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CA - CPT_Dec-2015 Question Paper _Session 1______________________________1

No.1 for CA/CWA & MEC/CEC MASTER MINDS

December 2015, CA-CPT Question Paper (Based on Memory) on 13-Dec-2015

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CA - CPT - Dec 2015 Question Paper (Based on Memory)

1st

Session Marks: 100 Marks Time: 2 hrs.

PART A - FUNAMENTALS OF ACCOUNTING

1. Interest receivable from borrower is

a) Artificial personal A/c

b) Nature personal A/c

c) Representative personal A/c

d) None of these

2. Which of the following is the odd one,

according to traditional approach?

a) Building b) Purchases

c) Sales d) Trade receivable

3. Goods taken by proprietor is credited to

a) Expense A/c b) Purchases A/c

c) Capital A/c d) None of these

4. Income tax paid by sale proprietor from bank

is debited to ______

a) Income tax A/c b) Bank A/c

c) Capital A/c

d) Not shown in the books

5. Trade discount allowed at the time of sales is

recorded in

a) Sales return A/c b) Sales A/c

c) Cash book d) None of these

6. Balance as per cash book (over draft) Rs.10,250

i. Cheques deposited but not collected-

Rs.5,000

ii. Cheques issued but not presented -

Rs.7,000

a) Rs.12,250 b) Rs.22,250

c) Rs.8,250 d) Rs.15,250

7. A Purchase return of Rs.3,500 posted to debit

of Sales Return’s A/c, but correctly posted to

Supplier’s A/c. Due to this error:

a) Debit total of Trial Balance will be Rs.7,000

more than credit total

b) Debit total of Trial Balance will be Rs.3,500

more than credit total

c) Total of Trial balance will not effect

d) Credit total of Trial balance will be Rs.7,000

more than debit total

8. Balance as per cash book - 7,000

i. Cheque issued but not presented – 2,000

ii. Cheque deposited but not collected – 1,000

iii. Cheque issued but not recorded Rs.500 and

had been paid by bank. Then the balance as

per Pass Book is _____

a) Rs.7,500 b) Rs.9,000

c) Rs.9,500 d) Rs.10,000

9. Mohan started business with Rs.10,000 cash and

Rs.2,000 furniture. Sales amounted to Rs.50,000

including Rs.5,000 cash sales. Rs.10,000 sales

were outstanding at the end of the year.

Purchases amounted to Rs.30,000 including

Rs.10,000 cash purchases. Rs.15,000 has been

paid to trade payables. Expenses paid during the

year 19,300. Trial Balance total will be:

a) Rs. 67,000 b) Rs. 70,000

c) Rs. 75,000 d) Rs. 80,000

10. On 1st

April, 2014 M/s Omega Bros. had a

provision for bad debts of Rs.15,000. It was

desired to maintain the provision for bad debts

@ 5% on Trade Receivables which stood at

Rs.5,50,000. Bad debts of Rs.35,000 were not

written off. The amount of provision to be

debited to Profit & Loss A/c will be ______

a) 45,000 b) 35,000 c) 45,750 d) 27,500

11. From the given information, choose the most

appropriate answer. The Zed Company, a

wholesaler estimates the following sales for

the indicated months:

Sept. 2015

Rs.

Oct. 2015

Rs.

Opening

Inventory 4,08,000 4,30,000

Credit Sales 12,00,000 16,00,000

Cash Sales 2,00,000 2,10,000

Selling price is 125% of the purchase price.

Inventories purchased in Sept. 2015 is

a) Rs. 16,05,000 b) Rs. 11,42,000

c) Rs. 14,40,000 d) Rs. 13,82,500



12. P shows a profit of Rs. 7,00,000 for the year

ended 31.3.15. The figure has been arrived at

after charging the following against revenue:

(i) Purchase of Car on 28.3.15 for use in

business for Rs. 1,00,000 and was treated as

vehicle expenses.

(ii) Omitting to record unpaid electricity bills

for Feb. and March, 2015 of Rs. 15,000 per

month. The correct profit for the year ended

31st March, 2015 is ____

a) Rs. 6,30,000 b) Rs. 7,00,000

c) Rs. 7,70,000 d) Rs. 8,30,000

13. Manufacturing A/c is prepared to find out

a) Cost of production

b) Profit on production

c) Sale proceeds of produced goods

d) Both (b) & (c)

14. A draws a bill on B as on 12-5-2014 for 3

months. The maturity date is ____

a) 15-8-14 b) 12-8-14

c) 13-8-14 d) 14-8-14

15. 1000 kg of oranges are consigned to a

wholesaler, the cost being Rs.8 per kg, plus

Rs.925 of freight. It is concluded that a loss of

15% is unavoidable. The cost per kg of oranges

will be

a) 9.41 b) 10.00 c) 10.50 d) 8.93

16. Over riding commission is given on

a) Credit sales only b) Total sales

c) Total sales exceeding the invoice price

d) Cash sales only

17. On 1st July, 2011 Ramesh sent to Suresh goods

costing Rs. 50,000 and spent Rs.1,000 on

packing etc. On 3rd July, 2011, Suresh received

the goods and sent his acceptance to Ramesh

for Rs.30,000 payable after 3 months. Suresh

spent Rs.2,000 on freight and cartage, Rs.500

on godown rent and Rs.300 on insurance. On

31st December, 2011 he sent Account Sales

(along with the amount due to Ramesh)

showing that 4/5 of the goods had been sold

for Rs.55,000. Suresh is entitled to a

commission of 10%. Amount remitted by

Suresh to Ramesh.

a) Rs.46,700 b) Rs.42,200

c) Rs.16,700 d) None of these

18. Noting charges are borne by

a) Drawer b) Drawee

c) Payee d) None of these

19. X consigned goods to Y at profit of 25% on

cost. Y sold 3/4 of the goods at 10% above the

invoice price at Rs.1,98,000. Then the cost of

goods sent on consignment is

a) Rs.1,92,000 b) Rs.2,40,000

c) Rs,1,80,000 d) Rs.2,64,000

20. X & Y enter into Joint Venture sharing profits &

losses equally. X purchased 1000 kg. of sugar

@ Rs.25 per kg. He paid brokerage Rs.1,000,

carriage Rs.500. Y sold 950 kg @ 32 per kg.

