percentage of population is in the age group_____. (a) (c) 115. (b) (d) Wealth tax Gift tax 50 80 (b) (d) 70 90 3.2 11.5 (b) (d) 1.03 20.3 150 136 (b) (d) 177 5 Perfect inequality Perfect equality (b) (d) High level of inequality None of the above Over a period of time, since GINI index has increased, it means: (a) (c) 122. Income tax Custom duty A Gini Index of zero represents: (a) (c) 121. 4 percent 96 percent According to the latest UNDP report, 2012 India s relative global rating on HDI index is __________ among 187 countries. (a) (c) 120. (b) (d) According to the latest available data, the bed-population ratio in India is __________ per thousand population. (a) (c) 119. 10 percent 30 percent At the time of Independence and a number of years thereafter cotton textiles, jute and tea accounted for more than __________% of our export earnings. (a) (c) 118. 60 + years 15 - 64 years Which among the following is an indirect tax? (a) (c) 117. (b) (d) What percent of the sick units in India are big units? (a) (c) 116. 0-15 years 20-35 years (b) Inequalities have decreased Inequalities have remained constant (d) Can t say Inequalities have increased As compared to the targeted growth rate of 10% per annum in industrial production, the actual growth rate was __________ % per annum during the Tenth Plan. (a) (c) 9.4 6.5 220 The Institute of Chartered Accountants of India (b) (d) 8.7 7.5 Common Proficiency Test (CPT) Volume - I 123. The value added by the industrial sector in the GDP 2011-12 (constant price) is _________. (a) (c) 124. (b) (d) Direct taxes Subsidies Net foreign investment Net foreign investment plus net domestic investment Net domestic investment Replacement expenditure Incomes of the individual Export and import of goods (b) (d) Production of goods Incomes of the corporate Household sector only Government sector only Both household and government sectors Neither household nor government sector 66 25 (b) (d) 41 75 According to census 2011 (provisional figure) the sex ratio (number of females per 1,000 males) in India is __________. (a) (c) 131. Depreciation Foreign investments The share of direct taxes in the gross tax revenue (Centre and States combined) was __________ % in 2011-12. (a) (c) 130. 23 73 Demand for final consumption arises in __________. (a) (b) (c) (d) 129. (b) (d) Custom duties are levied on __________. (a) (c) 128. 50 100 Net domestic expenditure is consumption expenditure plus __________. (a) (b) (c) (d) 127. about 80% about 50% GDP at factor cost is equal to GDP at market price minus indirect taxes plus __________. (a) (c) 126. (b) (d) The MSME sector in India employs nearly __________ million people in 2010-11. (a) (c) 125. about 30% about 60% 940 927 (b) (d) 980 930 If as a result of 20 percent fall in the ticket fares the demand for watching movie in the cinema hall increases by 10 percent, then __________. (a) (c) Zero One Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Greater than zero but less than one Greater than one 221 MODEL TEST PAPER - 8 132. If out of 1000 population, 500 persons are in the labour force, 450 are employed, what is the unemployment rate? (a) (c) 55% 12.5% (b) (d) 10% 5% Questions 133 to 137 are based on the demand and supply diagrams in Figure 1. D1 and S1 are the original demand and supply curves. D2, D3, S2 and S3 are possible new demand and supply curves. Starting from initial equilibrium point (1) what point on the graph is most likely to result from each change? 