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CA CPT : Volume 2 - Model Test Paper 3 (with Answers & Explanations)

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BOARD OF STUDIES THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA COMMON PROFICIENCY TEST Model Test Paper BOS/CPT 3 Time : 4 hours Maximum Marks : 200 The test is divided into four sections. Questions 1 to 200 have only one correct answer and carry + 1mark for each correct answer and 0.25 mark for each wrong answer. SECTION A : FUNDAMENTALS OF ACCOUNTING (60 MARKS) 1. ............... is recorded in purchase book. (a) (b) (c) (d) 2. When will the bill mature if the date of maturity of a bill is a holiday? (a) (c) 3. Holiday itself Preceeding working day (b) (d) Other agreed day Next working day Under Bank reconciliation statement while adjusting the cash book (a) (b) (c) (d) 4. Credit purchases of goods dealt in by firm Cash purchases of goods dealt in by firm All purchases of goods dealt in by firm. None of the above. All the errors and omissions in the passbook are taken into consideration Delays in recording in the passbook due to difference in timing are taken into consideration All the errors and omission in the cashbook are taken into consideration All of the above Which of the following statements is false? a) b) c) d) Accounting principles should be based on real assumptions Accounting principles should be informational for the users Accounting principles must be simple, understandable and explanatory Accounting principles should be changed year after year. Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India 55 MODEL TEST PAPER - 3 5. .................. is not required in Promissory Note (a) (c) 6. Business Entity Going Concern Materiality Business entity (b) (d) Going Concern Dual aspect Consistency Convenience (b) (d) Comparability All of the above Double column cash book is prepared Three-column cash book is prepared Simple cash book is prepared None of the above Liability Expense (b) (d) Income An asset Net profit Called-up capital (b) (d) Authorised share capital Paid-up capital (b) Consignee to Customers (Trade Receivables) (d) Consignor to consignee A proforma invoice is sent by (a) (c) 14. (b) (d) Dividends are usually paid as a percentage of (a) (c) 13. Periodicity Prudence Petty cash balance is (a) (c) 12. Rs. 3,200 None of the above. Contra-entries are passed only when (a) (b) (c) (d) 11. b) d) Bhagat Ltd. depreciate machinery by written down value method year after year due to (a) (c) 10. Rs. 3,136 Rs. 3,316 One of the Fundamental accounting assumption is (a) (c) 9. Noting None of the above Transaction between business and owner are recorded following ________ concept. (a) (c) 8. (b) (d) On 15 February 2011, Mr. X sold 20 bags of cement powder @ Rs. 2,000 per bag to Y. Trade discount is 2%. Sales tax is 8%. Amount of sales tax will be a) c) 7. Acceptance Discounting Consignee to consignor Customers (Trade Receivables) to consignee A ............... is sent to a customer when he return the goods (a) (c) Cheque Credit note 56 The Institute of Chartered Accountants of India (b) (d) Proforma invoice Debit note Common Proficiency Test (CPT) Volume - II 15. Commission to promote credit sale by consignee is known as (a) (c) 16. Imprest Accrual (b) (d) Balancing None of the above Gaining ratio Sacrificing ratio (b) (d) Capital ratio None of the above Debit Either (a) or (b) (b) (d) Credit None of the above Sales account (b) Customer s/Trade Receivables account (d) Discount account None of the above Closing capitals of Amit, Sumit and Vineet were Rs. 50,000, Rs. 45,000 and Rs. 30,000 respectively. Their drawings during the year were Rs. 10,000, Rs. 5,000 and Rs. 12,000 respectively. Amount of net profit earned during the year was Rs. 18,000 which was distributed in the ratio of 3:2:1. Opening capital of Vineet will be (a) (c) 22. Medium None of the above The Cash discount allowed on credit sales should be credited to (a) (c) 21. (b) (d) When money is withdrawn from the bank, the bank............... the account of the customer (a) (c) 20. Big Small The amount due to the retiring partner on account of goodwill is debited to the continuing partners in their........ (a) (c) 19. Over riding commission Special commission The Petty cashier generally works on............... system (a) (c) 18. (b) (d) Generally, when the size of the venture is............... the co-venture keep separate sets of account for joint venture transactions (a) (c) 17. Del-credere commission Ordinary commission Rs.45,000 Rs.56,000 (b) (d) Rs.39,000 Rs.44,000 Ryan Ltd. issued 20,000, 8% debentures of Rs. 10 each at par, which are redeemable after 5 years at premium of 20%. The amount of loss on redemption of debenture to be written off every year will be (a) (c) Rs.8,000 Rs.20,000 Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India (b) (d) Rs.40,000 Rs.10,000 57 MODEL TEST PAPER - 3 23. Ram and Shyam are partners sharing profits and losses in the ratio 5:3. On admission Mohan brings Rs. 70,000 cash as capital and Rs. 48,000 against goodwill. New profit sharing ratio between Ram, Shyam and Mohan are 7:5:4. The sacrificing ratio between Ram and Shyam will be (a) (c) 24. (b) (d) Rs.60,000 Rs.43,200 Rs.1,650 Rs.1,850 (b) (d) Rs.1,600 Rs.1,450 Periodicity Conservatism (b) (d) Cost Money Measurement A Company forfeited 2,000 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. 9. On forfeiture the amount debited to share capital Account will be (a) (c) 28. Rs.36,000 Rs.54,000 A business purchased goods for Rs. 10,00,000 and sold 60% of such goods during the financial year ended 31st March 2010. The market value of the remaining goods was Rs. 3,00,000. They valued the closing Inventory at cost. He violated the concept of (a) (c) 27. 5:4 4:2 Debit balance as per cash book of Shyam enterprises as on 31.3.2010 is Rs. 1,500. Cheques deposited but not cleared amount Rs. 100 and cheque issued but not presented is Rs. 150. The bank allowed interest amounting Rs. 50 and collected dividend Rs. 50 on behalf of ABC enterprises. Balance as per pass book should be (a) (c) 26. (b) (d) Nikhil of Delhi sent out goods costing Rs. 45,000 to Shyam of Kolkata at cost +33 1/3%. 1/10th of goods were lost in transit and 2/3rd of the remaining goods are sold at 20% above IP. The amount of sales value will be (a) (c) 25. 2:1 3:1 Rs.18,000 Rs.10,000 (b) (d) Rs.8,000 Rs.2,000 Ram and Rahim are partners in a firm sharing profits and losses in the ratio 5:3. The firm s profit or loss of last four years amounting Rs. 18,000, Rs. 8,500 (loss), Rs. 30,000 and Rs. 16,500 respectively. The value of goodwill on the basis of one and a half year s purchase of average profits of last four years will be (a) (c) Rs.14,000 Rs.17,000 58 The Institute of Chartered Accountants of India (b) (d) Rs.6,000 Rs.21,000 Common Proficiency Test (CPT) Volume - II 29. A cheque of Rs. 1,000 received from Ratnesh was dishonoured and had been posted to the debit of sales return account. The rectifying journal entry will be. (a) (b) (c) (d) 30. 