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CA CPT : Volume 2 - Model Test Paper 2 (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 2 Time : 4 hours Maximum Marks : 200 The test is divided into four sections. Questions 1 to 200 have only one correct answer and carry + 1 mark for each correct answer and 0.25 mark for each wrong answer. SECTION A : FUNDAMENTALS OF ACCOUNTING (60 MARKS) 1. Present liability of uncertain amount, which can be measured reliably by using a substantial degree of estimation is termed as (a) (c) 2. Liability Reserve There are many views about accounting principles Accounting is based on accounting equation Accounting is commonly treated as language of business None of the above For charging depreciation, on which of the following assets, the depletion method is adopted? (a) (c) 4. (b) (d) Which one of the following statement is FALSE : (a) (b) (c) (d) 3. Contingent liability Provision Wasting Assets (Mines) Goodwill (b) (d) Land All of the above Cost of Machinery Rs. 75,000, salvage value Nil, estimated life 4 years. Depreciation for the first year by sum of digit method is a) c) Rs. 30,000 Rs. 12,000 Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India b) d) Rs. 15,000 Rs. 7,500. 29 MODEL TEST PAPER - 2 5. When the incoming partner brings his share of goodwill in cash, the amount of broughtin share of goodwill is credited to (a) (c) 6. (b) (d) Writing off preliminary expenses None of the above Cost price Cost price or Net realisable value whichever is lower Cost price or Net realisable value whichever is higher Net realisable value A Debit note is sent to him An Account sale is sent to him A receipt is sent to him Either (b) or (c) Bills Payable A/c Endorsee A/c (b) (d) Trade Receivables A/c Bills Receivable A/c Nominal A/c Real A/c (b) (d) Personal A/c None of the above. Del-credere Commission is allowed to cover (a) (c) 13. Issue of fully paid bonus shares Both (a) & (b) Capital Accounts of the co-venturers are of the nature of (a) (c) 12. Promotion Expenses Account Directors Account Bills receivable endorsed are debited to (a) (c) 11. (b) (d) When the goods are returned to a supplier (a) (b) (c) (d) 10. Goodwill Account Promoters Account Closing Inventory is valued at (a) (b) (c) (d) 9. Bank Account Old Partner s Capital Account According to Section 78 of the Companies Act, the amount in the securities premium A/c can be used for the purpose of (a) (c) 8. (b) (d) For shares issued to promoters for their services, account debited is (a) (c) 7. Cash Account Premium for Goodwill All types losses Normal loss (b) (d) Abnormal loss None of the above Entrance fee of Rs. 50,000 received by Shyam Cricket club is a (a) (c) Capital Expenditure Capital Receipt 30 The Institute of Chartered Accountants of India (b) (d) Revenue Receipts Revenue Expenditures Common Proficiency Test (CPT) Volume - II 14. Interest on Capital is ............... for the business. (a) (c) 15. (b) (d) Unfavourable Favourable The conservatism concept The materiality concept (b) (d) The consistency concept The reduction concept Secured Loan Account Real Account (b) (d) Nominal Account Trade Receivables Account 26 January 24 January (b) (d) 25 January 21 January Current Assets Nominal A/c (b) (d) Personal A/c Real A/c Jai Co. purchased goods for Rs. 30,00,000 and sold 70% of such goods during the accounting year ended 31st March, 2010. The market value of the remaining goods was Rs. 7,00,000. Company valued closing Inventory at Rs. 7,00,000 and not at Rs. 900000 due to (a) (c) 22. Credit Debit Sales Tax payable is a (a) (c) 21. Pankaj s A/c Cash A/c and Pooja s A/c If a bill is drawn on 24 November for 60 days, it will mature on (a) (c) 20. (b) (d) Patents Accounts are (a) (c) 19. Pooja s A/c Pankaj s A/c and Pooja s A/c The concept that an accountant shouldn t anticipate profit, but must provide for all losses is known as (a) (c) 18. Expense None of the above Accounts payable has............... balance (a) (c) 17. (b) (d) An amount of Rs. 5,000 received from Pankaj credited to Pooja would affect (a) (c) 16. Revenue Gain Periodicity concept Conservatism concept (b) (d) Cost concept None of the above Tata Communication invited applications for 50,000 equity shares of Rs. 10 each and received 65,000 applications along with application money of Rs. 5 per share. Which of the following is correct? (a) (b) (c) (d) Refund the excess application Make pro-rate allotment to all applicants, and refund the excess application money Make pro-rate allotment to all applicants and adjust the excess money received towards call money All of the above Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India 31 MODEL TEST PAPER - 2 23. Goods costing Rs. 2,00,000 sent out to consignee at cost + 25%. Invoice price of the goods will be (a) (c) 24. Rs.2,900 Rs.2,833 (b) (d) Rs.3,333 Rs.2,800 Rs. 200 Rs. 300 (b) (d) Rs. 250 Rs. 325 Sales Book Purchase Book (b) (d) Bill Receivable Book None of the above Purchases A/c Capital A/c (b) (d) Sales A/c None of the above Anurag and Basu entered into a joint venture and agreed to share equal profits. Anurag purchased goods costing 2,00,000, Basu sold 4/5th of the goods for Rs. 2,50,000. Balance goods were taken over by Basu at cost less 20%. If same set of books is maintained, find out profit on venture (a) (c) 30. 20% None of these Goods worth Rs. 5,000 given as charity should be credited to (a) (c) 29. (b) (d) Credit purchase of cotton by cotton dealer worth Rs. 10,000 will be entered in (a) (c) 28. 33.33% 30% On 1.7.06, Ravi draws a bill on Raju for Rs. 10,000. At maturity Raju requests Ravi to renew the bill for 2 months at 15% p.a. interest. Amount of interest will be (a) (c) 27. 2,30,000 2,50,000 Ram of Raipur sends out goods costing Rs. 1,00,000 to Amar of Alwar. 3/5th of the goods were sold by consignee for Rs. 70,000. Commission 2% on sale plus 20% of gross sale less all commission exceeds cost price. The amount of commission will be (a) (c) 26. (b) (d) A company wishes to earn a 25% profit margin on selling price. Which of the following is the profit mark up on cost, which will achieve the required profit margin (a) (c) 25. 