Remaining sugar is taken by Y at cost. The

value of sugar taken over by Y to be recorded

in the Joint Venture A/c will be

a) Rs.1,325 b) Rs.1250

c) Rs.1300 d) Rs.1275

21. Memorandum Joint Venture account is prepared:

a) When separate set of books is maintained

b) When each Co - venturer keeps record of all

the transactions himself

c) When each co -venturer keeps record of

their own joint venture transactions

d) None of these.

22. R and M entered into a joint venture. They

agreed to share the profit and losses equally. R

purchased goods worth Rs.1,00,000 and spent

Rs.10,000 on sending the goods to M. He also

paid Rs.5,000 for insurance. M spent Rs.10,000 as

selling expenses and sold goods for Rs.2,00,000.

Remaining goods were taken over by him at

Rs.5,000. Find out the profit on venture?

a) Rs.70,000 b) Rs.75,000

c) Rs.80,000 d) Rs.85,000

23. Excess depreciation charged due to change in

the method from WDV 15% to SLM 10% is

Rs.78,944. Then the entry will be

a) Machinery A/c Dr 78,944

To Depreciation A/c 78,944

b) Machinery A/c Dr 78,944

To P & L A/c 78,944

c) Depreciation A/c Dr 78,944

To Machinery A/c 78,944

d) P & A/c Dr 78,944

To Machinery A/c 78,944



24. Cost of Machine Rs.4,00,000

Scrap value Rs.40,000

Useful life – 4 yrs

Depreciation for the 1st

year under Sum of

Years Digits Method is ________

a) Rs.90,000 b) Rs.1,44,000

c) Rs.1,00,000 d) Rs.2,40,000

25. Under ______ method, the value of asset can

never be completely extinguished, the total

charge to revenue is uniform when the

depreciation is high, repairs are negligible; and

as the repairs increase, the burden of

depreciation gets lesser and lesser.

a) WDV b) SLM

c) Sum of years digits

d) Depletion method

26. Cost of asset – Rs.15,00,000

Scrap value – Rs.1,50,000

Depreciation WDV @ 10%

Depreciation for the 1st

year

a) Rs.1,50,0000 b) 1,35,000

c) Rs.1,65,000 d) None of the above

27. Cost of asset – Rs.7,00,000

Scrap value – Rs.52,500

Life Time – 10 yrs

Rate of depreciation under SLM is

a) 10% b) 9.25 % c) 12.5 % d) 10.8 %

28. A sale of Rs.637 was recorded as Rs.763 and

was credited to Customer’s A/c. The

rectification entry will be _____

a) Customer A/c Dr 1,400

Sales A/c Dr 126

To Suspense A/c 1,526

b) Customer A/c Dr 1,400

To Sales A/c 126


c) Customer A/c Dr 1,400


d) Sales A/c Dr 1,400

Customer A/c Dr 126


29. Money spent to reduce working expenses is

_______ expenditure

a) Capital b) Revenue

c) Deferred revenue d) None of the above

30. On 31st December, 2011 goods sold at a sale

price of Rs.60,000 were lying with customer,

Ritu to whom these goods were sold on ‘sale

or return basis’ and recorded as actual sales.

Since no consent has been received from Ritu,

you are required to calculate the value of

inventory with customer, presuming that

goods were sent on approval at a profit of cost

plus 20%. Present market price is 10% less

than the cost price.

a) Rs.50,000 b) Rs.45,000

c) Rs.54,000 d) Rs.60,000

31. Purchases Rs.7,00,000

Opening inventory – Nil

Sales Rs. 8,00,000

Selling price of closing inventory Rs. 2,00,000

Closing inventory as per adjusted selling price

method

a) Rs.1,60,0000 b) Rs.1,40,000

c) Rs.1,80,000 d) Rs.2,00,000

32. Which of the following is not a feature of

perpetual inventory system

a) Determines inventory directly and takes cost

of goods sold as residual value

b) It is based on book records

c) Closing inventory includes loss of goods as all

unsold goods are assumed to be in inventory

d) Inventory can be determined without

affecting the operations of the business.

33. Legal expenses incurred on filing a suit for the

breach of contract for the supply of goods is

a) Capital expense b) Revenue expense

c) Deferred revenue expense

d) None of these

34. The unexpired portion of capital expenditure is

shown in the balance sheet as

a) Asset b) Expense

c) Income d) Liability

35. If repairs cost is Rs.30,000 white wash

expenses are Rs.5,000, cost of extension of

building is Rs.3,00,000 and cost of

improvement in electrical wiring system is

Rs.30,000. The amount of revenue expenses

will be

a) Rs. 35,000 b) Rs. 65,000

c) Rs. 3,65,000 d) Rs. 3,35,000



36. Present liability of uncertain amount, which

can be measured reliably by using a substantial

degree of estimation is termed as

a) Provision. b) Liability.

c) Contingent liability. d) None of the above

37. ABC share profits 8 : 6 : 4 and ‘D’ admitted for

4/18 share and new profit sharing ratio is

6 : 4 : 4 : 4. ‘D’ agreed to pay goodwill. Then

who will have right to share the goodwill ?

a) A & B (Equally) b) A & C (Equally)

c) ABC (Profit sharing ratio) d) Only A

38. JLP amount is shared by the partners in _____

ratio.

a) Equally b) Profit sharing

c) Capitals d) None of these

39. On the death of a partner, his executor is paid

the share of profits of the dying partner for the

relevant period. This payment is recorded in

Profit & Loss _____ Account.

a) Adjustment. b) Appropriation.

c) Suspense. d) Reserve.

