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CA CPT : Volume 1 - Model Test Paper 2 (with Answers)

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BOARD OF STUDIES THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA COMMON PROFICIENCY TEST Model Test Paper BOS/CPT 2 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. Which of the following is not a sub-field of accounting? (a) (c) 2. Cost accounting Book-keeping Cash is collected Products are manufactured (b) (d) Sale is made None of the above The determination of expenses for an accounting period is based on the principle of (a) (c) 4. (b) (d) Revenue from sale of products, is generally, realized in the period in which (a) (c) 3. Management accounting Financial accounting Objectivity Matching (b) (d) Materiality Entity It is essential to standardize the accounting principles and policies in order to ensure (a) (c) Transparency Comparability Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Consistency All of the above 29 MODEL TEST PAPER - 2 5. Change in accounting estimate means (a) (b) (c) (d) 6. Which account is the odd one out? (a) (c) 7. Two accounts Two sides of the same account The same account on two different dates All of the above Total cost of goods sold for the period The quantity of a particular product sold during the period The amount owed to a particular seller The portion of total current assets that consist of cash Double column cash book is prepared Three-column cash book is prepared Simple cash book is prepared None of the above The preparation of a trial balance is for: (a) (b) (c) (d) 11. Freehold Land and Buildings Plant and Machinery Contra entries are passed only when (a) (b) (c) (d) 10. (b) (d) Which of the following types of information are found in subsidiary ledgers, but not in the general ledger? (a) (b) (c) (d) 9. Office Furniture & Equipment Inventory of raw materials In Double Entry System of Book-keeping every business transaction affects: (a) (b) (c) (d) 8. Differences arising between certain parameters estimated earlier and re-estimated during the current period. Differences arising between certain parameters estimated earlier and actual results achieved during the current period. Differences arising between certain parameters re-estimated during the current period and actual results achieved during the current period. Both (a) and (b). Locating errors of complete omission; Locating errors of principle; Locating clerical errors. All of the above Present liability of uncertain amount, which can be measured reliably by using a substantial degree of estimation, is termed as ________ (a) (c) Provision Contingent liability 30 The Institute of Chartered Accountants of India (b) (d) Liability None of the above Common Proficiency Test (CPT) Volume - I 12. When preparing a Bank Reconciliation Statement, if you start with a debit balance as per the Cash Book, then cheques issued but not presented within the period are __________ (a) (c) 13. Fixed Asset Profit & Loss account (b) (d) Revaluation Reserve General Reserve Book value Realisable value (b) (d) Accumulated value Salvage value Historical cost Net realizable value Cost less depreciation Cost price or market value, whichever is lower an expense an asset (b) (d) income liability Sales for the year ended 31st March, 2010 amounted to Rs. 10,00,000. Sales included goods sold to Mr. A for Rs. 50,000 at a profit of 20% on cost. Such goods are still lying in the godown at the buyer s risk. Therefore, such goods should be treated as part of (a) (c) 19. LIFO None of the above The balance of the petty cash is _________ (a) (c) 18. (b) (d) If a concern proposes to discontinue its business from March 2010 and decides to dispose off all its assets within a period of 4 months, the Balance Sheet as on March 31, 2010 should indicate the assets at their _________ (a) (b) (c) (d) 17. FIFO Weighted Average The portion of the acquisition cost of the asset, yet to be allocated to Profit and Loss Account is known as ________ (a) (c) 16. Deducted None of the above In the case of downward revaluation of an asset, which is for the first time revalued, _______ account is debited. (a) (c) 15. (b) (d) Under inflationary conditions, ______ method will show highest value of closing inventory? (a) (c) 14. Added Not required to be adjusted Sales Goods in transit (b) (d) Closing inventory Sales return As per Section 37 of the Indian Partnership Act, 1932, the executors would be entitled at their choice to the interest calculated from the date of death till the date of payment on the final amount due to the dead partner at ________ percent per annum. (a) (c) 7 6 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) 4 12 31 MODEL TEST PAPER - 2 20. If del-credere commission is allowed for bad debt, consignee will debit the bad debt amount to: (a) (c) 21. Matching concept Periodicity concept Entity concept Matching concept (b) (d) Periodicity concept Conservatism concept Rs. 40,000 Rs. 20,000 (b) (d) Rs. 10,000 Rs. 8,000 S Ltd. issued 2,000, 10% Preference shares of Rs.100 each at par, which are redeemable at a premium of 10%. For the purpose of redemption, the company issued 1,500 Equity Shares of Rs.100 each at a premium of 20% per share. At the time of redemption of Preference Shares, the amount to be transferred by the company to the Capital Redemption Reserve Account will be _________ (a) (c) 25. (b) (d) W Ltd. issued 20,000, 8% debentures of Rs.10 each at par, which are redeemable after 5 years at a premium of 20%. The amount of loss on redemption of debentures to be written off every year will be_________ (a) (c) 24. Cost concept Realisation concept Mohan purchased goods for Rs. 15,00,000 and sold 4/5th of the goods amounting Rs. 18,00,000 and paid expenses amounting Rs. 2,70,000 during the year, 2009. He paid Rs. 5,000 for an electricity bill of Dec. 2008 and advance salaries amounting Rs. 15,000 was paid for the month of Jan. 2010. He counted net profit as Rs. 3,50,000. The net profit calculated by him is correct according to _________ (a) (c) 23. Consignor A/c General Trading A/c Mr. A purchased a