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CA CPT : Volume 1 - Model Test Paper 18 (with Answers)

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BOARD OF STUDIES THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA COMMON PROFICIENCY TEST Model Test Paper BOS/CPT 18 Time : 4 hours Maximum Marks : 200 The test is divided into four sections. SECTION A : FUNDAMENTALS OF ACCOUNTING (60 MARKS) 1. Loss leads to reduction in: (a) (c) 2. Objectivity Matching (b) (d) Materiality Periodicity Cash account Outstanding rent account (b) (d) Landlord account None of the above (b) (d) Cash book None of the these Bad debts entry is passed in (a) (c) 6. Profit and Loss account Trial balance Balance Sheet None of the above Rent payable to the landlord Rs. 5,000.00 is credited to (a) (c) 5. Capital None of the three The determination of expenses for an accounting period is based on the principle of: (a) (c) 4. (b) (d) Financial position of the business is ascertained on the basis of : (a) (b) (c) (d) 3. Liability Income Sales book Journal book Goods were sold on credit basis to XY Bros. for Rs. 1,000. This will be recorded in (a) (c) Cash book Bills receivable book Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Journal proper Sales book 481 MODEL TEST PAPER - 18 7. Compensation paid to retrenched employee is: (a) (c) 8. Sales book Purchase return book June 1, 2010 June 5, 2010 (b) (d) June 4, 2010 None of the above Cash Trade receivables (b) (d) Inventory Furniture & Fittings Revenue expenditure Deferred capital expenditure (b) (d) Capital expenditure None of the three above Mr. X has a Trade receivables of Rs. 1,00,000. Creating a provision for discount @ 2% on Trade receivables is in accordance with(a) (c) 13. (b) (d) Rs. 5,000.00 spent on maintenance of plant and machinery is: (a) (c) 12. Purchase book Petty cash book Current assets does not include: (a) (c) 11. Revenue expenditure Capital loss On April 1, 2010, a bill was drawn for two months. The maturity date of payment will fall on: (a) (c) 10. (b) (d) Petty expenses paid in cash are recorded in: (a) (c) 9. Capital expenditure Deferred revenue expenditure Conservatism Principle Cost Principle (b) (d) Materiality Principle Consistency Principle Interest on capital will be paid to partners if provided for in the agreement but only from (a) (c) Current profit Accumulated profit (b) (d) Reserves Goodwill 14. At the time of death of a partner, firm gets _______ from the insurance company against the joint life policy taken jointly for all the partners (a) Policy amount (b) Surrender value (c) Policy amount or surrender value whichever is higher (d) Policy amount or surrender value whichever is lower 15. Revaluation account is prepared at the time of _________ (a) Admission of a partner (b) Retirement of a partner (c) Both (a) and (b) (d) None of the three 16. While preparing a Bank Reconciliation Statement, if you start with overdraft as per Cash Book, then interest debited in pass book but not yet in cash book with in the period is (a) (c) Added Not required to be adjusted 482 The Institute of Chartered Accountants of India (b) (d) Deducted None of the above Common Proficiency Test (CPT) Volume - I 17. Inventory is ______ (a) (b) (c) (d) 18. As per Section 37 of the Indian Partnership Act, 1932 the executors would be entitled at their choice to the interest calculated from date of death till the date of payment on the final amount due to the dead partner at _______ percent per annum. (a) (c) 19. Interest on capital Profit of the year Remuneration to the partners All of the above Capital Profit (b) (d) Reserves Premium for goodwill Money measurement Conservatism (b) (d) Cost Periodicity A machine was purchased for Rs. 1,00,000 on 01.01.2009 and on 31.12.2009 its net realizable value was Rs. 1,50,000.00. Do you prefer to count this profit? If you count which of the following concepts will be violated? (a) (c) 23. 4 12 A businessman purchased goods Rs. 25,00,000 and sold 70% of such goods during the accounting year ended 31st March, 2010 the market value of the remaining goods was Rs. 5,00,000 He valued the closing inventory at Rs. 5,00,000 and not Rs. 7,50,000 due to (a) (c) 22. (b) (d) If the incoming partner brings any additional amount in cash other than his capital contribution then it is termed as ________ (a) (c) 21. 