1,000 Dr 1,000 Dr Dr 1,000 1,000 1,000 2,000 Rs.50,000 Rs.1,50,000 (b) (d) Rs.1,00,000 Rs.2,50,000 Deferred revenue expenditure Revenue expenditure (b) (d) Capital expenditure None of the above Rs.6,270 Rs.6,370 (b) (d) Rs.8,000 Rs.6,000 Shyam bought a Guitar of Rs. 1,870 by cheque. It has been wrongly posted in the cashbook as Rs. 1,780. This has the effect of (a) (b) (c) (d) 34. Rs. Our acceptance to Mr. Ram for Rs. 8,000 renewed for 3 months on the condition that Rs. 2000 is paid in cash immediately and the remaining balance to carry out interest at 18%. p.a. The amount of the renewed bill of exchange will be (a) (c) 33. Rs. 1,000 Rs. 5,000 spent on the overhauling of machines purchased second hand is (a) (c) 32. Dr If sales revenue are Rs. 3,00,000; cost of goods sold is 2,00,000 and operating expenses are Rs. 50,000 the gross profit is (a) (c) 31. Sales return A/c To Ratnesh Ratnesh A/c To Sales return A/c Ratnesh Sales return To Suspense A/c None of the above Decreasing the bank balance by Rs. 180 in the cash book Increasing the bank balance by Rs. 180 in the cash book Increasing the bank balance by Rs. 90 in the cash book Decreasing the bank balance by Rs. 90 in the cash book Mohan, Sohan and Rohan share profits and loss in the ratio of 4:4:2. They have a Joint Life Insurance Policy of Rs. 1,00,000 whose premium is paid by the firm. Surrender value of the policy at the beginning of the year 2010 is 80,000. On the death of Mohan on 2nd Jan 2010 the amount to be credited in Rohan s account will be (a) (c) Rs.40,000 Rs.30,000 Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India (b) (d) Rs.16,000 Rs.20,000 59 MODEL TEST PAPER - 3 35. Books of Ram shows on 1st January 2010 furniture Rs. 20,000. During the year a part of the furniture whose book value on 1st January 2010 is Rs. 1,200 has been exchanged with another furniture by paying additional Rs. 500. Ram charge depreciation @ 10% p.a. The net amount of the furniture to be shown in the balance sheet will be (a) (c) 36. 11,000 7,000 (b) (d) 9,000 10,000 Rs.50,000 Rs.60,000 (b) (d) Rs.40,000 Rs.55,000 A lease is purchased on 1st January 2010 for 4 years at a cost of Rs. 1,00,000. Lease is to be depreciated by the annuity method charging 5% interest. Annuity of Re. 1 over 4 years charging 5% interest is Re. 0.282012. The amount of annual depreciation will be (a) (c) 40. Rs. 2,50,000 created to all the partners in old ratio Rs. 2,00,000 credited to all the partner in old ratio Distribute JLP reserve account in old profit sharing ratio Both b and c Goods costing Rs. 2,00,000 is sent on consignment basis. These goods are invoiced to give a gross margin of 20% on invoice price. The amount of loading is : (a) (c) 39. Rs. 18,600 Rs. 18,784 Mohit Ltd. had 9,000, 10% redeemable preference shares of Rs. 10 each, fully paid up. The company decided to redeem these preference shares at par by the issue of sufficient number of equity shares of Rs. 10 each fully paid up at a discount of 10%. The number of equity share issued should be (a) (c) 38. (b) (d) X, Y and Z takes a joint life policy; their profit sharing ratio is 2:2:1. On death of Y, X and Z decides to share profits equally. They had taken a Joint life policy of Rs. 2,50,000 with the surrender value Rs. 50,000. What will be the treatment in the partner s capital account on receiving the JLP amount if joint life policy is maintained at surrender value along with the reserve? (a) (b) (c) (d) 37. Rs. 18,478 Rs. 18,504 Rs.26,405 Rs.28,201 (b) (d) Rs.27,612 Rs.28,000 Ashok Ltd. purchased land and building from Vivek Ltd. for a book value of Rs. 2,00,000. The consideration was paid by issue of 12% debentures of Rs. 100 each at a discount of 20%. The debenture account is credited with (a) (c) Rs.2,50,000 Rs.2,70,000 60 The Institute of Chartered Accountants of India (b) (d) Rs.2,40,000 Rs.1,90,000 Common Proficiency Test (CPT) Volume - II 41. Debit balance as per cash book of ABC enterprises as on 31.3.2010 is Rs. 15,000. Cheque deposited but not cleared amount to Rs. 1,000 and cheque issued but not presented is Rs. 2,000. Balance as per pass book should be (a) (c) 42. Rs.75,000 Rs.1,50,000 Rs. 75,000 NIL (b) (d) Rs. 10,000 None of the above Rs.16,000 Rs.15,000 (b) (d) Rs.15,500 Rs.17,000 Rs.93,600 Rs.83,400 (b) (d) Rs.82,000 Rs.40,000 Ram, Mohan and Sohan are partners in a firm sharing profits and losses in the ratio of 5:3:2. The firm took separate life policy of Rs. 50,000, Rs. 1,00,000 and Rs. 1,50,000 for Ram, Mohan and Sohan respectively. The share of Mohan in the policy will be (a) (c) 47. (b) (d) Alok and Rohit were partners in a joint venture sharing profits and losses in the proportion of 3/5th and 2/5th respectively. Alok supplies goods to the value of Rs. 60,000 and incurs expenses amount Rs. 6,000. Rohit supplies goods to the value of Rs. 16,000 and his expenses amount to Rs. 3,000. Rohit sells goods on behalf of the joint venture and realises Rs. 1,20,000. Rohit is entitled to a commission of 5% on sales. Rohit settles his account by bank draft. How much amount Rohit will pay to Alok as final settlement. (a) (c) 46. Rs.90,000 Rs.1,17,500 X of Kolkata sends out goods costing Rs. 3,00,000 to Y of Delhi. Commission agreed is 2% on sales + 3% on sales as del-credre commission. The entire goods are sold by consignee for Rs. 4,00,000. However consignee is able to recover Rs. 3,95,000 from the Customers (Trade receivable). The amount of profit to be transferred to P/L as net commission by consignee will be (a) (c) 45. Rs.16,000 Rs.17,000 Sohan runs a departmental store. He renovates his shop to increase its space. The amount of Rs. 75,000 was incurred on renovation. The amount to be charged to Profit and Loss A/c is (a) (c) 44. (b) (d) Goods purchased Rs. 2,00,000. Sales Rs. 1,10,000. Margin 25% on sales. Closing Inventory is (a) (c) 43. Rs.15,000 Rs.14,000 Rs.45,000 Rs.80,000 (b) (d) Rs.90,000 Rs.70,000 Rs. 7,000 paid as rent to Sohan, was debited to Sohan s personal account. The error will (a) (b) (c) (d) Not affect the trial balance Affect the suspense account Affect the trial balance None of the above Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India 61 MODEL TEST PAPER - 3 48. Which one of these is not a cause of difference in balance as per pass book and as per cash book (a) (b) (c) (d) 49. If average inventory = Rs. 20,000. Closing Inventors is Rs. 4,000 more than opening inventory then the value of closing inventory will be (a) (c) 50. Rs. 2,000 Rs. 2,500 (b) (d) Rs. 8,000 Rs. 10,000 Rs. 4,545.45 Rs. 6,363.63 (b) (d) Rs. 5,454.54 Rs. 7,272.72 Rs. 20,000 and Rs. 10,000 Rs. 10,000 and Rs. 20,000 Rs. 8,700 and Rs. 21,300 Rs. 10,800 and Rs. 18,200 Jai Ltd. purchased machinery from Om Ltd. for Rs. 8,00,000. The consideration was paid by issue of 15% debentures of Rs. 100 each at a discount of 20%. Number of debentures issued by Jai Ltd. will be (a) (c) 54. Rs.18,000 Rs.22,000 Ankit, Anu and Anurag are partners sharing profits in the ratio 4:3:2. On retirement of Anu, goodwill was valued Rs. 90,000. The contribution of Ankit and Anurag to compensate Anu will be (a) (b) (c) (d) 53. (b) (d) Rajesh of Ramnagar sends out goods costing Rs. 2,00,000 to Gopal of Gujarat. 