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CA CPT : Volume 1 - Model Test Paper 16 (with Answers)

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BOARD OF STUDIES THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA COMMON PROFICIENCY TEST Model Test Paper BOS/CPT 16 Time : 4 hours Maximum Marks : 200 The test is divided into four sections. SECTION A : FUNDAMENTALS OF ACCOUNTING (60 MARKS) 1. An increase in owner s capital is recorded by: (a) (c) 2. Central Govt. (b) State Govt. Institute of Chartered Accountants of India (d) Reserve Bank of India Capital expenditure Deferred revenue expenditure (b) Revenue expenditure (d) Capital lost Personal accounts relate to: (a) (c) 6. (b) Lenders (d) All the above Cost of advertisement for the products of a company is a_________ (a) (c) 5. Suppliers Customers Accounting standards in India are issued by: (a) (c) 4. (b) Crediting the capital account. (d) None of the above. Users of accounting information include (a) (c) 3. Debiting the capital account. Crediting the cash account. machinery account, cash account, (b) expenses, losses, gains, revenue etc. rent account person, trade receivables or trade payables. (d) assets of firm but not debt Nominal account is governed by following rules: (a) (b) (c) (d) Debit what comes in, Credit what goes out Debit all expenses & losses, Credit all income & gain. Debit the receiver, Credit the giver None of the above. Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 427 MODEL TEST PAPER - 16 7. The accounting policies once adopted are not changed unless there is an urgent need for such change is based on (a) (c) 8. Mines and quarries None of these Decrease in Gross profit Increase in Gross profit (b) (d) No effect on Gross profit Increase in Trade receivables Debit column of trial balance Suspense Account (b) (d) Credit column of trial balance None of the above. Purchase Return book Purchase book (b) (d) Bill receivable book Journal Proper Balance Sheet Trading Account (b) (d) Profit & Loss Account Manufacturing account. To balance b/d By balance b/d (b) (d) To balance c/d By balance c/d Outstanding wages in trial balance is recorded in ________ (a) (c) 16. (b) (d) In case of Debit Balance the words __________ are written on the debit side. (a) (c) 15. Cattle, loose tools etc. Machinery and Building Capital expenditure are recorded in the _______ (a) (c) 14. Credit balance Both Debit and Credit balance Unpaid salary of Rs. 5,000 is to be recorded in the (a) (c) 13. (b) (d) While preparing the trial balance from the ledger balances, the drawings account is placed in: (a) (c) 12. Debit balance Overdraft balance Goods purchased from A for Rs. 2000 passed through the sales book. The rectification of this error will result in ________ (a) (c) 11. Accrual concept Conservation Depletion method of depreciation is used in _____ (a) (c) 10. (b) (d) Cash column in cash book has always ______ (a) (c) 9. Money measurement concept Consistency Trading account Balance sheet (b) (d) Profit & Loss account None of the three Amount spent for replacement of worn out part of machine is: (a) (b) (c) (d) Deferred Revenue expenditure Revenue expenditure Capital expenditure None of the above. 428 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 17. _________ is not added in the total of Balance sheet. (a) (c) 18. (b) (d) Capital None of the three Short period Very short period (b) (d) Long period None of the three Account sales Account statement (b) (d) Summary Statement Statement of affairs. A businessman purchased goods for Rs. 25,00,000 and sold 80% of such goods during the accounting year ended 31st March, 2009. The market value of the remaining goods was Rs. 4,00,000. He valued the closing inventory at cost. He violated the concept of: (a) (c) 23. General Secret Suraj consigned goods costing Rs. 250,000 to Mohan on 1st Jan 2006 by incurring Rs. 20,000 on freight. Some goods were lost in transit. For remaining goods Mohan spent Rs. 15,000 to take the delivery including storage charges. During the quarter, agent sold of the goods received by him for Rs. 3,00,000 and charged commission @ 10% on it. Suraj asked the details of goods lost, sold, expenses, commission and balance due to him alongwith the consignment inventory from Mohan. As desired, agent sent the periodical details statement commonly known as: (a) (c) 22. A credit sale of goods to X Rs 17 posted as Rs 71 A cash sale of goods to X Rs 17 posted as Rs 71 A credit sale of furniture to X Rs 17 posted as Rs 71 None of the above Capital expenditure provide _________ benefit. (a) (c) 21. Current liability None of the three ___________ Reserve is not shown in Balance Sheet. (a) (c) 20. (b) (d) Which of the following errors will not affect the trial balance? (a) (b) (c) (d) 19. Fixed liability Contingent liability Money measurement Cost (b) (d) Conservatism Periodicity An item of Rs. 500 relating to prepaid rent account was omitted to be brought forward. The rectifying journal entry will be: (a) (b) (c) (d) Rent A/c Dr To Cash Prepaid rent A/c Dr. To Cash Prepaid rent A/c Dr. To suspense None of the three 500 500 500 500 500 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 500 429 MODEL TEST PAPER - 16 24. Cash Sales Cash Collected from customers Bad Debts during the year Trade receivables at the beginning Total sales will be ______ (a) (c) 25. 