40. The K & L are sharing profits in the ratio of 3 : 2

; L & M are sharing profits in the ratio of 3 : 2.

Then the ratio of K, L & M is _____

a) 9 : 6 : 4 b) 9 : 4: 4

c) 9 : 3 : 2 d) 9 : 4 : 6

41. A, B & C are partners. As A’s capital is more

than that of B & C, he demands 20% interest

on capital. But there is no agreement in this

regard. Then the partners are _____

a) Entitled to interest on capital

b) Entitled to equal share of profits irrespective

of interest on capital

c) A is entitled to 20% interest on capital, B and

C get nil d) None of the above

42. X, Y and Z are partners in a firm. At the time of

division of profit for the year there was dispute

between the partners. Profits before interest

on partner’s capital was Rs. 6,000 and Y

demanded interest @ 24% p.a. on his loan of

Rs. 80,000. There was no agreement on this

point. Calculate the amount payable to X, Y

and Z respectively.

a) Rs. 2,000 to each partner.

b) Loss of Rs. 4,400 for X and Z & Y will take

home Rs. 14,800.

c) Rs. 400 for X, Rs.5,200 for Y and Rs.400 for Z.

d) Rs. 2,400 to each partner.

43. A & B are having capitals of Rs.50,000 and

Rs.30,000 respectively. The profit of the firm is

Rs.6,000. A & B are entitled to 10% interest on

capital as per provisions of the Partnership Act.

The interest to be allowed on the capitals of

the partners will be

a) 50,000 ; 3,000 b) 3,750 ; 2,250

c) 3,000 ; 3,000 d) 3,000 ; 1,800

44. A and B are partners sharing profits in the ratio

7:2. They admitted C giving him 1/5th share of

profit. If C acquires 1/10 from A and 1/10 from

B, new profit sharing ratio will be:

a) 61 : 11 : 18 b) 11 : 61 : 18

c) 61 : 18 : 11 d) None of these

45. The following information pertains to X ltd.

i) Equity share capital called up Rs.5,00,000

ii) Calls in arrears – Rs.40,000

iii) Calls in advance – Rs.25,000

iv) Proposed dividend – 15%

The amount of dividend payable is

a) Rs. 75,000 b) Rs.72,750

c) Rs.71,250 d) Rs.69,000

46. The securities premium account may be

applied by the company

a) To write off loss on sale of fixed asset.

b) To redeem preference shares.

c) To redeem debentures.

d) To write off expense on issue of debentures.

47. As per sec 2(40) of the Companies Act, 2013

financial statements do not include

a) Balance sheet

b) A profit & loss account in the case of profit

motive business and income & expenditure

A/c in case of non profit motive organizations

c) Fund flow statement

d) A statement of changes in equity

48. A company forfeited 1000 shares of Rs.10

each, on which Rs.6,000 have been received.

The forfeited shares were reissued for Rs.9,000

as fully paid up. How much amount is

transferred to Capital Reserve A/c?

a) Rs.1000 b) Rs.5,000

c) Rs.4,000 d) Rs.6,000



49. Yogesh Ltd. reissued 2,000 shares of Rs.10

each, which were forfeited by crediting Share

forfeiture A/c by Rs.2 per share. These shares

were reissued Rs.9 per share. The amount

debited to Share Forfeiture A/c _____.

a) Rs.3,000 b) Rs.4,000

c) Rs.2,000 d) Nil

50. Deepak Ltd. Purchased an asset from a vendor

at Rs.10,00,000 by issue of 12% debentures of

Rs.100 each at a premium of 25%. The

Debenture’s A/c will be credited with

a) Rs.10,00,000 b) Rs.8,00,000

c) Rs.13,33,333 d) None of the above

51. The amount posted to CRR when Rs.3,00,000

preference shares are redeemed by fresh issue

of 20,000 shares of Rs.10 each at a premium of

10% will be

a) Rs.1,00,000 b) 2,50,000

c) 3,00,000 d) None of these

52. Discount on issue of debentures is a ____

a) Revenue loss to be charged in the year of

issue

b) Capital loss to be written off from capital

reserve

c) Capital loss to be written off over the tenure

of the debentures

d) Capital loss to be shown as goodwill

53. 45,000 preferences shares of @ Rs.10 each are

to redeemed by issue of equity shares @ Rs.8

each divisible profits available 2,50,550. Find

out the number of fresh shares to be issued

and in multiples of 50 also.

a) 24931, 24950 b) 24931, 24900

c) 24932, 24950 d) 24932, 24900

54. Which of the following is true

a) Capital = Assets + Liabilities

b) Assets = Liabilities - Capital

c) Capital = Assets - Liabilities

d) Liabilities = Assets + Capital

55. Purchases Rs.20,00,000, 4/5 of the goods are

sold at Rs.21,00,000. Expenses Rs.3,00,000.

Net profit is calculated at Rs.2,00,000. Which

concept is followed?

a) Cost b) Matching

c) Accrual d) Going concern

56. Interest on securities is calculated on

a) Market value b) Purchase value

c) Face value d) None of these

57. A businessman purchased goods for

Rs.25,00,000 and sold 80% of such goods

during the accounting year ended 31st March,

2011. The market value of the remaining goods

was Rs.4,00,000. He valued the closing

Inventory at cost. He violated the concept of

a) Money measurement. b) Conservatism.

c) Cost. d) Periodicity.