machinery costing Rs. 1,00,000 on 1st October, 2011. Transportation and installation charges were incurred amounting Rs. 10,000 and Rs. 4,000 respectively. Dismantling charges of the old machine, in place of which new machine was purchased, amounted Rs. 10,000. Market value of the machine was estimated at Rs. 1,20,000 on 31 st March 2012. While finalising the annual accounts, A values the machinery at Rs. 1,20,000 in his books. Which of the following concepts was violated by A? (a) (c) 22. Commission Earned A/c (b) Customers A/c (Trade receivables) (d) Rs. 50,000 Rs. 2,00,000 (b) (d) Rs. 40,000 Rs. 2,20,000 G Ltd. acquired assets worth Rs.7,50,000 from H Ltd. by issue of shares of Rs.100 at a premium of 25%. The number of shares to be issued by G Ltd. to settle the purchase consideration will be_________ (a) (c) 6,000 shares 9,375 shares 32 The Institute of Chartered Accountants of India (b) (d) 7,500 shares 5,625 shares Common Proficiency Test (CPT) Volume - I 26. The following information pertains to X Ltd.: Equity share capital called up Rs. 5,00,000 Calls in arrear Rs. 40,000 Calls in advance Rs. 25,000 Proposed dividend 15% The amount of dividend payable will be (a) (c) 27. 30. 31. Rs. 72,750 Rs. 69,000 Rs. 25 Rs. 20 (b) (d) Rs. 7.80 Rs. 62.50 A Company wishes to earn a 20% profit margin on selling price. Which of the following is the profit mark up on cost, which will achieve the required profit margin? (a) (c) 29. (b) (d) The subscribed share capital of S Ltd. is Rs.80,00,000 of Rs.100 each. There were no calls in arrear till the final call was made. The final call made was paid on 77,500 shares. The calls in arrear amounted to Rs.62,500. The final call on each share will be_________ (a) (c) 28. Rs. 75,000 Rs. 71,250 33% 20% (b) (d) 25% None of the above A, B and C are the partners sharing profits and losses in the ratio of 5:3:2, took a joint life policy of Rs. 30,000. On the death of B what amount will be payable to each partner? (a) A Rs. 22,000 and B Rs. 8,000 (b) A Rs. 14,000 and B Rs. 16,000 (c) A Rs. 15,000, B Rs. 9,000 and C Rs. 6,000 (d) A Rs. 10,000, B Rs. 8,000 and C Rs. 10,000 A, B and C were partners in a firm sharing profits and losses in the ratio of 2:2:1 respectively with the capital balance of Rs. 50,000 for A and B, for C Rs. 25,000. B declared to retire from the firm and balance in reserve on the date was Rs. 15,000. If goodwill of the firm was valued as Rs. 30,000 and profit on revaluation was Rs. 7,050 then what amount will be transferred to the loan account of B? (a) Rs. 70,820 (b) Rs. 50,820 (c) Rs. 25,820 (d) Rs. 58,820 A and B, who share profits and losses in the ratio of 3:2 has the following balances: Capital of A Rs. 50,000; Capital of B Rs. 30,000; Reserve Fund Rs. 15,000. They admit C as a partner, who contributes to the firm Rs. 25,000 for 1/6th share in the partnership. If C is to purchase 1/6th share in the partnership from the existing partners A and B in the ratio of 3:2 for Rs. 5,000 as goodwill find closing capital of C. (a) (c) Rs. 25,000 Rs. 20,000 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Rs. 19,000 Rs. 18,000 33 MODEL TEST PAPER - 2 32. P and Q are partners sharing Profits in the ratio of 2:1. R is admitted to the partnership with effect from 1st April on the term that he will bring Rs. 20,000 as his capital for 1/4th share and pays Rs. 9,000 for goodwill, half of which is to be withdrawn by P and Q. How much cash will P & Q withdraw from the firm on account of goodwill? (a) (c) 33. (b) (d) 2:4:6 17:11:12 Rs. 10,000 Rs. 20,000 (b) (d) Rs. 40,000. None of the above Rs. 6,000 Rs. 8,000 (b) (d) Rs. 10,000 None of the above A & B are partners sharing profits and losses in the ratio 5:3. On admission, C brings Rs. 70,000 cash and Rs. 48,000 against goodwill. New profit sharing ratio between A, B and C are 7:5:4. The sacrificing ratio of A:B will be _________ (a) (c) 37. 5:6:3 18:24:38 A and B are partners with capitals of Rs. 10,000 and Rs. 20,000 respectively and sharing profits equally. They admitted C as their third partner with one-fourth profits of the firm on the payment of Rs. 12,000. The amount of hidden goodwill is_________ (a) (c) 36. Rs. 6,000 and Rs. 3,000 None of the above A, B and C are equal partners. D is admitted to the firm for one-fourth share. D brings Rs. 20,000 capital and Rs. 5,000 being half of the premium for goodwill. The total value of goodwill of the firm is_________ (a) (c) 35. (b) (d) A and B are partners sharing profits in the ratio 5:3, they admitted C giving him 3/10th share of profit. If C acquires 1/5th share from A and 1/10th from B, new profit sharing ratio will be _________ (a) (c) 34. Rs. 3,000 and Rs. 1,500 Nil 3:1 5:4 (b) (d) 4:7 2:1 Bill and Monica are partners sharing profits and losses in the ratio of 3:2 having the capital of Rs. 80,000 and Rs. 50,000 respectively. They are entitled to 9% p.a. interest on capital before distributing the profits. During the year firm earned Rs. 7,800 after allowing interest on capital. Profits apportioned among Bill and Monica is _________ (a) (c) Rs. 4,680 and Rs. 3,120 Rs. 5,000 and Rs. 2,800 34 The Institute of Chartered Accountants of India (b) (d) Rs. 4,800 and Rs. 3,000 None of the above Common Proficiency Test (CPT) Volume - I 38. A merchant sends out his goods casually to his dealers on approval basis. All such transactions are, however, recorded as actual sales and are passed through the sales book. On 31-122009, it was found that 100 articles at a sale price of 200 each sent on approval basis were recorded as actual sales at that price. The sale price was made at cost plus 25%. The amount of inventory on approval at the end of the year will be _________ (a) (c) 39. (b) (d) 18th July 2010 16th July 2010 Rs. 12,500 Rs. 11,687 (b) (d) Rs. 9,437 Rs. 13,650 Rs. 120 Rs. 90 (b) (d) Rs. 80 Rs. 160 A draws a bill on B for Rs. 30,000. A wants to endorse it to C in settlement of Rs. 35,000 at 2% discount with the help of B s acceptance and balance in cash. How much cash A will pay to B? (a) (c) 43. 