50,000 1,30,000 5,000 10,000 Rs. 175,000 Rs. 180,000 (b) (d) Rs. 170,000 Rs. 178,000 An asset is purchased for Rs. 25,000, depreciation is to be provided annually according to straight line method. Useful life of the asset is 10 years and the residual value is Rs. 5,000. Rate of depreciation will be ______ (a) (c) 10% 12% 26. (b) (d) 8% 15% Rs. Opening inventory Closing inventory Purchase return Sales return 5,570 8,880 390 524 Rs. Purchases Sales Import charges Salary & wages 13,816 15,248 1,650 1,000 Above figures will show Gross Profit ________________ (a) (c) 27. (b) (d) Dr Salary and Cr Purchases A/c Dr Mohan and Cr purchases Dr Salary and Cr Purchases None of the above Rs. 10,000 Rs. 10,000 Rs. 7500 Cost of goods sold is 100,000 Opening inventory Closing inventory Amount of purchases will be _______ (a) (c) 29. Rs. 2,958 Rs. 4,000 Inventory worth Rs. 10,000 (cost price Rs. 7,500) taken by Mohan office clerk. Amount to be deducted from his salary in the subsequent month. Journal entry will be (a) (b) (c) (d) 28. Rs. 3,000 Rs. 2,500 105,000 95,000 5,000 10,000 (b) (d) 120,000 130,000 Rent has been paid for 11 months from April to February 2010 amounting Rs. 55,000. The amount of outstanding rent shown in the balance sheet will be (a) (c) Rs. 6,000 Rs. 4,000 430 The Institute of Chartered Accountants of India (b) (d) Rs. 5,000 None of the above. Common Proficiency Test (CPT) Volume - I 30. Capital introduced by Mr. A on 01.04.09 Rs. 300,000, further capital introduced during the year was Rs. 50,000 in the mid of the year. Mr. A withdrew Rs. 2,000 on the first day of each month. Interest on drawings is charged @ 5%. Profit earned during the year was Rs. 20,000. Capital at the end of the financial year will be __________ (a) (c) 31. (b) (c) (d) 1000 1000 1000 1000 1000 1000 Rs. 11,500 Rs. 3,500 (b) (d) Rs. 7,500 Nil Rs. 8,000 Rs. 9,000 (b) (d) Rs. 8,125 Rs. 8,500 Mohan and Krishna are equal partners. They admitted Ram for share in future profits. New profit sharing ratio will be __________ (a) (c) 35. Sales return A/c Dr To Ramesh Ramesh Dr. To Sales return Sales return of Dr. To Suspense None of the three Cost of machine Rs. 135,000 Residual value Rs. 5,000 Useful life 10 years. Company charged depreciation for the first 5 years on straight line method. Later on, it reviewed the useful life and decided to take it as useful for another 8 years. In the 6th year amount of depreciation will be __________ (a) (c) 34. Rs. 3,95,000 None of the three A purchased goods costing Rs. 42,500. B sold goods costing Rs. 40,000 at Rs. 50,000. Balance goods were taken over by A at Rs. 4,000. The profit on joint venture is (a) (c) 33. (b) (d) A cheque of Rs. 1000 received from Ramesh was dishonoured and had been posted to the debit of sales return account. Rectifying Journal entry will be ____________ (a) 32. Rs. 3,45,350 Rs. 3,46,000 3:3:2 2:2:1 (b) (d) 3:2:1 Cannot be calculated. Expenses incurred by the consignor on sending goods to consignee are Rs. 1000 for packing, Rs. 1500 on freight and Rs. 500 for insurance, while expenses incurred by the consignee on behalf of consignment are Rs. 300 on Octroi, Rs. 800 Godown rent and Rs. 1000 selling expenses. Expense amount to be excluded while calculating consignment inventory will be (a) (c) Rs. 1,800 Rs. 2,000 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Rs. 2,100 Rs. 2,600 431 MODEL TEST PAPER - 16 36. A, B and C are partners sharing profits in the ratio of 4:3:2. B retires. A and C decide to share profits in future in the ratio of 5:3. Gaining ratio between A and C will be ______ (a) (c) 37. Rs. 100 Rs. 60 Rs. 12,510 Rs. 10,000 (b) (d) Rs. 10,510 Rs.11,000 Sales account Charity account (b) (d) Purchases account None of the three Rs. 15,000 Rs. 10,000 (b) (d) Rs. 12,000 None of the three Money spent to reduce working/revenue expense is: (a) (b) (c) (d) 42. (b) (d) A company issued Rs. 1,00,000 15% Debentures at a discount of 5% redeemable after 10 years at a premium of 10%. Loss on issue of debentures will be: (a) (c) 41. Rs. 150 Rs. 75 Goods worth Rs. 500 given as charity should be credited to (a) (c) 40. 12:10 None of the three Consignee is entitled to get a commission of Rs. 25 per article sold plus one fourth of the amount by which gross sale proceeds less his total commission thereon exceeded a sum at the rate of Rs. 125 per articles sold. He sold 450 articles at Rs. 73,800. Commission amount will be____ (a) (c) 39. (b) (d) Virender Ltd. forfeited 20 shares of Rs. 100 each (Rs. 60 called up) issued at par to Ram on which he had paid Rs. 20 per share. All the forfeited shares were reissued to Syam as Rs. 60 paid up for Rs. 45 per share. Amount transferred to capital reserve will be. (a) (c) 38. 13:11 10:12 Capital expenditure Deferred Revenue expenditure Revenue expenditure None of the above. Alok Ltd. forfeited 300 shares of Rs. 10 each fully called up held by Ram for non payment of allotment money of Rs. 3 per share and final call money of Rs. 4 per share. Out of these 250 shares were reissued to Syam for a total payment of Rs. 2000. Amount transferred to capital Reserve will be ______ (a) (c) Rs. 200 Rs. 300 432 The Institute of Chartered Accountants of India (b) (d) Rs. 250 None of the three Common Proficiency Test (CPT) Volume - I 43. A company issued debentures of the face value of Rs. 100,000 at discount of 6% on Jan 2009. These debentures are redeemable by annual drawings of Rs. 20,000 made on 31st December each year. Directors decided to write off discount based on the debentures outstanding each year. Discount written off in the fifth year will be _______ (a) (c) 44. 