58.

59.

60.

PART B - MERCANTILE LAWS

61. The contract in which only one party has to

perform, it is ___

a) Unilateral b) Bilateral

c) Executed d) All of the above

62. A person who is aggrieved party in a voidable

contract, has a right to ___

a) Sue for damages

b) Repudiate the contract

c) Can claim compensation

d) All of the above

63. The letter which is correctly addressed,

stamped and sent, then there is ____

a) A valid acceptance.

b) A contract which is voidable at the option of

addressee.

c) A contract which is voidable at the option of

acceptor.

d) A void agreement.

64. Arun travels operate buses from Rameswaram

to Ramapuram. The bus is standing at the Bus

stop in Rameswaram waiting for passengers

traveling to Ramapuram and is ready for

departure. There is an _____ for passengers to

board the bus.

a) Internal offer b) External offer

c) Express offer d) Implied offer



65. A contract in which something remains to be

done by the parties, is said to be ____

a) Implied contract b) Executed contract

c) Executory contract d) None of the above

66. ______ is only a circulation of an offer and it is

an attempt to induce offers and precedes a

definite offer.

a) Offer

b) Acceptance of an offer

c) Invitation to offer

d) None of the above

67. Which of the following is true?

a) Consideration must move from promisee or

any other person.

b) Consideration must move only from agent

of the promisee.

c) Consideration must move only from the

legal heir of the promisee.

d) Consideration must move from the

promisee.

68. ‘A’, by a Gift deed transferred certain property

to her daughter, with a direction that daughter

should pay an annuity to A’s sister. On the

same day, the daughter executed a written

deed in favour of A’s sister, agreeing to pay

annuity. Afterwards, she declined to fulfill her

promise saying that no consideration had

moved from her Aunt. Which of the following

statements is correct?

a) The daughter is not bound to pay annuity.

b) There is no valid consideration in this

contract.

c) The daughter is bound to pay only a

reasonable amount.

d) The daughter is bound to pay whole

promised amount.

69. G paid Rs.1,00,000 to H to influence the head

of the Government Organisation in order to

provide him some employment. On his failure

to provide the job, G sued H for recovery of

the amount. Which of the following is correct?

a) G can recover the amount of Rs.1,00,000

b) G can recover the amount of Rs.100,000

with interest.

c) G can file a suit.

d) G cannot recover the amount.

70. ‘M’ a minor without disclosing that he is a

minor induced ‘N’ to enter into contract. Here

the contract is ____

a) Void b) Valid c) Voidable d) Illegal

71. “Consensus – ad-idem” means:

a) General consensus

b) Reaching of contract

c) Reaching an agreement

d) Meeting of minds i.e., understanding the

same thing in the same sense

72. If the contract is caused by coercion, then the

contract is ___

a) Valid b) Void

c) Voidable at the option of aggrieved party


73. X advanced money to his son, Y, during his

minority. After Y becoming major, X obtained a

Bond from Y for a greater amount than the

sum due in respect of the advance, by misusing

the parental influence. Here X is said to

employ ________

a) Coercion b) Fraud

c) Undue influence d) Misrepresentation

74. When the owner can’t be found even after

___, then the finder of the lost goods can sell

the goods and the buyer will gets good title to

the goods.

a) Reasonable diligence

b) Ordinary diligence

c) Due diligence d) None of the above

75. ‘A’ agrees to pay ‘B’ Rs.500 if he write 100

pages in 1 minute. It is ___

a) Void b) Valid c) Unlawful d) Illegal

76. Contingent contract depends upon ____

a) Only on happening of an event

b) Only on non-happening of an event

c) Both happening or non-happening of an

event.


77. X enters into contract with Y to dance in a

theatre. But before the performance, X died.

Now who shall perform the contract?

a) X’s brother b) X’s legal heirs

c) X’s friend d) None of the above



78. When the damages are not an adequate

remedy, then the aggrieved party can claim for_

a) Quantum meruit b) Specific performance

c) Suit for injunction d) None of the above

79. Mr. Sharma, Mrs. Sharma (a dormant partner)

and Mr. Sharma’s elder brother enters into an

agreement to form partnership. After few days

due to personal quarrels, Mrs. Sharma retires

from the firm without giving public notice. Is

she liable to third parties?

a) Yes, she is liable and shall be paid from the

property of her husband.

b) Yes, she is liable and shall be paid from her

own estate.

c) No, she is not liable as she is a dormant

partner. d) None of the above

80. If there is no agreement between the partners,

then the nominal partner is ____

a) Entitled to the profits

b) Not entitled to the profits

c) Entitled to the profits in equal ratio if the

agreement is silent. d) None of the above

81. The maximum number of partners in any firm

or association are ____

a) 50 b) 100 c) 20 d) 2

82. Which of the following is Correct :

a) A minor can be admitted as a partner

provided the partnership deed is signed by the

guardian of the minor on behalf of and in the

best interest of such minor.

b) A minor can enter into a contract of

partnership provided it is a ‘necessity’ and not

a ‘luxury’.

c) A minor can be admitted for the profits of

the firm with the consent of all the partners.

d) A minor can be admitted for the benefits of

the firm without the consent of any partner.

83. A partner is entitled to claim interest on

advances made by him to the firm at the rate

of :

a) 12% per annum. b) 18% per annum.

c) 6% per annum. d) 10% per annum.