19th July 2010 17th July 2010 Ram s acceptance to Dinesh for Rs 8,000 renewed for 3 months on the condition that Rs. 4,000 be paid in cash immediately and the remaining amount will carry interest @ 12% p.a. The amount of interest will be _________ (a) (c) 42. Rs. 20,000 None of the above Bobby sold goods worth Rs 25,000 to Bonny. Bonny immediately accepted a bill on 1.11.09, payable after 2 months. Bobby discounted this bill @ 18% p.a. on 15.11.09. On the due date Bonny failed to discharge the bill. Later on Bonny became insolvent and 50 paise is recovered from Bonny s estate. How much amount of bad debt will be recorded in the books of Bobby? (a) (c) 41. (b) (d) On 16.6.2010 X draws a bill on Y for Rs 25,000 for 30 days. 19th July 2010 is a public holiday, maturity date of the bill will be: (a) (c) 40. Rs.16,000 Rs. 15,000 Rs. 4,300 Rs. 4,100 (b) (d) Rs. 4,000 Rs. 5,000 A drew a bill on B for Rs. 50,000 for 3 months. Proceeds are to be shared equally. A got the bill discounted at 12% p.a. and remits required proceeds to B. The amount of such remittance will be _________ (a) (c) Rs. 24,250 Rs. 16,167 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Rs. 25,000 Rs. 32,333 35 MODEL TEST PAPER - 2 44. A and B enter into a joint venture to underwrite the shares of K Ltd. @ 5% underwritting commission. K Ltd. make an equity issue of 100000 equity shares of Rs 10 each. 80% of the issue are subscribed by the party. The profit sharing ratio between A and B is 3:2. The balance shares not subscribed by the public, purchased by A and B in profit sharing ratio. How many shares to be purchased by A? (a) (c) 45. (b) (d) Rs. 75,000 Rs. 85,000 Rs. 82,000 Rs. 50,000 (b) (d) Rs. 90,000 Nil. Rs.20,000 Rs.5,000 (b) (d) Rs.15,000 Nil X of Kolkata sends out goods costing Rs. 1,00,000 to consignee Y of Delhi. 3/5th of the goods were sold by consignee for Rs. 70,000. Commission 2% on sales plus 20% of gross sales less all commission exceeds cost price. The amount of Commission will be: (a) (c) 49. Rs. 70,000 Rs. 80,000 If unsold goods costing Rs. 20,000 is taken over by Venturer at Rs. 15,000, the Joint Venture A/c will be credited by: (a) (c) 48. 72,000 shares 8,000 shares A and B entered into a Joint Venture. A purchased goods costing Rs. 2,00,000, B sold 4/5th of the same for Rs. 2,50,000. Balance goods were taken over by B at cost less 20%. If same set of books is maintained, find out profit on venture. (a) (c) 47. (b) (d) R and M entered into a joint venture to purchase and sell new year gifts. They agreed to share the profits and losses equally. R purchased goods worth Rs.1,00,000 and spent Rs.10,000 in sending the goods to M. He also paid Rs. 5,000 for insurance. M spent Rs. 10,000 as selling expenses and sold goods for Rs.2,00,000. Remaining goods were taken over by him at Rs. 5,000. Find out profit on venture. (a) (c) 46. 80,000 shares 12,000 shares Rs. 2,833 Rs. 3000 (b) (d) Rs. 2,900 Rs. 2,800 Rahim of Kolkata sends out 1,000 boxes to Ram of Delhi costing Rs. 100 each at an Invoice Price of Rs. 120 each. Goods send out on consignment to be credited in general trading account will be: (a) (c) Rs.1,00,000 Rs. 20,000 36 The Institute of Chartered Accountants of India (b) (d) Rs.1,20,000 None of the above Common Proficiency Test (CPT) Volume - I 50. Goods sent out on consignment Rs. 2,00,000. Consignor s expenses Rs. 5,000. Consignee s expenses Rs. 2,000. Cash sales Rs. 1,00,000, credit sales Rs. 1,10,000. Consignment inventory Rs. 40,000. Ordinary commission payable to consignee Rs. 3,000. Del-credere commission Rs. 2,000. The amount irrecoverable from customer Rs. 2,000. What will be the profit on consignment? (a) (c) 51. Rs. 21,000 None of the above Rs. 30,000 Rs. 3,40,000 (b) (d) Rs. 90,000 Rs. 60,000 Rs. 2,000 Rs. 1,600 (b) (d) Rs. 1,500 None of the above Rs.13,000 Rs. 21,000 (b) (d) Rs.17,000 Rs.25,000 In the books of D Ltd. the machinery account shows a debit balance of Rs. 60,000 as on April 1, 2009. The machinery was sold on September 30, 2010 for Rs. 30,000. The company charges depreciation @ 20% p.a. on diminishing balance method. Profit / Loss on sale of the mahinery will be _________ (a) (c) 56. (b) (d) Amit Ltd. purchased a machine on 1.1.2009 for Rs 1,20,000. Installation expenses were Rs. 10,000. Residual value after 10 years Rs. 5,000. On 01.07.2009, expenses for repairs were incurred to the extent of Rs. 2,000. Depreciation is provided under straight line method. Depreciation rate is 10%. Annual Depreciation will be ________ (a) (c) 55. Rs. 20,000 Rs. 21,200 If sales are Rs. 2,000 and the rate of gross profit on cost of goods sold is 25%, then the cost of goods sold will be _________ (a) (c) 54. Rs. 40,000 Rs. 43,000 If sales revenue are Rs. 4,00,000; cost of goods sold is Rs. 3,10,000 and operating expenses are Rs.60,000 the gross profit is _________ (a) (c) 53. (b) (d) A of Kolkata sends out 500 boxes to B of Delhi costing Rs. 200 each. Consignor s expenses Rs 5000. 1/5th of the boxes were still in transit. 3/4th of the goods received by consignee, were sold. The value of goods still in transit will be: (a) (c) 52. Rs. 38,000 Rs. 36,000 Rs. 13,200 profit Rs. 6,800 profit (b) (d) Rs. 13,200 loss Rs. 6,800 loss The total cost of goods available for sale with a company during the current year is Rs.12,00,000 and the total sales during the period are Rs.13,00,000. If the gross profit margin 1 3 of the company is 33 % on cost, the closing inventory during the current year is (a) (c) Rs. 4,00,000 Rs. 2,25,000 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Rs. 3,00,000 Rs. 2,60,000 37 MODEL TEST PAPER - 2 57. Consider the following data pertaining to H Ltd. for the month of March 2010: Particulars As on March 1, 2010 (Rs.) As on March 31, 2010 (Rs.) Inventory 1,80,000 90,000 The company made purchases amounting Rs. 3,30,000 on credit. The goods are sold at 25% above the cost. The sales for the month of March 2010 were: (a) (c) 58. Rs. 5,25,000 Rs. 3,15,000. Added Not required to be adjusted (b) (d) Deducted None of the above Rs. 200 paid as wages for erecting a machine should be debited to _________ (a) (c) 60. (b) (d) When preparing a Bank Reconciliation Statement, if you start with the debit balance as per Cash Book, cheques