3/5th of the goods were sold by consignee for Rs. 1,50,000. Commission 2% on sales plus 10% of gross sales less all commission exceeds cost price. The amount of commission will be (a) (c) 52. Rs.16,000 Rs.20,000 If sales is Rs. 10,000 and the rate of gross profit on cost of goods sold is 25%, then the cost of goods sold will be (a) (c) 51. Errors in cash book Errors in pass book Cheques deposited and cleared Cheques issued but not presented for payment. 8,000 12,000 (b) (d) 10,000 15,000 Ankur purchased a computer costing Rs. 24,000. Repairing expenses Rs.1,500 & other charges (loading & unloading) Rs. 1,500 were incurred by him. He sold the computer at 25% margin on selling price. The profit on sale will be (a) (c) Rs. 8,500 Rs. 10,000 62 The Institute of Chartered Accountants of India (b) (d) Rs. 9,000 Rs. 11,500 Common Proficiency Test (CPT) Volume - II 55. Mr. Rakesh Roshan is a partner in a firm. He withdraws Rs. 500 at the beginning of each month. If the rate of interest is @ 5%, then interest on drawings is (a) (c) 56. (b) (d) Rs. 2,250 Rs. 3,250 Rs. 1,200 Rs. 1,400 (b) (d) Rs. 1,300 Rs. 1,600 Rs. 7,000 Rs. 6,300 (b) (d) Rs. 4,700 Rs. 5,000 Legal fee of Rs. 50,000 to acquire property is a) c) 60. Rs. 1,500 Rs. 2,750 Opening inventory of material is Rs. 12,000, purchases Rs. 30,000 carriage Rs. 5,000, Sales value Rs. 40,000, closing inventory 14,000 & other indirect expenses Rs. 2,300. Amount of Gross profit will be (a) (c) 59. Rs. 157.50 Rs. 162.50 On 1.4.2010 Mr. Rahul draws a bill for one month on Mr. Sachin for Rs. 1,00,000. At maturity Mr. Sachin request to accept Rs. 20,000 in cash and noting charges Rs. 1,000 and for the balance Mr. Rahul draws a bill on Sachin for 2 months at 12% p.a. Interest will be (a) (c) 58. (b) (d) Mr. Bajaj who was the holder of 200 Equity shares of Rs. 100 each of Canny Ltd., on which only Rs. 75 per share has been called up, couldn t pay his dues on allotment and first call each at Rs. 25 per share. The director forfeited the above shares and reissued 150 of such shares to Mr. Birla at Rs. 65 per share paid up as Rs. 75 per share. The amount to be transferred to capital reserve account will be (a) (c) 57. Rs. 55.50 Rs. 160.50 Revenue Expenditure Deferred Revenue Expenditure b) d) Capital Expenditure None of the above. (b) (d) Undetected None of the above Errors are .................. mistakes (a) (c) Intentional Unintentional SECTION B : MERCANTILE LAWS (40 MARKS) 61. A Minor admitted to the benefits of the firm, towards third party (a) (c) 62. He is personally liable He is liable only upto his share in the firm (b) (d) He is not personally liable He has no liability at all. The reconstitution of the firm takes place in case of (a) (c) Admission of a partner Expulsion or death of a partner Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India (b) (d) Retirement of a partner All of the above. 63 MODEL TEST PAPER - 3 63. Which of the following is not an essential feature of partnership? (a) (b) (c) (d) 64. Which of the following is not the right of unpaid seller? (a) (b) (c) (d) 65. Death of Promisor Merger of Rights (b) (d) Insolvency of Promisor All of the above When it is posted When the offer thinks to accept the offer When it is re-posted None of these An offeror On Both (b) (d) An offeree On none Vindictive or exemplary damages may not be awarded(a) (b) (c) (d) 71. Compensation Both (a) and (b) In a bilateral contract, obligations are outstanding (a) (c) 70. (b) (d) Acceptance is complete for the offer (a) (b) (c) (d) 69. Damages Either (a) or (b) A contract can be discharged by operation of law in which of the following ways (a) (c) 68. Actual breach of contract Anticipatory breach of contract (a) or (b) (a) not (b) An anticipatory breach does not give any right to claim (a) (c) 67. To resell To stop the goods in transit Of lien To demand back the goods. Breach of contract may be (a) (b) (c) (d) 66. Result of an agreement Organised to carry on business Carried on by all any of them acting for all Separate legal entity For breach of promise to divorce For breach of promise to marry Wrongful dishonor by a bankers of his customer s cheque None of the above When a partner declared insolvent he ceases to be a partner from the date of its (a) (c) Insolvency Appointment 64 The Institute of Chartered Accountants of India (b) (d) Birth None of the above Common Proficiency Test (CPT) Volume - II 72. It is the duty of the finder of goods to trace the true owner of the goods, and if does not do so, he shall be guilty of (a) (b) (c) (d) 73. A person who supplies necessaries to a minor is entitled to be reimbursed from the property of the minor on the basis of a (a) (c) 74. (d) He shall take reasonable steps to trace the owner He shall take care of the goods If the goods are in a deteriorated or wrong condition, sell them off and remit the proceeds to the owner All of the above Void Illegal (b) (d) Voidable Void and illegal May reject them Should not reject them as more quantity might be supplied May resell them Give less price for them In a quasi contract, obligation to perform the contract is imposed by : (a) (b) (c) (d) 78. Voidable contract Contingent contract Where seller delivers to the buyer a quantity of goods less than the contracted to sell, the buyer (a) (b) (c) (d) 77. (b) (d) Where price of goods sold is to be fixed by a third party and the third party refuses to fix the price, the contract becomes (a) (c) 76. Valid contract Quasi contract Which of the following constitute responsibility of finder of lost goods? (a) (b) (c) 75. Theft Extortion Criminal misappropriation of property None of the above The promisor The Law The Promisee None of the above Delivery of goods to the carrier would not pass the property in the goods to the buyer where the seller (a) (b) (c) (d) Reserves the right to disposal Does not reserve the right to disposal (a) or (b) None of the above Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India 65 MODEL TEST PAPER - 3 79. A contract to do or to abstain from doing a certain thing on the happening of an event (a) Cannot be enforced (b) Can be enforced when the event has happened (c) Can be enforced at any time (d) Can not be lawful 80. A person having possession of goods under voidable contract can sell the goods before _________ of the contract by the agreed party. (a) Confirmation (b) Execution (c) Rescission (d) Ratification 81. When the seller gives physical delivery of the goods to the buyer it is called ________ delivery. (a) Systematic (b) Actual (c) Construction (d) Symbolic 82. In the case of ______, in addition to the implied conditions as to merchantability, there is another implied condition that the goods shall be wholesome. (a) (c) 83. (b) (d) Publicly All of the above No more a registered firm Needs to be re-registered Cannot file suit against other party Can not claim its statutory rights Retires Dies (b) (d) Expelled Either (a) or (b) Extension or restriction of implied authority can be made by (a) (c) 87. Privately Cordially The public notice is not required if partner __________. (a) (c) 86. Shares Machineries If the changes taking place in a registered firm are not registered with the registrar of firms, it is _________. (a) (b) (c) (d) 85. (b) (d) An auction sale is a mode of selling property by inviting bids. (a) (c) 84. Eatables Gold Any one of partner All the partners unanimously (b) (d) Majority of the partners At least 