7 6 Fluctuating capital account is credited with (a) (b) (c) (d) 20. Fixed assets Current assets Investments Intangible fixed assets Realisation Accrual (b) (d) Conservatism Matching The plant and machinery account of a firm had a debit balance of Rs. 1,45,800 on January 1, 2010. It was purchased on January 1, 2007. Firm has been following the practice of charging full years depreciation every year @ 10% on diminishing balance. The cost of machinery in 2007 will be: (a) (c) Rs. 2,00,000.00 Rs. 1,90,000.00 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Rs. 2,25,000.00 Rs. 2,50,000.00 483 MODEL TEST PAPER - 18 24. Opening inventory Cash purchases Credit purchases Cash sales Credit sales Rs. 80,000.00 1,00,000.00 2,00,000.00 1,60,000.00 2,50,000.00 Purchase returns Sales returns Carriage inwards Wages Closing inventory Rs. 6,000.00 10,000.00 12,000.00 12,000.00 60,000.00 Gross profit of the firm will be (a) (c) 25. (b) (d) Rs. 70,000.00 Rs. 80,000.00 Rs. 90,000 Rs. 1,01,200 (b) (d) Rs. 78,800 Rs. 1,11,200 Rs. 12,500.00 Rs. 15,000.00 (b) (d) Rs. 11,000.00 Rs. 14,375.00 According to Table A of the Companies Act, Interest on calls in arrears is charged at the rate of (a) (c) 29. Rs. 67,000.00 Rs. 75,000.00 A purchased a computer costing Rs. 10,000.00 repairing expenses Rs. 1,000.00 and miscellaneous expenses Rs. 500.00. He sold the computer at 20% margin on selling price. The sale value will be: (a) (c) 28. Rs. 75,000.00 Rs. 60,000.00 A new machine was purchased for Rs. 1,00,000 but the amount was wrongly posted to furniture account as Rs. 10,000 and cash received from customers Rs. 11,200 was omitted to be posted in the ledger. The difference in trial balance due to such errors will be (a) (d) 27. (b) (d) Mohan started business with Rs. 10,000.00 cash and Rs. 2,000.00 furniture. Sales amounted to Rs. 50,000.00 including Rs. 5,000.00 cash sales. Rs. 10,000.00 sales were outstanding at the end of the year. Purchase amounted to Rs. 30,000.00 including Rs. 10,000.00 cash purchases. Rs. 15,000.00 has been paid to suppliers. Expenses paid during the year 19,300. Trial Balance total will be (a) (c) 26. Rs. 62,000.00 Rs. 80,000.00 4% 6% (b) (d) 5% None of these A company can issue redeemable preference shares (a) (c) At par At discount 484 The Institute of Chartered Accountants of India (b) (d) At premium All of the three Common Proficiency Test (CPT) Volume - I 30. A second hand car is purchased for Rs. 10,000.00 the amount of Rs. 1,000.00 is spent on its repairs, Rs. 500.00 is incurred to get the car registered in owner s name and Rs. 1200.00 is paid as dealer s commission. The amount debited to car amount will be: (a) (c) 31. Rs. 10,000.00 Rs. 11,500.00 (b) (d) Rs. 10,500.00 Rs. 12,700.00 Mr. Ram is a partner in a firm. He made drawings as follows: July 1 200.00 August 1 200.00 September 300.00 November 1 50.00 February 1 100.00 If the rate of interest on drawings is 6% and accounts are closed on March, 31, the interest on drawings is: (a) (c) 32. Rs. 29.75 Rs. 30.00 (b) (d) Rs. 35.00 Rs. 40.00 A started business on Jan 1 with a capital of Rs. 40,000. On 31st Dec, his position was Trade payables Rs. 4,700, machinery Rs. 40,000, furniture Rs. 2,000, Trade receivables Rs. 1,300, Cash Rs. 15,000. He made drawings @ Rs. 200 per month and Rs. 1,000 which he brought on 1st Oct. in the business as further capital. Business profit will be (a) (c) 33. (b) (d) Rs. 16,000 Rs. 17,000 In a joint venture between A and B, A spent Rs. 3,000 on freight and also raised a loan from Bank of Rs. 50,000 at 18% p.a. repayable after one month B spent Rs. 5,000 as selling expenses and he also raised a loan from Bank of Rs. 1,50,000 at 18% repayable after two months. The total expenses of Joint Venture will be: (a) (c) 34. Rs. 15,000 Rs. 14,000 Rs. 8,000 Rs. 9,500 (b) (d) Rs. 8,500 Rs. 13,250 A boiler was purchased from abroad for Rs. 10,000. Shipping and forwarding charges amounted to Rs. 2,000. Import duty paid Rs. 7,000 and expenses of installation amounted to Rs. 1,000. Amount debited to boiler A/c will be (a) (c) Rs. 10,000 Rs. 19,000 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Rs. 12,000 Rs. 20,000 485 MODEL TEST PAPER - 18 35. A of Kanpur consigned 300 calculators costing Rs. 250 each to B of Faridabad. He paid carriage and freight Rs. 1,500 and transit insurance Rs. 900.00 B incurred following expenses: Unloading charges Octroi Carriage Godown rent Selling expenses 200 calculators were sold @ Rs. (a) (c) 36. Rs. 52,488 Rs. 50,000 (b) (d) Rs. 52,000 Rs. 55,000 Rs. 7,000 Rs. 8,000 (b) (d) Rs. 6,800 None of the above Added Ignored (b) (d) Substracted None of the three Goods costing Rs. 7,500 were sold at 25% profit on selling price. The amount of sales will be (a) (c) 40. Rs. 26,000 Rs. 27,000 In the bank reconciliation statement when balance as per cash book is taken as the starting point then Bank charges debited by Bank Rs. 10, cheques paid in but dishonoured Rs. 200 and cheques paid in but not credited by bank Rs. 950 will be (a) (c) 39. (b) (d) Mohan consigned 50 cases at Rs. 350 each to B of Varanasi to sell it on consignment basis. Consignor paid Rs. 1,800 for freight and insurance. All the cases were sold for Rs. 28,000. Selling expenses paid by agent Rs. 900 and their commission to Rs. 1,000. Consignment profit will be (a) (c) 38. 