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CA CPT : Volume 1 - Model Test Paper 10 (with Answers)

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BOARD OF STUDIES THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA COMMON PROFICIENCY TEST Model Test Paper BOS/CPT 10 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. Mr. Ashok buys clothing of Rs. 50,000 paying cash Rs. 20,000. What is the amount of expense as per the accrual concept? (a) (c) 2. Rs. 20,000. Nil. Liability. Income. (b) (d) Capital. None of the three. Accounting standards are (a) (b) (c) (d) 4. (b) (d) Loss leads to a reduction in (a) (c) 3. Rs. 50,000. Rs. 30,000. Basis for selection of accounting policy. Set of broad accounting policies to be followed by an entity. Basis for establishing and managing an entity. All of the above. Substance of any transaction should be considered while recording them and not only the legal form is the statement which holds true for: (a) (c) Substance over form. Both (a) and (b). Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Disclosure of accounting policies. None of the three. 263 MODEL TEST PAPER - 10 5. The determination of the amount of provision for doubtful debts is an accounting (a) (c) 6. Capital expenditure. Revenue expenditure. (b) (d) Deferred revenue expenditure. None of the above. In the ruling currency of the country in which transaction takes place. In the ruling currency of the country in which books of account are prepared. In the currency set by the ministry of finance. In the currency set by the Government. Compensating errors. Errors of partial omission. (b) (d) Errors of complete omission. Errors of principle. Intentional. Undetected. (b) (d) Unintentional. None of the three. Trial balance is a statement which shows the ________ or the ________of all the accounts. (a) (c) 13. As an expense. As a liability. Errors are ________ mistakes. (a) (c) 12. (b) (d) All of the following errors do not affect the trial balance, except (a) (c) 11. As an income. As an asset. According to money measurement concept, currency transactions and events are recorded in the books of accounts (a) (b) (c) (d) 10. Journal, Subsidiary books, Ledger, Balance sheet , Profit and loss account. Ledger, Journal, Ledger, Balance sheet , Profit and loss account Journal, Ledger, Profit and loss account, Balance sheet . Profit and loss account, Ledger, Balance sheet, Journal. Rs. 5,000 incurred for upgradation of computer by installation of 128 MB RAM is (a) (c) 9. Estimate. None of the above The expired portion of capital expenditure is shown in the financial statements as (a) (c) 8. (b) (d) What is the order in which the accounting transactions and events are recorded in the books? (a) (b) (c) (d) 7. Policy. parameter. Balances, Entries. Posted balances, Total of balances. (b) (d) Opening balances, Closing balances. Debit balance, Credit balance. It is easy to detect ________ than to ________. (a) (c) Frauds, Errors. Errors, Frauds. 264 The Institute of Chartered Accountants of India (b) (d) Mistakes, Errors. Errors, Mistakes. Common Proficiency Test (CPT) Volume - I 14. In case of debit balance, the words ________ are written on the debit side. (a) (c) 15. (b) (d) Revenue expenditure. None of the three. Bank book. Bank column. (b) (d) Bank account. Bank statement. Balance sheet. Trading account. (b) (d) Profit and loss account. Manufacturing account. Accounts receivable normally has ________ balance. (a) (c) 19. Capital expenditure. Deferred capital expenditure. Capital expenditures are recorded in the ________ (a) (c) 18. To balance c/d. By balance c/d. Bank pass book is also known as ________ (a) (c) 17. (b) (d) Rs. 5,000 spent on maintenance of plant and machinery is ________. (a) (c) 16. To balance b/d. By balance b/d. Debit. Unfavourable. (b) (d) Credit. None of the above. An account is a formal record of changes in items of ________ nature. (a) (c) Revenue. Debit. (b) (d) Expense. Similar. 20. The assumption underlying the fixed installment method of depreciation is that of ________ of the asset over different years of its useful life. (a) Usage. (b) Equal usage. (c) Charge. (d) None of the above. 21. A businessman purchased goods for 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 at Rs. 7,50,000 due to (a) Money measurement concept. (b) Conservatism concept. (c) Cost concept. (d) Periodicity concept. 22. M/s Omega Brothers, which was registered in the year 2004, has been following LIFO method for valuation of shares. It changed its method from LIFO to FIFO Method in the year 2009. The auditor raised objection to this change in the method of valuation of investments. The objection of the auditor is justified because (a) (b) (c) (d) Change in the method should be done only with the consent of the auditor Method can be changed only from FIFO to LIFO and not vice versa Change in the method should be done only if it is required by some statute and change would result in appropriate presentation of financial statement Method cannot be changed under any circumstances. Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 265 MODEL TEST PAPER - 10 23. Following are the items of the balance sheet of Mr. X: Capital Rs. 7,00,000; Machinery Rs. 5,00,000 and Cash Rs. 2,00,000. If Mr. X spends Rs. 5,000 to meet his family expenses, the balance of capital and cash accounts will be (a) (c) 24. Rs. 60,000. Rs. 70,000. Rs. 90,000. Rs. 3,10,000. (b) (d) Rs. 4,00,000. None of the three. Subtract Rs. 2,000. Subtract Rs.3,500. (b) (d) Add Rs 2,000. Add Rs. 3,500. Rs. 30,000 Rs. 60,000 (b) (d) Rs. 20,000 Nil On 1.1.2010 X draws a bill on Y for Rs 1,00,000. At maturity, the bill returned dishonoured as Y became insolvent and 40 paise per rupee is recovered from his estate. The amount recovered is: (a) (c) 29. (b) (d) A and B purchased a piece of land for Rs. 30,000 and sold it for Rs. 60,000 in 2010. Originally A had contributed Rs. 12,000 and B Rs. 8,000. The profit on venture will be (a) (c) 28. Rs. 50,000. Rs. 1,00,000. When balance as per cash book (debit balance) as on 31st March is the starting point, what will be the effect while preparing bank reconciliation statement when out of the cheques amounting to Rs. 5,000 deposited, cheques aggregating Rs. 1,500 were credited in March and cheques aggregating Rs. 2,000 credited in April and the rest have not been collected? (a) (c) 27. Rs. 6,95,000 and Rs. 1,95,000. Rs. 6,95,000 and Rs. 2,00,000. If sales revenues are Rs. 4,00,000; cost of goods sold is Rs. 3,10,000, the gross profit is _________ (a) (c) 26. (b) (d) Mr. Mohan started a cloth business by investing Rs. 50,000, bought merchandise worth Rs. 50,000. He sold merchandise for Rs. 60,000. Customers paid him Rs. 50,000 cash and assured him to pay Rs. 10,000 shortly. The amount of revenue earned by him is _________ (a) (c) 25. Rs. 7,00,000 and Rs. 2,00,000. Rs. 7,00,000 and RS. 1,95,000. 