75% of total partners strength ____________ means a claim to any debt or any beneficial interest in movable property not in possession and which can be enforced through the court of law. (a) (c) Actionable claim Default claim 66 The Institute of Chartered Accountants of India (b) (d) Auctionable claim None of the above Common Proficiency Test (CPT) Volume - II 88. Where a buyer neglects to accept delivery of the goods, the seller may sue for ________. (a) (b) (c) (d) 89. Where in an auction sale, the seller appoints more than one bidder, the sale is_________. (a) (c) 90. Unlawful Void (b) (d) Not unlawful Required Specific Contingent (b) (d) Future Perishable All partners severally All partners collectively (b) (d) All partners & third parties All of the above Unanimous Majority (b) (d) Managing partner s Senior partner s Null Both (a) & (b) (b) (d) Void Voidable (b) (d) Partner of the firm Retiring partners of the firm Partnership property vest in the ________. (a) (c) 97. Lien Sue If a partner was not expelled in good faith and in the interest of the firm, it will be: (a) (c) 96. (b) (d) A partner may be expelled by a _______ decision. (a) (c) 95. Capture Surrender The expression Proprerty of the firm denotes all property, rights and interest to which _____ may be entitled: (a) (c) 94. Illegal Voidable A buyer can sue for specific performance of the contract if the goods are _______. (a) (c) 93. (b) (d) Knock-out agreements are generally _________ in auction sale. (a) (c) 92. Void Conditional A ___________ is a right to retain the possession of goods until the payment of the price of such goods. (a) (c) 91. Payment of price Damages for non acceptance Damages for non acceptance and charges for care and custody of the goods All of the above Firm Continuing partners of the firm Which one of the following is not an implied warranty? (a) (c) Agreement to sell Hire purchase Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India (b) (d) Sale Installment to sell 67 MODEL TEST PAPER - 3 98. Whether a given contract is one of sale or same other kind of contract in respect of goods, is a matter of _________. (a) (c) 99. (b) (d) Law All of the above Promotion of litigation in which one had no interest is (a) (b) (c) (d) 100. Terminology Agreement Champerty Maintenance Stifling litigation None of the above B agrees to buy the entire crop of wheat that would yield in A s farm, at the rate of Rs. 1,000 per quintal. Decide the subject matter of goods. (a) (b) (c) (d) This is an agreement of sale of future goods This is an agreement of sale of present goods This is a contract of sale None of the these SECTION C : GENERAL ECONOMICS (50 MARKS) 101. The definition Science which deals with wealth was given by: (a) (c) 102. A.C. Pigou J. B. Say Positive Science Both (a) and (b) (b) (d) Normative Science None of the above The shape of PPC is concave due to: (a) (b) (c) (d) 104. (b) (d) Questions like what should be the level of national income, what should be the wage rate fall within the scope of: (a) (c) 103. Alfred Marshall Adam Smith Falling opportunity cost between two goods Rising opportunity cost between two goods Constant opportunity cost between two goods None of the above Which of the following is not one of the features of capitalist economy? (a) (b) (c) (d) Right of private property Freedom of choice by the consumers No profit, No Loss motive Competition 68 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - II 105. Calculate Income-elasticity for the household when the income of a household rises by 10% the demand for T.V. rises by 20% (a) (c) 106. (b) (c) (d) (b) (c) (d) The consumer is rational and possesses full information about all the aspects of economic environment The consumer is not capable of ranking all combinations If consumer prefers combination A to B, and B to C, then he must prefer combination A to C If combination A has more commodities than combination B, then A must be preferred to B. Zero Infinite Equal to one Greater than zero but less than infinity Labour is highly Perishable in the sense that a day s labour lost cannot be completely recovered Labour is inseparable from the labourer himself Labour has a strong bargaining power The supply of labour and wage rate are directly related in the initial stages Payment of rent on building Cost of Machinery Interest payment on Loan taken from bank Cost of raw material Marginal costs are closely associated with: (a) (c) 112. Zero Marginally Negative Indicate which of the following is a variable cost? (a) (b) (c) (d) 111. (b) (d) Which of the following is not the characteristic of Labour? (a) 110. Infinite Marginally positive The horizontal demand curve parallel to x-axis implies that the elasticity of demand is (a) (b) (c) (d) 109. - .5 -2 Which is not the assumption of Indifference curve Analysis? (a) 108. (b) (d) In case of necessaries the marginal utilities of the earlier units are large. In such cases the consumer surplus will be: (a) (c) 107. + .5 +2 Variable cost Average cost (b) (d) Total fixed cost Total cost The present cash reserve ratio as in (July 2013) was: (a) (c) 5% 6.5% Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India (b) (d) 5.5% 4% 69 MODEL TEST PAPER - 3 113. Population per Bank Office in 2012 is : (a) (c) 114. (b) (d) 3,399 crore 10,000 crore Disinvestment Privatisation (b) (d) Liberalisation Globalisation One vote Depends upon National Income of the nation Depends upon UNO ranking Depends upon whether the country is developed, developing or underdeveloped 2002 2006 (b) (d) 2003 2007 1994 2001 (b) (d) 1991 2005 Current account convertibility means freedom to buy and sell foreign exchange for the following transactions except: (a) (b) (c) (d) 121. 9,933 crore 1,000 crore India achieved full convertibility on current account in: (a) (c) 120. Gujarat Punjab SEZ Act came into effect in ________ (a) (c) 119. (b) (d) In World Trade Organization, each member country has: (a) (b) (c) (d) 118. Delhi Maharashtra means integrating the domestic economy with the world economy (a) (c) 117. 55,000 18,000 Total bank lending was just in June, 1969 (a) (c) 116. (b) (d) The Highest Deposit Mobilisation is in: (a) (c) 115. 5,000 12,500 All payment for purchase and sale of goods and services Payment due as interest on loans Moderate remittances for family living expenses Purchase of immovable property abroad Which one of the following is not a method of disinvestment? (a) (c) Equity offer Warehousing 70 The Institute of Chartered Accountants of India (b) (d) Cross holding None of the above Common Proficiency Test (CPT) Volume - II 122. Cash compensatory scheme was abolished in: (a) (c) 123. In the recovery of their loans To give more loans on lesser security To give loans by taking more security None of the above Unplanned expansion of higher education Neglect of primary education Large number of unemployed uneducated people Large scale migration of educated people to the developed western countries Village Public Telephone Various Public Telephone (b) (d) Value Public Telephone Valmiki Public Telephone Yojna High transportation costs Over - aged vessel (b) (d) Port delays Fast handling of the cargo at ports (b) (d) Under Monopolistic competition Under any market firm (b) (d) Structural Technical Price discrimination is not possible: (a) (c) 130. March, 2009 March, 2010 Which of the following is not the factor for poor growth of coastal shipping? (a) (c) 129. (b) (d) VPT stands for: (a) (c) 128. March, 2007 March, 2008 Which of the following is not the problem of India s Education System? (a) (b) (c) (d) 127. To encourage Export of Capital Goods To encourage Import of Capital Goods Both (a) and (b) None of the above The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, was passed for assisting banks: (a) (b) (c) (d) 126. 