2,40,000 2,10,000 Rs.90,000 Rs.83,000 (b) (d) Rs.85,000 Rs.82,000 Brij Ltd. purchased a machine on 1.1.2010 for Rs. 2,40,000. Installation expenses were Rs. 20,000. Residual value is estimated to be Rs. 5,000. On 1.1.2010, expenses for repair were increased to the extent of Rs. 5,000. Depreciation is provided under straight line method. Depreciation rate is 10%. Annual Depreciation will be (a) (c) Rs.20,000 Rs.26,000 32 The Institute of Chartered Accountants of India (b) (d) Rs.26,500 Rs.23,000 Common Proficiency Test (CPT) Volume - II 31. J, K and L are partners sharing profits and losses in the ratio of 3 : 2 : 1. They took a joint life policy of Rs. 60000. On the death of L, what amount will be payable to each partner? (a) (b) (c) (d) 32. Sale of office furniture should be credited to (a) (c) 33. Rs. 15,000 Rs. 5,000 (b) (d) Rs. 10,000 Rs. 1,000 Debited by Rs. 6,400 Debited by Rs. 1,600 (b) (d) Credited by Rs. 1,600 None of the above Rs.2,700 Rs.12,700 (b) (d) Rs. 10,500 Rs. 6,000 In the bank reconciliation statement, when balance as per cash book is taken as the starting point, the direct deposits from customer of Rs. 10,000 in the bank will be (a) (c) 37. Sales A/c Purchase A/c st Trade Receivables on 31 March, 2010 are Rs. 1,05,000. Further bad debts are Rs. 5,000, sales return recorded in the books Rs. 10,000. Old provision for bad debts is Rs. 4,000. Provision for doubtful debts is to be made on Trade Receivables @ 10% and also provision of discount is to be made on Trade Receivables @ 3%. What will be the amount of bad debts charged in Profit and Loss A/c after considering provisions for bad debts? (a) (c) 36. (b) (d) Omega Ltd. issued 5000 shares of Rs. 20 each. The called up value per share was Rs. 16. The company forfeited 400 shares of Mr. Ajay for non-payment of 1st Call money of Rs. 4 per share. He paid Rs. 12 for application and allotment money. On forfeiture, the share capital A/c will be (a) (c) 35. Furniture A/c Cash A/c Pankaj Ltd. issued 500 equity shares of Rs. 100 each as fully paid up in consideration of purchase of plant and machinery Rs. 40000. What will be the amount of discount on issue of shares? (a) (c) 34. J = Rs.15,000, K = Rs.30,000, L = Rs.15,000 J = Rs.10,000, K = Rs.20,000, L = Rs.30,000 J = Rs.30,000, K = Rs. 20,000, L = Rs.10,000 J = Rs.30,000, K = Rs.30,000 Subtracted Ignored (b) (d) Added None of the above The profit of the M/s JPH, a partnership firm before charging managerial commission is Rs. 84,000. The managerial commission is charged @ 5% on profit after charging such commission. The amount of managerial commission will be (a) (c) Rs. 4,200 Rs. 4,000 Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India (b) (d) Rs 8,400 Rs. 8,000 33 MODEL TEST PAPER - 2 38. Naveen of Nagpur sends out 1,000 boxes costing 1,00,000 to Deepak of Delhi at cost +20% consignor s expenses were: Freight Rs. 6,000 Insurance Rs. 2,000 Consignee s expenses were : Loading and Unloading charges Rs. 10,000 Salesman salary Rs. 6,000 and Commission 2% on Gross sales. What will be the amount of profit if 3/4th goods is sold by consignee at Rs. 1,00,000? (a) (c) 39. (b) (d) Rs. 6,500 Rs. 3,500 Manish sold goods to Kamal for Rs. 25,000. Manish will grant 2% discount to Kamal. Kamal requested Manish to draw a bill. The amount of bill will be (a) (c) 40. Rs. 5,500 Rs. 7,500 Rs.25,000 Rs.24,500 (b) (d) Rs.24,750 Rs.24,250 Edward Motors Ltd. a dealer in cars has the following five vehicles of different models and makes in their Inventory at the end of the financial year 2005-06 (i) (ii) (iii) (iv) (v) Car Zen Fiat Esteem Honda City Optra Cost (Rs.) 2,00,000 3,50,000 3,25,000 6,00,000 7,25,000 Market Price (Rs.) 2,10,000 3,70,000 3,20,000 6,30,000 7,00,000 The value of Inventory included in balance sheet of the company as on 31 March, 2006 was (a) (c) 41. (b) (d) 22,00,000 22,60,000 Mr. Anuj sent 2000 units costing Rs. 1800 each to Mr. Mahipal. The goods were to be sold as to yield a gross profit of 20% on sales. Mr. Mahipal sold 1200 units @ 2050 per unit on credit and 650 units @ Rs. 2300 per units on cash. Mr. Mahipal is entitled to a commission Rs. 300 per unit. The amount of commission will be (a) (c) 42. 21,70,000 22,30,000 Rs. 5,55,000 Rs. 5,90,000 (b) (d) Rs. 5,70,000 Rs. 6,10,000 Vimal and Vishal are partners sharing profits and losses in the ratio of 2 : 1. On 1st Jan 2009, Vasu is admitted with 1/4th share in profits with guaranteed amount of Rs. 25,000. The profits for the year ended 31 Dec, 2009 amounting to Rs. 76,000. The share of Vishal in the profits should be (a) (c) Rs. 19,000 Rs. 15,000 34 The Institute of Chartered Accountants of India (b) (d) Rs. 17,000 Rs. 13,000 Common Proficiency Test (CPT) Volume - II 43. Rohit and Raja enter into a joint venture to sell cotton, sharing profit, and losses equally. Rohit provides cotton from his Inventory Rs. 1,00,000. He pays expenses amounting Rs. 10,000. Raja incurs further expenses on carriage Rs. 10,000. He received cash on sale of cotton Rs. 1,50,000. He also takes over goods to the value of Rs. 20,000. Profit on venture will be (a) (c) 44. Rs. 16,000 Rs. 32,000 FIFO LIFO (b) (d) Weighted average None of the above Rs. 1,17,600 Rs. 1,06,800 (b) (d) Rs. 96,000 Rs. 1,20,000 Part of subscribed uncalled capital Accumulated profit Part of Capital Reserve Part of Capital Redemption Reserve The weekly or monthly total of the purchase book is (a) (b) (c) (d) 49. (b) (d) Reserve Capital means (a) (b) (c) (d) 48. Rs. 8,000 Rs. 24,000 The following information pertains to Sethi Ltd. (i) Equity share capital called up Rs. 10,00,000 (ii) Call in advance Rs. 90,000 (iii) Call in arrear Rs. 1,10,000 (iv) Proposed Dividend 12% Amount of dividend for the year will be (a) (c) 47. Rs. 40,000 Rs. 50,000 Inventories should be out of godown in the sequence in which they arrive is based on (a) (c) 46. (b) (d) The profits of last three years are Rs. 58,000, Rs. 55,000 and Rs. 61,000. Capital employed is Rs. 500000 and normal rate of return is 10%. The amount of goodwill calculated on the basis of super profit method for three years of purchase will be (a) (c) 45. Rs. 30,000 Rs. 45,000 Posted to the debit of the purchase A/c Posted to the credit of the purchase A/c Posted to the credit of the bill payable A/c None of the above Revenue from sale of product ordinarily is reported as part of earning in the period (a) (c) The planning takes place The product is manufactured Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India (b) (d) The sale is made The cash is collected 35 MODEL TEST PAPER - 2 50. Mr. Yogesh was the holder of 700 shares of Rs. 100 each in KFC Ltd. upon which 50 per share had been called up but he had paid only Rs. 25 per share thereon. The company forfeited his shares and afterwards sold them to Kamlesh, credited as Rs. 50 per share paid for Rs. 25,000. The amount to be transfer to capital reserve is (a) (c) 51. Rs. 35,000 Rs. 1,22,000 Rs. 80,000 Rs. 20,000 (b) (d) Rs. 8,000 Rs. 68,000 Rs. 30,300 Rs. 35,500 (b) (d) Rs. 29,400 Rs. 70,700 24 : 14 : 5 : 6 12 : 7 : 10 : 12 (b) (d) 12 : 7 : 5 : 6 24 : 10 : 14 : 12 Original cost = Rs. 2,52,000 Salvage value = 12000. Depreciation for 3rd year @ 5% p.a. under W.D.V method will be (a) (c) 56. (b) (d) M, N and O are partners sharing profit and losses in the ratio of 3 : 2 : 1. P joins the firm and gets 2/10th of share in the ratio of 1 : 1 from M and N calculate new ratio (a) (c) 55. Rs. 42,000 Rs. 77,000 Abhi draws a bill on Ravi for Rs. 1,00,000 for 3 months. At maturity, the bill returned dishonoured, noting charges Rs. 1,000. Ravi was declared insolvent and only 30 paise in a rupee was recovered from his estate. The amount of deficiency to be recorded on insolvency in the books of Ravi will be (a) (c) 54. Rs. 25,000 Rs. 70,000 From the following figures ascertain the gross profit/loss Opening Inventory = Rs. 60,000 Cost of good sold = Rs. 2,20,000 Freight on purchase = Rs. 1,20,000 Sale = Rs. 3,00,000 (a) (c) 53. (b) (d) DBM Ltd. issued 7,000, 5% debentures of Rs. 100 each at a discount of 6%, redeemable at a premium of 5% after 5 years payable as Rs. 50 on application and Rs. 44 on allotment. Total amount of discount/loss on issue of debenture will be (a) (c) 52. Rs. 7,500 Rs. 35,000 Rs. 12,600 Rs. 11,372 (b) (d) Rs. 11,382 Rs. 11,970 Tarun Ltd. purchased building from Varun Ltd. for a book value of Rs. 400000. The consideration was paid by issue of 12% debentures of Rs. 100 each at a discount of 20%. The debenture account will be credited by (a) (c) Rs. 5,00,000 Rs. 1,00,000 36 The Institute of Chartered Accountants of India (b) (d) Rs. 4,00,000 None of the above Common Proficiency Test (CPT) Volume - II 57. Goods sold for cash Rs. 50000, plus 10% sales tax. Sales will be credited by (a) (c) 58. Rs. 50,000 Rs. 60,000 Rs. 2,15,000 Rs. 2,10,000 (b) (d) Rs. 2,06,000 None of the above Net realisable value means : (a) (b) (c) (d) 60. (b) (d) Ram and Shyam enter into a joint venture sharing profits and losses in the ratio 3:2. Ram purchased goods costing Rs. 200000. Other expenses of Ram Rs. 10000. Shyam sold goods for Rs. 180000. Remaining goods were taken over by Shyam at Rs. 20000. The amount of final remittance to be paid by Shyam to Ram will be (a) (c) 59. Rs. 45,000 Rs. 55,000 Sales less cost incurred necessarily to make the sale Sales less sales return Sales less cost of purchase Sales less gross profit margin In the absence of a partnership deed, the allowable rate of interest on partners loan account will be (a) (c) 4% 6% (b) (d) 7% 12% SECTION B : MERCANTILE LAWS (40 MARKS) 61. A general offer may be accepted by (a) (c) 62. Promisee only Any of these Coercion Misrepresentation (b) (d) Undue - influence Fraud An unpaid seller is bound to resell the goods (a) (b) (c) (d) 64. (b) (d) Moral pressure is involved in the case of (a) (c) 63. Any person Legal representative only False True Unpaid seller can sue for compensation Unpaid seller can force to pay the price Communication of acceptance, as against the proposer, is complete. (a) (b) (c) (d) When the letter of acceptance is put into a course of transmission When the letter of acceptance reaches the proposer When the proposer has actually learnt the contents of the letter of acceptance None of the above Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India 37 MODEL TEST PAPER - 2 65. In a unilateral contract (a) (b) (c) (d) 66. Standing offer means (a) (b) (c) (d) 67. (b) (d) at the proper place All of the above Through his representatives irrespective of the competency of that representative Through his representative competent to perform Himself Both the option (b) & (c) Operation of law (a) or (b) (b) (d) The act of parties None of the above Question of fact Question of law (b) (d) Question of prudence Mixed question of fact and law Whether time is essence of the contract depends on the (a) (b) (c) (d) 73. at the proper time at the proper form Reasonable time for a performance of a contract is a (a) (c) 72. Frustration of the contract Neither (a) nor (b) Assignment of contract may be by (a) (c) 71. (b) (d) A promisor can perform the promise (a) (b) (c) (d) 70. Performance of the contract both (a) & (b) Offer of promise to perform must be made (a) (c) 69. Offer allowed to remain open for acceptance over a period of time After made to the public is general When the offeree offers to qualified acceptance of the offer Offer made to a definite person A contract stands discharged by (a) (c) 68. Only one of the parties makes a promise One of the parties has already performed his part of the promise Both the parties have to perform their respective promises Not a contract at all Provisions of law Intention of the parties Facts and circumstances of each separate case All of the above Contract can be discharged by agreement between parties by the way (a) (c) Remission (a) or (b) 38 The Institute of Chartered Accountants of India (b) (d) Waiver (a) and (b) Common Proficiency Test (CPT) Volume - II 74. The damage awarded by way of punishment is (a) (c) 75. Thief Bailee (b) (d) Bailor True owner Payment by an interested person Both (a) & (b) (b) (d) Liability to pay for non-gratuitous act Neither (a) nor (b) Only by way of money Only by way of goods in return Partly by way of money or partly by way of goods return No consideration is required at all Executed Implied (b) (d) Executory Unilateral Consideration in _______ passes from both parties to each other. (a) (c) 82. When the damages are an adequate remedy When defaulting party is not ready to pay damages When damages are not an adequate remedy When the contract is voidable An agreement to sell is _______ contract. (a) (c) 81. Implied (a) and (b) both Price consideration in a contract of sale can be (a) (b) (c) (d) 80. (b) (d) The quasi-contracts includes(a) (c) 79. Express (a) or (b) A finder of lost goods can be treated as (a) (c) 78. Special damages Ordinary damages