400 600 800 500 320 each. Value of closing inventory will be - The original cost of furniture amounted to Rs. 80,000. It is decided to write off 10% on the diminishing balance of the asset each year. Balance of furniture account at the end of the fourth year will be: (a) (c) 37. Rs. 26,400 Rs. 25,000 Rs. Rs. Rs. Rs. Rs. 420 Rs. 8,000 Rs. 9,000 (b) (d) Rs. 10,000 Rs. 11,000 A bill is drawn on 28 March, 2010 for one month after sight. Date of acceptance is 2nd April, 2010. The maturity date of the bill will be (a) (c) 1st March 2010 5th May 2010 486 The Institute of Chartered Accountants of India (b) (d) 28th April 2010 2nd May 2010 Common Proficiency Test (CPT) Volume - I 41. Which of the following is false? (a) (b) (c) (d) 42. A and B are partners sharing profits in the ratio of 3:2. C is admitted as a new partner the new profit sharing ratio among A, B, and C is 5:3:2. Sacrificing ratio will be (a) (c) 43. (b) (d) Rs. 18,000 None of the three Rs. 12,000 Rs. 15,000 (b) (d) Rs. 10,000 None of the three Rs. 40,000 Rs. 60,000 (b) (d) Rs. 50,000 None of the three Purchases book Cash book (b) (d) Sales book None of the three Debentures issued as collateral security is (a) (b) (c) (d) 48. Rs. 15,000 Rs. 16,000 Credit purchase of stationery worth Rs. 10,000 by a stationery dealer will be recorded in (a) (c) 47. 2:1 None of the three The firm earns a profit of Rs. 20,000 and has invested capital amounting to Rs. 1,50,000. In the same class of business normal rate of earning is 10%. Goodwill according to capitalization method will be (a) (c) 46. (b) (d) A and B are partners sharing in the ratio of 3:2. C is admitted for 1/5th share and brings Rs. 15,000 as capital and necessary amount for his share of goodwill. The goodwill of the entire firm is valued at Rs. 60,000. Goodwill brought by C will be (a) (c) 45. 1:1 1:3 A, B and C were in partnership sharing profits in the ratio of 4:2:1 respectively. A guaranteed that in no case C s share in profit should be less than Rs. 7,500. Profits for the year 2009 amounted to Rs. 31,500. A will get (a) (c) 44. Equity is owner s stake and the debenture is a debt. Rate of interest on debentures is fixed. Debenture holders get preferential treatment over the equity holders at the time of liquidation. Interest on debentures is an appropriation of profits. Added in the total of liabilities Added in the total of assets Both (a) and (b) None of the three Premium on issue of debentures is recorded on the liability side under the heading. (a) (c) Secured loan Current liabilities and provisions Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Unsecured loan None of the three 487 MODEL TEST PAPER - 18 49. A company issues 100 debentures of Rs. 1,000 each at 97 per cent. These are repayable out of profits by equal annual drawings over 5 years. Discount on issue of debentures will be written off in the ratio (a) (c) 50. (b) (d) Cash book None of the three Profit & Loss Account Balance Sheet (b) (d) Profit & Loss Appropriation Account None of the above Rs. 100 Rs. 200 (b) (d) Rs. 75 Rs. 80 Z Ltd. purchased plant and machinery for Rs. 2,00,000 payable as to Rs. 65,000.00 in cash and the balance by an issue of 6% debentures of Rs. 1,000 each at a discount of 10%. Discount amount will be (a) (c) 54. Sales return book Journal proper V.K. Ltd. forfeited 20 shares of Rs. 100 each (Rs. 60 called up) issued at par to Mohan on which he had paid Rs. 20 per share. Out of these 15 shares were reissued to Sohan as Rs. 60 paid up for Rs. 45 per share. Amount transferred to capital reserve will be (a) (c) 53. 4:3:2:1:1 None of the three Securities premium is recorded in (a) (c) 52. (b) (d) Returns of cash sales is recorded in (a) (c) 51. 5:4:3:2:1 3:3:4:2:1:1 Rs. 10,000 Rs. 12,000 (b) (d) Rs. 15,000 None of the three 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) 10,000 12,000 55. Opening trade receivables Total sales Cash sales Cash received from customers Bad debts Return inward Bills received from customers Trade receivables at end will be (a) (c) Rs. 56,000 Rs. 60,000 488 The Institute of Chartered Accountants of India (b) (d) 15,000 None of the three Rs. 20,000 90,000 20,000 20,000 3,000 1,000 10,000 (b) (d) Rs. 70,000 Rs. 65,000 Common Proficiency Test (CPT) Volume - I 56. Goods costing Rs. 10,00,000 sent out to consignee at cost + 25%. Invoice value of goods will be (a) (c) 57. Goodwill A/c by Rs. 2,00,000 Legal Services A/c by Rs. 2,00,000 Formation expenses A/c Rs. 2,00,000 Promoters expenses A/c Rs. 2,00,000 Rs. 11,000 Rs. 12,000 (b) (d) Rs. 10,000 Rs. 13,000 Machinery costing Rs. 10,00,000 was purchased on 01.04.2009. The installation charges amounting Rs. 100,000 were incurred. The depreciation at 20% p.a. on straight line method for the year ended 31st March 2010 will be (a) (c) 60. Rs. 12,50,000 Rs. 12,25,000 X Y Z and Company employs a team of ten workers who were paid Rs. 1,000 each in the year ending Dec. 31, 2009. At the start of the year 2010 company raised salaries by 20%. The amount of salaries for the year ended 31st Dec. 2010, will be (a) (c) 59. (b) (d) 2,000 shares of Rs. 100 each were issued to promoters of the company for their legal services, rendered in the formation of the company. For this, company credited share capital A/c and debited. (a) (b) (c) (d) 58. Rs. 10,00,000 Rs. 12,00,000 Rs. 2,20,000 Rs. 2,10,000 (b) (d) Rs. 2,00,000 None of the above Original cost Rs. 1,26,000, Salvage value nil, Useful life - 6 years. Depreciation for the fourth year under sum of digits method will be (a) (c) Rs. 18,000 Rs. 12,000 (b) (d) Rs. 6,000 Nil SECTION B : MERCANTILE LAWS (40 MARKS) 61. The Indian Contract Act came into force on (a) (c) 62. (b) (d) 23rd Nov., 1872 3rd Nov., 1872 (b) (d) The Indian Contract Act, 1872 None of the above (b) (d) Obligation Promise The contract is defined in (a) (c) 63. 