1999 False. It is still continuing As per RBI recommendations Basel II framework, has been operationalised since: (a) (c) 125. (b) (d) Export promotion capital goods scheme was liberalized in April 1992 to: (a) (b) (c) (d) 124. 1992 1991 Under Monopoly Under perfect competition Most of the unemployment in India is: (a) (c) Voluntary Frictional Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India 71 MODEL TEST PAPER - 3 131. Which of the following has not been a part of the land reforms programme in India? (a) (c) 132. Accounting cost Marginal cost (b) (d) Economic cost Implicit cost The normal return on money capital invested Salary of entrepreneur The interest on capital invested All of the above Accounting cost + Implicit cost Cash cost + Opportunity cost (b) (d) Accounting cost + Marginal cost Implicit cost When AP intersects MP When MP is highest (b) (d) When AP intersects TP At the point of inflexion When is TP maximum? (a) (b) (c) (d) 139. Seeing T.V. Teaching one s own son at home Medical Facilities rendered by a charitable hospital A housewife preparing food for the household When is average product at its maximum point (a) (c) 138. Secondary Sector Both (a) and (c) Economic cost means (a) (c) 137. (b) (d) Which of the following is considerered as economic cost? (a) (b) (c) (d) 136. Agricultural Sector Tertiary Sector The cost incurred on the factor of production is known as: (a) (c) 135. Consolidation of holding Agricultural holding tax Which of the following is an economic activity? (a) (b) (c) (d) 134. (b) (d) Disguised unemployment in India is maximum in: (a) (c) 133. Ceiling an holding Abolition of zamindari system When AP becomes Zero When MP becomes Zero At the intersecting point of AP and MP When MP is highest Variable cost includes the cost of (a) (b) (c) (d) Buying land and building Hire charges of machinery Insurance premium Material bought 72 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - II 140. Which of the following is correct? (a) (b) (c) (d) 141. When average cost curve is rising then, marginal cost (a) (c) 142. Must be decreasing Must be constant (b) (d) Must be above the average cost curve Must be equal to average cost Which among the following is NOT a cause of sickness of industrial units in India? (a) (c) 143. Marginal cost is always less than the average cost. Marginal cost is always more than the average cost. Marginal cost is always equal to the average cost at its minimum point. Marginal cost is always equal to the average cost Outdated Technology Faulty Location (b) (d) Labour Problems Lack of capital account convertibility Which of the following is not a factor payment? (a) (b) (c) (d) Free uniform to defense personal Salaries to the member of Parliament Imputed rent of an owner occupied premises Scholarship given to the backward class students Use following table to answer the below mentioned questions and (144 145) Hours of Output - 1 350 350 2 - 230 3 670 - What is the marginal output when 3rd hour of labour is employed? (a) (c) 90 350 (b) (d) 670 230 What is the total output when 2 hours of labour are employed? (a) (c) 146. Output 0 145. Marginal Labour 144. Total 500 680 (b) (d) 580 780 Which of the following is not the name of LAC curve? (a) (c) Planning curve Round curve Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India (b) (d) Enveloping curve None of the above 73 MODEL TEST PAPER - 3 147. A firms average fixed cost is Rs.20 at 6 units of output. What will it be at 4 units of output: (a) (c) 148. Rs. 30 Rs. 20 200 300 (b) (d) 50 100 A firm has variable cost of Rs.1,000 at 5 units of output. If fixed cost are Rs.400, what will be the average total cost at 5 units of output? (a) (c) 150. (b) (d) A firm has producing 7 units of output has an average total cost of Rs. 150 and has to pay Rs. 350 to its fixed factors of production whether it produces or not. How much of the average total cost is made up of variable cost? (a) (c) 149. Rs. 60 Rs. 40 380 60 (b) (d) 280 400 The vertical difference between TVC and TC is equal to: (a) (c) MC TFC (b) (d) AVC None of the above SECTION D : QUANTITATIVE APTITUDE (50 MARKS) 151. The ratio of the sum and the difference of two numbers is 7:1. Find the ratio of those two numbers. (a) (c) 152. 4:3 None of these 4 6 (b) (d) 3 None of these The numerator of a fraction is 4 less than its denominator. If the numerator is decreased by 2 and the denominator is increased by 1, then the denominator is eight times the numerator. Then the fraction is (a) (c) 154. (b) (d) The difference between a two digit number and the number obtained by inter changing the digit is 54. What is the difference of the two digits of the number? (a) (c) 153. 5:3 4:5 3/7 9/7 (b) (d) 4/7 None of these Father is six times as old as his son. Four years hence he will be four times as old as his son. Then the present ages are (a) (c) 42, 8 40, 10 74 The Institute of Chartered Accountants of India (b) (d) 36, 6 None of these Common Proficiency Test (CPT) Volume - II 155. Find the value of 1 + 2 + 3 + .+ 105 (a) (c) 156. (b) (d) 0.8210 None of these (b) (d) 0.5948 None of these 0.7214 20.37 69.8 1.5948 0.2348 8 10 (b) (d) 5 None of these 23 then the value of x is 15 8 2 (b) (d) 5 None of these The number of ways in which n different books can be arranged in an almirah so that two particular books are always together is (a) (c) 162. 3.26 None of these 0.5173 If log2 x + log8x + log32x = (a) (c) 161. 3 0.03 is 0.7 A sum of Rs. 4,000 is invested in an account that pays 6% interest compounded annually. If yields Rs. 5,353 after a number of years. Determine the number of years for which the sum was inverted. (a) (c) 160. 4 5560 None of these (b) (d) 0.8480 0.6480 Evaluate (a) (c) 159. 2.26 1.36 Evaluate (a) (c) 158. (b) (d) If log3 = 0.48 and log 7 = 0.84, then the value of log (a) (c) 157. 5000 5565 n! 2! (n 2)! (b) (d) (n 1)! 2! None of these There are 3 copies each of two books and two copies each of five books. In how many ways can a book seller arrange the 16 books in a shelf so that the copies of the same book are never separated? (a) (c) 5040 5030 Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India (b) (d) 5000 None of these 75 MODEL TEST PAPER - 3 163. How many words can be formed with the letters of the world PARALLEL so that all L s do not come together? (a) (c) 164. 3000 None of these 22554 22,000 (b) (d) 22550 None of these There are stalls for 10 animals in a ship. In how many ways can the shipload be made, if there cows, calves and horses to be transported, animals of each kind being not less than 10? (a) (c) 166. (b) (d) Find the sum of four digit numbers made by the given digits 1, 3, 3, 0? (a) (c) 165. 