84. True test of partnership is ____

a) Sharing of profits b) Sharing of losses

c) Mutual agency d) both a) and b)

85. P,Q,R are the partners sharing the profits and

losses in ratio of 5:3:1 and having the capitals

as on October 1st

2015 are 30,000, 20,000 and

20,000 (debit balance). Now ‘R’ became

insolvent and the deficiency due to insolvency

of ‘R’ shall be shared by ‘P’ & ‘Q’ in ____ratio.

a) 5:3 b) 3:1

c) Equal d) None of the above

86. A minor can be admitted in a partnership ___

a) With the consent of only one partner.

b) With the consent of all the partners.

c) With the consent of majority of the

partners. d) None of the above

87. A share in a partnership:

a) Can be transferred in accordance with the

terms and conditions contained in the

partnership deed.

b) Can be transferred only if all the partners

agree for such transfer

c) Cannot be transferred at all

d) None of the above.

88. Current accounts of partners can be opened

when capitals are ____

a) Fixed and Fluctuating

b) Fixed c) Fluctuating


89. A partner in partnership firm can transfer his

share ____

a) To a minor with the consent of all the

partners.

b) To a major without the consent of all the

partners.

c) To a minor without the consent of all the

partners.

d) To a major with the consent of all the

partners.

90. ‘A’ who remains silent when he was

represented as a partner of a firm before ‘D’

though he is not a partner. He is called ____

a) Partner by estoppel b) Sleeping partner

c) Nominal partner d) Sub - partner

91. Which of the following is a document of title to

the goods?

a) Proforma invoice b) Railway receipt

c) Mate’s receipt d) All of the above



92. Caveat Emptor signifies ___

a) Seller must be aware in selection of the

goods.

b) Buyer must be aware for his own selection

of the goods.

c) The creditor must be aware in selection of

goods.


93. ‘A’ sells bicycle to ‘B’ and ‘B’ pays money to ‘A’

and request him to keep it for two more days.

Then it is known as ___

a) Actual delivery of goods.

b) Constructive delivery of goods.

c) Statutory delivery of goods.

d) Symbolic delivery of goods.

94. ‘A’ agrees to buy from ‘B’ whole of wheat

which has to be yielded, at Rs.100 per kg. Then

it is ___

a) Agreement to sell future goods

b) Agreement to sell present goods

c) Sale d) No contract

95. Which of the following is not covered under

contract of sale?

a) Sale of goods from X to Y for Rs.5000.

b) Sale of building from A to B.

c) Agreement to sell the goods that will be

produced. d) All of the above

96. The implied condition as to merchantability is

____ when the buyer tests the goods.

a) Applicable b) Not applicable

c) Presumed d) Exists

97. The unpaid seller can exercise ____

a) Right of lien

b) Right of stoppage of goods in transit

c) Right of Re-sale

d) All of the above

98. In case of sale on approval, the ownership is

transfer to the buyer when he:

a) Accepts the goods

b) Adopts the transaction

c) Fails to return goods

d) In all the above cases

99. A condition is:

a) Essential to main purpose of the contract.

b) Collateral to the purpose

c) Both main purpose and collateral to the

purpose

d) Neither main purpose nor collateral to the

purpose

100.



Key - Part A – FUNDAMENTALS OF ACCOUNTING

1. C 2. D 3. B 4. C 5. D

6. C 7. A 8. A 9. A 10. C

11. B 12. C 13. A 14. D 15. C

16. C 17. C 18. B 19. A 20. A

21. C 22. C 23. B 24. B 25. A

26. A 27. B 28. A 29. A 30. B

31. B 32. A 33. B 34. A 35. A

36. A 37. A 38. B 39. C 40. A

41. B 42. C 43. B 44. A 45. D

46. D 47. C 48. B 49. C 50. B

51. A 52. C 53. C 54. C 55. B

56. C 57. B 58. 59. 60.

Part B – MERCANTILE LAWS

61. A 62. D 63. A 64. D 65. C

66. C 67. A 68. D 69. D 70. A

71. D 72. C 73. C 74. A 75. A

76. C 77. D 78. B 79. C 80. B

81. B 82. C 83. C 84. C 85. D

86. B 87. B 88. B 89. D 90. A

91. B 92. B 93. B 94. A 95. B

96. C 97. D 98. D 99. A 100.

THE END

CA - CPT_Dec-2015 Question Paper _Session 2_______________________________1


December 2015, CA-CPT Question Paper (Based on Memory) on 13-Dec-2015

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CA - CPT – Dec 2015 Question Paper (Based on Memory)

2nd

Session Marks: 100 Marks Time: 2 hrs.

PART A - GENERAL ECONOMICS

1. In law of demand ____ relation exists between

price and quantity demand

a) Direct b) Proportionate

c) Inverse d) Indirect

(2-3): X, Y and Z are three commodities where X

and Y are complementary whereas X and Z are

substitutes. A shop keeper sells commodity X at

Rs.20 per piece. At this price he is able to sell

100pieces of X per month. After some time, he

decreases the price of X to Rs.10 per piece.

Following the price decrease, he is able to sell 150

pieces of X per month. The demand for Y increases

from 25 units to 50 units. The demand for

commodity Z decreases from 75 units to 50 units.