issued but not presented within the period should be _________ (a) (c) 59. Rs. 4,12,500 Rs. 90,000 Repair account Capital account (b) (d) Machine account Furniture account Rs. 2,500 spent on the overhaul of a machine purchased second-hand is _________ (a) (c) Capital expenditure Deferred revenue expenditure (b) (d) Revenue expenditure None of the above SECTION B: MERCANTILE LAWS (40 MARKS) 61. The law of contract in India is contained in: (a) (b) (c) (d) 62. A void agreement is one which is: (a) (b) (c) (d) 63. Indian Contract Act, 1862 Indian Contract Act, 1962 Indian Contract Act, 1872 Indian Contract Act, 1972 Valid but not enforceable Enforceable at the option of both the parties Enforceable at the option of one party Not enforceable in a court of law Which of the following is false? An acceptance: (a) (b) (c) (d) Must be communicated Must be absolute and unconditional Must be accepted by a person having authority to accept. May be presumed from silence of offeree. 38 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 64. A proposal when accepted becomes a (a) (c) 65. (d) is discharged. becomes void. (b) (d) becomes enforceable. none of these. change in one or more terms of the contract. acceptance of lesser performance. abandonment of rights by a party. cancellation of the existing contract. The Sale of Goods Act, 1930 deals with _________ (a) (c) 71. A threat to commit suicide does not amount to coercion. Undue influence involves use of physical pressure. Ignorance of law is no excuse. Silence always amounts to fraud. A contract is discharged by rescission which means the (a) (b) (c) (d) 70. A contract with a minor is voidable at the option of the minor. An agreement with a minor can be ratified after he attains majority. A person who is usually of an unsound mind cannot enter into contract even when he is of a sound mind. A person who is usually of a sound mind cannot enter into contract when he is of unsound mind. On the valid performance of the contractual obligations by the parties, the contract (a) (c) 69. Must move at the desire of the promisor. May move from any person. Must be illusory. Must be of some value. Which of the following statement is true? (a) (b) (c) (d) 68. Contract. Acceptance. Which of the following statement is true? (a) (b) (c) 67. (b) (d) Which of the following statement is false? Consideration: (a) (b) (c) (d) 66. Promise. Offer. sale pledge. (b) (d) mortgage. all of the above. Which one of the following is/are document of title to goods? (a) (c) railway receipt. warehouse keeper s certificate. Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) wharfinger s certificate. all of the above 39 MODEL TEST PAPER - 2 72. Which one of the following is not true? (a) (b) (c) (d) 73. In which form of the contract, the property in the goods passes to the buyer immediately: (a) (c) 74. Warranty as to undisturbed possession. Warranty as to existence of encumbrance. Disclosure of dangerous nature of goods. Warranty as to quality or fitness by usage of trade. The Partners The minors in the firm. The business under which the firm carries on business The collective name under which it carries on business. which does not have any deed which does not have any partner which does not provide for how long the business will continue which cannot be dissolved. Every partner has the right to: (a) (b) (c) (d) 78. hire purchase. instalment to sell. A partnership at will is one: (a) (b) (c) (d) 77. (b) (d) A firm is the name of: (a) (b) (c) (d) 76. agreement to sell. sale Which one of the following is not an implied warranty? (a) (b) (c) (d) 75. Document showing title is different from document of title. Bill of lading is a document of title to goods. Specific goods can be identified and agreed upon at the time of the contract of Sale. None of the above. Take part in the business of the firm To share exclusive profits To use the property of the firm for personal purposes Pay taxes Which of the following is not disability of an unregistered firm? (a) (b) (c) (d) It cannot file a suit against third parties Its partners cannot file a suit against a firm. It cannot claim a set-off exceeding Rs. 100. It cannot be sued by a third party. 40 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 79. Which of the following is not the right of a partner i.e., which he cannot claim as a matter of right? (a) (b) (c) (d) 80. In case of illegal agreements, the collateral agreements are ___________ . (a) (c) 81. Undue Influence. All of these. Coercion. Misrepresentation. (b) (d) Undue Influence. Fraud. damages quantum meruit (b) (d) injunction none of these. Uncertain contract. Void contract. (b) (d) Contingent contract. Voidable contract. Illegal Voidable (b) (d) Valid Void. As a general rule, an agreement made without consideration is __________ (a) (c) 87. (b) (d) A agrees to pay Rs. one lakh to B if he brings on earth a star from sky. This is a contingent contract and __________. (a) (c) 86. Coercion. Fraud. A contract dependent on the happening or non-happening of future uncertain event, is a __________ (a) (c) 85. Void. None of these. Sometimes, a party is entitled to claim compensation in proportion to the work done by him. It is possible by a suit for ________ (a) (c) 84. (b) (d) Moral pressure is involved in the case of ___________ (a) (c) 83. Valid. Voidable. Consent is not said to be free when it is caused by ____________ (a) (c) 82. Right to take part in business. Right to have access to account books. Right to share profits. Right to receive remuneration. void valid (b) (d) voidable unlawful An agreement made with free consent to which the consideration is lawful but inadequate, is ________. (a) (c) void voidable Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) valid unlawful 41 MODEL TEST PAPER - 2 88. A contract with the minor, which is beneficial for him, is __________ (a) (c) 89. (b) (d) retain the possession. none of the above. constructive delivery symbolic delivery (b) (d) actual delivery none of the above Contract of sale. Exchange. (b) (d) Agreement to sell. Barter. sale hire-purchase Agreement (b) (d) agreement