4:3:2 2:3:2 (b) (d) 3:2:3 None of the three 5% 15% (b) (d) 10% None of the above. A and B are partners. A s capital is Rs. 10,000 and B s capital is Rs. 6,000 Interest is payable @ 6% p.a. B is entitled to a salary of Rs.300 per month. Profit for the current year before interest and salary to B is Rs. 8,000. Profit between A and B will be divided: (a) (c) 47. Rs. 500 None of the three What is the maximum allowable discount in case of re-issue of forfeited shares? (a) (c) 46. (b) (d) A, B and C are partners sharing profits in the ratio of 4:3:2 D is admitted for 1/3rd share in future profits. Sacrificing ratio will be __________ (a) (c) 45. Rs. 400 Rs. 600 A Rs. 1,720, B Rs. 1720 A Rs. 1,440, B Rs. 2000 (b) (d) A Rs. 2,000, B Rs. 1,440 None of the three A, B and C entered into partnership on 1st April, 2009 to share profits and losses in the ratio of 4:3:3. A, however, personally guaranteed that C s share of profit after charging interest on capital @ 5% p.a. would not be less than Rs. 40,000 in any year. Capitals were as follows. A Rs. 300,000 B Rs. 200,000 C Rs. 150,000 Profit for the year ended on 31st March 2010 amounted to Rs. 160,000. Sacrifice made by A for C will be ________ (a) (c) 48. (b) (d) Rs. 1,800 None of the above A and B are partners sharing profits in the ratio of 6:4. C is admitted as a partner. The new profit sharing ratio among A, B and C is 5:3:2. Sacrificing ratio will be _______ (a) (c) 49. Rs. 1,750 Rs. 2,000 1:1 2:3 (b) (d) 3:2 None of the above. A company issues 50,000 equity shares of Rs. 100 each at a discount of 10% (allowed at the time of allotment) the net amount payable is as follows: (a) On application Rs. 20 (b) On Allotment Rs. 20 (c) On First Call Rs. 25 (d) On Final Call Rs. 25 Shveti holding 100 shares did not pay final call money. Her shares were forfeited. Amount credited to forfeited share a/c will be _______ (a) (c) Rs. 6,000 Rs. 5,000 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Rs. 6,500 None of the above. 433 MODEL TEST PAPER - 16 50. A, B and C are equal partners with capitals of Rs. 1,00,000, Rs. 75,000 and Rs. 50,000 respectively. On C s retirement his share is acquired by A and B in the ratio of 6:4 respectively. Gaining ratio will be _________ (a) (c) 51. (b) (d) Rs. 4,000 None of the above. Rs. 12,000 Rs. 15,000 (b) (d) Rs. 10,000 None of the above. Rs. 50,000 Rs. 40,000 (b) (d) Rs. 45,000 None of the three Rs. 18,000 Rs. 20,000 (b) (d) Rs. 18,400 None of the above. As old machinery appearing in the books at Rs. 5,000 is to be exchanged for a new machinery of Rs. 5,000. The old machinery has been valued at Rs. 800 for exchange purpose. Loss on exchange will be _________ (a) (c) 57. Rs. 4,150 Rs. 4,500 Depreciation at 5% on office furniture of Rs. 8,000; at 10%on Plant and Machinery of Rs. 80,000; at 5% on Factory Building of Rs. 2,00,000. Total depreciation will be ______ (a) (c) 56. Capital Accounts None of the three A started business with Rs. 10,000 cash and Rs. 2,000 furniture. Sales amounted to Rs. 50,000 including Rs. 5,000 cash sale. Rs. 10,000 sales were outstanding at the end of the year. Cash balance will be ___________ (a) (c) 55. (b) (d) Goodwill is to be calculated at one and half years purchase of average profit of last 5 years. The firm earned profit during the first 3 years as Rs. 20,000, 18,000 and 9,000 and suffered losses of Rs. 2,000 and 5,000 in last 2 years. Goodwill amount will be _______ (a) (c) 54. Revaluation A/c Realisation A/c Dr. balance as per cash book is Rs. 3000. Cheque issued but not presented for payment Rs. 500, Interest collected by Bank Rs. 400, Deposit by a Customer direct into his bank Rs. 250. Bank reconciliation statement will show balance as per Pass Book _______ (a) (c) 53. (b)2:2 (d)None of the above On admission of a partner, unrecorded investments worth Rs. 5000 and unrecorded liability towards suppliers for Rs. 1500 will be recorded in (a) (c) 52. 3:2 2:3 Rs. 4,000 Rs. 4,500 (b) (d) Rs. 4,200 NIL Goods of Rs. 600 (sales price) sent on sale on approval basis were included in the sales book. The profit included in the sales was 20% on cost. Inventory with the party will increase our closing inventory by ________ (a) (c) Rs. 600 Rs. 400 434 The Institute of Chartered Accountants of India (b) (d) Rs. 500 None of the three Common Proficiency Test (CPT) Volume - I 58. At the time of recording the transaction in journal which types of error may happen: (a) (c) 59. (b) (d) Error of omission All of the above. Cheque of Rs. 700 received from Hariram in settlement of a debt of Rs. 720, was dishonoured and returned. Entry for dishonour will be _______ (a) (b) (c) (d) 60. Error of principle Error of commission Hari Ram To Bank Bank Discount To Hari Ram Hari Ram To Bank To Discount None of the above. Dr. 700 Dr. Dr. 700 20 Dr. 720 700 720 700 20 Paid rent to landlord Rs. 2,400, debited to Land Lord s A/c by Rs. 2,004. Rectifying entry will be ________ (a) (b) (c) (d) Rent A/c To Landlord Rent A/c To Landlord Rent A/c To Landlord To Suspense None of the three Dr. 2400 Dr. 2004 Dr. 2400 2400 2004 2004 396 SECTION B : MERCANTILE LAWS (40 MARKS) 61. In which form of contract the property in goods passes to the buyer immediately (a) (c) 62. (b) (d) Hire purchase Auction sale Which of the following modes of delivery of goods is considered effective for a valid contract of sale (a) (c) 63. Agreement to sell Sale Actual delivery Constructive delivery (b) (d) Symbolic delivery All of these Goods which are in existence at the time of the contract of sale is known as: (a) (c) Present goods Specific goods Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Existing goods Future goods 435 MODEL TEST PAPER - 16 64. The Right of Lien means (a) (b) (c) (d) 65. The right of lien can be exercised (a) (c) 66. (b) (d) Suit for specific performance All of these Resell goods Not resell goods Resell after giving notice to the buyer Resell goods without giving notice to the buyer Special Contract Law Company Law Mercantile Law Business Law Chapter XI of the Indian Contract Act Indian Partnership Act, 1932 Indian Partnership Act, 1934 Companies Act, 1956 In any partnership business, the number of partners should not exceed (a) (c) 71. For suit for damages Suit for breach of warranty The Law of Partnership