2. The price elasticity of demand when price of X

decreases from Rs. 20 per piece to Rs. 10 per

piece will be equal to:

a) 0.6 b) 1.6 c) 0.5 d) 1.5

3. The cross elasticity of demand for commodity

Y when the price of X decreases from Rs. 20 per

piece to Rs. 10 per piece will be equal to:

a) –1.5 b) +1.5 c) +1 d) -1

4. Suppose income of the consumers increases by

50% and the demand for commodity X

increases by 20% what will be the income

elasticity of demand for commodity X?

a) 0.04 b) 0.4 c) 4.00 d) -4.00

5. Elasticity of supply is greater than one when

a) Proportionate change in quantity supplied is

more than the proportionate change in price

b) Proportionate change in price is greater

than the proportionate change in quantity

supplied

c) Change in price and quantity supplied are

equal d) none of the above

6. L-Shaped curve in indifference curve represents

a) Perfect complementaries

b) Perfect-substitutes c) Substitutes

d) Complementaries

7. After saturation point

a) Total Utility is rises, Marginal Utility is

maximum

b) Total Utility is maximum, Marginal Utility is

zero

c) Total Utility is rises, Marginal Utility is

negative

d) Total Utility is falls, Marginal Utility is

negative

8. As per Cobb – Douglas Production Function the

contribution made by labour and Capital are

____ respectively.

a) 4

1and

4

3 b)

4

3and

4

1

c) 2

1and

2

1 d)

3

2and

3

1

9. Diminishing marginal returns implies:

a) Decreasing average variable costs

b) Decreasing marginal costs

c) Increasing marginal costs

d) Decreasing average fixed costs

10.

Q TFC TVC MC

0 500 0 0

1 500 400 400

5 500 1600 ?

MC of 5th

unit?

a) 300 b) 400 c) 500 d) 600

11. Which of the following is never ‘U’ shaped?

a) AC b) TC c) AVC d) AFC

12.

Price Demand Supply

1 200 500

2 250 450

3 300 400

4 350 350

5 400 300

Equilibrium price is _________

a) 2 b) 3 c) 4 d) 5



13. In the short run when output increases,

Average Fixed Cost

a) Increases b) Decreases

c) Decreases first and increases


14. “I am making a loss, but with the rent I have to

pay, I can’t afford to shut down at this point of

time”. If this entrepreneur is attempting to

maximize profits or minimize losses, his

behaviour in the short run is:

a) Rational, if the firm is covering its variable

cost

b) Rational, if the firm is covering its fixed cost

c) Irrational, since plant closing is necessary to

eliminate losses

d) Irrational, since fixed costs are eliminated if

a firm shuts down.

15. In which market the producers market policy

depends on other few rival firms in price

determination?

a) Perfect competition b) Monopoly

c) Monopolistic d) Oligopoly

16. In which market the firm has no control over

price?


c) Monopolistic competition d) Oligopoly

17. Kinked demand curve exists in


c) Monopolistic competition


(18–20) Questions are based on following figure

18. Figure represents ______

a) Perfectly competitive firm.

b) Perfectly competitive industry.

c) Monopolist d) None of these

19. In figure, the firm’s marginal revenue curve is:

a) E. b) A c) F d) B

20. In Figure, curve E is the firm’s:

a) Marginal cost curve

b) Average cost curve c) Demand curve.

d) Marginal revenue curve

21. Price discrimination will be profitable only if

the elasticity of demand in different markets in

which the total market has been divided is:

a) uniform b) different c) less d) zero

22. Which of the following shows Decrease in

unemployment in PPC?

a) Point shifts along the PPC

b) Point outside PPC to on the PPC

c) Point inside PPC to on the PPC

d) Point on the PPC to outside PPC

23. Who is the author of the “Nature and causes of

wealth of nations”?

a) Karl Marx b) Adam Smith

c) J.B Say d) A.C Pigou

24. Micro Economics doesn’t study

a) Consumers behaviour b) Firms output

c) General price level d) Factor pricing

25. Which of the following is correct statement:

a) In deductive method logic proceeds from

the particular to the general

b) Micro & Macro-Economics are interdependent

c) Higher the prices lower is the quantity

demanded of a product is a normative statement

d) In a capitalist economy, the economic

problems are solved by Planning Commission

26. The meaning of the word ‘economic’ is most

closely connected with the word:

a) Free b) Scarce c) Unlimited d) Restricted

27. What are the main reasons for high birth rate

in India?

a) India is predominantly agrarian economy. In

an agrarian economy, children are considered

as asset and but not burden because as they

help in agricultural fields.

b) Marriage is both a religious and social

necessity in India. Presently in India by the

age of 50 only 5 out of 1,000 Indian women

remained unmarried.

c) Marriages are almost compulsory and they

take place at quite young age in India.

d) All of the above



28. Disguised unemployment refers to ______

a) A situation of employment with surplus

manpower in which some workers have zero

marginal productivity

b) When some workers are temporarily out of

work while changing jobs and there is

imperfect mobility of labour

c) A decline in demand for production in a

particular industry, and consequent disinvestment

and reduction in its manpower requirement


29. Which of the following does not belongs to

poverty?

a) MGNREGS b) SGSY

c) SJSRY d) Indira Vidyuth Yojana

30. The share of agriculture in India’s National

Income has ____ over the years

a) Increasing b) Decreasing c) Constant

d) First decreasing & then increased

31. To encourage investment RBI will

a) Increase CRR b) Decrease CRR

c) Sell securities d) Increase bank rate

32. Define Bank Rate

a) The rate at which central bank discounts the

bills of government

b) The rate at which central bank discounts the

eligible bills of commercial banks

c) The rate at which commercial banks

discounts the bills of central bank

d) The rate at which commercial banks

discounts the bills of government.