to Sell sale of approval Transfer. Delivery. (b) (d) Possession. None of the above. A partner can be expelled if _________________ (a) (b) (c) (d) 96. deliver the goods. regain the possession. Voluntary transfer of possession by one person to another is popularly known as __________ (a) (c) 95. Warranty. Term. A contact for the sale of goods which provide that the property would pass to the buyer on full payment of price and execution of sale deed, is known as ___________ (a) (c) 94. (b) (d) A agrees to deliver his old car valued at Rs. 80,000 to B, a car dealer, in exchange for a new car, and agrees to pay the difference in cash it is _________ (a) (c) 93. Guarantee. Condition. If a seller handed over the keys of a warehouse containing the goods to the buyer results in ___________ (a) (c) 92. voidable illegal The essence of a right of lien is to _________ (a) (c) 91. (b) (d) A stipulation in a contract of sale of goods whose violation by seller gives a right of rescission to buyer, is called ____________ (a) (c) 90. void ab initio valid Such expulsion is in good faith The majority of the partner agree on such expulsion The expelled partner is given an opportunity to start a business competing with that of the firm Compensation is paid A new partner can be admitted in the firm with the consent of _________ (a) (c) All the partners Special majority of partners 42 The Institute of Chartered Accountants of India (b) (d) Simple majority of partners New partner only. Common Proficiency Test (CPT) Volume - I 97. A partner may retire from an existing firm ________ (a) (b) (c) (d) 98. A partnership firm is compulsorily dissolved where ___________ (a) (b) (c) (d) 99. All partners have become insolvent Firm s business has become unlawful The fixed term has expired In cases (a) and (b) only. Ram, Rohit and Kiran jointly borrowed Rs. 2,00,000 from Rahim by executing a promissory note. Rohit and Kiran are not traceable. Rahim wants to recover the entire amount from Ram. Ram objected this move by saying he is liable to pay 1/3 of the debt only. Which of the following statement(s) is correct? (a) (b) (c) (d) 100. with consent of all partners as per express agreement by written notice in partnership at will all of the above. Rahim can recover the entire amount from Ram. Rahim can only recover 1/3 of Rs.2,00,000 from Ram. Rahim cannot recover any amount from Ram. The promissory note is not executable against Ram as Rohit and Kiran are not traceable. X agrees with Y to carry passengers by taxi from Delhi to Gurgaon on the following terms, namely, Y is to pay X Rs. 100 per mile per annum, and X and Y are to share the costs of repairing and replacement of the cars, and to divide equally between them the proceeds of fares received from passengers. Choose the correct alternative. (a) (c) X and Y are partners X and Y are co-owners (b) (d) X and Y are cab owners Can t be decided. SECTION C : GENERAL ECONOMICS (50 MARKS) 101. Which of the following statements would you consider to be a normative one? (a) (b) (c) (d) 102. Faster economic growth should result if an economy has a higher level of investment. Changing the level of interest rates is a better way of managing the economy than using taxation and government expenditure. Higher levels of unemployment will lead to higher levels of inflation. The average level of growth in the economy was faster in the 1990s than the 1980s. Consider the following and decide which, if any, economy is without scarcity: (a) (b) (c) (d) The pre-independence Indian economy, where most people were farmers. A mythical economy where everybody is a billionaire. Any economy where income is distributed equally among its people. None of the above. Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 43 MODEL TEST PAPER - 2 103. The economic analysis expects the consumer to behave in a manner which is: (a) (c) 104. Luxuries. Conventional necessities. Constant returns to scale. Increasing returns to scale. Decreasing returns to scale. None of these. MC. TFC. (b) (d) AVC. None of these. Advertise to increase the demand for their products. Do not advertise because most advertising is harmful for the society. Do not advertise because they can sell as much as they want at the current price. Who advertise will get more profits than those who do not. The AR curve and industry demand curve are same: (a) (b) (c) (d) 110. (b) (d) Price taker firms: (a) (b) (c) (d) 109. Necessities. Comforts. The vertical difference between TVC and TC is equal to: (a) (c) 108. Total utility to fall and marginal utility to increase. Total utility and marginal utility both to increase. Total utility to fall and marginal utility to become negative. Total utility to become negative and marginal utility to fall. If one unit of labour and one unit of capital give 200 units of output, two units of labour and two units of capital give 400 units of output and 5 units of labour and five units of capital give 1000 units of output then this is a case of: (a) (b) (c) (d) 107. Irrational Indifferent. Consumer surplus is highest in the case of: (a) (c) 106. (b) (d) After reaching the saturation point, consumption of additional units of the commodity cause: (a) (b) (c) (d) 105. Rational Emotional In the case of monopoly. In the case of oligopoly. In the case of perfect competition. None of the above. Which of the following is not, by definition, equal to National Income? (a) (c) National product National output 44 The Institute of Chartered Accountants of India (b) (d) National expenditure National wealth Common Proficiency Test (CPT) Volume - I 111. Which of the following is not an objective of Fiscal policy? (a) (b) (c) (d) 112. The main objective of the World Trade Organisation is to secure among others: (a) (b) (c) (d) 113. (b) (d) Budgetary deficit Revenue deficit 100 population 10000 population (b) (d) 1000 population 100000 population Currencies and demand deposits. Bonds, government securities. Equity shares. All of the above. Coffee and milk Pen and ink (b) (d) Diamond and cow Mustard oil and coconut oil When the price of a substitute of X commodity falls, the