is contained in the (a) (b) (c) (d) 70. Only for the expenses All of these The Indian partnership Act is one of the branches of _____ (a) (b) (c) (d) 69. (b) (d) In case of perishable goods the unpaid seller can (a) (b) (c) (d) 68. Only for the price Either for the price and expenses In case of breach of contract by the seller, the buyer has rights (a) (c) 67. To refuse to deliver the goods To take back delivery of goods To hold goods until payment is made None of these 10 15 (b) (d) 20 25 The partnership agreement may be __________ (a) (c) Express or implied Only oral 436 The Institute of Chartered Accountants of India (b) (d) Only written Only implied Common Proficiency Test (CPT) Volume - I 72. In a Joint Hindu family business (a) (b) (c) (d) 73. Which is not appropriate regarding the kind of partner (a) (c) 74. (b) (c) (d) (b) (c) (d) He has a right to share of the property and profits of the firm as may have been agreed upon. He has right to have access to and inspect and copy of books of the firm He has right to have access to and inspect and copy of any of accounts All of these The power of expulsion of a partner should be conferred by the contract between the partners The power should be exercised by majority of partners The power should be exercised in good faith All of these Valid Voidable (b) (d) Void Contingent A party entitled to rescind the contract, loses the remedy when (a) (b) (c) (d) 79. With consent of all other partners With the consent of main partner With the consent of sleeping partner No consent of any partner An agreement to share earnings of smuggling business is: (a) (c) 78. Sleeping partner Dummy partner A partner may be expelled from partnership subject to which conditions (a) 77. (b) (d) Which is not true regarding the rights of a minor partner (a) 76. Actual partner Active partner A partner may retire from a firm (a) (b) (c) (d) 75. A male member becomes a member by his birth A female does not become its member by birth A male member becomes a member by the permission of Karta A male becomes member by operation of law He has ratified the contract The third party has acquired right in good faith Contract is not separable All of these Standing offer means (a) (b) After allowed to remain open After made to public in general Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 437 MODEL TEST PAPER - 16 (c) (d) 80. In F.O.B. Contracts, F.O.B. stands for (a) (c) 81. Acquires no better title to the goods than the seller had Acquires same title of the goods as the owner had No title of goods None of these Only claim damages Treat the contract as repudiated Treat the Contract illegal All of these File a suit for damages for non delivery of goods File suit for specific performance File suit for breach of warranty All of these existing goods specific goods (b) (d) future goods contingent goods Concurrent conditions Mutual conditions (b) (d) Principal conditions All of these A contract of sale involves transfer of __________ (a) (c) 88. The buyer The third party The delivery of goods and payment of price are ______ (a) (c) 87. (b) (d) Only __________ can be subject matter of a sale (a) (c) 86. The owner of the goods The owner and the buyer If there is breach of contract of sale, the aggrieved party can _________ (a) (b) (c) (d) 85. Free on Board Free on Bill of Lading If there is breach of warranty, the aggrieved party can ________ (a) (b) (c) (d) 84. (b) (d) Where goods are sold by a person who is not the owner thereof, the buyer ______ (a) (b) (c) (d) 83. Free on Bill Free on Boarded Ship In case the goods are destroyed or damaged or lost by accident the loss will fall on _____ (a) (c) 82. When the offeree offers to qualified acceptance of the offer Offer made to a definite person Title of goods Liability (b) (d) Ownership None of these A warranty is a stipulation ____________ (a) (b) Essential to main purpose of contract of sale Collateral to the main purpose of contract of sale 438 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I (c) (d) 89. The unpaid seller may exercise his right of stoppage in transit __________ (a) (b) (c) (d) 90. When the part of the price has not been paid When the whole of the price has not been paid When a bill of exchange has been dishonoured All of these Right of resale can be exercised (a) (b) (c) (d) 95. Actual seller Any person who is in a position of seller Consignor of goods All of these The seller of goods is deemed to be an unpaid seller _________ (a) (b) (c) (d) 94. When buyer takes the delivery When delivery is made to a ship When there is part delivery of goods All of these The term seller includes (a) (b) (c) (d) 93. When the goods are delivered to a carrier When the goods are delivered to a bailee When seller waives his right of lien All of these The transit comes to an end (a) (b) (c) (d) 92. By taking actual possession of the goods By giving notice of his claim to the carrier By giving notice of his claim to the bailee in whose possession the goods are All of these The unpaid seller s right of lien shall be lost ________ (a) (b) (c) (d) 91. Secondary to the main purpose of contract of sale None of these Where the goods are of perishable nature When the seller expressly reserves a right of resale After giving reasonable notice All of these C.I.F. contract is ____________ (a) (b) (c) (d) Contract for the sale of insured goods Contract for sale of document Contract for sale of goods Contract for sale of specific goods Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 439 MODEL TEST PAPER - 16 96. Partnership is the relation (a) (b) (c) (d) 97. The court may not dissolve the firm in case of ____________ (a) (c) 98. (b) (d) Permanent incapabity of a partner Retirement of a partner The good