33. The combined phenomenon of demand pull

and cost push inflation is called

a) Inflation b) Deflation

c) Stagflation d) None of these

34. NM1 refers to

a) Currency + Demand deposits + other

deposits with RBI

b) Currency + Demand deposits

c) M1 + post office saving deposits

d) M3 + total post office deposits

35. Which of the following statements about

money is incorrect?

a) There are many assets which carry the

attributes on money.

b) Money is what money does.

c) In modern sense, money has stability, high

degree of substitutability and feasibility of

measuring statistical variation.

d) None of these

36. Which is a cause of inflation in India?

a) Deficit financing

b) Erratic agricultural growth

c) Increase in public expenditure

d) All of the above

37. Personal Income tax is levied on

a) Income of individuals

b) Income of Hindu Undivided Family

c) Income of unregistered firm

d) All of the above

38. Which of the following statement is correct?

a) GST is recently implemented

b) Revenue from indirect tax is more than

direct tax

c) The public revenue is sufficient to meet

public expenditure


39. Fiscal deficit means ________

a) Revenue deficit + Capital deficit

b) Total Revenue – Total expenditure +

Borrowings and other liabilities

c) Same as budget deficit

d) Revenue receipts + Capital receipts

40. Meaning of Fiscal Deficit

a) Difference between total receipts &

expenditure

b) Sum of budget deficit + borrowings and

other liabilities

c) Difference between deficit and borrowings

and other liabilities d) None of the above

41. Full form of FRBM?

a) Fiscal Revenue & Budget Management

b) Fiscal Responsibility & Budget Management

c) Fiscal Revenue and Business Management

d) Fiscal Responsibility & Business Management

42. Which of the following occupy largest share in

the external debt of India?

a) Short term loan b) Long term loans

c) Commercial borrowings d) NRI deposits



43. Balance of trade means

a) Difference between Current A/c & Capital

A/c

b) Transfer of services between two countries

c) Difference between the value of

Merchandise between the firms of home

country and foreign country


44. ______ is a soft lending arm of the world bank

a) IFC b) IDA c) ICSID d) MIGA

(45-46): It was the World Trade Organisation

(WTO) which gave a real push to the process of

globalization. The World Trade Organisation came

into existence on 1st January 1995. It is a powerful

body which aims at making the whole world a big

village where there is a free flow of goods and

services and there is no barrier to trade. At its

heart are the WTO agreements, negotiated and

signed by the bulk of the world’s trading nations.

45. What is globalization?

a) It refers to the transfer of assets from public

to private ownership

b) It refers to the disposal of public sector’s

equity in the market

c) It means integrating the domestic economy

with the world economy


46. Which of the following is false about WTO?

a) It is the main organ for implementing the

Multilateral Trade Agreements

b) It is global in its membership

c) It has far wider scope than GATT

d) Only countries having more than prescribed

level of total GDP can become its members

47. At present 100% FDI is allowed in

a) Drugs & Pharmaceutics

b) Hotels & Tourism

c) Courier services d) All of the above

48. GNP at Market Price minus ______ is equal to

GDP at Market Price

a) Depreciation b) Direct Taxes

c) Subsidies

d) Net income from abroad

49. Which is not reserved for public sector?

a) Atomic b) Railways

c) Defense d) None of these

50. NNP at market price remains constant but

depreciation increases. GNP at market price


c) Increases by same amount of depreciation

d) Decreases by same amount of depreciation

PART B - QUANTITATIVE APTITUDE

51. 5log.4log.3log235

=

a) 0 b) 1 c) 2 d) 1/2

52. n1n

1nn

22

22

−+

+

−

=

a) 2

1 b)

2

3 c)

2

1− d) 2

53. In a group of 80 persons, 35% play only cricket,

45% play only football. 20% play both. Then

no. of persons play cricket is

a) 45 b) 44 c) 64 d) 65

54. If f (x) = 2x + 2, ( ) 2xxg = then (fog) (4) =

a) 18 b) 22 c) 34 d) 128

55. A = {x, y, z}, B = {a, b, c, d} which of the

following represents a function from A to B

a) {(x, a) (x,b) (y,c)} b) {(x, a) (z,b) (z,c)}

c) {(x, a) (y,b) (z,d)} d) {(a, x) (b,y) (c,z) (d,z)}

56. If a,b,c are in AP then a - b + c equal to

a) a b) b c) -b d) c

57. The sum of n terms of an A.P is n5n32 + and

the mth

term is 164 then the value of ‘m’ is

a) 27 b) 26 c) 25 d) 22

58. If the lines 3x – y = 2, 5x + ay = 3, 2x + y = 3 are

concurrent then a =

a) -1 b) - 2 c) 2 d) 3

59. The equation of the line passing through the

point of intersection of the lines y = 3 and x + y

= 0 and parallel to 2x – y = 4 is

a) 2x – y + 9 = 0 b) 2x – y – 9 = 0

c) 2x – y + 1 = 0 d) x – y + 9 = 0



60. The shaded region represents

a) 2x - y ≤ 2, x + y ≥ 6 x, y ≥ 0

b) 2x - y ≥ 2, x + y ≤ 6 x, y ≥ 0

c) 2x - y ≤ 2, x + y ≤ 6 x, y ≥ 0

d) 2x - y ≥ 2, x + y ≥ 6 x, y ≥ 0

61. If the roots of the equation 0kx12x42 =+−

are equal then the value of K is ______

a) -3 b) 3 c) -9 d) 9

62. Find an equation whose roots are βα , related

by 6−=β+α and 4−=αβ is

a) 04x6x2 =−− b) 04x6x

2 =−+

c) 04x6x2 =++ d) 06x4x

2 =++

63. 4053x

3xLt

nn

3x

=−−

→ then the value of n =

a) 5 b) 4 c) 3 d) 6

64. A function f(x) defined as follows

f(x) = x + 1, when x ≤ 1

= 3 – px, when x > 1 then the value of P

For which f(x) continuous at x = 1

a) -1 b) 1 c) 0 d) None

65. Slope of the tangent to the curve 2x

1xy

+−= at

x = 2 is _____

a) 16

3 b)

16

3− c)

4

1 d)

4

1−

66. ∫ +−2

1

dxx1

x1 =

a) 12

3log −

b) 1

2

3log

2

1 −

c) 12

3log2 −

d)