demand for X . (a) (c) 119. Fiscal deficit Primary deficit pair of commodities is an example of substitutes. (a) (c) 118. OPEC UNIDO Money includes: (a) (b) (c) (d) 117. (b) (d) Birth rate and Death rate are measured as per: (a) (c) 116. GATT WTO Which of the following concepts of Budget deficit has become practically redundant in India? (a) (c) 115. A general agreement among common market countries on technical training and mutual prices of traded goods. The maintenance of intellectual property rights and patent rights of member countries. An improvement in the USA s terms of trade in the next decade. A reduction in tariffs through negotiation, elimination of import quotas and globalization of international trade. Which one of the following is the best example of agreement between oligopolists? (a) (c) 114. Economic growth Economic stability Maximization of employment level Regulating of financial institutions Rises Remains unchanged (b) (d) Falls Any of the above. Marginal utility approach to demand was given by . (a) (c) J.R. Hicks Robbins Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Alfred Marshall A. C. Pigou 45 MODEL TEST PAPER - 2 120. While analyzing Marshall s measure of consumer s surplus one assumes . (a) (c) 121. (b) (d) Monopolistic competition Oligopoly. Inflation with recession Inflation galloping like a stag (b) (d) Recession with stagnation Inflation and increasing output. Income tax Expenditure tax (b) (d) Wealth tax Entertainment tax IBRD WTO (b) (d) ADB IMF Usual Status Current Daily Status (b) (d) Current Weekly Status Current Yearly Status The average profit is the difference between . (a) (c) 129. Monopoly Perfect competition. ___________measure usually gives the lowest estimate of unemployment especially for poor economy. (a) (c) 128. Charges for electricity. Payment for raw material. has been founded to act as permanent watchdog on the international trade. (a) (c) 127. (b) (d) is not a direct tax. (a) (c) 126. Wages of the labour. Interest on owned money capital. Stagflation means . (a) (c) 125. There are only two variable factors. There is a fixed factor and a variable factor. All factors are variable. Variable factors yield less. Excess capacity is not found under . (a) (c) 124. Perfect competition Monopsony is an implicit cost of production. (a) (c) 123. (b) (d) The law of variable proportions comes into being when . (a) (b) (c) (d) 122. Imperfect competition Monopoly AC and TC AC and AR (b) (d) AC and VC. AC and TR At the point of inflexion, the marginal product is . (a) (c) Increasing Maximum 46 The Institute of Chartered Accountants of India (b) (d) Decreasing Negative Common Proficiency Test (CPT) Volume - I 130 . Marginal revenue will be negative if elasticity of demand is . (a) Less than one. (b) More than one. (c) Equal to one. (d) Equal to zero. 131. If lowering of fares reduces railway s revenues and increasing of fares increases, them the demand for rail travel has a price elasticity of . (a) Zero (b) Greater than zero but less than one. (c) One (d) Greater than one 132. If R point bisects the demand curve in two equal parts, then elasticity at R equals . (a) (c) Zero Two (b) (d) Five One The following data give the production possibilities frontier of an economy that produces two types of goods, guns and bread. Read the following table and answer questions 133-135 Table 1: Production Possibilities Production possibilities Guns Bread 133. C 20 90 D 30 75 E 40 55 F 50 30 G 60 0 H 30 45 10 units of bread. 25 units of bread. (b) (d) 15 units of bread. 24 units of bread. Given the data in Table 1, one moves successively from point A to points B, C, D,E and F, the opportunity cost of guns: (a) (b) (c) (d) 135. B 10 100 According to Table 1, the opportunity cost of increasing gun s production from 20 to 30 units is equal to (a) (c) 134. A 0 105 Increases as more of guns are produced. Decreases as more of guns are produced. Remains constant as more of guns are produced. Nothing can be said. Point D is efficient while point H (30 guns and 45 loaves of bread) is inefficient. Why? (a) (b) (c) (d) Point D is outside the PPF while point H is on the PPF. Point D is inside the PPF while point H is on the PPF. Point D is on the PPF while point H is inside the PPF. Nothing can be said. Read the following paragraph and answer questions 136 to 137. In the Monetary Policy announced for the year 2006-07 the following announcements were made - Bank Rate, Repo Rate, Reverse Repo Rate and Cash Reserve Ratio have been kept unchanged at their present levels of 6 per cent, 6.5 per cent, 5.5 per cent and 5 per cent respectively. These have been kept unchanged as liquidity pressures seen during the last 4 months of 2005-06 have eased off considerably. Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 47 MODEL TEST PAPER - 2 136. What is Bank Rate? (a) (b) (c) (d) 137. The rate of interest charged by public sector banks from the general public. The rate of interest on housing loans. The rate of interest on educational loan. The rate at which the RBI discounts the bills of commercial banks. In the given paragraph it is stated that Bank Rate and Cash Reserve Ratio (CRR) have been kept unchanged. What can RBI do if it wants to control credit in the economy? (a) (b) (c) (d) Decrease Bank Rate and decrease CRR. Increase Bank Rate and increase CRR. Increase Bank Rate and decrease CRR Decrease Bank Rate and increase CRR. Use Table 2 to answer questions 138-141. Bozzo s burgers is a small restaurant and a price taker. The table below provides the data of Bozzo s output and costs in Rupees. Quantity 100 - - - 210 300 30 400 40 540 50 790 60 Average total cost Marginal cost 1060 If burgers sell for Rs. 14 each, what is Bozzo s profit maximizing level of output? (a) (c) 10 burgers 50 burgers (b) (d) 40 burgers 60 burgers What is the total variable cost when 60 burgers are produced? (a) (c) Rs. 690 Rs. 110 (b) (d) Rs. 960 Rs. 440 What is average fixed cost when 20 burgers are produced? (a) (c) 141. Average variable cost 20 140. Variable cost 10 139. Fixed cost 0 138. Total cost Rs. 5 Rs. 10 (b) (d) Rs.3.33 Rs. 2.5 Between 