133. If Figure 1 represents the market for Mars Bars, the initial equilibrium is at the intersection of S1 and D1. The new equilibrium if there is an increase in cocoa prices will be: (a) (c) 134. (b) (d) Point 9 Point 2. In Figure 1 (which represents the market for Mars Bars), the initial equilibrium is at the intersection of S1 and D1. The new equilibrium if there is rapid economic growth and the government also imposes a tax on Mars Bars is: (a) (c) 135. Point 3 Point 4 Point 3. Point 2. (b) (d) Point 9. Point 6. In Figure 1 (which represents the market for Mars Bars), the initial equilibrium is at the intersection of S1 and D1. The new equilibrium if there is a health scare about the effect Mars Bars may have is: (a) (c) Point 2. Point 3. 222 The Institute of Chartered Accountants of India (b) (d) Point 9. Point 6. Common Proficiency Test (CPT) Volume - I 136. In Figure 1 (which represents the market for Mars Bars), the initial equilibrium is at the intersection of S1 and D1. Assuming that mars bars are an inferior good, the new equilibrium if there is a recession and wages of workers producing them fall is: (a) (c) 137. Point 7 Point 6 Point 2 Point 3 (b) (d) Point 7 Point 6 A book seller estimates that if she increases the price of a book from Rs.60 to Rs.67, the quantity of books demanded will decrease from 2,035 to 1,946. The book s price elasticity of demand is approximately (a) (c) 139. (b) (d) In Figure 1(which represents the market for Mars Bars), the initial equilibrium is at the intersection of S1 and D1. Assume that the income of the consumers rises and at the same time there is an increase in the productivity in the production of Mars Bars. The new equilibrium will be: (a) (c) 138. Point 2 Point 3 0.4 1.0 (b) (d) 0.8 2.5 Concerned about the poor state of the economy, a car dealer estimates that if income decreases by 4 per cent, car sales will fall from 352 to 335. Consequently, the income elasticity of demand for cars is approximately (a) (c) 1.2 0.4 (b) (d) 0.01 1.2 A competitive firm sells as much as of its product as it chooses at a market price of Rs 200 per unit. Its fixed cost is Rs 600 and its variable costs (in rupees) for different levels of production are shown in the following table. Use Table 2 to answer questions 140-144. Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 223 MODEL TEST PAPER - 8 Table 2 Quantity 0 1960 25 2700 30 3700 35 5040 40 6800 45 9060 50 Fixed Cost Total Cost Average Variable Cost Average total Cost Marginal Cost - - - 11900 When production is 40 units, the average total cost is (a) (c) Rs. 8.80 Rs. 170 (b) (d) Rs. 15 Rs. 185 In the table marginal cost per unit that corresponds to 40 units of production is (a) (c) Rs. 44 Rs. 352 (b) (d) Rs. 170 Rs. 1760 To maximize profit, the firm should produce (a) (c) 15 units 35 units (b) (d) 30 units 50 units If the market price drops from Rs. 200 to Rs. 112, the firm s short run response should be (a) (b) (c) (d) 144. 1400 20 143. 940 15 142. 500 10 141. 0 5 140. Variable Cost Shut down Produce 5 units Produce 20 units Continue to produce the same number of units as before the drop in price. If the market price rises from Rs. 200 to Rs. 352, the firm s short run response should be (a) (b) (c) (d) Shut down Produce 40 units Produce 20 units Continue to produce the same number of units as before the increase in price. 