will must be included in the assets The good will must not be included in the assets The good will should be separated before settlement The goodwill should be distributed among all the partners A invited B to a Birthday party. B promised to attend and give A Rs. 500 as a present on his birthday. B failed to attend. What are remedies for A (a) (b) (c) (d) 100. Insanity of a partner Misconduct of a partner In settling the accounts of a firm after dissolution ________ (a) (b) (c) (d) 99. Between persons Between firms Among numberless persons who have agreed to share the profits of a business carried on by them Established by way of land of agency. A cannot recover any damages from B A can file suit for recovery of Rs. 500 A can file a suit for breaking the promise A cannot file a suit for breaking the promise. A owes C Rs. 10,000 but the debt is barred by the limitation Act. D signs a written promise to pay C Rs. 5000 on account of the debt. Choose the best alternative (a) (b) (c) (d) A promise to pay a time barred debt is not enforceable It is not a valid contract It is a voidable contract A promise to pay full amount of Rs. 10,000 is a valid contract SECTION C : GENERAL ECONOMICS (50 MARKS) 101. Find the correct match of the following: (a) (b) (c) (d) 102. Economics is a science of wealth Alfred Marshall The range of our enquiry becomes restricted to that part of social welfare that can be brought directly or indirectly into relation with measuring Rod of money . Hicks. Economics is the Science which studies human behaviour as a relationship between ends and scares means which have alternative uses. Robbins Economics as a Science of Dynamic Growth and Development. A.C. Pigou Which of the following falls under Micro Economics ? (a) (c) National Income Factor Pricing 440 The Institute of Chartered Accountants of India (b) (d) General Price level National Saving and Investment Common Proficiency Test (CPT) Volume - I 103. Which of the following steps relates only to deductive method in Economics? (a) (c) 104. Policy relating to non-banking financial institution Policy relating to public revenue and public expenditure Policy relating to money and banking in a country All of the above. 1st Jan 1991 1st Jan 1995 (b) (d) 2nd March 1992 2nd March 1997 Perfect substitute Goods Perfect complementary goods (b) (d) Substitute Goods Complementary goods Infinite Less than zero (b) (d) More than zero zero Which of the following statement is incorrect ? (a) (b) (c) (d) 110. M2 M4 If a point on a demand curve of any commodity lies on X Axis then price elasticity of demand of that commodity at that point will be : __________ (a) (c) 109. (b) (d) When indifference curve is L shaped then two goods will be: (a) (c) 108. M1 M3 W.T.O. was established on: (a) (c) 107. Collection of data Perception of the problem Monetary policy means: (a) (b) (c) (d) 106. (b) (d) Broad Money refers to: (a) (c) 105. Testing of Hypothesis Classification of data Indian tax structure relies on a very narrow population base Direct taxes are differential, indirect taxes are progressive in nature The ratio of Direct taxes to indirect taxes which was 40:60 in 1951 declined to 20:80 in 1991 The total tax revenue is highly insufficient to meet the expenditure requirement of the economy Which of the following statements about Central Bank is incorrect? (a) (b) (c) (d) Central bank regulates currency in accordance with the requirements of business and the general public Central banks performs general banking and agency service for the state Central bank generally deals with the public and tries to encourage saving habits among people None of the above. Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 441 MODEL TEST PAPER - 16 111. Structural unemployment results due to: (a) (b) (c) (d) 112. Which of the following statements is correct about under utilization of capacity of industries in India? (a) (b) (c) (d) 113. Elasticity of supply is perfectly inelastic Elasticity of supply is relatively greater-elastic Elasticity of supply is inelastic Elasticity of supply is relatively less-elastic One characteristic not typical of oligopolistic industry is: (a) (b) (c) (d) 116. The change in output due to a one unit change in output Total cost divided by output The change in total cost due to one unit change in output Total revenue divided by the quantity of input If as a result of a change in price, the quantity supplied of a good remains unchanged, we conclude that: (a) (b) (c) (d) 115. The magnitude of under-utilisation varies from 20% to 60% in different industrial sectors The average under-utilization being in the region of 40% to 50% Over optimistic demand projection is one of the factors responsible for under utilization in industries All of the above Marginal cost is defined as (a) (b) (c) (d) 114. A change caused by the introduction of new machines, labour saving devices and improvement in methods of production A change caused by recessionary and depressionary phases of the economy A change caused by high population growth, primitive state of technology, low capital formation and vicious circle of poverty etc. A change caused by a decline in demand for production in particular industry and consequent disinvestments and reduction in its manpower requirement Too much importance to non-price competition Price leadership Horizontal demand curve A small number of firms in the industry Which of the following statements is incorrect about the benefits of value added tax? (a) (b) (c) (d) Overall tax burden will be rationalized There is a provision of self-assessment Price will in general fall There will be less transparency 442 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 117. Balance of services is the sum of all invisible service receipts and payment which could be ___________. (a) (c) 118. (b) (d) Add, divide Subtract, divide 10, 35 4, 23 (b) (d) 7, 30 10, 25 Seventh Ninth (b) (d) Fourth Eighth 10 30 (b) (d) 20 40 929 927 (b) (d) 729 933 The share of tertiary or services sector in GDP in 2011-12 was ___________ (a) (c) 125. Add, subtract Subtract, add According to 1991 the sex ratio (females per 1000 males) was _________ (a) (c) 124. 