2000 4000 59040 59149 Evaluate x (b) (d) 59049 None of these 3 + 5x4 dx 3 (a) 3/2 1 6x 3 + 11) + c ( 9 (b) 2/3 1 3 + 5x 4 ) + c ( 9 (c) 3/ 2 1 3 + 5x 4 ) + c ( 30 (d) None of these (b) (d) log (x2 + x) + c None of these 2x + 1 167. Evaluate: (a) (c) x(x + 1) dx log (x2 x) + c log (x2 + 1) + c dx 168. Evaluate: x+ x (a) (b) 2log ( x + 1)+c (c) 169. 2 log (x + 1)+c 2 log ( x + 1)+c (d) None of these (b) 1 log x + c 3x (d) None of these Evaluate log x dx 3x ( ) (a) 1 log x 3 (c) 1 log 3x + x + c 3x ( 2 +c ) 76 The Institute of Chartered Accountants of India ( ) Common Proficiency Test (CPT) Volume - II 170. Evaluate e 2x x 2dx (a) x 3 3x x 2 e 2x e 2x e + +c 3 2 4 (b) x 2 e 2x xe 2x e 2x + +c 2 2 4 (c) x 3e 2x x 2 e x +c 3 2 (d) None of these (b) (d) 1 None of these (b) (d) log 2 None of these (b) (d) 1 None of these 5 171. x2 dx Evaluate: 2 x + (5 x)2 0 (a) (c) 172. 2x 1 Evaluate: lim x 0 1+ x 1 (a) (c) 173. If f(x) = (a) (c) 175. 2 log 2 0 Evaluate: lim x 0 (a) (c) 174. 0 1 | x 1| x 1 1 Does not exist x | x | , x 0 and f(x) = 2 for x = 0 is f(x) continuous at x = 0? x Yes Cannot say If y = log3 log3 x, find (b) (d) No None of these dy dx (a) 1 x log 3.log x (b) 1 x log 3.log x (c) 1 log 3.log x (d) None of these Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India 77 MODEL TEST PAPER - 3 176. A sum of money is put at compound interest for 2 years at 20% p.a. It would earn Rs. 482 more, if the interest were payable half-yearly than it were payable yearly; then the sum is (a) (c) 177. (b) (d) Rs. 7000 None of these Rs. 15,500 Rs. 17,500 (b) (d) Rs. 16,500 None of these Leasing is preferable Cannot say (b) (d) Leasing is not preferable None of these Arithmetic Mean H.M. (b) (d) G.M. Median Arithmetic Mean Mode (b) (d) Median None of these Which is greatly affected by the extreme values? (a) (c) 184. Rs. 7,724 Rs. 8000 The sum of squares of the deviations of the given values from their is minimum. (a) (c) 183. Rs. 9,800.50 None of these The sum of deviations of the given values from their is always 0. (a) (c) 182. (b) (d) A company may obtain a machine either by leasing it for 5 years, (useful life) at an annual rent of Rs. 2,000 or by purchasing it for Rs, 8,100. If the company can borrow money at 10% p.a., which alternative is preferable? (a) (c) 181. Rs. 9,000 Rs. 9,833.33 A company sets aside a sum of Rs. 45,000 annually for 9 years to pay off a debenture issue of Rs. 5,00,000. If the fund accumulates at 6% p.a., find the surplus after full redemption of the debenture issue. (a) (c) 180. Rs. 25,000 None of these Find the present value of an annuity of Rs. 1,000 payable at the end of each year for 10 years, if the money is worth 5% effective. (a) (c) 179. (b) (d) What is the amount of an annuity if the size of the each payment is Rs. 3,000 payable at the end of each year for 3 years at an interest rate of 9% compounded annually? (a) (c) 178. Rs. 20,000 Rs. 26,000 Arithmetic Mean Mode (b) (d) Median None of these Which is not amenable to further algebraic treatment? (a) (c) Arithmetic Mean Mode 78 The Institute of Chartered Accountants of India (b) (d) Median Both (b) and (c) Common Proficiency Test (CPT) Volume - II 185. In a frequency distribution, the mid value of a class is 15 and the class interval length is 4. The lower limit of the class is (a) (c) 186. Rs. 5,909 None of these Equal Either (a) or (b) (b) (d) Unequal None of these 10% 12% (b) (d) 15% None of these 5.58 7.58 (b) (d) 6.58 None of these The consumer price index for a group of workers was 250 in 1994 with 1980 as the base. Compute the purchasing power of a rupee in 1994 Compared to 1980. (a) (c) 191. (b) (d) The consumer price index over a certain period increased from 120 to 215 and the wages of worker increased from Rs. 1,680 to Rs. 3000. What is the loss of the worker? (a) (c) 190. Rs. 5,800 Rs. 5,900 Between 1990 and 2000, the price of a commodity increased by 60% while the production decreased by 30%. By what percentage did the value index of production of commodity change in 2000 with respect to its value 1990. (a) (c) 189. 12 14 When the prices or quantities of all the goods are charging in the same ratio then the Laspeyre s and Paasche s Index Number will be (a) (c) 188. (b) (d) During a certain period, the cost of living index number goes up from 110 to 200 and the salary of the worker is also raised from Rs. 3,250 to Rs. 5,000. Find the value of salary in real terms? (a) (c) 187. 10 13 0.40 0.60 (b) (d) 0.50 None of these Three groups of children contain respectively 3 girls and 1 boys; 2 girls and 2 boys; 1 girl and 3 boys. One child is selected at random from each group. Then the chance that the three selected consist of 1 girl and 2 boys is: (a) 17 32 (b) 15 32 (c) 13 32 (d) None of these Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India 79 MODEL TEST PAPER - 3 192. A, B, C are three mutually exclusive and exhaustive events associated with a random experiment. Find P(A), given that P(B) = 3/2 P(A) and P(C) = 1/2 P (B) (a) (b) 4 13 (c) 193. 3 13 5 13 (d) None of these A committee of four has to be formed from among 3 economists, 4 engineers, 2 statisticians and 1 doctor. What the probability that the committee consists of the doctor and at least one economist? (a) (c) 194. 0.3048 0.9048 (b) (d) 0.6048 None of these The probability that a company executive will travel by plane is 2/3 and that he will travel by train is 1/5. Find the probability of his traveling by plane or train. (a) (b) 13 15 (c) 195. 11 55 14 15 (d) None of these The probability that a contractor will get a plumbing contract is 2/3, and the probability that he will not get an electric contract is 5/9. If the probability of getting at least one contract is 4/5. What is the probability that he will get both the contracts? (a) (b) 13 45 (c) 196. 14 45 11 45 (d) None of these The mean of normal distribution is 50 and 5% of the values are greater than 60; then the Standard Deviation of the distribution is: (Given the area under Standard Normal Curve between z = 0 & z = 1.64 is 0.45) (a) (c) 197. 6.7 6.82 (b) (d) 7.6 None of these The mean monthly expenditure of a batch of students is Rs. 100 with standard deviation Rs. 20. If the expenditure is normally distributed find out the maximum expenditure of those 10% of the students whose expenditure is the lowest. (a) (c) Rs. 80 Rs. 74.40 80 The Institute of Chartered Accountants of India (b) (d) Rs. 80.50 None of these Common Proficiency Test (CPT) Volume - II 198. The mean monthly expenditure of a batch of students is Rs. 100 with standard deviation Rs. 20. If the expenditure is normally distributed find the minimum expenditure of those 10% of the students whose expenditure is the highest. (a) (c) 199. Rs. 150 Rs. 125.80 (b) (d) Rs. 125.60 None of these Find the mean and Standard Deviation of a normal distribution, when 8% of the items are 0.496 1.405 over 64 and 31% are under 45. Given : f(z)dz = 0.19 & f(z)dz = 0.42 0 0 (a) (c) 200. 