1st Sept., 1872 26th Sept., 1872 The Sale of Goods Act, 1930 The Partnership Act, 1932 An agreement enforceable by law is a (a) (c) Contract Offer Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 489 MODEL TEST PAPER - 18 64. Proposal when accepted becomes (a) (c) 65. All contracts are agreement Set of promises are contracts At the time of contract of sale After the time of contract of sale (b) (d) Before the time of contract of sale All of these Before making the contract of sale After making the contract of sale (b) (d) At the time of contract of sale All of these Compulsory transfer of possession by one person to another person Voluntary transfer of possession by one person to another Mere person to of possession by one person to another person All of these Bill of lading Railway Receipt (b) (d) Dock-warrant All of these Auctioneers Brokers (b) (d) Factors All of these Insolvent means (a) (b) (c) (d) 73. (b) (d) The merchantile agents include (a) (c) 72. All agreements are contract All promises are agreement Which one is the example of document of title to goods (a) (c) 71. Acceptance of a proposal Promise Which of the following is true, delivery means (a) (b) (c) (d) 70. (b) (d) Future goods means goods to be manufactured or acquired by the seller (a) (c) 69. Set of reciprocal promises Contract Existing goods are such goods as are in existence (a) (c) 68. Agreement Lawful Promise Which of the following is true (a) (c) 67. (b) (d) Agreement is a (a) (c) 66. Acceptance Promise A person when he ceases to pay his debts in ordinary ease of business A person when he accepts to pay his debts before due date A person when he accepts to pay his debts as they become due All of these Partnership is the relation (a) (c) Between persons Between companies 490 The Institute of Chartered Accountants of India (b) (d) Between firms Among numberless persons Common Proficiency Test (CPT) Volume - I 74. The term business includes (a) (c) 75. A competent person A registered company Alien enemy A business firm (b) (d) Person of unsound mind A member of registered company From status decided by court By operation of law (b) (d) As a result of an agreement All of these Valid but not enforceable enforceable at the option of one party Enforceable at the option of both the parties Not enforceable in court A void agreement is (a) (b) (c) (d) 82. (b) (d) A voidable agreement is (a) (b) (c) (d) 81. Married woman An old man of 60 years A Joint Hindu Family arises (a) (c) 80. All the essential elements of a valid contract must be present in partnership agreement No need of essential elements of a valid contract in a partnership contract Only consideration should be present in partnership agreement All of these Who can enter into a contract of partnership ? (a) (c) 79. A minor may be admitted to the benefits of partnership with the consent of all other partners A minor may be admitted to the benefits of partnership with no consent of other partners A minor may be admitted to the benefits of the consent of his partners A minor may be admitted to the benefits of partnership with the guarantee of his parents Which is odd in case of who may be partners? (a) (c) 78. Every occupation All of these Which is correct ? (a) (b) (c) (d) 77. (b) (d) Which is true statement regarding the including of the minor in partnership firm? (a) (b) (c) (d) 76. Every trade Every profession Illegal contract Not enforceable by law Enforceable at the option by both the parties Enforceable at the option of one party An offer to be valid must (a) (b) Be communicated to the person to whom it is made Be communicated to the third party Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 491 MODEL TEST PAPER - 18 (c) (d) 83. A valid offer must be _________ (a) (b) (c) (d) 84. Revocation All of these Altogether void Illegal (b) (d) Voidable None of these Void Illegal (b) (d) Voidable None of these The Transfer of Property Act, 1882 (b) The Sales of Goods Act, 1930 (d) The Indian Partnership Act, 1932 The Indian Contract Act, 1872 Let the buyer beware Let the buyer and seller both beware (b) (d) Let the seller beware None of these Express contract means ________ (a) (b) (c) (d) 91. (b) (d) Caveat Emptor means ______ (a) (c) 90. Counter offer Rejection of offer by offeree The term consideration is defined in (a) (c) 89. Conditional Liable to be accepted by law Consequences of coercion, fraud, misrepresentation makes the contract (a) (c) 88. (b) (d) An agreement entered into by a minor s ________ (a) (c) 