10 to 20 burgers, what is the marginal cost (per burger)? (a) (c) Rs. 11 Rs. 14 48 The Institute of Chartered Accountants of India (b) (d) Rs. 13 Rs. 9 Common Proficiency Test (CPT) Volume - I 142. In Econoville, there is one grocery shop, Ecoconvenience. It used to sell fresh milk at Rs. 20 per litre, at which price 400 litres of milk were sold per month. After some time, the price was raised to Rs. 30 per litre. Following the price rise: Only 200 litres of milk was sold every month. The number of boxes of cereal customers bought went down from 280 to 240. The number of packets of powered milk customers bought went up from 90 to 220 per month. Now answer Questions number 142-147. The price elasticity of demand when fresh milk s price increases from Rs. 20 per litre to Rs. 30 per litre is equal to: (use Arc Elasticity Method) (a) (c) 143. + 0.25. + 0.38. + 1.05. -2.09. (b) (d) -1.05. + 2.09. It is perfectly elastic. It is perfectly inelastic. (b) (d) It is elastic. It is inelastic. 0.5 1.25 (b) (d) 0.6 1.50 We can say that fresh milk in economic sense is a/an: (a) (c) 148. (b) (d) Suppose income of the residents of Ecoville increases by 50% and the quantity of fresh milk demanded increases by 30%. What is income elasticity of demand for fresh milk? (a) (c) 147. - 0.38 - 0.19. What can be said about the price elasticity of demand for fresh milk? (a) (c) 146 . 1.0 2 .66 The cross elasticity of monthly demand for powdered milk when the price of fresh milk increases from Rs. 20 to Rs. 30 per litre is equal to: (a) (c) 145. (b) (d) The cross elasticity of monthly demand for cereal when the price of fresh milk increases from Rs. 20 to Rs. 30 is equal to: (a) (c) 144. 2.5 1.66 luxury good normal good (b) (d) inferior good nothing can be said. Suppose that a sole proprietorship is earning total revenues of Rs.2,00,000 and is incurring explicit costs of Rs. 1,50,000. If the owner could work for another company for Rs. 60,000 a year, we would conclude that: (a) the firm is incurring an economic loss. (b) implicit costs are Rs.50,000. (c) the total economic costs are Rs.2,00,000. Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 49 MODEL TEST PAPER - 2 Use Table 3 to answer questions 149-150. Table 3 Hours of Labour 1 200 200 2 160 3 480 What is the total output when 2 hours of labour are employed? (a) (c) 150. Marginal Product 0 149. Total Output 160 360 (b) (d) 200 400 What is the marginal product of the third hour of labour? (a) (c) 120 200 (b) (d) 160 480 SECTION D : QUANTITATIVE APTITUDE (50 MARKS) 151. Mutually exclusive classification is usually meant for (a) (c) 152. lim x 0 (a) (c) 153. A continuous variable. Any of these. (b) (d) Does not exist None of these 3x + | x | 7x 5 | x | Exists 1/6 Mean deviation Quartile deviation (b) (d) Standard deviation (a) and (b) but not (c) If an unbiased coin is tossed once, then the two events Head and Tail are: (a) (c) 155. (b) (d) Which measure of dispersion is based on all the observations? (a) (c) 154. A discrete variable. An attribute. Mutually exclusive. Equally likely. (b) (d) Exhaustive. All these (a), (b) and (c). If P(A) = P(B), then (a) (b) (c) (d) A and B are the same events. A and B must be same events. A and B may be different events. A and B are mutually exclusive events. 50 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 156. As the sample size increases, standard error (a) (c) 157. Find the nature correlation between two variables. Compute the extent of correlation between two variables. Obtain the mathematical relationship between two variables. Both (a) and (c). 1st quadrant. 3rd quadrant. (b) (d) 2nd quadrant. 4th quadrant. Left, Columns Right, Rows (b) (d) Right, Columns Left, Rows Characteristic, Number Mantissa, Characteristic (b) (d) Characteristic, Mantissa Number, Mantissa (b) (d) Imaginary Irrational and unequal If b2 4ac < 0 then the roots are ________. (a) (c) 164. Systematic sampling Simple random sampling Purposive sampling Quota sampling The logarithm of a number consists of two parts, the whole part or the integral part is called the ______ and the decimal part is called the _______. (a) (c) 163. Time Reversal Test. None of these. Stub of a table is the _______ part of the table describing the _______. (a) (c) 162. (b) (d) The point of intersection between the straight lines 3x + 2y = 6 and 3x y = 12 lie in (a) (c) 161. Unit Test. Circular Test. Scatter diagram helps us to (a) (b) (c) (d) 160. Decreases. Decreases proportionately. Which sampling is subjected to the discretion of the sampler? (a) (b) (c) (d) 159. (b) (d) The test of shifting the base is called (a) (c) 158. Increases Remains constant. Real and equal Real and unequal In ________ receipts/payments takes place forever. (a) (c) Annuity Annuity regular Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Perpetuity Annuity due 51 MODEL TEST PAPER - 2 165. Usually _________ is the best measure of central tendency. (a) (c) 166. Positive Negative (b) (d) Zero None of these. Good Maximum (b) (d) Poor Highest Method of least square Method of probability distribution (b) (d) Method of moments Method of deviations Index Relative (b) (d) Absolute Sample The following data relate to the marks of a group of students: Marks : Below 10 Below 20 Below 30 No. of students : 15 38 65 How many students got marks more than 30? (a) (c) 172. Deciles Quartiles. An index time series is a list of _______ numbers for two or more periods of time. (a) (c) 171. (b) (d) The method usually applied for fitting a binomial distribution is known as______. (a) (c) 170. Median Percentiles A small value of r indicates only a _________ linear type of relationship between the variables. (a) (c) 169. Mode G.M. If the plotted points in a scatter diagram lie from upper left to lower right, then the correlation is_______. (a) (c) 168. (b) (d) ________ are used for measuring central tendency , dispersion & skewness. (a) (c) 167. Median Mean 65 35 (b) (d) Below 40 84 Below 50 100 50 43 The following data relate to the incomes of 86 persons : Income in Rs.: 500 999 1000 1499 1500 1999 No. of persons: 15 28 36 What is the percentage of persons earning more than Rs. 1500? (a) (c) 50 40 52 The Institute of Chartered Accountants of India (b) (d) 2000 2499 7 45 60 Common Proficiency Test (CPT) Volume - I 173. Value of 2x1/2.3x 1 if x = 4 is (a) (c) 174. 