20,000 40,000 (b) (d) Nil 40 paise An individual invests Rs.2,00,000 for running a stationery business. On 1st Jan., he purchases goods for Rs. 1,15,000 and sells the goods for Rs. 1,47,000 during the month of January. He pays shop rent for the month Rs. 5,000 and finds that still he has goods worth Rs. 15,000 in hand. The amount of surplus will be (a) (c) Rs. 42,000 Rs. 47,000 266 The Institute of Chartered Accountants of India (b) (d) Rs. 1,62,000 Rs. 27,000. Common Proficiency Test (CPT) Volume - I 30. Goods costing Rs. 600 is supplied to Ram at the invoice of 10% above cost and a trade discount for 5%. The amount of sales will be (a) (c) 31. (b) (d) Rs. 10,000. None of the above. Sales account. Salary account. (b) (d) Goods account. Salary in advance account. Dr. P& L a/c and Cr. Cash embezzlement a/c Rs. 6,000. Dr. Cash embezzlement a/c and Cr. Cash a/c Rs. 6,000. Dr. Cash a/c and Cr. P& L a/c Rs. 6,000 None of the above. After preparing the trial balance the accountant finds that the total of the debit side is short by Rs. 1,000. This difference will be __________ (a) (b) (c) (d) 35. Rs. 11,000. Rs. 9,000 Journal entry for Rs. 6,000 stolen from the safe of the firm will be ________ (a) (b) (c) (d) 34. Rs. 660. Rs. 620. Ganesh takes a salary Rs. 10,000 per month. He withdrew goods worth Rs. 2,500 for personal use and got salary Rs. 9,500 in cash. The excess payment of Rs. 2,000 will be debited to (a) (c) 33. (b) (d) Goods sold for cash Rs. 10,000, plus 10% sales tax. Sales will be credited by (a) (c) 32. Rs. 627. Rs. 570. Credited to suspense account. Debited to suspense account. Adjusted to any of the debit balance account. Adjusted to any of the credit balance account. The accountant of the firm M/s ABC is unable to tally the following trial balance: S. No. 1. 2. 3. Account heads Sales Purchases Miscellaneous expenses Total Debit (Rs.) Credit (Rs.) 12,500 10,000 10,000 2,500 15,000 The above difference in trial balance is due to (a) (b) (c) (d) Wrong placing of sales account Incorrect totalling. Wrong placing of miscellaneous expenses account Wrong placing of all accounts. Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 267 MODEL TEST PAPER - 10 36. Sita and Gita 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 Sita and Gita is: (a) (c) 37. Rs. 3,000 Rs. 4,000 (b) (d) Rs. 5,000 Rs. 2,000 Rs.30,000 Rs.1,33,333 (b) (d) Rs.5,000 Rs.33,333 A and D are equal partners. They wanted to admit C as 1/6th partner who brought Rs.60,000 as goodwill. The new profit sharing ratio is 3:2:1. Profit sacrificing ratio will be (a) (c) 41. Sales Account Purchases Returns Account Sales Account, Purchases Account & A s Account. None of the above. If capital employed by a partnership firm is Rs.1,00,000 and its average profit is Rs. 20,000, normal rate of return is 15%, the value of goodwill according to capitalization method will be (a) (c) 40. Rs. 4,800 and 3,000 None of the above. Total capital employed by a partnership firm is Rs.1,00,000 and its average profit is Rs.25,000. Normal rate of return is 20% in similar firms working under similar conditions. The firm earns super profit of: (a) (c) 39. (b) (d) A sale of Rs. 100 to A recorded in the Purchase Book would affect: (a) (b) (c) (d) 38. Rs. 4,680 and 3,120 Rs. 5,000 and 2,800 0:1/6 3:1 (b) (d) 2:1 None of the above. A, B, C & D are in partnership sharing profits and losses equally. They mutually agree to change the profit sharing ratio to 3:3:2:2. In this process D loses (a) 1 th share 20 (b) 1 th share 10 (c) 1 th share 5 (d) None of the above 268 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 42. The following information pertains to X Ltd. (i) Equity share capital called up Rs.5,00,000 (ii) Calls in arrear Rs.40,000 (iii) Calls in advance Rs.25,000 (iv) Proposed dividend 15% The amount of dividend payable is (a) (c) 43 . Rs. 81. Rs. 54. Rs. 42,000. Rs. 1,26,000. (b) (d) Rs. 84,000. Rs. 36,000. Rs. 2,000 Rs. 2025 (b) (d) Rs. 2,700 Rs. 3,500 2,550 1,050 (b) (d) 1,550 None of the three. A bought goods of the value Rs.10,000 and consigned them to B to be sold on joint venture, profits being divided equally. A draws a bill on B for an amount equivalent to 80% of cost on consignment. The amount of bill will be (a) (c) 48. (b) (d) A s acceptance to B for Rs.2,500 is discharged by a cash payment of Rs.1,000 and a new bill is drawn for the balance plus Rs.50 for interest. The amount of the new bill will be Rs. ______ (a) (c) 47. Rs. 90. Rs. 60. Mohan sent some goods costing Rs. 3,500 at profit of 25% on sale to Sohan on sale or return basis. Sohan return goods costing Rs.800. At the year end, i.e., on 31st December, 2011, the remaining goods were neither returned nor approved by him. The inventory on approval will be shown in the balance sheet at Rs. ______ (a) (c) 46. Rs.72,750 Rs.69,000 The profits of last three years are Rs. 43,000; Rs. 38,000 and Rs. 45,000. Find out the goodwill at two years purchase. (a) (c) 45. (b) (d) Alfa Ltd. issued shares of Rs.10 each at a discount of 10%. Mr. C purchased 30 shares and paid Rs.2 on application but did not pay the allotment money of Rs.3. If the company forfeited his entire shares, the forfeiture account will be credited by: (a) (c) 44. Rs.75,000 Rs.71,250 Rs. 10,000 Rs. 6,000 (b) (d) Rs. 8,000 Rs. 9,000 Goods costing Rs.1,80,000 sent to consignee to show a profit of 20% on invoice price. Invoice price of the goods is ______ (a) (c) Rs. 2,16,000 Rs. 2,10,000 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Rs. 2,25,000 None of the above. 