Specific performance may be ordered by the Court in the following cases (a) (b) (c) (d) 77. (b) (d) Anticipatory breach of contract may be (a) (c) 76. Vindictive damages Nominal damages Sale Transfer (b) (d) Gift None of these In agreement to sell buyer _______ goods on insolvency of seller. (a) (c) Cannot claim Can conditionally claim Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India (b) (d) Can claim None of the above 39 MODEL TEST PAPER - 2 83. Where there is an unconditional contract for sale of _______ , the property passes to the buyer at the time when contract is made. (a) (b) (c) (d) 84. Partnership is created by _______ among the partners. (a) (c) 85. (b) (d) Statutory and Contractual Economical & Ethical Sub partner Sleeping partner (b) (d) Nominal partner All of the above Principals as well as agents Only representative of the firm (b) (d) Only agents of the firm Only Co-partners of the firm Judicial person Not a distinct legal entity from its partners A distinct legal entity from its partners Either (a) or (c) The members of a club or associations have _______ of the club or association. (a) (c) 91. Involuntary and Contractual Voluntary and Contractual A partnership firm is _______. (a) (b) (c) (d) 90. Take part in the business of the firm To share exclusive profits To use the property of the firm for personal purposes Pay taxes Each partner of a firm is _______. (a) (c) 89. Agreement Birth The partner who does not take part in the conduct of the business is known as _______. (a) (c) 88. (b) (d) Nature of the partnership is: (a) (c) 87. Mutual status Understanding Every partner has the right to _______. (a) (b) (c) (d) 86. Unascertained goods Specific goods in a deliverable state Specific goods to be put in a deliverable state Specific goods in a non-deliverable state Interest in the property Membership (b) (d) Mutual agency Both (a) and (b) In all the joint Hindu family firms, their _______ are personally liable to third parties. (a) (c) Kartas and major members All major members 40 The Institute of Chartered Accountants of India (b) (d) Kartas only All the members Common Proficiency Test (CPT) Volume - II 92. Where seller resells the goods after giving notice to the buyer, the _______ shall not be entitled to any profit which may occur on resale. (a) (c) 93. Warranty Implied condition (b) (d) Condition None of the above Guarantee Warranty (b) (d) Term Promise Discharge of a contract Waiver of a contract (b) (d) Breach of a contract Recission of a contract Any reasonable order Any appropriate order Any order The order mentioned and not otherwise A third party to a contract ________ the parties to the contract: (a) (c) 99. Specific goods Existing goods When a contract expressly provides for the order of performance of reciprocal promises, the promises shall be performed in ___________. (a) (b) (c) (d) 98. (b) (d) ___________ signifies that the parties are not further bound under the contract. (a) (c) 97. Present goods Ascertained goods In a contract of sale of goods, breach of condition may be treated as breach of _______. (a) (c) 96. Seller Buyer and seller A _________ is a stipulation collateral to the main purpose of the contract. The breach of which gives rise to a claim for damages but not a right to reject the goods and treat the contract repudiate. (a) (c) 95. (b) (d) Goods which are in the existence at the time of the contract of sale is known as ________. (a) (c) 94. Buyer Bailee Can sue conditionally Can sue unconditionally (b) (d) Cannot sue None of the above A is a minor, who broke his right leg in a cricket match. He engaged, a doctor, to set it. Does the doctor have a valid claim for his services? Decide. (a) (b) (c) (d) Minor will be personally liable. Minor s parents will be liable. Minor s properties, if any, can be held liable for necessary services rendered to a minor . Nobody will be liable. Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India 41 MODEL TEST PAPER - 2 100. A lends a horse to B for his own riding only. B gave C , his wife, to ride the horse, C , rides with care, but the horse accidentally falls and is injured. Decide the liability. (a) (c) A will not be liable. A is liable to make compensation. (b) (d) A s wife will be liable. Nobody will be liable. SECTION C : GENERAL ECONOMICS (50 MARKS) 101. In Economics, the central economic problem means: (a) (b) (c) (d) 102. The other names of method are abstract, analytical and priori method. (a) (c) 103. Least cost and some resources are wasted High cost and no resources are wasted Least cost and no resources are wasted Moderate cost and no resources are wasted Scarcity of Resources Alternative uses (b) (d) Unlimited wants All of the above - .5 -2 (b) (d) + .5 +2 When two goods are perfect substitutes of each other then (a) (c) 107. Economic method None of the above Calculate income elasticity for the household when the income of a household rises by 10 %, the demand for Rice rises by 5%. (a) (c) 106. (b) (d) Which of the following is a cause of an economic problem? (a) (c) 105. Inductive method Deductive method All points on PPC show that goods and services are produced at: (a) (b) (c) (d) 104. Output is restricted to the limited availability of resources Consumers do not have as much money as they would wish There will always be certain level of unemployment Resources are not always allocated in an optimum way MRS is falling MRS is constant (b) (d) MRS is rising None of the above The Law of Scarcity (a) (b) (c) (d) Does not apply to rich, developed countries Does not apply to poor, under developed countries Implies only to socialist economies. Implies that all consumer wants will never be completely satisfied. 42 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - II 108. Scarcity definition of economics is given by (a) (c) 109. 