4 x+y<9 None of these Rs. 50,000 Rs. 80,000 (b) (d) Rs. 60,000 None of these Rs 250 Rs 300 (b) (d) Rs 277 Rs 310 1 0 (b) (d) 24 None of these 5040 450 (b) (d) 4050 540 6 5 (b) (d) 8 7 Which term of the progression 1, 3, 5, . is 39? (a) (c) 182. (b) (d) Five bulbs of which three are defective are to be tried in two bulb points in a dark room. Number of trials the room shall be lighted (a) (c) 181. x+y 9 x+y>9 In how many ways can 8 persons be seated at a round table? (a) (c) 180. 53 55 P4 is equal to (a) (c) 179. (b) (d) The difference between compound and simple interest at 5% per annum for 4 years on Rs.20,000 is (a) (c) 178. 54 45 The sum required to earn a monthly interest of Rs 1200 at 18% per annum Simple Interest is: (a) (c) 177. 4 4.5 An employer recruits experienced (x) and fresh workmen (y) for his firm under the condition that he cannot employ more than 9 people. x and y can be related by the inequality (a) (c) 176. (b) (d) A number between 10 and 100 is five times the sum of its digits. If 9 be added to it the digits are reversed, find the number. (a) (c) 175. 3 3.5 21st 19th (b) (d) 20th None of these The sum of natural numbers upto 200 excluding those divisible by 5 is: (a) (c) 20100 16000 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) 4100 None of these. 53 MODEL TEST PAPER - 2 183. The number of subsets of the set {2, 3, 5} is (a) (c) 184. 3 6 {(2, 5), (3, 5)} {(2, 3), (5, 5)} (x lim x 4 (a) (c) 186. If y = 2 ( x 4) ) {(5, 2), (5, 3)} None of these. 8 None of these. (b) 1 x x (d) None of these. (b) (d) 1/e None of these. (b) (d) 5 / 3x3 + k None of these. (b) (d) 100 None of these. is evaluated as 8 0 1 dy then is equal to x dx 1 2x x (c) 1 2x x f(x) = x2/ex then f ( 1) is equal to (a) (c) 188. (b) (d) (b) (d) 16 (a) 187. 8 None of these. Given A = {2, 3}, B = {4, 5}, C = {5, 6} then A (BC) is (a) (c) 185. (b) (d) 1/e e 2 Evaluate 5x dx and the answer will be (a) (c) 5x3 / 3 + k 5x3 4 189. Evaluate ( 3x 2 ) 2 dx and the value is 2 (a) (c) 190. 104 10 What is the value of the first quartile for observations 15, 18, 10, 20, 23, 28, 12, 16? (a) (c) 17 12.75 54 The Institute of Chartered Accountants of India (b) (d) 16 12 Common Proficiency Test (CPT) Volume - I 191. What is the coefficient of range for the following wages of 8 workers? Rs. 80, Rs. 65, Rs. 90, Rs. 60, Rs. 75, Rs. 70, Rs. 72, Rs. 85. (a) (c) 192. 1 Negative. 1/5 (b) (d) 1/3 1/6 2/13 9/13 (b) (d) 11/13 None of these. 0.6525 0.8704 (b) (d) 0.9744 0.0256 If the mean deviation of a normal variable is 16, what is its quartile deviation? (a) (c) 197. (b) (d) If the overall percentage of success in an exam is 60, what is the probability that out of a group of 4 students, at least one has passed? (a) (c) 196. 0 1 The probability that a card drawn at random from the pack of playing cards may be either a queen or an ace is (a) (c) 195. Rs. 20 20 If two unbiased dice are rolled together, what is the probability of getting no difference of points? (a) (c) 194. (b) (d) If the relationship between two variables x and y is given by 2x + 3y + 4 = 0, then the value of the correlation coefficient between x and y is (a) (c) 193. Rs. 30 Rs. 40 10.00 15.00 (b) (d) 13.50 12.05 If Standard Deviation = 20 and sample size is 100 then standard error of mean is (a) (b) 5 (c) 198. 2 1 5 (d) None of these. If for two variable x and y, the covariance, variance of x and variance of y are 40, 16 and 256 respectively, what is the value of the correlation coefficient? (a) (c) 0.01 0.4 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) 0.625 0.5 55 MODEL TEST PAPER - 2 199. The present value of Rs.10000 due in 2 years at 5% p.a. compound interest when the interest is paid on yearly basis is (a) (c) 200. Rs. 9,070.29 Rs. 9,061 (b) (d) Rs. 9,000 Rs. 9,060 A town has a total population of 50,000. Out of it 28,000 read the newspaper X and 23,000 read Y while 4000 read both the papers. The number of persons not reading X and Y both is: (a) (c) 2,000 2,500 56 The Institute of Chartered Accountants of India (b) (d) 3,000 None of these. Common Proficiency Test (CPT) Volume - I MODEL TEST PAPER BOS/CPT-2 SECTION A : FUNDAMENTALS OF ACCOUNTING 1 (d) 2 (b) 3 (c) 4 (d) 5 (d) 6 (c) 7 (a) 8 (b) 9 (b) 10 (c) 11 (a) 12 (a) 13 (a) 14 (c) 15 (a) 16 (b) 17 (c) 18 (a) 19 (c) 20 (a) 21 (a) 22 (c) 23 (d) 24 (a) 25 (a) 26 (d) 27 (a) 28 (b) 29 (c) 30 (a) 31 (c) 32 (a) 33 (d) 34 (b) 35 (a) 36 (a) 37 (a) 38 (a) 39 (b) 40 (a) 41 (a) 42 (a) 43 (a) 44 (c) 45 (c) 46 (a) 47 (b) 48 (a) 49 (a) 50 (a) 51 (b) 52 (b) 53 (c) 54 (a) 55 (b) 56 (c) 57 (b) 58 (a) 59 (b) 60 (a) SECTION B : MERCANTILE LAWS 61 (c) 62 (d) 63 (d) 64 (a) 65 (c) 66 (d) 67 (c) 68 (a) 69 (d) 70 (a) 71 (d) 72 (d) 73 (c) 74 (b) 75 (d) 76 (c) 77 (a) 78 (d) 79 (d) 80 (b) 81 (d) 82 (b) 83 (c) 84 (b) 85 (d) 86 (a) 87 (b) 88 (c) 89 (c) 90 (b) 91 (c) 92 (a) 93 (b) 94 (c) 95 (a) 96 (a) 97 (d) 98 (d) 99 (a) 100 (a) Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 565 ANSWERS SECTION C : GENERAL ECONOMICS 101 (b) 102 (d) 103 (a) 104 (c) 105 (a) 106 (a) 107 (c) 108 (c) 109 (a) 110 (d) 111 (d) 112 (d) 113 (b) 114 (b) 115 (b) 116 (d) 117 (d) 118 (b) 119 (b) 120 (b) 121 (b) 122 (c) 123 (c) 124 (a) 125 (d) 126 (c) 127 (a) 128 (c) 129 (c) 130 (a) 131 (b) 132 (d) 133 (b) 134 (a) 135 (c) 136 (d) 137 (b) 138 (b) 139 (b) 140 (a) 141 (d) 142 (c) 143 (a) 144 (d) 145 (b) 146 (b) 147 (c) 148 (a) 149 (c) 150 (a) SECTION D : QUANTITATIVE APTITUDE 151 (b) 152 (a) 153 (d) 154 (d) 155 (c) 156 (b) 157 (c) 158 (c) 159 (a) 160 (d) 161 (d) 162 (b) 163 (b) 164 (b) 165 (c) 166 (d) 167 (c) 168 (b) 169 (b) 170 (a) 171 (c) 172 (a) 173 (a) 174 (c) 175 (b) 176 (c) 177 (d) 178 (b) 179 (a) 180 (d) 181 (b) 182 (c) 183 (b) 184 (a) 185 (a) 186 (c) 187 (c) 188 (a) 189 (a) 190 (c) 191 (d) 192 (c) 193 (d) 194 (a) 195 (b) 196 (b) 197 (a) 198 (b) 199 (a) 200 (b) 566 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I

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