269 MODEL TEST PAPER - 10 49. If 1,000 typewriters costing Rs.250 each are sent on consignment basis and Rs.10,000 is spent for freight etc., 20 typewriters are damaged in transit beyond repair. The amount of loss will be __________ (a) (c) 50. Rs.1,00,000 Rs. 1,10,000 (b) (d) Rs. 2,00,000 None of the above. Rs. 5,00,000 Rs. 6,00,000 (b) (d) Rs. 6,25,000 None of the above. Rs. 1,10,000. Nil. (b) (d) Rs. 1,00,000 None of the above. Rs. 10,000 Rs. 11,000 (b) (d) Rs. 15,000 None of the above. Debit balance as per Cash Book of ABC Enterprises as on 31.3.2012 is Rs. 10,000. Cheques deposited but not cleared amounts to Rs. 1,000 and Cheques issued but not presented is Rs. 2,000. Balance as per pass book should be (a) (c) 56. Rs. 500. None of the above. XYZ & Company employs a team of ten workers who were paid Rs.1,000 each in the year ending 31st December, 2010. At the start of year 2011, the company raised salaries by 10%. The amount of salaries for the year ended 31st December, 2011 will be ______ (a) (c) 55. (b) (d) Opening inventory Rs. 2,50,000, closing inventory Rs. 50,000, purchases Rs. 2,00,000, sales Rs. 5,00,000. Gross profit rate 20% on sales. The amount of gross profit is: (a) (c) 54. Rs. 300. Rs. 400. Goods costing Rs 5,00,000 sent out to consignee at Cost + 25%. Invoice value of the goods will be _______ (a) (c) 53. Rs.200 None of the above. Machinery costing Rs.10,00,000 was purchased on 1.4.2011. The installation charges amounting Rs.1,00,000 were incurred. The depreciation at 10% per annum on straight line method for the year ended 31st March, 2012 will be ____ (a) (c) 52. (b) (d) 1,000 Kg. of Mangoes were consigned to a wholesaler, the cost being Rs. 3 per kg. plus Rs. 400 freight. Loss of 15% of Mangoes is unavoidable. 750 kgs. were sold by the consignee. The remaining inventory of 100 kg. will be valued at (a) (c) 51. Rs. 5,000 Rs.5,200 Rs. 11,000. Rs. 10,000. (b) (d) Rs. 9,000. None of the three. Goods purchased Rs. 1,00,000, Sales Rs. 90,000 and Margin is 20 % on sales. Closing inventory is (a) (c) Rs. 10,000. Rs. 28,000. 270 The Institute of Chartered Accountants of India (b) (d) Rs. 25,000. None of the above. Common Proficiency Test (CPT) Volume - I 57. Mohan runs a restaurant. He renovates some of the old cabins to increase some space. The amount of Rs. 15,000 was incurred on renovation. The amount to be charged to profit and loss account is (a) (c) 58. Rs. 15,000. None of the above Expense. Asset. (b) (d) Liability. Revenue. A company forfeited 1,000 shares of Rs.10 each (which were issued at par) held by Mr. John for non-payment of allotment money of Rs. 4 per share. The called-up value per share was Rs.8. On forfeiture, the amount debited to share capital will be (a) (c) 60. (b) (d) Money paid to MTNL Rs. 10,000 for installing telephone in office is: (a) (c) 59. Nil. Rs. 10,000. Rs.10,000 Rs.2,000 (b) (d) Rs.8,000 Rs.18,000. Capital introduced in the beginning by Shyam Rs. 3,00,000; further capital introduced during the year Rs. 2,00,000; Drawing Rs. 1,500 per month and closing capital is Rs. 4,50,000. The amount of profit or loss for the year is: (a) (b) (c) (d) Loss Rs. 32,000. Loss Rs. 50,000. Profit Rs. 32,000. Information is insufficient for any comment. SECTION B : MERCANTILE LAWS (40 MARKS) 61. Which of the following is correct: (a) (b) (c) (d) 62. The liability of partners of a firm is unlimited. Generally the liability of a member of a company is limited but it can be unlimited. The liability of partner of firm is same as a member of any company. Both option (a) and (b). Under the Indian Contract Act, 1872, the termination of an agents authority can be caused due to (a) (b) (c) (d) Revocation of authority by the agent. Renunciation of agency by the principal. Both (a) and (b). Neither of (a) or (b). Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 271 MODEL TEST PAPER - 10 63. The following are the requisites of a valid ratification of a contract of agency: (a) (b) (c) (d) 64. An offer may be made to the following: (a) (b) (c) (d) 65. Express Contracts. Quasi Contracts. (b) (d) Implied Contracts. All of the above. A condition may be treated as warranty in the following cases: (a) (b) (c) (d) 69. Both the parties must be under the same mistake. The mistake must be as to some fact. The fact must be essential to the agreement. All of the above. Contracts may be classified on the basis of their validity, formation or performance. Contracts classified on the basis of formation are of the following types: (a) (c) 68. Bill of lading. Dock-warrant. Stamped acknowledgement for receipt of goods. Warehouse keeper s certificate. An agreement induced by mistake of fact is void if the following conditions are fulfilled: (a) (b) (c) (d) 67. A particular person. A particular group or body of persons. The public at large i.e. the whole world. All of the above. The following is not a document of title to goods : (a) (b) (c) (d) 66. The whole transaction can be ratified. Ratification must be communicated to the party who is sought to be bound by the act done by the agent. Ratification can be of the acts which the principal had the power to do. All of the above. Where the buyer altogether waives the performance of the condition. Where the buyer elects to treat the breach of condition as one of a warranty. In both of the above situations. In some other situations, but not in the above situations. The difference in consideration under English law and Indian law are: (a) (b) Under English law past consideration is no consideration whereas under Indian Law past consideration is good consideration. Under English law consideration must move from the promisee only and no other person whereas under Indian Law consideration may move from the promisee or any other person. 