116. Profit curve Indifference curve Issue of currency Controller of credit 1945 1947 (b) (d) Demand curve Income curve (b) (d) Bankers bank Banker to general public (b) (d) 1946 1950 Currency + Deposits + other deposits with RBI Currency + Demand Deposits + other deposits with RBI Currency + Fixed Deposits + other deposits with RBI Currency + Time Deposits + other deposits with RBI Nationalised Banks include: (a) Punjab National Bank (c) American Express Bank (b) (d) Citibank All of the above Two Nationalized banks were merged in the year: (a) (c) 117. The services of doctors, lawyers, teachers etc are termed as production Man cannot create matter Accumulation of capital does not depend solely on income None of the above NM1 is defined by RBI (as per latest definition) as (a) (b) (c) (d) 115. Downward- sloping to the right Upward sloping The IMF was set up in: (a) (c) 114. (b) (d) Which of the following is not the function of RBI? (a) (c) 113. Horizontal Vertical Which is the other name given to Average revenue curve? (a) (c) 112. J. B. Say Robbins Which of the following statements is incorrect? (a) (b) (c) (d) 111. (b) (d) In case of a Giffin good, the demand curve will be: (a) (c) 110. Alfred Marshall Allen and Hicks 1991 1980 (b) (d) 1975 1993 Out of 5.6 lakh villages in India, only ________villages were being served by commercial banks before Nationalisation of banks: (a) (c) 56,000 5,000 Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India (b) (d) 10,000 50,000 43 MODEL TEST PAPER - 2 118. 100 percent privatization has taken place in: (a) (c) 119. Oil Refineries Insurance (b) (d) Banking Defense Made in India model India s Shining Scheme (b) (d) Served from India Scheme EPCG Scheme 1991 2005 (b) (d) 2002 False, it is still continuing Banking sector reforms Insurance sector reforms (b) (d) Capital reforms All of the above (b) (d) 49% 100% FDI has been allowed in defense upto: (a) (c) 126. Trade Related Intellectual Property Rights Transaction Related Intellectual Property Rights Trade Related Intelligence Property Rights Trade Related International Property Rights Financial sector reforms mainly relate to: (a) (c) 125. 1991-92 1997-98 Export Promotion Capital Goods scheme was abolished in: (a) (c) 124. (b) (d) Duty Free Export Credit Scheme has been revamped and re-cast into: (a) (c) 123. 1990-91 1995-96 100% FDI is Permitted is: (a) (c) 122. IOC None of these TRIPs stand for: (a) (b) (c) (d) 121. (b) (d) The disinvestment programme was started in: (a) (c) 120. BPCL NTPC 74% 26% Administered prices means (a) (b) (c) (d) Prices fixed by private sector under the guidance of government Prices fixed by consumer forum Prices fixed by the Government and private sector Price level fixed by the Government 44 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - II 127. Price support policy means: (a) (b) (c) (d) 128. Stagflation: (a) (b) (c) (d) 129. (b) (d) 2001-02 2004-05 14-16 years 12-18 years (b) (d) 14-18 years None of the above Primary education Adult education (b) (d) Secondary education All of the above 1837 1857 (b) (d) 1847 1867 Which is not the problem faced by Indian ports? (a) (b) (c) (d) 135. 2000-01 2002-03 Postal system was started in India in the year: (a) (c) 134. Nuclear Policy on Electronics National Policy on Elections National Literacy mission was launched for: (a) (c) 133. (b) (d) Secondary education prepares students in the age group of: (a) (c) 132. National Policy on Education National Policy on Electronics Sarva Shiksha Abhiyan was launched in the year (a) (c) 131. means prices are falling and purchasing power is increasing is in the form of a low rate of growth combined with the general price level increase means high rate of growth combined with rise in the general price level means that due to increase in the cost of products, prices of final products are increasing NPE stands far (a) (c) 130. Prices at which government would be buying agricultural products from farmers Prices at which farmers will be selling goods to the private sector Subsidy received by farmers from government None of the above Inadequate dredging and container handling facilities Inefficient and non optimal deployment of port equipment Proper coordination in the entire chain Operational constraints such as frequent break down of cargo handling equipment due to obsolescence GRT stands for (a) (c) Gross Registered Tonnage Gross Regulated Tonne Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India (b) (d) Gross Regular Tonnage Gross Registered Tollage 45 MODEL TEST PAPER - 2 136. External debt are about ______ of GDP. (a) (c) 137. Excess capacity always exists Excess capacity never exists Excess capacity may or may not exist None of the above Normal profit Losses (b) (d) Super normal profits None of the above In perfect competition utilization of resources is (a) (c) 143. His output is maximum He charges high price His average cost is minimum His marginal cost is equal to marginal revenue In long run, in perfectly competitive market there will be: (a) (c) 142. Marginal revenue is less than price Marginal revenue is equal to price Marginal revenue is greater than price The relationship between marginal revenue and price is indeterminate In Imperfect competition: (a) (b) (c) (d) 141. 7517 Km, 12 major ports and 200 minor ports 8510 Km, 12 major ports and 87 minor ports 8215 Km, 11 major ports and 187 minor ports 6185 Km, 12 major ports and 187 minor ports A monopolist is able to maximize his profits when: (a) (b) (c) (d) 140. 25% 20% For the prices- taking firm: (a) (b) (c) (d) 139. (b) (d) India has a long coastline of: (a) (b) (c) (d) 138. 10% 30% Partial Full (b) (d) Moderate Over Which of the following statements is false? (a) (b) (c) (d) For equilibrium the main condition is MC=MR AR curve and Demand curve are same MC and AC curves are U-shaped in every market None of the above 46 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - II 144. Product differentiation is the most important feature of: (a) (c) 145. (c) (d) Long run None of the above Producer sells a specific commodity or service to different buyers for the same price Producer sells specific commodity or service to different buyers at two or more different prices due to differences in cost Producer sells a specific commodity or service to different buyers at two or more different prices for reasons not associated with difference in cost Producer under perfect competition sells different goods to consumers at different prices Just half of the rate of decline of AR Just equal to the rate of decline of AR Just triple the rate of decline of the average revenue Just double the rate of decline of the average revenue MR = AR + [e -1/e] AR = MR x [e -1/e] (b) (d) MR = AR x [e -1/e] MR = AR x [e/e -1] In a perfectly competitive firm, MC curve above AVC is the_____Curve of the firm (a) (c) 150. (b) (d) Relationship