224 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 145. Suppose a shopkeeper buys inputs worth Rs. 2,00,000 and his sales are worth Rs. 4,00,000 in a month. The input tax rate is 4% and output tax rate is 10%. What is Value added tax here after set off of input tax credit? (a) (c) 146. Rs. 8,000 Rs. 20,000 0.69 1.46 (b) (d) 1.0 2.66 The cross elasticity of monthly demand for gel pen when the price of refills increases by 20% and demand for gel pens falls by 30% is equal to: (a) (c) 148. (b) (d) If the quantity of blankets demanded increases from 4600 to 5700 in response to a decrease in their price from Rs. 220 to Rs. 190, the price elasticity of demand for blankets is (a) (c) 147. Rs. 32,000 Rs. 40,000 - 0.71 - 0.19 (b) (d) + 0.25 -1.5 The cross elasticity of monthly demand for ink pen when the price of gel pen increases by 25% and demand for ink pen increases by 50% is equal to: (a) (c) + 2.00 -2.09 (b) (d) - 2.00 + 2.09 Read the following table and answer question number 149 -150. Table 3 Number of products Marginal utility 0 1 2 3 4 5 6 7 8 9 149. Total utility 0 3600 6800 9600 12000 14000 15600 16800 17600 18000 - What is marginal utility when consumption increases from 4 units to 5 units? (a) (c) 3000 2000 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) 1200 1500 225 MODEL TEST PAPER - 8 150. What is marginal utility when consumption increases from 8 units to 9 units? (a) (c) 3000 2000 (b) (d) 400 1500 SECTION D : QUANTITATIVE APTITUDE (50 MARKS) 151. This method presents data with the help of a paragraph or a number of paragraphs. (a) (c) 152. P(A) + P(B) P(A) P(B) (b) (d) P(A) X P(B) P(A)/P(B) Positively skewed. Symmetrical. (b) (d) Negatively skewed. All of these. If x denotes height of a group of students expressed in cm. and y denotes their weight expressed in kg. , then the correlation coefficient between height and weight (a) (c) 155. Textual presentation. None of these. The normal curve is (a) (c) 154. (b) (d) If two events A and B are independent, the probability that they will both occur is given by (a) (c) 153. Tabular presentation. Diagrammatic representation. Would be shown in kg. Would be shown in kg. and cm. (b) (d) Would be shown in cm. Would be free from any unit. The base of log613 into the common logarithmic base is (a) (b) log10 6 log10 13 (c) 156. log 6 10 log 6 13 log10 13 log10 6 (d) None of these. Data collected on minority from the census reports are (a) (c) 157. (b) (d) Secondary data. Continuous data. The nationality of a person is an example of (a) (c) 158. Primary data. Discrete data. A variable. A continuous variable. (b) (d) A discrete variable. An attribute. The total sum of the values of a given year divided by the sum of the values of the base year is a (a) (c) Price index. Value index. 226 The Institute of Chartered Accountants of India (b) (d) Quantity index. None of these. Common Proficiency Test (CPT) Volume - I 159. Find the first derivative of y = loge x (a) (b) e log x (c) 160. 