272 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I (c) (d) 70. Implied authority of the partner does not empower him to (a) (b) (c) (d) 71. (b) (d) The above statement is partly correct. The above statement is irrelevant. Yes, as he is the beneficiary of Trust. Yes but the same can only be done jointly with A. No as C did not pay the consideration. A and only A can enforce the agreement. In case of sale (a) (b) (c) (d) 75. The above statement is correct. The above statement is incorrect. A contract between A, B and C was executed whereby A pays money to B for delivering some goods to C. C has not paid any consideration. Can C enforce the agreement? (a) (b) (c) (d) 74. Dissolution by the adjudication of all the partners or of all the partners but one as insolvent. Dissolution by the business of the firm becoming unlawful. All of the above. None of the above. Ratification by a minor of a contract entered during minority, even after he attains majority is not allowed. (a) (c) 73. Open a bank account on behalf of the firm in his own name. Compromise or relinquish any claim or portion of a claim by the firm against an outsider. Both of the above. None of the above. Compulsory Dissolution includes (a) (b) (c) (d) 72. Under English law formal contracts i.e. one which is one in writing do not require any consideration whereas under Indian Law all contracts are required to be supported by consideration. All of the above. Property in goods does not pass to the buyer. Risk in the goods does not pass to the buyer. Both of the above. None of the above. A void contract is a contract without any legal effect and cannot be enforced in a Court of law. The following are instances of void contracts: (a) (b) (c) (d) Agreements entered under mistake of fact. Agreements by way of wager. Agreements made without consideration. All of the above. Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 273 MODEL TEST PAPER - 10 76. In case of bailment (a) (b) (c) (d) 77. Acceptance is deemed to take place when the buyer (a) (b) (c) (d) 78. Implies an agreement to share losses Does not necessarily mean an agreement to share losses Must be coupled with an agreement to share losses Is same as agreement to share losses Actual Sale of future goods is _________. (a) (c) 82. Liability of a partner in a partnership firm is unlimited. Liability of a member of a HUF is unlimited. Both the above. None of the above. Agreement to share profits _________. (a) (b) (c) (d) 81. Right to share of the property and profits of the firm as may be agreed upon. Right to have access to and inspect and copy of the account of the firm. Right to cast his vote on the question of appointment of the managing partner. (a) & (b) but not (c). Which of the following is correct: (a) (b) (c) (d) 80. Intimates to the seller that he had accepted the goods. Does any act to the goods, which is inconsistent with the ownership of the seller. Retains the goods after the lapse of a reasonable time, without intimating to the seller that he has rejected them. Either (a) or (b) or (c). The rights of a minor when admitted to the benefits of the partnership include (a) (b) (c) (d) 79. Property in goods passes to the bailee at the time of contract. Property in goods passes to the bailee upon the payment of the last installment. Property in goods can pass to the bailee at any time after the contract. None of the above. Impossible Illegal (b) (d) Possible through an agreement to sell A myth An offer made to a definite person who can be accepted by the specified person only is _________. (a) (c) Special Offer General Offer 274 The Institute of Chartered Accountants of India (b) (d) Accepted Offer Standing Offer Common Proficiency Test (CPT) Volume - I 83. A contracts to pay B Rs.1,00,000 if the latter s house is burnt to ashes. This is an example of _________. (a) (c) 84. Partially same Same The buyer may take delivery of them The buyer would, under contract, be bound to take delivery of them The seller is in a position to deliver them All of the above Coercion Fraud (b) (d) Undue Influence Misrepresentation Sale of Goods Act, 1930 Indian Partnership Act, 1932 (b) (d) Indian Contract Act, 1872 Companies Act, 1956 A directs B who is a solicitor to sell his estate by auction and to employ an auctioneer for this purpose. B names C, an auctioneer, to conduct the sale. The status of C for the sale is _________. (a) (b) (c) (d) 89. (b) (d) Provisions relating to doctrine of Caveat Emptor is laid down in the _________. (a) (c) 88. Partially different Entirely different Any act committed by a party to a contract, or with his connivance or by his agent with intent to deceive another party thereto or his agent, or to induce him to enter into a contract is said to be _________. (a) (c) 87. Quasi-Contract Bailment Goods are said to be in a deliverable state when _________. (a) (b) (c) (d) 86. (b) (d) The position of a stranger to a contract and that of the stranger to a consideration is _________. (a) (c) 85. Contingent Contract Guarantee C is an agent of A C is a sub-agent of A C is an agent of B C is neither an agent of A nor of B A contract to do or not to do something if some event, collateral to such contract does or does not happen is _________. (a) (c) A contingent contract Illegal Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) A wagering contract Void 275 MODEL TEST PAPER - 10 90. X proposes by a letter sent by post to sell his house to Y. Y accepts the proposal by a letter sent by post. The letter of acceptance is in the course of transmission to X. Y _________. (a) (b) (c) (d) 91. A agrees to pay B Rs. 5,00,000/- if A is able to go to a foreign tour in the forthcoming week. It is _________. (a) (c) 92. Invitation to treat an offer Mere communication of information in the course of negotiation Statement of intention Offer Cross Offer Standing Offer (b) (d) General Offer Unlimited Offer In case of sale In both the above cases (b) (d) In case of bailment In no case Expressed conditions are those _________. (a) (b) (c) (d) 96. A contingent contract Not a contract at all Consideration may be gratuitous or non-gratuitous _________. (a) (c) 95. (b) (d) Tender for supply of goods is an offer, which is allowed to remain open for acceptance over a period of time. Such offers are _________. (a) (c) 94. A wagering contract Both of the above A bus plying on the road is an example of _________. (a) (b) (c) (d) 93. Cannot revoke his acceptance May revoke his acceptance at any time before the letter communicating the acceptance reaches X but not afterwards May revoke his acceptance at any time after the letter communicating the acceptance reaches X Can revoke only after the prior approval of X Which are agreed upon between the parties at the time of the contract Which are presumed by law be present in the contract Both of the above None of the above Right of lien and Right of stoppage in transit _________. (a) (b) (c) (d) Actually mean the same right Are actually similar rights Are consequential or sequential in nature, i.e. the end of right of lien is the starting point of the right of stoppage in transit Are rights available to any seller of goods 276 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 97. Goodwill of the partnership business can be regarded as _________________. (a) (b) (c) (d) 98. A minor when admitted to the benefits of the partnership ______________. (a) (b) (c) (d) 99. Is liable for all the liabilities of the firm in person Is liable for all the liabilities of the firm through his properties Is never liable for any of the liabilities of the firm Is liable in accordance with the provisions of subs-section (3) of Section 30 of the Indian Partnership Act, 1932 A & B are partners in a partnership firm. A introduced C, a former partner, as his partner to D. C remained silent at that moment, but later on informed D that he is actually a former partner of the firm. C had not issued any public notice in the year of his retirement from the partnership firm. D, a trader knowing well that only A & B are the partners of the firm, supplied 500 refrigerators to the firm on credit. The credit period expired and D did not get the price of his supplies. D filed a suit against A & C for the recovery of price. In light of the above circumstances answer which of the following is correct: (a) (b) (c) (d) 100. The property of the firm The property of the firm, subject to a contract between the partners to this effect The property of the firm, irrespective of a contract between the partners to this effect The property of the firm, subject to order of the High Court to this effect C is liable for the price to D, only if the element of fraudulent intention is present. C is liable for the price to D, irrespective of the fact, whether the element of fraudulent intention is present or not. C is not liable for the price to D. C is liable to D because he had not issued any public notice of his retirement from the partnership firm. Sanju took a medical insurance from Deadly Diseases Insurance & Claim Corporation of Asia (DDICCA) through one of its agent, Manju. Sanju singed whatever documents were placed before her by Manju in good faith. The documents contained the fact that Sanju was healthy, fit and fine whereas she was actually suffering from chronic asthma and acute allergy. Sanju did not take care to suggest the changes in the documents and the policy was issued based on the above submissions. (a) (b) (c) (d) Sanju is well protected because she relied on Manju in all good faith. Sanju is well protected because Manju never specifically asked her about the above issues and so she remained silent. Sanju has a duty to speak and disclose the above issues. Sanju has no duty to speak and disclose the above issues. It is the duty of DDICCA and its representatives to ask whatever is required. Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 277 MODEL TEST PAPER - 10 SECTION C : GENERAL ECONOMICS (50 MARKS) 101. Economics is the study of (a) (b) (c) (d) 102. Which of the following is not part of the opportunity cost of going on holiday? (a) (b) (c) (d) 103. a normal good. an inferior good. (b) (d) none of these answers. a substitute good. Suppose consumer tastes shift toward the consumption of apples. Which of the following statements is an accurate description of the impact of this event on the market for apples? (a) (b) (c) (d) 106. Large government deficits cause an economy to grow more slowly. People work harder if the wage is higher. The unemployment rate should be less. Printing too much money causes inflation. If an increase in consumer incomes leads to a decrease in the demand for camping equipment, then camping equipment is (a) (c) 105. the money you spent on a theatre show the money you could have made if you had stayed at home and worked the money you spent on airline tickets the money you spent on food Which of the following statements is normative? (a) (b) (c) (d) 104. how society manages its unlimited resources. how to reduce our wants until we are satisfied. how society manages its scarce resources. how to fully satisfy our unlimited wants There is an increase in the quantity demanded of apples and in the supply for apples. There is an increase in the demand and supply of apples. There is an increase in the demand for apples and a decrease in the supply of apples. There is an increase in the demand for apples and an increase in the quantity supplied. A buyer s willingness to pay is that buyer s: (a) (b) (c) (d) minimum amount he is willing to pay for a good. producer surplus. consumer surplus. maximum amount he is willing to pay for a good. 278 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 107. The following table exhibits: Number of workers 0 1 2 3 (a) (b) (c) (d) 108. marginal revenue. average total cost. (b) (d) marginal cost. average revenue. Which of the