between AR, MR and Price elasticity of demand is (a) (c) 149. Short run Both in short run and long run MR curve under Monopoly lies between AR and Y-axis because, the rate of decline of the MR is (a) (b) (c) (d) 148. Monopoly Perfect Completition Price discrimination occurs when: (a) (b) 147. (b) (d) MC=MR and MC cuts MR from below is a true equilibrium condition in: (a) (c) 146. Monopolistic Competition Oligopoly Average cost Demand (b) (d) Marginal revenue Supply In the long run, normal profits are included in the ______ curve. (a) (c) LAC AFC (b) (d) LMC SAC SECTION D : QUANTITATIVE APTITUDE (50 MARKS) 151. If (P+1)th term of A.P. is twice the (q+1)th term; then the ratio of (P+q+1)th term and (3P+1)th term is: (a) (c) 1:2 1:3 Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India (b) (d) 2:1 None of these 47 MODEL TEST PAPER - 2 152. If the common difference of an A.P. equals to the first term, then the ratio of its mth term and nth term is: (a) (c) 153. If the mth term of A.P. is (a) (c) 154. n:m m2:m2 (b) (d) m:n None of these 1 1 and the nth term is , then its mnth term is: n m 1 0 Sum the series upto n terms (b) (d) 1 None of these 1 1 1 + + + ............ 2.5 5.8 8.11 (a) (b) n 2(3n + 2) (c) 155. n 2(3n + 2) n 2(3n 2) (d) None of these Which term of the series 0.004 + 0.02 + 0.1 + is 12.5 (a) (c) 157. 5 6 (b) (d) 10 None of these Find the compound interest on Rs. 2,000 at 5% per annum, compounded yearly for 2 years. (a) (c) Rs. 250 Rs. 260.12 (b) (d) Rs. 250.50 None of these 158. The amount will be 9 times its principle in two years the rate if interest is (a) 100% (b) 200% (c) 300% (d) None of these 159. If the compound interest on a certain sum for 2 years at 3% be Rs. 101.50, what would be the S.I.? (a) (c) Rs. 100 Rs. 300 48 The Institute of Chartered Accountants of India (b) (d) Rs. 200 None of these Common Proficiency Test (CPT) Volume - II 160. The difference between the compound interest and the Simple Interest on a certain sum of money at 5% per annum for 2 years is Rs. 1.50. Find the sum. (a) (c) 161. (b) (d) 35 None of these 20 km./hr. 30 km./hr. (b) (d) 24 km./hr. None of these 30 km./hr. 35 km./hr. (b) (d) 24 km./hr. None of these A person covers 12 km at 3 km/hr, 18 km at 9 km/hr and 24 km at 4 km/hr. Find the average speed in covering the whole distance. (a) (c) 165. 37 36 A person divides his journey into three equal parts and decides to travel on three parts at the speeds of 40, 30 and 15 km/hr respectively. Find his average speed during the whole journey. (a) (c) 164. Rs. 700 None of these A person travels from A to B at the rate of 20 km/h and from B to A at the rate of 30 km/hr. What is the average rate for whole journey? (a) (c) 163. (b) (d) A batsman in his 17th innings makes a score of 85 and thereby increases his average by 3. What is his average after 17th innings? (a) (c) 162. Rs. 500 Rs. 600 4.5 km./hr. 10 km./hr. A person runs the first (b) (d) 5 km./hr. None of these 1 th of the distance at 2 km/hr, the next one half at 3 km/hr and the 5 remaining distance at 1 km/hr. Find his average speed. (a) (b) 30 km./hr. 17 (c) 166. 15 km./hr. 17 17 km./hr. 30 (d) None of these The mean of 100 observations is 50. If one of the observations which was 50 is replaced by 40, the resulting mean will be (a) (c) 40 50 Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India (b) (d) 49.90 None of these 49 MODEL TEST PAPER - 2 167. The combined mean of three groups is 12 and the combined mean of first two groups is 3. If the first, second and third groups have 2, 3 and 5 items respectively, then the mean of third group is (a) (c) 168. (b) (d) 16,4 12,8 Pie diagram Pictogram (b) (d) Histogram Line diagram. 1 0 (b) (d) 1 Cannot say Positive 0 (b) (d) Negative None of these 2/3 1 (b) (d) 1 None of these For a two way frequency table having (m n) classification the total number of cells is (a) (c) 175. 20,5 15,5 If the relation between two random variables x and y is 2x + 3y = 4, then the correlation coefficient between them is (a) (c) 174. Middle most value None of these The relation between the production of Pig iron and Soot content in a factory is (a) (c) 173. (b) (d) In co - variance method the sum of difference of rank is (a) (c) 172. Least frequent value Most frequent value A frequency distribution can be presented graphically by a (a) (c) 171. 21 13 If the arithmetic mean of two numbers is 10 and their geometric mean is 8, the numbers are (a) (c) 170. (b) (d) Mode is (a) (c) 169. 10 12 m m+n (b) (d) n mn For a m n two way or bivariate frequency table, the maximum number of marginal distributions is (a) (c) 1 m+n 50 The Institute of Chartered Accountants of India (b) (d) 2 m.n Common Proficiency Test (CPT) Volume - II 176. The correlation coefficient r is the .. of the two regression coefficients. (a) (c) 177. (b) (d) False None of these P1Q1 P0Q 0 = True Value Ratio (T.V.R.) This is False Both (a) & (b) (b) (d) True None of these Fisher s Ideal Index Number Paasche s Index Number (b) (d) Laspeyre s Index Number All of the above 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. Does the worker really gain? (a) (c) 181. H.M. None of these Factor Reversal test is satisfied by (a) (c) 180. True Both (a) & (b) For factor reversal test: P01 Q 01 = (a) (c) 179. (b) (d) Each and every index number is independent of Unit of measurement. (a) (c) 178. G.M. Arithmetic Mean No Cannot determine (b) (d) Yes None of these Ticket numbered 1 to 20 are mixed up and then a ticket is drawn at random. What is the probability that the ticket drawn bears a number which is multiple of 3 or 7? (a) (b) 2 5 (c) 182. 1 5 3 5 (d) None of these A card is drawn from a pack of playing cards at random. What is the probability that the card drawn is neither a king nor a heart? (a) (b) 9 13 (c) 183. 4 13 2 13 (d) None of these A bag contains 3 red, 5 yellow and 4 green balls. 3 balls are drawn at random. Find the chance that balls drawn contain exactly two green balls. Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India 51 MODEL TEST PAPER - 2 (a) (b) 10 55 (c) 184. 12 55 13 55 (d) None of these A husband and a wife appear in an interview for two vacancies in the same post. The probability of husband s selection is 3/5 and that of wife s selection is 1/5. Then the probability that only one of them is selected is (a) (b) 17 25 (c) 185. 