87. Absolute and unqualified Unconditional An offer may lapse by ___________. (a) (c) 86. Capable of creating legal relation Capable of creating social relation Capable of creating business relation Capable of creating social and business relation An acceptance must be __________ (a) (c) 85. Be communicated to the promisor Be communicated to the promisee Which is made by words either spoken or written Which is made by deeds Which is made by both words and deeds Which is made by promises A valid offer must be _________ (a) (b) (c) (d) Capable by creating legal relation Capable of creating social relation Capable of creating business relation Capable of creating social and business relation 492 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 92. Consideration must move at the desire of ________ (a) (c) 93. (b) (d) Agreement to sale Auction sale Passing of goods Ownership of goods (b) (d) Custody of goods Both (a) and (b) The buyer has became insolvent The seller must be unpaid (b) (d) The goods are in transit All of these A partner may be expelled from partnership subject to ______ (a) (b) (c) (d) 99. Sale Void The right of stoppage can be exercised by unpaid seller if _____ (a) (c) 98. At the time of contract of sale Before the time of contract of sale After the time of contract of sale All of these The property in goods means (a) (c) 97. As much as is earned According to the value of work done As much as no work done None of these Contract for the sale of future goods is (a) (c) 96. promisee any of these Existing goods are such goods as are in existence ______ (a) (b) (c) (d) 95. (b) (d) Quantum meriut literally means (a) (b) (c) (d) 94. promisor any other person The power of expulsion of a partner should be conferred by the contract between two partners The power should be exercised by majority of partners The power should be exercised in good faith All of these A agrees to pay a sum of money to B if a certain ship does not return. The ship is sunk. A refuses to pay, what will be the advice to B. (a) (b) (c) (d) B cannot enforce the contract B can enforce the contract when the ship sinks B can sue for damage B can sue for not fulfilling the promise Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 493 MODEL TEST PAPER - 18 100. A, B, and C enter into a partnership agreement under which C is not liable for the losses. D filed a suit against A, B, and C. Examine the position of C (a) (b) (c) (d) C is liable to D only C is liable to D jointly with A and B also C is not liable to D C is not liable to D jointly with A and B SECTION C : GENERAL ECONOMICS (50 MARKS) 101. Which one of the following is not a function of commercial banks? (a) (c) 102. first third (b) (d) second fourth Great Route Tarry Gross Registered Tonnage (b) (d) Green Revaolution Technology None of the above 45 58 (b) (d) 28 50 1901-11 1921-31 (b) (d) 1911-21 1931-41 Which one of the following resources is the most crucial input in India s new agricultural technology, responsible for the Green Revolution? (a) (c) 108. 160 31 Population growth rate in India was negative in (a) (c) 107. (b) (d) The government aimed to reduce Infant Mortality Rate per 1000 to ______ by 2012. (a) (c) 106. 184 10 GRT stands for (a) (c) 105. Accepting deposits Discounting bills of exchange Population explosion occurs in ________ stage of the theory of demographic transition. (a) (c) 104. (b) (d) The initial membership of IMF was: (a) (c) 103. Advancing loans Issuing notes Fertilizers Agricultural Machinery (b) (d) HYV seeds Irrigation Which of the following states has the lowest literacy rate? (a) (c) Bihar West Bengal 494 The Institute of Chartered Accountants of India (b) (d) Uttar Pradesh Orissa Common Proficiency Test (CPT) Volume - I 109. Location of sugar industry in India is influenced by : (a) (c) the market labour and entrepreneurial factors (b) (d) raw material none of the above 110. The MSME sector employed nearly ________ in 2010-11. (a) (c) 111. identified certain thrust areas for growth started served from India brand revamped Duty Free Export-Credit all of the above Treasury Bills Bill of exchange (b) (d) Immovable property Bearer cheques last 27th (b) (d) 1st 10th Gross National Income at market prices minus depreciation Net Domestic Product at factor price plus or minus earnings from abroad Gross Domestic Product minus indirect taxes and subsidies Gross National Product at factor price plus or minus depreciation Which one of the following assumptions is not necessary for the cardinal utility theory ? (a) (c) 117. 15-16% 30-35% Net National Income at market prices is equal to (a) (b) (c) (d) 116. (b) (d) India ranks ______ in the world in terms of postal network. (a) (c) 115. 10-12% 18-20% Which one of the following offers the least liquidity? (a) (c) 114. 40 million 25 million The Foreign Trade Policy 2004-09 has : (a) (b) (c) (d) 113. (b) (d) In July 1991, India devalued the rupee by about (a) (c) 112. 