following statements about price and marginal cost in competitive and monopolized markets is true? (a) (b) (c) (d) 112. doubles. more than doubles. less than doubles. cannot be determined because the price of the good may rise or fall. In the long-run, some firms will exit the market if the price of the good offered for sale is less than: (a) (c) 111. economic profit will be equal to accounting profit. economic profit will be less than accounting profit. economic profits will be zero. economic profit will be more than accounting profit. If a competitive firm doubles its output, its total revenue: (a) (b) (c) (d) 110. increasing marginal product of labour. diminishing marginal product of labour. increasing returns to scale. diminishing returns to scale. If there are implicit costs of production: (a) (b) (c) (d) 109. Output 0 23 40 50 In competitive markets, price equals marginal cost; in monopolized markets, price exceeds marginal cost. In competitive markets, price equals marginal cost; in monopolized markets, price equals marginal cost. In competitive markets, price exceeds marginal cost; in monopolized markets, price exceeds marginal cost. In competitive markets, price exceeds marginal cost; in monopolized markets, price equals marginal cost. Agriculture faces the problem of: (a) (c) slow and uneven growth. overdose of fertilizers. Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) over irrigation. very few people engaged in it. 279 MODEL TEST PAPER - 10 113. ICICI bank is a: (a) (c) 114. 402 9 (b) (d) 411 420 National Adult education National Senior Citizen (b) (d) National Technological National Literacy 3.2 1.03 (b) (d) 9.5 20.3 more than 15 million more than 2 million (b) (d) more than 3 million more than 5 million The rate of inflation was lowest in _________. (a) (c) 121. disguised unemployment. seasonal unemployment. According to the latest data (October, 2012), there are around _________ broadband subscribers in India. (a) (c) 120. (b) (d) According to the latest available data, the bed-population ratio in India is ________ per thousand population. (a) (c) 119. frictional unemployment. voluntary unemployment. For adult education _________ mission was launched in 1998 in India. (a) (c) 118. provide house to the rural poor. provide gainful employment to the urban poor. food security to the rural poor. none of the above. If 9 people are unemployed and 411 people are in the work force, then people in labour force are: (a) (c) 117. private commercial bank. nationalized bank. If 4 farmers can do a field job which is being done by 6 farmers, this means there is: (a) (c) 116. (b) (d) SJSRY was launched to: (a) (b) (c) (d) 115. central bank. rural regional bank. fifties seventies (b) (d) sixties eighties In the year _________, the practice of RBI lending to the government through ad hoc treasury bills was given up. (a) (c) 1951 1991 280 The Institute of Chartered Accountants of India (b) (d) 1997 2001 Common Proficiency Test (CPT) Volume - I 122. TRAI is the regulatory authority for _______ in India. (a) (c) 123. smallest largest depreciation. subsidies (b) (d) direct taxes net income from abroad small banking (b) (d) big trading incomes of the individual export and import of goods (b) (d) production of goods incomes of the corporate attainable with the existing technology. not attainable with the existing resources and technology. inefficient. suggest that the country s factors are underemployed. Micro Developmental (b) (d) Macro Welfare For _______ goods increase in income leads to increase in demand (a) (c) 131. (b) (d) Price theory is an important constituent of _______ Economics. (a) (c) 130. tenth largest tenth smallest Points outside the production possibilities curve are _______. (a) (b) (c) (d) 129. 1% 3% Excise duties are levied on _______. (a) (c) 128. (b) (d) About 96 percent of the sick units in India are _______ units. (a) (c) 127. 2% 0.5% GNP at market price minus _______ is equal to GDP at market price. (a) (c) 126. telecom secondary market India s postal network is the _______ in the world. (a) (c) 125. (b) (d) The FRBM Act aims at reducing gross fiscal deficit by _______% per annum. (a) (c) 124. railways banking Abnormal Inferior (b) (d) Normal Superior Economic laws are essentially _______ and _______ . (a) (c) hypothetical, conditional neutral, rigid Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) hypothetical, unconditional neutral, flexible 281 MODEL TEST PAPER - 10 132. Inductive method is _______ based on the observation of particular facts. (a) (c) never alternatively (b) (d) seldomly always Questions 133 to 137 are based on the demand and supply diagrams in Figure 1. D1 and S1 are the original demand and supply curves. D2, D3, S2 and S3 are possible new demand and supply curves. Starting from initial equilibrium point (1) what point on the graph is most likely to result from each change? 133. If Figure 1 represents the market for Perk (chocolates), the initial equilibrium is at the intersection of S1 and D1. The new equilibrium if there is an increase in the price of Dairy milk (chocolates) will be: (a) (c) 134. (b) (d) Point 5 Point 2. In Figure 1 (which represents the market for Perk (chocolates), the initial equilibrium is at the intersection of S1 and D1. The new equilibrium if there is rapid economic growth but cost of labour producing Perk also rises: (a) (c) 135. Point 3 Point 4 Point 3 Point 2 (b) (d) Point 9 Point 6 In Figure 1(which represents the market for Perk), the initial equilibrium is at the intersection of S1 and D1. The new equilibrium if there is a health scare about the effect chocolates may have is: (a) (c) Point 2 Point 3 282 The Institute of Chartered Accountants of India (b) (d) Point 9 Point 6 Common Proficiency Test (CPT) Volume - I 136. In Figure 1(which represents the market for Perk), the initial equilibrium is at the intersection of S1 and D1. Assuming that there is a new technology for producing Perk, the new equilibrium: (a) (c) 137. Point 7 Point 6 Point 2 Point 3 (b) (d) Point 9 Point 6 What is the average total cost in producing 20 units, if fixed cost is Rs.5000 and average variable cost is Rs. 2/-? (a) (c) 139. (b) (d) In Figure 1(which represents the market for Perk), the initial equilibrium is at the intersection of S1 and D1. Assume that there is an increase in the productivity and at the same time the price of 5 star (chocolates) falls. The new equilibrium will be: (a) (c) 138. Point 8 Point 3 250 258 (b) (d) 260 252 For producing 100 units, Total variable cost is Rs.500 & Total fixed cost is Rs.1000.Compute Average Cost. (a) 10 (b) 15 (d) 20 (c) 5 Read the following data and answer questions 140-143. A monopolist charges Rs. 30 for his product. He notices that elasticity in market A is 2 and elasticity in market B is 5. 