16 25 14 25 (d) None of these A bag contain 4 white balls and 2 black balls. Another contains 3 white and 5 black balls. If one ball is drawn from each bag. Then the probability that one is white and one is black is (a) (b) 13 24 (c) 186. 11 24 15 25 (d) None of these Poison distribution is a biparametric distribution. This is (a) (c) 187. False None of these True Either (a) or (b) (b) (d) False None of these If x and y are two independent variance follow poison distribution in the parameters m1 & m2 respectively. If z = x + y and also follows the poison distribution then the parameter of Z is (a) (c) 189. (b) (d) Binomial distribution is a biparametric distribution. This is (a) (c) 188. True Either (a) or (b) m1 m2 m1+ m2 (b) (d) m1. m2 None of these If x and y are two independent variables such that x ~ B (n1, P) and y ~ B (n2, p) then the parameter of Z = x + y is (a) (c) (n1+n2), P (n1+n2), 2P 52 The Institute of Chartered Accountants of India (b) (d) (n1 n2), P None of these Common Proficiency Test (CPT) Volume - II 190. The Binomial or poison distribution could be uni modal or bi modal. This is (a) (c) 191. (b) (d) True None of these If x be a normal variate with mean 3 and variances 16, find the value of t such that: P (3 < x <t) = 0.4772 (Given: P(Z < 2) = 0.9772, where Z is N (0, 1) variate.) (a) (c) 192. False Either (a) or (b) 10 12 (b) (d) 11 None of these A bag contains 5 red and 4 blackballs. A ball is drawn at random from the bag and put into another bag contains 3 red and 7 black balls. A ball is drawn randomly from the second bag. What is probability that it is red? (a) (b) 1 3 (c) 193. 32 99 74 99 (d) None of these A committee of 4 persons is to be appointed from 3 officers of the production department, 4 officers of the purchase department, two officers of the sales department and 1 Chartered Accountant. Find the chance there must be one from each category. (a) (b) 3 35 (c) 194. 4 35 1 7 (d) None of these A committee of 4 persons is to be appointed from 3 officers of the production department, 4 officers of the purchase department, two officers of the sales department and 1 Chartered Accountant. Find the chance that it should have at least one from the purchase department. (a) (b) 39 42 (c) 195. 4 35 42 105 (d) None of these A committee of 4 persons is to be appointed from 3 officers of the production department, 4 officers of the purchase department, two officers of the sales department and 1 Chartered Accountant. Find the chance that the Chartered Accountant must be in the committee. (a) 4 35 Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India (b) 39 42 53 MODEL TEST PAPER - 2 (c) 196. (d) None of these Six boys and five girls are to be seated in a row such that no two girls and no two boys sit together. Find the number of ways in which this can be done. (a) (c) 197. 42 105 86,400 85,400 (b) (d) 85,000 None of these A six faced die is so biased that it is twice as likely to show an even number as an odd number when it is thrown. What is the probability that the sum of the two numbers is even. (a) (b) 5 9 (c) 198. 4 9 3 8 (d) None of these A and B select a digit at random from 0, 1, 2, 3, .. 9 independently. Find the chance that the product of the two digits chosen is Zero. (a) (b) 2 5 (c) 199. 1 5 4 5 (d) None of these 195 n + 3 P3 In the sequence (xn) where xn = & n belongs to N, the set of natural numbers. 4n! (n + 1)! The number of positive terms is (a) (c) 200. If (a) (c) 1 4 (b) (d) 2 5 1 1 1 , , are in A.P., then x, y, z are in x + y 2y y + 2 A.P. Cannot determined (b) (d) G.P. None of these YYY 54 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - II Answer of Model Test Papers Model Test Paper BOS/CPT 2 SECTION A : FUNDAMENTALS OF ACCOUNTING 1. (c) 2. (d) 3. (a) 4. (a) 5. (c) 6. (a) 7. (c) 8. (b) 9. (a) 10. (c) 11. (b) 12. (d) 13. (c) 14. (b) 15. (c) 16. (a) 17. (a) 18. (c) 19. (b) 20. (b) 21. (c) 22. (d) 23. (d) 24. (a) 25. (c) 26. (b) 27. (c) 28. (a) 29. (d) 30. (b) 31. (c) 32. (a) 33. (b) 34. (a) 35. (b) 36. (b) 37. (c) 38. (d) 39. (c) 40. (a) 41. (a) 42. (b) 43. (d) 44. (c) 45. (a) 46. (c) 47. (a) 48. (a) 49. (b) 50. (a) 51. (c) 52. (a) 53. (d) 54. (b) 55. (c) 56. (a) 57. (b) 58. (d) 59. (a) 60. (c) SECTION B : MERCANTILE LAWS (40 MARKS) 61. (a) 62. (b) 63. (a) 64. (a) 65. (b) 66. (a) 67. (c) 68. (d) 69. (d) 70. (c) 71. (a) 72. (d) 73. (c) 74. (a) 75. (c) 76. (c) 77. (c) 78. (c) 79. (c) 80. (b) 81. (a) 82. (a) 83. (b) 84. (b) 85. (a) 86. (c) 87. (d) 88. (a) 89. (b) 90. (c) 91. (a) 92. (a) 93. (d) 94. (a) 95. (c) 96. (a) 97. (d) 98. (a) 99. (c) 100. (c) Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India 277 ANSWERS Answer of Model Test Papers Model Test Paper BOS/CPT 2 SECTION C : GENERAL ECONOMICS (50 MARKS) 101 (a) 111 (b) 121 (a) 131 (b) 141 (a) 102 (c) 112 (d) 122 (b) 132 (c) 142 (c) 103 (c) 113 (b) 123 (d) 133 (a) 143 (d) 104 (d) 114 (b) 124 (d) 134 (c) 144 (a) 105 (b) 115 (a) 125 (c) 135 (a) 145 (c) 106 (c) 116 (d) 126 (d) 136 (d) 146 (c) 107 (d) 117 (c) 127 (a) 137 (a) 147 (d) 108 (d) 118 (d) 128 (b) 138 (b) 148 (b) 109 (d) 119 (b) 129 (a) 139 (d) 149 (d) 110 (d) 120 (a) 130 (b) 140 (a) 150 (a) SECTION D : QUANTITATIVE APTITUDE (50 MARKS) 151. (a) 152. (b) 153. (a) 154. (a) 155. (c) 156. () 157. (c) 158. (b) 159. (a) 160. (c) 161. (a) 162. (b) 163. (b) 164. (a) 165. (b) 166. (b) 167. (b) 168. (c) 169. (b) 170. (b) 171. (c) 172. (a) 173. (c) 174. (d) 175. (b) 176. (a) 177. (a) 178. (b) 179. (a) 180. (a) 181. (b) 182. (b) 183. (a) 184. (c) 185. (b) 186. (b) 187. (a) 188. (c) 189. (a) 190. (b) 191. (b) 192. (a) 193. (a) 194. (b) 195. (c) 196. (a) 197. (b) 198. (a) 199. (c) 200. (b) 278 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - II ANSWERS 200. x = 0.356 10x = 3.565656... 1000x = 356.5656... 990x = 353.0 x= 353 990 353 990 Ans. (c) Model Test Paper BOS/CPT 2 151. TP +1 = 2 .Tq +1 a + (P+ 1 1) d = 2 [a+qd] a + pd = 2a + 2qd a = d (P 2q) = Tp + q +1 = T3 p +1 ( 2 P q )d 1 = 1:2 2 ( 2 P q )d 2 Ans. (a) 152. d = a = a + (P + q )d (P 2 q )d + (P + q )d = a + 3Pd (P 2 q )d + 3Pd 1:2 Tm a + (m 1)d d + (m 1)d = = Tn a + (n 1)d d + (n 1)d d + (1 + m 1)d m = m:n n d + (1 + n 1)d Ans. (b) m:n 153. 1 = a + (m 1)d n & 1 = a+ (n 1)d m 1 1 , d= mn mn a= T mn = a+ (mn 1)d 1 1 +(mn 1) mn mn Tmn = 1 Ans. (a) 1 314 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - II 154. 