1 x 1 e x (d) None of these. Fisher s ideal index is (a) (b) (c) (d) 161. _________ is the upper part of the table, describing the columns and sub columns. (a) (c) 162. (b) (d) Positive None of these Zero correlation Positive correlation (b) (d) Negative correlation Simple correlation Medium Larger (b) (d) Smaller None of these Quartiles Centiles (b) (d) Deciles None of these Variance of a binomial distribution is always _________ its mean. (a) (c) 167. Zero Negative _________ are the values dividing a given set of observations into ten equal parts. (a) (c) 166. Stub Body The _________ the size of the sample more reliable is the result. (a) (c) 165. (b) (d) In case of a _________, plotted points on a scatter diagram lie from lower left corner to upper right corner. (a) (c) 164. Box head Caption The correlation between sale of cold drinks and day temperature is _________. (a) (c) 163. Arithmetic mean of Laspeyre s and Paasche s index. Median of Laspeyre s and Paasche s index. Geometric mean of Laspeyre s and Paasche s index. None of these. Equal to Less than (b) (d) More than None of these If in binomial distribution mean is 10 and S.D. is 2, q will be _________. (a) (c) 0 0.8 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) 0.2 0.4 227 MODEL TEST PAPER - 8 168. The sum of the following is _________. 1+ 3 - 5 + 7 + 9 - 11, + 13............................ 3n terms (a) (c) 169. (b) (d) 5 1 1 7 (b) (d) 1 7 5% 2.5% (b) (d) 25% 20% (b) (d) 4x5/3 None of these. 16x 1 The value of is 4x 2/ 3 (a) (c) 4x 3/5 4x 5/3 2 173. 2 3 A person borrowed Rs. 4,000 and after 6 months the amount paid was Rs. 4,050, find the rate of interest. (a) (c) 172. 5n2 + 2 3n2 If one root of the equation x2 + 7x+ p = 0 be reciprocal of the other then the value of p is_________. (a) (c) 171. (b) (d) If nP3 = 60 then value of n is _________. (a) (c) 170. 2n2 + 3 3n2 4n Evaluate xdx 2 +2 x 1 (a) (b) log 3 (c) 174. log 2 log 1 2 (d) log (b) (d) 9/10 None of these. Find the value of x if (a) (c) 175. 1 3 9 3 4 :x= : 2 4 5 15/2 3/4 The fourth proportional to 2/3, 3/7, 4/9,........ is (a) (c) 2/7 7/2 228 The Institute of Chartered Accountants of India (b) (d) 14/8 None of these. Common Proficiency Test (CPT) Volume - I 176. The solution set of equations 3x+ 4y = 7 and 4x y = 3, is (a) (c) 177. f {2,4} {1,3} {0} (b) (d) 9 2 Find g o f for the functions f (x) = x , g (x) = 2x2 + 1 2x2 + 1 (2x2 + 1) (b) ( x) 2x + 1 (d) x Two variables x and y are related by 5x + 2y + 5=0 and x = 5, then y is (a) (c) 10 15 (b) (d) 10 15 What is the median for the following observations 10, 16, 12, 18, 22, 8? (a) (c) 184. 363 None of these. (b) (d) 5 7 (c) 183. 360x + 240y < 5760 None of these. (b) (d) 663 336 (a) 182. (b) (d) x 2 + 3x + 2 lim Compute the value of x 1 3 2 x + 2x x + 1 (a) (c) 181. 360x + 240y > 5760 360x + 240y = 5760 B can be written as If A={1, 2, 3, 4} and B={2, 4} then A (a) (c) 180. 1, 1 1, 2 Find the value of 8! / 5! (a) (c) 179. (b) (d) A dealer has only Rs. 5,760 to invest in fans (x) and sewing machines (y). The cost per unit of fan and sewing machine is Rs. 360 and Rs. 240 respectively. This can be shown by: (a) (c) 178. 1, 1 2, 1 12 16 (b) (d) 14 None of these The variables x and y are related by 5x + 6y = 70 and median of x is 8. What is the median of y? (a) (c) 4 5 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) 4.5 5.5 229 MODEL TEST PAPER - 8 185. Find Q1 for the following observations: 7, 9, 5, 4, 10, 15, 14, 18, 6, 20 (a) (c) 186. 75 79 (b) (d) 0.80 1.00 (b) (d) 0.5 (b) (c) 0.5 (d) 0.25 0.5 7/15 (b) (d) 13/30 None of these. 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 hearts? (a) (c) 191. 0.90 1.10 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 3 or 7 is (a) (c) 190. 25 89 The coefficient of correlation between two variables is 0.5, then the coefficient of determination is (a) 189. 5.25 6.25 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 Frequency density of the second class interval. (a) (c) 188. (b) (d) If y = 4 + 3x and mode of x is 25, what is the mode of y? (a) (c) 187. 