140. What will be the Marginal Revenue in Market A? (a) (c) 141. 5 24 (b) (d) 12 10 B Same price in both the markets (b) (d) Can t Say A The price discriminating monoplist will be in equilibrium when: (a) (c) 144. 20 25 In which market will the monopolist charge a higher price? (a) (c) 143. (b) (d) What will be the Marginal Revenue in Market B? (a) (c) 142. 10 15 MRA = MC MRB = MC (b) (d) MRA = MRB = AMC MCA = MCB = MR A If in the above case, elasticity was same in both the market, the monopolist: (a) (b) Will charge higher from market A than B Will charge higher from market B than A Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 283 MODEL TEST PAPER - 10 (c) (d) 145. Compute national income when population is 3 crore and per capita income is Rs. 2,000. (a) (c) 146. (b) (d) Rs. 2,000 crore Rs. 10,000 crore 0.833 2.2 (b) (d) 1.6 1.833 What is the new quantity demanded when price elasticity is 1 and price changes from Rs.15 to Rs.10 and the original quantity demanded was 10 units? (a) (c) 148. Rs. 6,000 crore Rs. 3,000 crore What is the price elasticity of demand when, price changes from Rs.10 to Rs.12 and correspondingly demand changes from 6 units to 4 units? (Use mid-point method) (a) (c) 147. Will not discriminate price Can t say 15 units 8 units (b) (d) 20 units 12 units What is the original price of a commodity when price elasticity is 0.71 and demand changes from 20 units to 15 units and the new price is Rs. 10? (a) (c) Rs. 15 Rs. 20 (b) (d) Rs. 18 Rs. 8 Read the following table and answer question number 149 -150. Table 3 Number of products Total utility Marginal utility 0 0 - 1 1800 2 3400 3 4800 4 6000 5 7000 6 7800 7 8400 8 8800 9 9000 284 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I 149. What is marginal utility when consumption increases from 4 units to 5 units? (a) (c) 150. 3000 1000 (b) (d) 1200 1500 What is marginal utility when consumption increases from 8 units to 9 units? (a) (c) 3000 2000 (b) (d) 200 1500 SECTION D : QUANTITATIVE APTITUDE(50 MARKS) 151. The correlation is said to be positive (a) (b) (c) (d) 152. The point of intersection between the lines 3x+ 4y = 7 and 4x y = 3 lie in the (a) (c) 153. 0 (b) (d) Sample Space. (P P ) 1/2 1/4 (b) (d) 1/3 None of these. Binomial distribution. Normal distribution. (b) (d) Poisson distribution. (b) or (c). If in a binomial distribution mean = 20, Standard Deviation = 4 then n is equal to (a) (c) 157. 2nd quadrant. 4th quadrant. The result of ODI matches between India and Pakistan follows (a) (c) 156. (b) (d) Three coins are tossed. What is the probability of getting at least two tails? (a) (c) 155. 1st quadrant. 3rd quadrant. P is If P is a set of natural number then P (a) (c) 154. When the values of two variables move in the same direction. When the values of two variables move in the opposite direction. When the values of two variables would not change. None of these. 80 90 (b) (d) 100 None of these. The difference between sample Standard Deviation and the estimate of population Standard Deviation is negligible if the sample size is (a) (c) Small. Sufficiently large. Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) Moderate. None of these. 285 MODEL TEST PAPER - 10 158. Coefficient of determination is defined as (a) (c) 159. (b) (d) 0.3 None of these. (b) (d) 2x x2 (b) (d) 1 2 ax + b then f(y) is _______ . ax a x x 6 3 Success. Both of these. (b) (d) Failure. None of these. Less than or equal to, More than or equal to More than or equal to, Less than or equal to Less than, More than More than, Less than _______ may be defined as the minimum value and the maximum value, the class interval may contain. (a) (c) 166. 0.7 0.6 First deciles is the value for which one-tenth of the given observations are _______ D1 and the remaining nine-tenth observations are _______D1. (a) (b) (c) (d) 165. Origin. Neither origin nor scale. In binomial distribution p denotes probability of _______ . (a) (c) 164. (b) (d) Value of 3P2 is _______ . (a) (c) 163. Scale. Both origin and scale. If y = f(x) = (a) (c) 162. 1 r2 r2 If A and B are mutually exclusive events and P(A) = 0.3 and P(B) = 0.4, find P(A ). (a) (c) 161. (b) (d) Regression coefficient is independent of the change of (a) (c) 160. r3 1+ r2 Class mark Both of the above (b) (d) Class limit None of the above In case of _______, plotted points on a scatter diagram would be equally distributed without depicting any particular pattern. (a) (c) Zero correlation Negative correlation 286 The Institute of Chartered Accountants of India (b) (d) Positive correlation Simple correlation Common Proficiency Test (CPT) Volume - I 167. Let f(y)= x x 2 then f (y) is _______ . (a) (c) 168. (b) (d) A variable None of above Primary data Discrete data (b) (d) Secondary data Continuous data 2/5 1/5 (b) (d) 3/5 4/5 2 4 (b) (d) 3 5 39.60 41.60 (b) (d) 40.60 42.60 For a moderately skewed distribution of marks in statistics for a group of 100 students, the mean mark and median mark were found to be 50 and 40. What is the modal mark? (a) (c) 175. An attribute Both of above Find D6 for the following observations. 