50,10 60, 20 (b) (d) 60,10 None of these Marks obtained by a number of students are assumed to be normally distributed with mean 65 and variance 25. If 3 students are taken at random what is the probability that exactly two of them will have marks over 70? (a) (c) 0.07 0.06 (b) (d) 0.08 None of these YYY Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India 81 Answer of Model Test Papers Model Test Paper BOS/CPT 3 SECTION A : FUNDAMENTALS OF ACCOUNTING 1. (a) 2. (c) 3. (c) 4. (d) 5. (a) 6. (a) 7. (b) 8. (b) 9. (a) 10. (b) 11. (d) 12. (d) 13. (d) 14. (c) 15. (a) 16. (a) 17. (a) 18. (a) 19. (a) 20. (c) 21. (b) 22. (a) 23. (c) 24. (d) 25. (a) 26. (c) 27. (a) 28. (d) 29. (b) 30. (b) 31. (b) 32. (a) 33. (c) 34. (d) 35. (a) 36. (d) 37. (d) 38. (a) 39. (c) 40. (a) 41. (b) 42. (c) 43. (c) 44. (c) 45. (c) 46. (b) 47. (a) 48. (c) 49. (d) 50. (b) 51. (b) 52. (a) 53. (b) 54. (b) 55. (d) 56. (b) 57. (d) 58. (a) 59. (b) 60. (c) SECTION B : MERCANTILE LAWS (40 MARKS) 61. (c) 62. (d) 63. (d) 64. (d) 65. (c) 66. (b) 67. (d) 68. (a) 69. (c) 70. (a) 71. (a) 72. (c) 73. (c) 74. (d) 75. (a) 76. (a) 77. (b) 78. (a) 79. (b) 80. (c) 81. (b) 82. (a) 83. (b) 84. (c) 85. (c) 86. (c) 87. (a) 88. (c) 89. (d) 90. (b) 91. (b) 92. (a) 93. (c) 94. (c) 95. (c) 96. (a) 97. (c) 98. (b) 99. (b) 100. (a) Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India 279 ANSWERS Answer of Model Test Papers Model Test Paper BOS/CPT 3 SECTION C : GENERAL ECONOMICS (50 MARKS) 101 (d) 111 (a) 121 (d) 131 (d) 141 (b) 102 (b) 112 (d) 122 (c) 132 (a) 142 (d) 103 (b) 113 (c) 123 (b) 133 (c) 143 (d) 104 (c) 114 (c) 124 (c) 134 (a) 144 (a) 105 (c) 115 (b) 125 (a) 135 (d) 145 (b) 106 (a) 116 (d) 126 (c) 136 (a) 146 (c) 107 (b) 117 (a) 127 (a) 137 (a) 147 (b) 108 (b) 118 (c) 128 (d) 138 (b) 148 (d) 109 (c) 119 (a) 129 (c) 139 (d) 149 (b) 110 (d) 120 (d) 130 (b) 140 (c) 150 (c) SECTION D : QUANTITATIVE APTITUDE (50 MARKS) 151. (b) 152. (c) (b) 155. (c) 156. (c) 157. (a) 158. (b) 159. (b) 160. (c) 161. (b) 162. (a) 163. (b) 164. (a) 165. (b) 166. (c) 167. (b) 168. (c) 169. (a) 170. (b) 171. (d) 172. (a) 173. (c) 174. (b) 175. (a) 176. (a) 177. (c) 178. (a) 179. (c) 180. (a) 181. (a) 182. (a) 183. (a) 184. (d) 185. (c) 186. (b) 187. (a) 188. (c) 189. (a) 190. (a) 191. (c) 192. (b) 193. (a) 194. (b) 195. (a) 196. (a) 197. (c) 198. (b) 199. (a) 200. (c) 280 The Institute of Chartered Accountants of India 153. (a) 154. Common Proficiency Test (CPT) Volume - II 199. If x n = xn = 195 n + 3 P3 4 n ! (n + 1) ! 195 (n + 1) 195 1 4 n ! (n + 1) ! 4n ! n ! After solving we get 4 term will be positive Ans. (c) 200. 4 1 1 1 in AP , , x + y 2y y + z 1 1 + 1 x+y y+z = 2y 2 1 y+2+x+y = 2 y ( x + y ) ( y + z )2 xy + y2 +xz + yz = 2y 2 + yz + xy xz = y2 y z = x y x, y, z in GP Ans. (b) G.P. Model Test Paper BOS/CPT 3 151. Let the two numbers are x and y Given x + y : x y = 7 : 1 i.e. x + y = 7 (1) x y = 1 (2) (1) + (2) 2x = 8 x=4 (1) 4+y = 7 y = 7 4 = 3 x:y=4:3 Ans. (b) Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India 323 ANSWERS 152. Let the unit's digit of the num ber be x and the ten's digits by y. Then the number = 10y + x Reversing the order of digits of the given number Unit's digit becomes y and ten's digit becomes x New number = 10x + y According to the given condition of the problem (10 x + y ) (10 y + x ) = 54 9 x 9y = 54 x y=6 i.e. The differences of the digit is 6. Ans. (c) 153. Let the fraction be x/y According to the first condition of the problem, x=y 4 x y = -4 .................(i) According to the second condition of the problem, y+1 = 8(x 2 ) y+1 = 8x 16 8x y=1+16 8x-y=17 .....................(ii) subtraction 1 from 2, we get 7x = 21 x= 21 =3 7 (i) 3 y = 4 y=3+4=7 Hence, the required fraction is 3/7 154. Let the present ages of father and his son be x and y years respectively. According to the first condition of the problem, x = 6y 324 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - II x 6y = 0 ..............(i) Four years hence Age of father = (x+4) years Age of son = (y+4) years According to the second condition of the problem x+4 = 4(y+4) x+4 = 4y+16 x 4y = 16 4 x 4y = 12 ................ (ii) 2y = 12 (ii) (i) y = 12/2 = 6 (i) x 6(6) = 0 x = 36 Hence, present age of father = 36 years and present age of son = 6 years Ans.(b) 155. Sum of n natural number = n(n + 1) 2 = = 156. log 105 (105 + 1) 2 5565 0 .03 3 10 = log 0 .7 100 7 = 3 log 70 = log3 log 70 = log 3 (log 7 + log 10) = 0.48 (0.84 + 1) = 1.36 Ans. (c) 157. let x = = 4 0 .5173 (0.5173) 1/4 Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India 325 ANSWERS Taking log on both sides log x = log [0.5173) 1/4 log x = 1/4 log (0.5173) = 1/4 ( 1 .7138) (from the table) = 1/4 ( 1 + 0.7138) = 1/4 ( 1 3+3+0.7138) = 1/4 ( 4 + 3.7138) = 1 + 0.9284 = 1 .9284 x = Anti log ( 1 .9284) = 0.8480 Ans. (a) 158. Let x = 3 0 .7214 20 .37 69 .8 Taking log on both sides log x = 1/3 (log 0.7214+log 20.37 log 69.8) = 1/3 ( 1 .8581+1.3090 1.8439) = 1/3 ( 1 .3232) = 1/3 ( 3 +2.3232) = 1 + 0.7744 = 1 .7744 x = Antilog ( 1 .7744) = 0.5948 Ans. (b) 159. Here P(O) = 4000 i = 0.06 P(n) = 5353 and we are required to find n. Since p(n) = (1+i) n P(0) 5353 = (1+0.06) n 4000 5353 = (1 + 0 .06 )n 4000 (or) 1.3382 = (1.06) n 326 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - II Taking log on both sides. log (1.3382) = n log (1.06) 0.1265 = n ( 0.0253) n= 0 .1265 =5 0 .0253 Hence, the required number of years is 5 Ans. (b) 160. Given log 2 x + log 8 x + log 32 x = 23 15 23 1 1 1 + + = log x 2 log x 8 log x 32 15 23 1 1 1 + + = 3 log x 2 log x 2 log x 25 15 23 1 1 1 + + = 15 log x 2 3 log x 2 5 log x 2 1 1 23 log x 2 1 + + = 3 5 15 1 15 + 5 + 3 23 = log x 2 15 15 1 23 23 = log x 2 15 15 1 =1 log x 2 log 2 x= 1 The value of x = 2 Ans. (c) 161. The no. of ways to arrange n different books if two are always together = (n 1) ! 2! (Because two books ta ken together as 1 book) Ans. (b) (n 1)! 2! 162. No. of ways to arrange two books (each 3 copies) and 5 book (each 2 copies) = 7! = 5040 Ans. (a) 5040 Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India 327 ANSWERS 163. Total No. of words by letters (P, A, R, A, L, L, E, L) = 8! = 3360 2! 3! No. of words if all 'L comes together = 6! = 360 2! Total words if 'L' does not come together = 3360 360 = 3000 Ans. (b) 3000 164. Total no. of 4 digit by (1, 3, 3, 0) = 4! = 12 2! If 0 comes at thousandth place then total Nos. = 3! =3 2! Net 4 digit Nos. by (1, 3, 3, 0) = 12 3= 9 (1, 3, 3, 0) each comes at Unit, tenth, hundredth place 2! times. and 1, 3, 3, each comes at thousandth place 3 times Sumof digit = 1+3+3+0 = 7 Total sum = 7 2 [10 = 0 + 10 1 + 10 2 ) + 7 3[10 3 ] 14 111+21 1000 Total sum = 22554 Ans. (a) 166. Let I = 22554 x 3 3 + 5 x 4 dx Put 3 + 5x 4 = t 20x 3 dx = dt 1 dt 20 x 3 dx = I = 3 + 5 x 4 x 3 dx = t. 1 dt 20 328 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - II = 1 1/ 2 1 t3 / 2 t dt = +c 20 20 3 / 2 = 1 3/2 t +c 30 x 3 + 5 x 4 dy = 3 ( 1 3 + 5x4 30 ) 3/2 +c Ans.(c) 167. Let I = 2x +1 x( x + 1) dx 2x +1 = x 2 + x dx = log ( x 2 + x) + c Ans. (b) x =t 168. Put x=t 2 dx = 2t dt dx 2 t dt dt = 2 = 2 t +1 t +t x+ x = 2 log (t+1) + c 2 log ( ) x + 1 +c 169. Let z = log x = log(x) 1/2 z= dz = = 1 log x 2 1 1 . dx 2 x log x 2 log x dx dx = 3x 3 2x 2 z dz 3 Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India 329 ANSWERS = 2 z2 +c 3 z = z2 +c 3 ( ) 2 log x 1 dx = log x +c 3x 3 Ans.