7,100 crore 2,000 crore The National Highways now carry more than ________ percent of the total road traffic. (a) (c) 123. (b) (d) India ranks _________ among the top fifteen debtor countries of the world 2011. (a) (c) 122. 4,500 crore 5,900 crore At present CRR (July, 2013) is _______ and SLR is ________ for entire net demand and time liabilities of the scheduled commercial banks. (a) (c) 121. Positive Zero, positive or negative If NNP figure is available at market prices we will ________ indirect taxes and ________ subsidies to the figure to get National Income of the economy. (a) (c) 120. (b) (d) The cost of tax collection has increased from Rs. 543 crore in 1990-91 (Central Government) to more than __________ in 2011-12. (a) (c) 119. Zero Negative 89 per cent 49 per cent (b) (d) 39 per cent 56 per cent The Government established __________ in 1982 to finance rural projects at lower rate of interests. (a) (b) (c) (d) Regional Rural Banks Reserve Bank of India National Bank for Agriculture and Rural Development Co-operative Banks Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 443 MODEL TEST PAPER - 16 126. The percentage of people working in Agriculture sector came down to around ______ per cent in 2011-12. (a) (c) 127. 45 74 NFFWP SGSY (b) (d) SJSRY PMGSY Mahatma Gandhi Electricity Fourth (b) (d) Electricy Ninth Mahatma Gandhi Electricity (b) Rajiv Gandhi Grameen Vidhutikaran (d) Electricity for All Indira Gandhi Vidhutikaran In a free market-economy, when consumer decrease their purchase of a good and the level of _______ exceeds _________ then prices tend to fall. (a) (c) 132. (b) (d) Which programme was started in 2005 to provide electricity to villages ? (a) (c) 131. 28 16.2 Every ___________ person in the world is an Indian and every third poor person in the world is also an Indian (a) (c) 130. 60 70 Nehru Rozgar Yojana, Urban Basic Services Programmes were merged with ___________ (a) (c) 129. (b) (d) The 10th plan targeted a reduction in infant mortality rate (IMR) to _______per 1000 by 2007 (a) (c) 128. 40 50 Prices, demand Demand supply (b) (d) Profits supply Supply, demand At present, the responsibility for the provision of finance for Agriculture, Trade and small industries has been handed over to: (a) (c) SBI NABARD, SIDBI (b) (d) NABARD NABARD, EXIM and SIDBI Figure given below gives the PPC for producing two types of commodities X and Y. Read the figure and answer questions 133-135 444 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 133. Which point in the above figure shows that the two commodities cannot be produced with given technology? (a) (c) 134. P S (b) (d) Q R P Q (b) (d) Both P and Q Both R and S What is privatization ? (a) (b) (c) (d) 137. S None of the above Which point or points in above figure show that outputs are being produced at least cost combination of resources? (a) (c) 136. (b) (d) Which point in above figure shows that the resources are not being utilized fully? (a) (c) 135. P Q It refers to the disposal of private sector s equity in the market It refers to the transfer of assets from public to private sector ownership It means integrating the domestic economy with the world economy None of the above Which of the following is false about disinvestments? (a) (b) (c) (d) As a result, the total realization of the government from various rounds of disinvestments has been much below the target The disinvestments was started in 1991-92 Adequate efforts were not made to build up the much needed linkages between the public enterprises and the capital market None of the above Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 445 MODEL TEST PAPER - 16 A competitive firm sells as much as of its product it chooses at a market price of Rs. 100 per unit. Its fixed cost is Rs. 300 and its variable costs (in rupees) for different levels of production are shown in the following table. Use table 1 to answer questions 138-141. Table No.1 Qty. Variable Fixed Cost cost Total Cost Average Varibale cost Average Total Cost Marginal Cost 0 0 5 270 10 490 15 720 20 1000 25 1370 30 1870 35 2540 40 3420 45 4550 50 5970 138. When production is 35 units, the average variable cost is: __________ (a) (c) 139. Rs. 72.25 Rs. 85.50 Rs. 3.50 Rs. 450 (b) (d) Rs. 74 Rs. 370 To maximize output, the firm should produce (a) (c) 141. (b) (d) In the table marginal cost per unit that corresponds to 25 units of production is (a) (c) 140. Rs. 7.25 Rs. 72.57 30 45 (b) (d) 35 50 If the market price drops from Rs. 100 to Rs. 74, the firm short run response should be: __________ (a) (b) (c) (d) Continue to produce the same number of units as before the drop in price Produce 10 units Produce 20 units Produce 25 units 446 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I Read the following data and answer Questions Number 142-147 XYZ are three commodities where X and Y are complements whereas X and Z are substitutes. A shopkeeper sells commodity X at Rs. 40 per piece. At this price he is able to sell 100 pieces of X per month. After some time he decreases the price of X to Rs. 20. Following the price decrease : He is able to sell 150 pieces of X per month The demand for Y increases from 25 units to 50 units The demand for commodity Z decreases from 150 to 75 units. 