1 1 1 + + ..... n terms 2 .5 5 .8 8 .11 1 Tn = 1 [2 + (n 1) ] [5 + (n 1) ] (3 n 1) (3 n + 2 ) Tn = 1 1 1 3 3n 1 3n + 2 3 Sn = 3 (Tn) = 1 1 1 3 2 3n + 2 1 3n + 2 2 3 2(3n + 2 ) Sn 1 3n n = 3 2(3n + 2 ) 2(3n + 2 ) n 2 (3 n + 2 ) Ans. (a) 155. 0.004 + 0.02 + 0.1 + ... is 12.5 a = 0.004 0 .02 =5 0 .004 r= 12.5 = 0.004 (5) n 1 12 .500 = (5) n 1 0 .004 3125 = (5) n 1 5 5 = 5 n 1 n 1 = 5 n = 6 Ans. (c) 157. C I = 2000 C I = 2000 6 [(1 + 0.0125 ) 1] [(1.0125 ) 1] (Solved by taking log) 10 10 C I = Rs. 260 r 158. 9P = P 1 + 100 2 2 r r (3) 2 = 1 + 3 = 1+ 100 100 r = 200% Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India 315 ANSWERS Ans. (b) 200% 159. 101.50 = P [(1+0.03) 2 1] P= 101 .50 = 1667 0 .0609 P = 1667 S I = 1667 Ans. (a) 3 2 = 100 (Approx) 100 Rs. 100 [ ] 160. C I = P (1 + 0 .05 ) 2 1 C I = 0.1025 P SI = P 5 2 = 0.1P 100 C I S I = 1.50 0.1025P 0.10P = 1.50 0.0025P = 1.50 P = 600 Ans. (c) Rs. 600 161. Let average is x x= 16 ( x 3 ) + 85 17 17x = 16x 48 + 85 x = 37 Ans. (a) 37 162. Time from A to B = d hrs 20 Time from B to A = d hrs. 30 Average speed = d+d 2d = 600 d d 50 d + 20 30 Average speed = 24 km/ hr Ans. (b) 24 km/ hr 316 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - II d+d+d d d d + + 40 30 15 163. Average speed = Av. Speed = 3d 120 = 24 km / H 15 d Ans (b) 24 km/H 164. Time to cover 12 km = 12 = 4 hrs. 3 Time to cover 18 km = 18/9 = 2 hrs. Time to cover 24 km = 24/4 = 6 hrs. Av. speed = Ans. (a) 12 + 18 + 24 54 = = 4.5 km/H 4+2+6 12 4.5 km/H d d 3d + + d 165. Av. speed = 5 2 10 = 30 d d 3d 17 d + + 10 6 10 Av. speed = Ans. (b) 166. x = 30 km / H 17 30 km / H 17 x n x = 100 50 = 5000 Corrected x = (5000 50 + 40) = 4990 Corrected x = 4990 = 49.90 100 Ans. (b) 49.90 167. x = 12 = n1 x1 + n 2 x 2 + n 3 x 3 n1 + n 2 + n 3 2 3 + 3 3 + 5x 3 2+3+5 120 = 15 + 5x 3 Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India 317 ANSWERS x3 = 105 =21 5 Mean of third group = 21 Ans. (b) 21 168. Made is most frequent value Ans. (c) 169. AM = 10 = a +b 2 a +b a + b = 20 2 (i) ab am = 8= Most Frequent Value. ab ab = 64 a (20 a) = 64 a 2 20a + 64 = 0 (a 16) (a 4) = 0 a = 16, b = 4 Ans. (b) 16, 4 170. A frequency distribution can be presented graphically by a Histogram. Ans. (b) Histogram. 171. Ans. (c) Refer Properties 172. Ans. (a) Refer Properties. 173. Since x and y are connected by the linear relation: 2x + 3y = 4 y = 2/3 x + 4/3 (1) There is perfect correlation between x and y i.e. r = 1 (1) x increases, y decreases Hence, there is perfect negative correlation between x and y r = 1. Ans. (c) 174. Ans. (d) Refer Properties 175. Ans. (b) Refer Properties 176. Ans. (a) Refer Properties 318 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - II 177. Ans. (a) Refer Properties 178. Ans. (b) Refer Properties 179. Ans. (a) Refer Properties 180. Ans. (a) Refer Properties 181. Let A be the number which is multiply 3 with in 1 to 20 A = {3, 6, 9, 12, 15, 18} Probability of A =P(A) = 6 3 = 20 10 Let B be the number which is multiply 7 with in 1 to 20 B = {7, 14} P(B) = 2 1 = 20 10 Probability of number which is multiple of 3 or 7 P(AUB) = P (A) + P (B) = 3/10 + 1/10 = 4/10 = 2/5 Ans. (b) 182. Let A be the Card drawn King from the pack P(A) = 4/52 Let B be the card drawn heart from the pack P(B) = 13/52 P(King and Heart) = P (A B) = 1/5 Here, A and B are non mutually exclusive P (King or Heart) = P(A B) = P(A) + P(B) P(A B) = 4 13 1 + 52 52 52 = 16 52 = 4 13 But P (neither a king nor a heart) = 1 P (A B) = 1 4/13 = 13 4 9 = 13 13 Ans. (b) Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India 319 ANSWERS 183. Total number of balls = 3 Red + 5 yellow + 4 green. Since 3 balls are drawn at Random, total number of possible outcomes = 12 C 3 Probability of balls drawn contain exactly two green balls. = 4 C 2 .8C 1 12 C 3 (Since out of Four green balls two green exactly taken 4 C 2 and the remaining one balls from total number of other two colours). = 6 8 48 12 = = 220 220 55 Ans. (a) 184. Let A = event that Husband is selected. B = event that wife is selected P(A) = 3/5 and P(B) = 1/5 P( A ) = 1 P(A) = 1 3/5 = 2/5 P ( B ) = 1 P(B) = 1 1/5 = 4/5 Now A B = The event that only Husband is selected. A B = the event that only wife is selected. A B A B = the event that only one of them is selected. Now A B and A B are mutually exclusive events. ( ) By Addition thereon P AB AB = P( AB ) + P( AB ) Also, the interviews of husband and wife are independent experiments. P( AB ) = P(A) . P( B ) = 3/5 4/5 = 12/25 and P( A B ) = P( A ) P(B) = 2/5 * 1/5 = 2/25 P (only one is selected) = P AB AB = P( AB ) + P( AB ) = 12 2 14 + = 25 25 25 ( ) Ans. (c) 320 The Institute of Chartered Accountants of India Common Proficiency Test (CPT) Volume - II 185. Balls in first bag = 4 White + 2 Black Balls in Second bag = 3 White + 5 Black. The draws from bags are independent. Required probability = (w1B2 or B1W2) = (PW 1 ). P(B 2 ) + P(B 1 ) P(W 2 ) = 4 5 2 3 . + . 6 8 6 8 = 26 48 = 13 24 Ans. (b) 186. Ans. (b) Refer Properties 187. Ans. (a) Refer Properties 188. Ans. (c) Refer Properties 189. Ans. (a) Refer Properties 190. Ans. (b) Refer Properties 192. Probability to get red ball case I = 5 4 9 11 = 20 99 Case II (Red ball from 1st bag and also from 2nd) If Red ball from 1st bag not drawn but from 2nd bag Red ball drawn = 4 3 12 = 9 11 99 Total probability = Ans. (a) 20 12 32 + = 99 99 99 32 99 196. Six boys & five girls may sit in such manner (B) G (B) G (B) G (B)G (B)G (B) Total No. of ways to sit the girls = 5 ! Common Proficiency Test (CPT) Volume - II The Institute of Chartered Accountants of India 321 ANSWERS Total No. of ways to sit the boys = 6P6 = 6 ! Total No. of way that they sit (No. 2 Girls and Boys sit together = 5! 6! = 120 720 = 86400 Ans. (a) 86400 197. If sum of two dice throw is odd = { (1,2), (1,4) (1,6), (2,1), (2,3) (2,5), (3,2) (3,4) (4,1), (4,3), (4,5), (5,2), (5,4), (5,6) (6,1), (6,3), (6,5)} Probability to get sum as odd P= 16 (6 ) 2 = 16 4 = 36 9 Probability to get sum as even nos. = 1 P(E) = 1 Ans. (b) 4 5 = 9 9 5 9 198. If 0 is not selected then total no.of expectation to select two digits 9 8 P(E) = 10 9 P(E) = 72 90 Probability to get one digit as 0 so product will be zero = 1 P(E) = 1 = 72 90 18 1 = 90 5 Ans. (a) 1 5 322 The Institute of Chartered Accountants of India 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

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