(a) 170. Let I = x 2 e 2 x dx Integrating by parts I= x2e 2 x 2x 2x e dx 2 2 I= x2e 2 x xe 2 x dx 2 consider xe 2x ................... (i) dx Integrating by parts, = xe 2 x e 2x dx 2 2 = xe 2 x e 2 x 2 4 (i) becomes I= I= x 2 e 2 x xe 2 x e 2 x 2 4 2 x 2 e 2 x xe 2 x e 2 x + +c 2 2 4 Ans.(b) 330 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - II 5 171. I = x2 dx x 2 + (5 x)2 0 5 I= 0 ... (i) (5 x)2 dx (5 x)2 + ( x)2 ... (ii) [f(x) = f(a x)] 5 dx = 2I = [x ]5 0 0 2I = 5 I = 5/2 Ans. (d) None of these (2 x 1) 1+ x +1 . 1+ x 1 1+ x +1 172. Lt x 0 lt x 0 (2 x 1) . lt x 0 x ( 1 + x + 1) App lt. log 2 2 Ans. (a) 173. Lt x 0 2 log 2 2log 2 | x 1 | x 1 ( x 1) =1 ( x 1) RHL Lt x 0 + LHL Lt x 0 ( x 1) = 1 ( x 1) LHL RHL f(x) does not exist (c) Does not exist 174. f(x) = RHL LHL x | x | x Lt x x =0 x Lt x ( x) 2x = =2 x x x 0 + x 0 f (0) = 2 Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India 331 ANSWERS RHL LHL f(0) f(x) is not continuous at x = 0 Ans. (b) No. 175. y = log 3 (log 3 x) dy d d = log 3 t. (log 3 x) dx dt dx = = 1 1 1 . log x log 3 x. log 3 x. log 3 x. .(log 3 ) 2 log 3 1 x. log 3 . log x Ans. (a) = 1 x. log 3 . log x 176. C I if calculated annually. 2 11P 20 C I1 = P 1 + 1 = 25 100 C I if calculated semi annually. 4 4641 10 C I2 = P 1 + P 1 = 100 10000 4641 P 11P 241P = 482 = 482 10000 25 10000 P = 20,000 Ans. (a) Rs. 20,000 (1 + i)n 1 177. Value of annuity (A) = P i = (1 + 0 .09 )3 1 3000 (0 .09 ) = 9833.33 Ans. (c) Rs. 9833.33 332 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - II 178. Present Value of Annuity = = (1 + 0 .05 )10 Rs. 7724 Ans. (a) 179. A = 10000 Rs. 7724 [ ] P (1 + i)n 1 45000 i 0 .06 750000 [(1 + 0.06 ) 1] 10 [(1 + 0.06 ) 1] 10 {Solve by taking log} A = 517500 Surplus = 517500 5,00,000 = 17,500 Ans. (c) Rs. 17,500 180. Present value of P (rest) of the annuity. 1 (1 + i) n 1 (1 + 0 .1) 5 P =A 2000 i (0 .10 ) [ P = 20000 1 (1 .1) 5 ] P = 7294 which is less than the Purchase Price. leasing is preferable. Ans. (a) leasing is preferable. 181. The sum of deviations of the given values from their Arithmetic Mean is 0. Ans. (a) Arithmetic Mean 182. The sum of squares of the deviations of the given values from their Arithmetic Mean is minimum. Ans. (a) Arithmetic Mean 183. Which is greatly affected by the extreme values Arithmatic mean Ans. (a) Arithmetic Mean 184. Which is not amenable to further algebric treatment Mode and Median Ans. (d) Both (b) and (c) 185. a +b = 15 a + b = 30 (i) 2 b a = 4 (ii) [By eq (i) & (ii)] 2b = 34 b = 17 Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India 333 ANSWERS a = 13 lower limit = 13 Ans. (c) 13 186. Ans. (b) Refer Properties 187. Ans. (a) Refer Properties 188. Ans. (c) Refer Properties 189. Given, consumer price index in, (say), period I = 120 and consumer price index in (say), period II = 215. The wages of the worker in period I and II are given to be Rs. 1,680 and Rs. 3000 respectively. The real wages of the worker in the current period II with respect to the period I as base, are given by: Rs. 120 3000 = Rs .1674 .42 215 Since this wage (Rs. 1674.42) is less than the wages of the worker in the period I (Viz. Rs. 1680) the workers is not better off but wors e off R. 5.58 as compared to the period I. Ans. (a) 190. Purchasing power (P.P) of a rupee in 1994 with respect to the base period 1980 is given by P.P. of a rupee = = Rs. 100 Consumer Price Index for 1994 w.r.t. base 1980 100 = Re. 0.40 250 Ans. (a) 191. Let B1 , B 2 and B 3 be the events of drawing a boy from the 1st , 2 nd and 3 rd group respectively and G 1 , G 2 and G 3 be the events of drawing a girl from the 1st , 2 nd , and 3 rd group respectively then P (B 1 ) = 1/4, P (B 2 ) = 2/4, P(B 3 ) = 3/4 and P(G 1 )=3/4, P(G 2 ) = 2/4, P(G 3 ) = 1/4. The required event of getting 1 girl and 2 boys in a random selection of 3 children can materialize in the following mutually exclusive cases. (i) Girl from the first group and boys from the 2nd and 3rd group i.e. the event G 1 B2 B3 (ii) Girl from the 2 nd group and boys from 1st and 3 rd groups, i.e. the event B 1 G 2 B 3 happens. (iii) Girl from the 3 rd group and boys from the 1st and 2 nd groups. i.e., the event B 1 B 2 G 3 happens. Hence by the addition theorem of probability, required probability is given by: P = P(i) + P(ii) + P(iii) 334 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - II = P (G 1 B2 B3 ) + P (B 1 G 2 B3 ) + P(B 1 B2 G 3 ) = P (G 1 ) P(B 2 ) P(B 3 ) + P(B 1 ) P(G 2 ) P(B 3 ) + P(B 1 ) P(B 2 ) P(G 3 ) = 3 2 3 1 2 3 1 2 1 + + 4 4 4 4 4 4 4 4 4 = 18 + 6 + 2 26 13 = = 64 64 32 192. Let P(A) = x P(B) = 3 3 P(A) = x 2 2 and P(C) = 1 1 P(B) = 2 2 3 3 x = x 2 4 The events A, B and C are exhaustive P (A or B or C) = 1 P(A) + P(B) + P(C) = 1 ( A, B, C are mutually exclusive) 3 3 x+ x+ x =1 2 4 4 + 6 + 3 x =1 4 4 13 x= P(A) = 4 13 Ans. (b) 193. There are 3+4+2+1 = 10 members in all and a Committee of 4 out of them can be formed in 10C 4 ways. Hence exhaustive number of Cases is: 10 C 4 = 10 9 8 7 = 210 4! The probability 'p' that the Committee Consists of the doctor and at least one economist is given by p = P [One doctor, One economist, 2 others] + P [One doctor, Two economist, 1 others] + P[One doctor, Three economist] Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India 335 ANSWERS p= 1C 1 3 C 1 6 C 2 1C 1 3 C 2 6 C 1 1C 1 3 C 3 + + 10 C 4 10 C 4 10 C 4 6 5 1 3 2 + (1 3 6 ) + (1 1) = 1 210 = 1 [45 + 18 + 1] 210 = 64 32 = = 0 .3048 210 105 Ans. (a) 194. Let A = event that the company executive travel by plane. P(A) = 2/3 Let B = event that the Company executive travel by train. P(B) = 1/5 Now the events A and B are mutually exclus ive, because he cannot travel by plane and train at the same time. = The prob. of his traveling by plane or train Ans. (a) P (A or B) = P(A) + P(B) = 2/3 + 1/5 = 13 15 Ans. (b) 195. Let A and B denote the events that the contractor will get a 'plumbing' Contract and 'Electric' Contract respectively. Then we are given: P(A) = 2/3, P( B ) = 5/9 P(B) = 1 P( B ) = 4/9 and P (A B) = Probability that Contractor gets at least one contract. = 4/5 P(A) + P(B) 2/3 + 4/9 P ( A B) = 4/5 P ( A B) = 4/5 P (A B) = 2/3 + 4/9 4/5 336 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - II = 30 + 20 36 45 = 14 45 Hence, the probability that the Contractor will get both the contracts in 14/45 Ans. (a) 196. Standard deviation = P ( x > 60 ) = 0 .05 1 P (x < 60) = 0.05 P (x < 60) = 0.95 x 60 60 50 P = 0.95 10 10 P = 0.95 = (1.64) 10 = = 6.7 S.D. = 6.7 1 .64 Ans. (a) 6.7 x 10 197. P Z = 0.10 20 100 x = 1.28 20 100 x = 25.6 x = 74.40 Ans. (c) 74.40 x 100 198. P x = 0.10 20 x 100 = 1.28 20 x = 25.6 + 100 = 125.6 Ans. (b) 125.6 200. P = P(x>70) = 1 P (x < 70) Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India 337 ANSWERS = x 65 70 65 1 P 5 25 = 1 P (z < 1) = 1 0 .041 P = 0.06 Ans. (c) 0.06 Model Test Paper BOS/CPT 4 151. P = 100 A 100 21315 4 100 + RT 100 + 0 .045 12 P = 21000 Ans. (a) 152. I1 = 500 Rs. 21000 8 1 = 40 100 I2 =1000 8 3 = 60 100 4 I3 =1000 8 1 = 40 100 2 Total Amount = 500 + 1000 + 1000+40 + 60 + 60 = 2640 Ans. Rs. 2640 5 153. 2000 = 1200 1 + 4 100 81 5=3 80 4n 4n After taking log both side and solved. log 5 = log 3 + 4n [log 81 log 80] n = 10 years 3 months Ans. (a) 10 years 3 months 338 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - II

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