73 million 10 million Rationality of the consumer Perfectly competitive market (b) (d) Constant marginal utility of money Additivity of utility Dumping involves (a) (b) (c) (d) selling at a price in another market which is lower than the price or cost in your home market price discrimination between the two markets surplus production at lower cost none of the above Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 495 MODEL TEST PAPER - 18 118. The IC curve approach assumes : (a) (c) 119. generally acceptable as a means of payment more liquid than cash held by the government managed efficiently by bank managers Revamping the public distribution system. Correcting the fiscal imbalance by reducing the fiscal deficit as a percentage of GDP Increasing imports Devaluation of the rupee big banks should try to open offices in each district there should be stiff competition among the various nationalized banks individual bank should adopt particular districts for intensive development all the banks should make intensive efforts to mobilize deposits Income tax Excise tax (b) (d) Agricultural tax Wealth tax Which one of the following sources of Central revenue belongs to the category of indirect taxes? (a) (c) 125. a higher level of production none of the above Which one of the following taxes belongs exclusive to the state government of India? (a) (c) 124. (b) (d) The basic aim of the lead bank scheme is that (a) (b) (c) (d) 123. a higher level of satisfaction a higher level of income Which one of the following measures has been accorded the highest priority by the government for checking the inflationary pressure on the economy since 1990? (a) (b) (c) (d) 122. consistency all of the above Demand deposits with banks are considered as money because they are: (a) (b) (c) (d) 121. (b) (d) A higher indifference curve shows : (a) (c) 120. rationality transitivity Corporation tax Wealth tax (b) (d) Customs Interest Receipts The rapid increase of public debt of the Central Government since 1950-51 has been due to (a) (b) (c) (d) uncontrolled inflation mounting shares of state government from revenues raised by the central government mounting costs of financing public expenditure rising population 496 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 126. In the case of two perfect substitutes, the indifference curve will be : (a) (c) 127. (b) (c) (d) slope of the price line is equal to indifference curve he saves 10% of his income borrows an amount equal to his income from the bank none of the above greater than the savings of the private corporate sector but less than the savings of the public sector less than the savings of the private corporate sector but more than savings of the public sector greater than the savings of the private corporate sector as well as the savings of the public sector less than the savings of the private corporate sector as well as the savings of the public sector Which is the Central Bank of India? (a) (c) 132. selectively allocate credit to commercial banks selectively allocate credit among borrowers regulate the quantity of demand deposits created by commercial banks regulate the quantity of credit created by commercial banks Since 1990, savings of the household sector in India have been (a) 131. It is non-debt creating capital flow It is portfolio investment in stock market It is that investment which involves debt servicing It is the investment made by foreign institutional investors in government securities A consumer is at equilibrium when : (a) (b) (c) (d) 130. L-shaped C-shaped The objective of selective credit controls is mainly to : (a) (b) (c) (d) 129. (b) (d) Which one of the following is the major characteristic of foreign direct investment (FDI)? (a) (b) (c) (d) 128. straight line U-shaped SBI RBI (b) (d) BOI UTI Disguised unemployment in India is maximum in : (a) (c) agricultural sector tertiary sector Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) secondary sector none of the above 497 MODEL TEST PAPER - 18 133. Unemployment rate in India is defined as the ratio of number of persons unemployed to total (a) (c) 134. 24.5 3.5 Rajiv Gandhi Grameen Vidhutikaran Indira Gandhi Grameen Vidhutikaran Sonia Gandhi Grameen Vidhutikaran Mahatma Gandhi Grameen Vidhutikaran Ceiling on holding Agricultural holding tax (b) (d) Consolidation of holdings Zamindari abolition Primary land development banks Regional rural banks (b) (d) Central land development banks State cooperative banks FDI is allowed in all of the following, except (a) (c) 140. (b) (d) In India, which one of the following is NOT a cooperative organization? (a) (c) 139. 