4.75 5.75 1/17 2/17 (b) (d) 1/4 None of these. A pair of dice is thrown. What is the probability that the sum of the numbers obtained is more than 10? (a) (c) 1/18 1/ 12 230 The Institute of Chartered Accountants of India (b) (d) 1/9 None of these. Common Proficiency Test (CPT) Volume - I 192. If the relationship between x and y is given by 4x+ 5y = 10 and the range of x is 15, what would be the range of y? (a) (c) 193. 5 9 (b) (d) ex(x + 1) + c ex(x 1) + c x.e dx x ex(x2 +1) + c ex(2x +1) + c 1,000 5,040 (b) (d) 999 None of these. 10% 18% (b) (d) 9% None of these. The length of the perpendicular from the point (2, 5) on the line 4x 3y +18 = 0 is (a) (c) 198. (b) (d) Find the effective rate of interest if I = Rs.1800, P = 18000, t = 1 year (a) (c) 197. 11 13 A letter lock has three rings each marked with 10 different letters. In how many ways it is possible to make an unsuccessful attempt to open the lock? (a) (c) 196. 7 6 Evaluate the integral of (a) (c) 195. (b) (d) Which term of the progression 1, 2, 4, 8 __________ is 64 (a) (c) 194. 10 12 2.7 2.2 If x2 ey + 4 log x = 0 then (b) (d) 2.5 2.1 dy is dx (a) (b) e y 2x 2 4 x 3e y (c) 199. e y 2x 2 + 4 + 8x x 3e y e y 2x 2 4 x 3e y (d) None of these. (b) (d) 10x7 None of these. Find (a) (c) dy , when y =10x8 dx 80x7 80x8 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 231 MODEL TEST PAPER - 8 200. 9x 3x x 0 4x 2x Evaluate lim (a) log 3 log 2 (b) log 4 log 2 (c) log 9 log 2 (d) log 3 log 4 232 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I MODEL TEST PAPER BOS/CPT-8 SECTION A : FUNDAMENTALS OF ACCOUNTING 1 (d) 2 (d) 3 (c) 4 (c) 5 (c) 6 (b) 7 (c) 8 (c) 9 (b) 10 (b) 11 (d) 12 (a) 13 (d) 14 (d) 15 (c) 16 (c) 17 (c) 18 (b) 19 (c) 20 (d) 21 (c) 22 (d) 23 (b) 24 (c) 25 (b) 26 (c) 27 (c) 28 (c) 29 (a) 30 (d) 31 (a) 32 (c) 33 (b) 34 (c) 35 (c) 36 (d) 37 (d) 38 (c) 39 (b) 40 (a) 41 (d) 42 (c) 43 (c) 44 (a) 45 (b) 46 (c) 47 (a) 48 (c) 49 (c) 50 (d) 51 (b) 52 (a) 53 (b) 54 (d) 55 (d) 56 (b) 57 (c) 58 (d) 59 (d) 60 (b) SECTION B : MERCANTILE LAWS 61 (a) 62 (d) 63 (b) 64 (a) 65 (b) 66 (c) 67 (d) 68 (d) 69 (b) 70 (a) 71 (c) 72 (d) 73 (d) 74 (d) 75 (d) 76 (d) 77 (b) 78 (d) 79 (b) 80 (a) 81 (c) 82 (d) 83 (c) 84 (a) 85 (b) 86 (b) 87 (c) 88 (a) 89 (b) 90 (c) 91 (b) 92 (b) 93 (b) 94 (b) 95 (d) 96 (d) 97 (c) 98 (d) 99 (c) 100 (a) Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 577 ANSWERS SECTION C : GENERAL ECONOMICS 101 (a) 102 (b) 103 (d) 104 (a) 105 (c) 106 (c) 107 (c) 108 (d) 109 (a) 110 (c) 111 (a) 112 (c) 113 (a) 114 (d) 115 (b) 116 (c) 117 (a) 118 (b) 119 (c) 120 (c) 121 (d) 122 (b) 123 (a) 124 (d) 125 (d) 126 (c) 127 (c) 128 (c) 129 (b) 130 (a) 131 (b) 132 (b) 133 (a) 134 (c) 135 (d) 136 (b) 137 (b) 138 (a) 139 (d) 140 (d) 141 (c) 142 (b) 143 (c) 144 (b) 145 (a) 146 (c) 147 (d) 148 (a) 149 (c) 150 (b) SECTION D : QUANTITATIVE APTITUDE 151 (b) 152 (b) 153 (c) 154 (d) 155 (c) 156 (b) 157 (d) 158 (c) 159 (a) 160 (c) 161 (c) 162 (b) 163 (c) 164 (c) 165 (b) 166 (c) 167 (d) 168 (c) 169 (a) 170 (a) 171 (c) 172 (c) 173 (a) 174 (d) 175 (a) 176 (a) 177 (b) 178 (c) 179 (c) 180 (d) 181 (b) 182 (d) 183 (b) 184 (c) 185 (c) 186 (c) 187 (c) 188 (b) 189 (b) 190 (a) 191 (c) 192 (c) 193 (a) 194 (d) 195 (b) 196 (a) 197 (c) 198 (c) 199 (a) 200 (a) 578 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 8 with Answers
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