142. The price elasticity of demand when the price of X decreases from Rs. 40 per piece to Rs. 20 per piece will be equal to: (a) (c) 143. 1 +1.5 0.6 1 (b) (d) +0.6 +1 Demand is unit elastic Demand is perfectly elastic (b) (d) Demand is highly elastic Demand is inelastic 0.6 1.25 (b) (d) 0.4 1.35 We can say that commodity X in economics is a/an (a) (c) 148. (b) (d) Suppose income of the residents of locality increase by 50% and the quantity of X commodity increases by 20%. What is income elasticity of demand for commodity X? (a) (c) 147. +1 1.5 What can be said about price elasticity of demand for X? (a) (c) 146. 1.0 0.6 The cross-elasticity of Z when the price of X decreases from 40 to 20 is equal to: (a) (c) 145. (b) (d) The cross elasticity of monthly demand for Y when the price of X decrease from Rs. 40 to Rs. 20 is equal to: (a) (c) 144. 1.5 1.66 luxury good normal Good (b) (d) inferior Good none of the above If the total cost of manufacturing commodity X is Rs. 1,50,000. Out of this implicit cost is Rs. 55,000 and normal profit is Rs. 25,000, what will be explicit cost: (a) (c) Rs. 95,000 Rs. 80,000 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Rs. 1,25,000 Rs. 70,000 447 MODEL TEST PAPER - 16 Use Table No.3 to Answer Questions 149 150 Unit of Labour 1 500 500 2 430 3 1290 What is the total output when 2 units of labour are employed? (a) (c) 150. Marginal Output 0 149. Total Output 690 830 (b) (d) 930 680 What is the marginal output of the third unit of labour? (a) (c) 390 370 (b) (d) 380 360 SECTION D : QUANTITATIVE APTITUDE (50 MARKS) 151. If one of the regression coefficient is greater than unity, then other is less than unity. (a) (c) 152. (b) (d) An infinite set None of these An attribute A continuous variable (b) (d) A discrete variable A variable A.M. Median (b) (d) G.M. Mode When an event is decomposable into a number of simple events, then it is called a compound event? (a) (c) 156. A finite set As null set For open end classification, which of the following is the best measure of central tendency? (a) (c) 155. False None of these Age of person is (a) (c) 154. (b) (d) The set of cubes of the natural number is (a) (c) 153. True Both True Both (b) (d) False None of these In which case binomial distribution is not applicable if the value of variable is: (a) (c) 1.0 2.5 448 The Institute of Chartered Accountants of India (b) (d) 2.0 None of these Common Proficiency Test (CPT) Volume - I 157. The number of suicides or death by heart attack in time t ,this is example of: (a) (c) 158. (b) (d) False None of these Mutually exclusive Equally likely (b) (d) Exhaustive All these 7/2 1 (b) (d) 5/2 None of these ac c/a (b) (d) b/a None of these (b) (d) 1 log (1+ x) is equal to ___________ x 0 x 0 1 ______ terms will amount to 60 in the series 16+14+12 . nth term (a) (c) 165. True Both lim (a) (c) 164. G.M. Mode For equation ax2+ bx+ c = 0, the sum of roots are equal to _______ (a) (c) 163. (b) (d) The value of log 6 216 6 is equal to (a) (c) 162. A.M. Median If an unbiased coin is tossed once, then the two events head and tail are: (a) (c) 161. Poisson distribution None of these To find coefficient of correlation by scatter diagram method is not suitable, if the number of observations is very large (a) (c) 160. (b) (d) To find out the operational cost, profit per unit of article, output per man etc, which measure will be used by businessman? (a) (c) 159. Binomial distribution Probability distribution 4 5 (b) (d) 3 11 The score of 10 students in a test with maximum marks 50 were as follows 28, 36, 34, 28, 48, 22, 35, 27, 19, 41, then variance is equal to _____________ (a) (c) 69.16 49.61 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) 59.16 79.61 449 MODEL TEST PAPER - 16 166. A bag contains 20 discs numbered 1 to 20. A disc is drawn from the bag. The probability that the number on it is a multiple of 3 is _______ (a) (c) 167. (b) (d) 7,864.32 8,764.32 10 9.5 (b) (d) (b) (d) 7,684.23 6,789.32 Binomial distribution None of these 9 10.5 Find the value of the f(-1), the function given below is continuous at x = -1 x 2 2x 3 , x +1 (a) (c) 1 -4 for x 1 ; The value of f ( 1) is (b) (d) 1 None of these (b) (d) 3x-2 None of these (b) 2 (d) 0 d (x -1)(x - 2) is equal to dx (a) (c) 173. (b) (d) Poisson distribution Probability distribution f ( x) = 172. 105 None of these The median of the following items, 6, 10, 4, 3, 9 11, 22, 18 is ______________ (a) (c) 171. 110 100 The shape and location of a _________ changes as p changes for a given n or n changes for a given p. (a) (c) 170. 2/5 3/10 If the value of a car gets depreciated by 20% per year, estimated value at the end of five year is ______ , if its present value is Rs. 24,000. (a) (c) 169. (b) (d) 7 distinct things are to be divided in 3 groups, consisting of 2, 2 and 3 things respectively, number of ways this can be done is equal to ___________ (a) (c) 168. 5/10 1/5 2x-3 1 The value of (a) (c) 2 + 2 + 2 is equal to -2 2 450 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 174. If ratio of second to seventh terms in an A.P., where first term is 7 is 1/7. Find the common difference. (a) (c) 175. 720 2,880 3 If f(x) = x + (a) x3 + (a) (c) 180. 1 , then value of f(x) f (1/x) is equal to x3 (b) 1 x3 1 (d) None of these 2x + 2y 3 = 0 y x + 4 = 0 (b) (d) x y+3=0 None of these 2:3 2:1 (b)3:2 (d)1:2 dx x + x is equal to 2 log (1+ x ) + K log + K (b) (d) log (1+) + K None of these Find the sum of first twenty five terms of A.P. series whose nth term is . (a) (c) 181. 120 34,600 In a group of persons, average weight is 60 kg. If the average weight of males and females taken separately is 80 kg and 50 kg respectively, find the ratio of the number of males to that of females. (a) (c) 179. 