28.0 10.5 Which one of the following has NOT been a part of the land reforms programme in India? (a) (c) 138. is rising in relative and absolute terms is falling in relative terms but rising in absolute terms is falling in both relative and absolute terms has not changed at all over the years In order to provide acess to electricity to all areas including villages and hamlets _________ programmed was started. (a) (b) (c) (d) 137. Population excluding children Population excluding the aged If the Indian economy aimed at an annual growth rate of 8 per cent in national income, assuming as incremental capital output ratio of 3.5:1 what would be the required rate of investment as percent of national income? (a) (c) 136. (b) (d) The population of India living below the poverty line (a) (b) (c) (d) 135. Population Labour force Banking Insurance (b) (d) Lottery Air transport Which among the following is NOT a cause of sickness of industrial units in India? (a) (c) Obsolescent technology Faulty location 498 The Institute of Chartered Accountants of India (b) (d) Labour problems Lack of capital account convertibility Common Proficiency Test (CPT) Volume - I 141. M3 is equal to : (a) (c) 142. 16 3 NCAER NSS (b) (d) CSO RBI 50 per cent 45 per cent (b) (d) 60 per cent 40 per cent 0.368 0.53 (b) (d) 0.29 0.18 decreased remained the same (b) (d) increased decreased initially and then increased Petroleum oil Fertilizers (b) (d) Edible oil News print The total area under the demand curve of a good measures: (a) (c) 150. (b) (d) Which one of the following is NOT an important import item of India at present? (a) (c) 149. 36 24 Over the plan era, the relative share of areas under food grains in gross cropped area in India has: (a) (c) 148. Public limited companies Departmental organizations According to the Human Development Report-2010, the GINI index for India in 2000-10 was : (a) (c) 147. (b) (d) What is the approximate share of the agricultural sector in the total employment in India? (2011-12) (a) (c) 146. Public corporations Private Limited companies Which one of the following agencies in India is responsible for computation of national income? (a) (c) 145. M1 + Time deposits of the public with banks M1 + National saving certificates In 1991, foreign exchange reserves were sufficient to finance imports of ___ weeks. (a) (c) 144. (b) (d) The majority of Central Government enterprises belongs to the : (a) (c) 143. Currency with public M1 + Post office savings marginal utility consumers surplus (b) (d) total utility producers surplus The incremental capital output ratio (ICOR) during the XI plan of India was (a) (c) 5.02 4.0 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) 3.04 6.37 499 MODEL TEST PAPER - 18 SECTION D : QUANTITATIVE APTITUDE (50 MARKS) 151. The inverse ratio of 13:17 is (a) (c) 152. 17:13 169:17 (b) 2 13 : 17 (d) None of these The duplicate ratio of 5:7 is (a) (b) 15:21 (c) 153. 7:5 52 :7 2 (d) None of these (b) (d) 15 None of these (b) (d) 2 None of these (b) (d) log 3 + log 5 + log 7 0 The value of 3 (32)1/5 is (a) (c) 154. The value of 2 (128) 1/7 is (a) (c) 155. 1 14 log (3 5 7) is equal to (a) (c) 156. 3 6 log 3 log 5 log 7 log 3 log 5 log 7 log (5/7) is equal to (a) (b) log 5 + log 7 (c) 157. log 5 log 7 log 5 log 7 (d) None of these The equation of the line passing through (5, 0) and (0, 5) is (a) (c) 158. x y=5 5x + 5y = 1 (b) (d) x+y=5 None of these The equation of the line parallel to the line joining (7,5) and (2,9) and passing through the point (3, 4) is (a) (c) 4x + 5y + 8 = 0 4x 5y 8 = 0 500 The Institute of Chartered Accountants of India (b) (d) 4x 5y + 8 = 0 None of these Common Proficiency Test (CPT) Volume - I 159. The equation 5x + 7(x 3) 4(x + 10) = 0 is (a) (c) 160. x=0 x = a, b (b) (d) x = a, b None of these First quadrant Third quadrant (b) (d) Second quadrant Fourth quadrant Rs. 10,000 is invested at annual rate of interest of 10% p.a. The amount after two years at annual compounding is (a) (c) 163. Linear equation None of these The inequalities x 0, y 0 indicates (a) (c) 162. (b) (d) The equation (x a) (x b) = 0 is satisfied by (a) (d) 161. Quadratic equation Cubic equation Rs. 21,100 Rs. 12,110 (b) (d) Rs. 12,100 None of these P(n,r) is equal to (a) n r n r n r (b) r n (c) 164. None of these 720 6 (b) (d) 0 120 In how many ways can 8 persons sit at a round table for a meeting? (a) (c) 166. (d) 0! 6! is equal to (a) (c) 165. n r 40320 5040 (b) (d) 64 720 There are 7 routes from station X to station Y. In how many ways one may go from X to Y and return, if for returning one can make a choice of any of the routes? (a) (c) 49 42 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) 17 35 501 MODEL TEST PAPER - 18 167. 1 1 1 , to is 3 3 2 33 The sum of the series 1, , 4 3 1 3 (a) (c) 168. 8 16 (d) None of these (b) (d) 15 4 If A = {1, 3, 5, 7, 9}, B = {2, 4, 6, 8, 10} then A B is (a) (c) 170. 3 2 The number of subsets of the set {2, 4, 6, 8} is (a) (c) 169. (b) {0} {1, 2, 3, 4, 5, 6, 7, 8, 9, 10} (b) (d) None of these If A = {3, 5, 7} and B = {0, 2, 4, 6}, then A B is {0} (a) (c) 100( 101 ) 2 (b) 100( 101 ) 2 (c) 172. {0, 2, 3, 4, 5, 6, 7} None of these (a) 171. (b) (d) 100 101 (d) None of these The series 1 + 2 + 3 + 4 + .. + 100 is If A = {1, 2, 3, 4} and B = {5, 6, 7}, then cardinal number of A X B is (a) (c) 173. lim x 0 (a) (c) 174. 