41, 28, 45, 25, 60, 37.5, 37.5, 40, 65, 32.5 (a) (c) 174. A variable A continuous variable The variables x and y are related by 6x+ 7y = 81 and median of x is 10. What is the median of y? (a) (c) 173. (b) (d) If in a binomial distribution Mean = 20, Standard Deviation = 4 then p is equal to: (a) (c) 172. An attribute A discrete variable Data collected on the weight of a group of a students after recording their weights with a weighing machine are _______. (a) (c) 171. 3 2 x x [x + 3x. log x] None of these A quantitative characteristic is known as _______ . (a) (c) 170. (b) (d) The colour of a flower is an example of _______ . (a) (c) 169. x3 [x2 +3x.log x] [x2 3x. log x] 15 25 (b) (d) 20 30 If y = 5+7x and mode of x is 4, what is the mode of y? (a) (c) 28 4 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) 33 43 287 MODEL TEST PAPER - 10 176. Following are the marks of 10 students : 82, 79, 56, 79, 85, 95, 55, 72, 70, 66 . Find coefficient of range. (a) (c) 177. (b) (d) 26.67 28.67 A card is drawn from a pack of 52 cards. What is the probability that it is neither a black card nor a king? (a) (c) 178. 25.66 27.66 6/13 1/6 (b) (d) 5/13 None of these. Refer following table Frequency distribution of weights of 16 students Weight in kg. No. of students (Class interval) (Frequency) 44 48 4 49 53 5 54 58 7 Total 16 Find Relative frequency for the third class interval. (a) (c) 179. 7/4 None of the above. 60% 64% (b) (d) 40% 36% A coin is tossed two times. The toss resulted in one head and one tail. What is the probability that the first throw resulted in tail? (a) (c) 181. (b) (d) If the coefficient of correlation between two variables is 0.6, then the percentage of variation unaccounted for is (a) (c) 180. 7/16 16/7 1/3 1/2 (b) (d) 1/4 None of these. A survey shows that 68% of women like apples, 74% of women like orange. What percentage like both (a) (c) 12% 21% 288 The Institute of Chartered Accountants of India (b) (d) 6% 42% Common Proficiency Test (CPT) Volume - I 182. e3x+5 dx is equal to (a) (b) e3x +c 5 (c) 183. e3x +5 +c 3 e3x +5 +c 3 (d) None of these. Sum of the series 1, 3, 9, 27 ...nth term is 364. The number of terms is (a) (c) 184. 12 6 (b) (d) 1 None of these. 1 1 + loga (ab) logb (ab) is 0 1 Rs. 77 Rs. 80 (b) (d) Rs. 480 Rs. 557 4x3+ 6x2 2x+ 2 4x3 6x2 + 2x 2 (b) (d) 4x2 6x + 2 None of these. 2x 2 + 6x 5 is to be discontinuous then If f(x) = 12x 2 + x 20 (a) (c) 189. (b) (d) Differentiate y w.r.t. x when y=(x2 2x) (x2+1) (a) (c) 188. 6 None of these. The difference between the compound interest and the simple interest on Rs. 1200 for 4 years at 10% p.a. is: (a) (c) 187. 24 4 The value of (a) (c) 186. (b) (d) In how many ways can 4 single seated rooms in a hostel be occupied by 3 students? (a) (c) 185. 5 11 x = 5/4 x = 4/3 (b) (d) x = 4/5 None of these. Find the arithmetic mean between 4 and 10 (a) (c) 14 3 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) 7 6 289 MODEL TEST PAPER - 10 190. Compute 8C7 (a) (c) 191. 7 None of these. 2 10 2 (b) (d) 10 10 2 What will be the final value of investment for the principal value of Rs. 80,000 for 4 years @ 10% p.a. rate of interest? (a) (c) 193. (b) (d) Find the distance between the pair of points p ( 5, 2) and q ( 3, 4) (a) (c) 192. 8 6 Rs. 83,200 Rs. 82,300 (b) (d) Rs. 112,000 None of these. 184 x 9/8 is expressed as (a) (b) 184 x 9/8 (c) 194. 184x9/8 x9/8 (d) 184 x 9/8 The value of x x dx is (a) (b) 2x 5/2 +c 5 (c) 195. 2x 5/2 +c 5 x5/2 + c (d) None of these. Evaluate lim x 9 x 3 2 - 27 x-9 (a) (b) 9 2 (c) 196. 3 3 2 (d) 9 Find the mean proportion between 5.25 and 8.9 (a) (c) 8.63 9.23 290 The Institute of Chartered Accountants of India (b) (d) 6.84 None of these. Common Proficiency Test (CPT) Volume - I 197. If a : b = c : d = 3 : 5, then what are the values of ad : bc is (a) (c) 198. (b) (d) 5:3 None of these. The solution set of the equations is 2x + 3y = 0 and x + 2y=0 (a) (c) 199. 3:5 1:1 2, 2 0, 0 (b) (d) 1, 1 3, 3 The curve 4y = ux2+v passes through the point p at (2, 3) and dy = 4 this point p . So the dx values of u and v are (a) (c) 200. u = 2, v = 2 u = 4, v = - 4 (b) (d) u = 4, v = 4 None of these. Determine the first term of an A.P. with common difference 3 & 7th term being 11 (a) (c) 7 6 Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India (b) (d) 7 5 291 MODEL TEST PAPER BOS/CPT-10 SECTION A : FUNDAMENTALS OF ACCOUNTING 1 (a) 2 (b) 3 (b) 4 (c) 5 (b) 6 (c) 7 (b) 8 (a) 9 (b) 10 (c) 11 (b) 12 (d) 13 (c) 14 (a) 15 (b) 16 (d) 17 (a) 18 (a) 19 (d) 20 (b) 21 (b) 22 (c) 23 (b) 24 (b) 25 (a) 26 (c) 27 (a) 28 (c) 29 (a) 30 (a) 31 (b) 32 (d) 33 (b) 34 (b) 35 (c) 36 (a) 37 (c) 38 (b) 39 (d) 40 (a) 41 (a) 42 (d) 43 (c) 44 (b) 45 (b) 46 (b) 47 (b) 48 (b) 49 (c) 50 (c) 51 (c) 52 (b) 53 (b) 54 (c) 55 (a) 56 (c) 57 (a) 58 (c) 59 (b) 60 (a) SECTION B : MERCANTILE LAWS 61 (d) 62 (d) 63 (d) 64 (d) 65 (c) 66 (d) 67 (d) 68 (c) 69 (d) 70 (c) 71 (c) 72 (a) 73 (a) 74 (d) 75 (d) 76 (d) 77 (d) 78 (d) 79 (a) 80 (b) 81 (b) 82 (a) 83 (a) 84 (c) 85 (b) 86 (c) 87 (a) 88 (a) 89 (a) 90 (b) 91 (b) 92 (d) 93 (c) 94 (b) 95 (a) 96 (c) 97 (b) 98 (d) 99 (c) 100 (c) Common Proficiency Test (CPT) Volume - I The Institute of Chartered Accountants of India 581 ANSWERS SECTION C : GENERAL ECONOMICS 101 (c) 102 (d) 103 (c) 104 (c) 105 (d) 106 (d) 107 (b) 108 (b) 109 (a) 110 (c) 111 (a) 112 (a) 113 (b) 114 (b) 115 (b) 116 (d) 117 (d) 118 (c) 119 (a) 120 (a) 121 (b) 122 (b) 123 (c) 124 (d) 125 (d) 126 (a) 127 (b) 128 (b) 129 (a) 130 (b) 131 (a) 132 (d) 133 (b) 134 (c) 135 (d) 136 (a) 137 (b) 138 (d) 139 (b) 140 (c) 141 (c) 142 (d) 143 (b) 144 (c) 145 (a) 146 (c) 147 (a) 148 (a) 149 (c) 150 (b) SECTION D : QUANTITATIVE APTITUDE 151 (a) 152 (a) 153 (a) 154 (a) 155 (a) 156 (b) 157 (c) 158 (d) 159 (b) 160 (a) 161 (c) 162 (a) 163 (a) 164 (a) 165 (b) 166 (a) 167 (b) 168 (a) 169 (b) 170 (a) 171 (c) 172 (b) 173 (b) 174 (b) 175 (b) 176 (b) 177 (a) 178 (a) 179 (c) 180 (c) 181 (d) 182 (a) 183 (b) 184 (a) 185 (b) 186 (a) 187 (c) 188 (c) 189 (b) 190 (a) 191 (a) 192 (b) 193 (d) 194 (b) 195 (b) 196 (b) 197 (c) 198 (c) 199 (c) 200 (a) 582 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - I

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