42 13 The points A (7,3) and C (0,-4) are two opposite vertices of a rhombus ABCD. Find the equation of diagonal AC. (a) (c) 178. (b) (d) 0 (c) 177. (b) (d) In how many ways 5 gents and 5 ladies sit at a round table; if no two ladies are to sit together. (a) (c) 176. 10 12 105 125 (b) (d) 115 135 The difference between compound interest and simple interest on a certain sum for 3 years at 5% per annum is Rs. 76.25. Find the sum. (a) (c) Rs. 5,000 Rs. 9,000 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Rs. 8,000 Rs. 10,000 451 MODEL TEST PAPER - 16 182. A bag contains Rs. 187 in the form of 1 Rupees, 50 Paise, and 10 Paise coins in the ratio of 3:4:5. Find the number of each type of coins? (a) (c) 183. 8, 13 15, 18 (b) (d) 11, 14 None of these 4,275.00 3,662.50 (b) (d) Rs. 4,725.00 Rs. 3,266.50 23/120 32/120 (b) (d) 18/125 None of these 0.585 0.558 (b) (d) 0.885 None of these The marks obtained by 10 students in an examinations were as follows: 70, 65, 68, 70, 75, 73, 80, 70, 83, 86. Find mean deviation about the mean? (a) (c) 189. False None of these 3% of a given lot of manufactured parts are defective, what is the probability that in a sample of 4 items none will be defective. (a) (c) 188. (b) (d) Out of numbers 1 to 120, one is related at random, what is the probability that it is divisible by 8 or 10. (a) (c) 187. True Both Find the present value of an ordinary annuity of 8 quarterly payments of Rs. 500 each, the rate of interest being 8% p.a. compound quarterly. (a) (c) 186. 102, 136, 170 None of these If one of the number is 3 less than twice the other number and sum of squares of the two numbers is 233. Find the numbers. (a) (c) 185. (b) (d) The relation Is a factor of is the set of integers is symmetric relation. (a) (c) 184. 30, 40, 50 60, 80, 100 5.3 5.5 (b) (d) 5.4 5.6 For a set of 100 observations, taking assumed mean as 4, the sum of the deviations is 11 cm and the sum of squares of these deviations is 257 cm2. Find the coefficient of variation? (a) (c) 41.13% 25.13% 452 The Institute of Chartered Accountants of India (b) (d) 14.13% 52.13% Common Proficiency Test (CPT) Volume - I 190. The coefficient of rank correlation of marks obtained by 10 students in English and Economics was found to be 0.5, it was later discovered that the difference in ranks in the two subjects obtained by one student was wrongly taken as 3 instead of 7. Find correct coefficient of rank correlation. (a) (c) 191. 27 9 (b) (d) 6 None of these 0.15 0.212 (b) (d) 0.020 None of these 216 24 (b) (d) 120 240 1,2 2,1 (b) (d) 2,2 1,1 If A = {4, 5}, B = {2, 3}, C = {5, 6} then AX B C is (a) (c) 197. 100 200 If 2x + 5y 9=0 and 3x-y-5=0 are two regression equation, then find the value of mean of x and mean of y. (a) (c) 196. (b) (d) How many numbers greater than 2000 can be formed with the digits 1, 2,3,4,5? (a) (c) 195. 50 150 A random sample of 100 articles taken from a large batch of articles contains 15 defective articles. What is the estimates of the proportion of defective articles in the entire batch. (a) (c) 194. 0.26 None of these A population comprises 3 numbers 2, 6, 4. Find all possible number of samples of size two with replacement. (a) (c) 193. (b) (d) The mean of normal distribution is 500 and 16% of the values are greater than 600. What is the S.D. of the distribution. (a) (c) 192. 0.514 0.15 {(2, 5), (3, 5)} {(4, 3), (4, 2)} (b) (d) {(4, 2), (4, 6)} None of these (b) (d) e 0 ex - e2 x 2 x - 2 is equal to: lim (a) (c) e2 1 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 453 MODEL TEST PAPER - 16 198. If 3 times of Ramesh s age 6 years ago be subtracted from twice his present age, the result would be equal to his present age. Find Ramesh s age (a) (c) 199. (b) (d) 9 8 The sum and product of the equation 3x2 2x 6 = 0 are (a) (c) 200. 15 16 2/3, 2 2, 2/3 (b) (d) 2/3, 2 2, 2/3 (b) (d) 1, 3, 2 1, 3, 5 If 1176 = 2p .3q .7 r Find the value of p, q, r. (a) (c) 1, 2, 3 3, 1, 2 454 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I Model Test Paper BOS/CPT-16 SECTION A : FUNDAMENTALS OF ACCOUNTING 1 (b) 2 (d) 3 (c) 4 (b) 5 (c) 6 (b) 7 (c) 8 (a) 9 (b) 10 (a) 11 (a) 12 (d) 13 (a) 14 (a) 15 (c) 16 (b) 17 (c) 18 (c) 19 (c) 20 (b) 21 (a) 22 (b) 23 (c) 24 (a) 25 (b) 26 (b) 27 (c) 28 (a) 29 (b) 30 (a) 31 (b) 32 (a) 33 (b) 34 (a) 35 (a) 36 (a) 37 (b) 38 (a) 39 (b) 40 (a) 41 (a) 42 (b) 43 (a) 44 (a) 45 (d) 46 (a) 47 (a) 48 (a) 49 (b) 50 (a) 51 (a) 52 (a) 53 (a) 54 (a) 55 (b) 56 (b) 57 (b) 58 (d) 59 (c) 60 (c) SECTION B : MERCANTILE LAWS 61 (c) 62 (d) 63 (b) 64 (c) 65 (a) 66 (d) 67 (d) 68 (a) 69 (b) 70 (b) 71 (a) 72 (a) 73 (d) 74 (a) 75 (b) 76 (d) 77 (b) 78 (d) 79 (a) 80 (b) 81 (a) 82 (a) 83 (a) 84 (d) 85 (a) 86 (a) 87 (b) 88 (b) 89 (b) 90 (d) 91 (a) 92 (d) 93 (d) 94 (d) 95 (a) 96 (c) 97 (d) 98 (a) 99 (a) 100 (d) Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 593 ANSWERS SECTION C : GENERAL ECONOMICS 101 (c) 102 (c) 103 (a) 104 (c) 105 (c) 106 (c) 107 (c) 108 (d) 109 (b) 110 (c) 111 (d) 112 (d) 113 (c) 114 (a) 115 (c) 116 (d) 117 (d) 118 (b) 119 (c) 120 (c) 121 (b) 122 (d) 123 (c) 124 (d) 125 (c) 126 (c) 127 (b) 128 (b) 129 (b) 130 (c) 131 (d) 132 (d) 133 (d) 134 (d) 135 (b) 136 (b) 137 (d) 138 (c) 139 (b) 140 (a) 141 (d) 142 (d) 143 (b) 144 (d) 145 (d) 146 (b) 147 (c) 148 (d) 149 (b) 150 (d) SECTION D : QUANTITATIVE APTITUDE 151 (a) 152 (b) 153 (c) 154 (c) 155 (a) 156 (b) 157 (b) 158 (a) 159 (a) 160 (d) 161 (a) 162 (b) 163 (b) 164 (c) 165 (a) 166 (d) 167 (b) 168 (a) 169 (b) 170 (c) 171 (c) 172 (a) 173 (b) 174 (b) 175 (c) 176 (a) 177 (c) 178 (d) 179 (a) 180 (b) 181 (d) 182 (b) 183 (b) 184 (a) 185 (c) 186 (a) 187 (b) 188 (d) 189 (a) 190 (b) 191 (b) 192 (c) 193 (a) 194 (a) 195 (c) 196 (d) 197 (a) 198 (b) 199 (a) 200 (c) 594 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 16 with Answers
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