2 lim x 3 (a) (c) 4 12 (b) (d) 7 None of these does not exist (b) (d) + None of these (b) (d) 6 None of these 1 x x2 - 9 x-3 Does not exist 1 502 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 175. x 2 - 25 If f(x) = , then the value of f(x) at x = 5, i.e. f(5) is equal to x-5 (a) (c) 176. 10 1 (b) (d) If y = ax3 + bx2 + cx + d, then Undefined None of these dy is equal to dx (a) (b) (c) 177. 3ax + 2bx + c ax4 bx3 cx4 + + + dx 4 3 2 0 (d) None of these (b) (d) 5ax a-1 + 10ax loga None of these 2 If f(x) = 5xa+10ax, then dy is equal to dx 3ax a-1 + 10xax-1 + 3a.aa-1 5x a + logx + 10xax-1 (a) (c) 1 178. 10x dx is equal to 5 0 (a) (b) (c) 179. 5 6 x 3 5 3 (d) None of these 3 5 logx dx is equal to x (a) (b) 1 (log x )2 + k 2 (c) 180. 1 log x + k 2 1 2 x +k 2 (d) None of these e x + e-x 10 is equal to x -x dx e -e (a) 10 log | ex - e-x | + k (b) 10 log | ex + e-x + k | (c) log (ex - e-x) (d) None of these Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 503 MODEL TEST PAPER - 18 181. 216 310 54 The value of 12 6 is equal to 2 3 53 (a) (c) 182. 2160 648 log 1+ log 2 + . + log n 0 1, 2 0, 1, 2 log n + log (n+1) log 2 1 (b) (d) 0, 1 1, 2, 3 (b) (d) Real and unequal Imaginary and equal The roots of the equation x2 - x + 1 = 0 are Imaginary and unequal Real and equal Interest earned on Rs. 3,000 at 5% p.a. simple interset for three years is ______ (a) (c) 187. (b) (d) The roots of the equation x2 - 3x + 2 = 0 are (a) (c) 186. 0 y The value of log (1 + 2 + 3 + ............. +n) is equal to (a) (c) 185. (b) (d) 1 1 (a) (c) 184. 6480 3240 The value of ya - m ym - n yn - a is equal to (a) (c) 183. (b) (d) Rs. 540 Rs. 45 (b) (d) Rs. 450 Rs. 54 The inequalities x < 0, y > 0 indicates ______ (a) (c) Third quadrant Second quadrant (b) (d) First quadrant Fourth quadrant (b) (d) 0 None of these o 5 188. 2 (a) (c) 189. n is equal to 60 120 Cr is equal to n (a) n r n (c) n (b) n n r r n r 504 The Institute of Chartered Accountants of India r n r (d) r Common Proficiency Test (CPT) Volume - I 190. The nth term of the sequence 2, 4, 6, 8 .. is ______ (a) (c) 191. (b) (d) The sum of the series 1, (a) (c) 192. 2n 2n + 1 2n 1 n 1 1 , , ........... to is ______ 10 102 9 10 1 9 (b) 1 (d) None of these If a, b, c are in A.P., then 2b = _____ (a) (b) a+c (c) 193. a c a+c 2 (d) a c 2 (b) (d) ac a c If a, b, c are in G.P., then b2 = _____ (a) (c) 194. ac a+b If A = {1, 3, 5} , B = {0, 2}, then A B is ______ (a) (c) (b) (d) {0, 1, 2, 3, 5} {1, 3, 5, 7, 9, 13} None of these (b) (d) 55.5 56 3 195. Evaluate the value of (3x 2 + 5x + 2)dx 0 (a) (c) 196. If A = {1, 2, 3, 4} and B = {5, 6, 7}, then cardinal number of the set A B is _____ (a) (c) 197. 55 57 lim x (a) (c) 7 12 (b) (d) 1 None of these (b) (d) + 1 1 (x - a)2 is equal to _______ 0 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 505 MODEL TEST PAPER - 18 198. lim x 3 (a) (c) 199. lim x (a) (c) 200. X2 - 5X + 6 is equal to ________ x -3 1 1 (b) (d) + Does not exist (b) (d) 1 Does not exist 3x + 5 x 3 + 2 is equal to __________ 0 1 lim f(x) = lim- f(x) = ___________ The function f(x) is continuous at x = a if x a + x a (a) (c) f( a) f(0) 506 The Institute of Chartered Accountants of India (b) (d) f(a) None of these Common Proficiency Test (CPT) Volume - I Model Test Paper BOS/CPT-18 SECTION A : FUNDAMENTALS OF ACCOUNTING 1 (b) 2 (c) 3 (c) 4 (c) 5 (c) 6 (d) 7 (b) 8 (c) 9 (b) 10 (d) 11 (a) 12 (a) 13 (a) 14 (a) 15 (c) 16 (a) 17 (b) 18 (c) 19 (d) 20 (d) 21 (c) 22 (b) 23 (a) 24 (a) 25 (a) 26 (b) 27 (d) 28 (b) 29 (d) 30 (d) 31 (a) 32 (a) 33 (d) 34 (d) 35 (a) 36 (a) 37 (b) 38 (b) 39 (b) 40 (c) 41 (d) 42 (a) 43 (a) 44 (a) 45 (b) 46 (a) 47 (c) 48 (d) 49 (a) 50 (b) 51 (c) 52 (b) 53 (b) 54 (b) 55 (a) 56 (b) 57 (a) 58 (c) 59 (a) 60 (a) SECTION B : MERCANTILE LAWS 61 (a) 62 (b) 63 (a) 64 (c) 65 (a) 66 (b) 67 (a) 68 (c) 69 (b) 70 (d) 71 (d) 72 (a) 73 (a) 74 (d) 75 (a) 76 (a) 77 (d) 78 (d) 79 (c) 80 (b) 81 (b) 82 (a) 83 (a) 84 (a) 85 (a) 86 (a) 87 (b) 88 (d) 89 (a) 90 (a) 91 (a) 92 (d) 93 (a) 94 (a) 95 (b) 96 (c) 97 (d) 98 (d) 99 (b) 100 (c) Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 597 ANSWERS SECTION C : GENERAL ECONOMICS 101 (c) 102 (d) 103 (b) 104 (c) 105 (b) 106 (b) 107 (b) 108 (a) 109 (b) 110 (a) 111 (c) 112 (d) 113 (b) 114 (b) 115 (a) 116 (c) 117 (a) 118 (d) 119 (a) 120 (a) 121 (b) 122 (c) 123 (b) 124 (b) 125 (c) 126 (a) 127 (a) 128 (b) 129 (a) 130 (c) 131 (b) 132 (a) 133 (c) 134 (b) 135 (a) 136 (a) 137 (c) 138 (c) 139 (b) 140 (d) 141 (b) 142 (b) 143 (d) 144 (b) 145 (a) 146 (a) 147 (a) 148 (d) 149 (b) 150 (c) SECTION D : QUANTITATIVE APTITUDE 151 (a) 152 (c) 153 (c) 154 (a) 155 (b) 156 (c) 157 (b) 158 (a) 159 (b) 160 (b) 161 (a) 162 (b) 163 (c) 164 (a) 165 (c) 166 (a) 167 (b) 168 (c) 169 (b) 170 (b) 171 (a) 172 (c) 173 (a) 174 (b) 175 (a) 176 (a) 177 (b) 178 (c) 179 (b) 180 (a) 181 (b) 182 (a) 183 (b) 184 (c) 185 (a) 186 (b) 187 (c) 188 (a) 189 (b) 190 (a) 191 (b) 192 (b) 193 (a) 194 (a) 195 (b) 196 (c) 197 (b) 198 (c) 199 (a) 200 (b) 598 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I

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