2

3log

2

1

67. If 1tt2t5t3U234 ++++= then

dt

du at t = -1 is

a) 0 b) 1 c) 2 d) None

68. If 720Pr

n = , 120Cr

n = then r =

a) 4 b) 5 c) 6 d) 3

69. A question paper contains 10 questions

divided into two parts, Part A contains 6

questions and Part B contains 4 questions

respectively. In how many ways that one can

attempt atleast one question from each part is

a) 1050 b) 945 c) 1020 d) 840

70. There are 6 men & 4 women then the number

of ways of forming a committee of 5 members

such that there are atleast 2 women in the

committee is _____

a) 204 b) 186 c) 180 d) 185

71. The ratio of the third proportion to 12 & 30 to

the mean proportion between 9 & 25 is _____

a) 2 : 1 b) 5 : 1 c) 7 : 15 d) 3 : 5

72. The period for which the sum becomes 4 times

to itself at 12% p.a. simple interest is _____

a) 24 yrs. b) 25 yrs.

c) 26 yrs. d) 27 yrs.

73. If your father wants to give you a sum of

Rs.10,000 every year from today at the rate of

8.5% for the next 15 years what will be the

present value. P (15, 8.5%) = 8.3042 (Given

without decimals)

a) Rs.8,30,427 b) Rs.93,042

c) Rs.83,042 d) Rs.1,66,347

74. If the simple interest on a sum of money for 2

yrs. at 10% p.a. is Rs.325. What is the

compound interest on the same sum at the

same rate and for the same time

a) Rs.241.5 b) Rs.330

c) Rs.341.25 d) Rs.351.25

75. If two letters are taken at random from the

word “HOME”. The probability that none of

the letters would be vowels.

a) 6

1 b)

2

1 c)

3

1 d)

4

1

76. An un biased die is rolled once then the odds

in favour of the event of getting a multiple of 3

is ______

a) 1 : 2 b) 1 : 3 c) 2 : 1 d) 3 : 1



77. A bag contains 15 one rupee notes, 25 two

rupees notes and 10 ten rupees notes. If a

note is drawn randomly, the probability of not

getting a one rupee note is _______.

a) 0.3 b) 0.4 c) 0.6 d) 0.7

78. If G.M = 5 and A.M = 7.5 then the two numbers

are________

a) 10, 5 b) 11, 4 c) 13.09, 1.91 d) 12, 3

79. If in 50 students, 10 students failed whose

mean is 2.5 and total of 50 students marks is

281 then the mean of students who passed is

a) 6.4 b) 5.4 c) 4.4 d) None

80. Mean deviation about mean for 5,8,6,3,4 is__

a) 1.44 b) 2.88 c) 3 d) None

81. If V(x) = 23 then V(2x+10) =

a) 27 b) 50 c) 92 d) None

82. Range of values 4, 3, 1, 6, 7, 10, 8 is___

a) 9 b) 7 c) 6 d) None

83. If variance = 12, X = 40, find CV.

a) 8.66% b) 9.66% c) 10.50% d) None

84. In case Insurance companies profits and the

no. of claims they have to pay’ correlation is

a) Positive correlation

b) Negative correlation

c) No correlation d) None

85. Which of the following is correct?

a) y

x

yx

SD

SDrb = b)

x

y

yx

SD

SDrb =

c) y

xyrb

yx

∑= d) x

xyrb

yx

∑=

86. The cost of living index number in 1977 is 313

with base year 1960 and 1960 has 96 as index

number. The salary in 1977 is 160 then the real

wage is____

a) 48.4 b) 51.12 c) 40.3 d) None

87. The chart that uses logarithms of the variable

is known as ____

a) Ratio chart b) Multiple line chart

c) Component chart d) None

88. Quartiles can be obtained graphically by

a) Histogram b) Frequency polygon

c) Ogives d) None

89. Classification is of ___ types.

a) 2 b) 3 c) 1 d) 4

90. The mostly used diagrammatic representation

of a grouped frequency distribution is

a) Ogives b) Histogram c) both d) None

91. Find the number of observations between 250

and 300 from the following data

Above 200 250 300 350

No. of

Observations 56 38 15 0

a) 56 b) 23 c) 15 d) 8

92. If three coins are tossed simultaneously then

probability that exactly 2 heads appear is

a) 6

1 b)

8

3 c)

8

1 d) None

93. The standard deviation of a binomial

distribution is____

a) np b) npq c)np d) None

94. The wages of a factory follows ____

a) Normal distribution

b) Binomial distribution

c) Bernoulli distribution d) None

95. Binomial distribution with parameters 15,1/3

then mode of distribution is___

a) 5 b) 5 & 6 c) 5.5 d) 6

96. For unknown parameter how many interval

estimates may exist?

a) Only one b) One c) Many d) None

97. If a sample of 500 eggs produces 25 rotten

eggs arranges, then the estimates of S.E of the

proportion of rotten eggs in the sample is

a) 0.01 b) 0.05 c) 0.028 d) 0.0593

98. If sample size increases then S.E ________


c) Decreases proportionately

d) Increases proportionately

99. A measure of precision obtained by sampling is

given by

a) Standard error b) Sampling error

c) Sampling distribution d) Expectation

100.



Key - Part A – GENERAL ECONOMICS

1. C 2. A 3. D 4. B 5. A

6. A 7. D 8. A 9. C 10. A

11. D 12. C 13. B 14. A 15. D

16. A 17. D 18. C 19. C 20. C

21. B 22. C 23. B 24. C 25. B

26. B 27. D 28. A 29. D 30. B

31. B 32. B 33. C 34. A 35. D

36. D 37. D 38. B 39. B 40. B

41. B 42. C 43. C 44. B 45. C

46. D 47. D 48. D 49. C 50. C

Part B – QUANTITATIVE APTITUDE

51. C 52. B 53. B 54. C 55. C

56. B 57. A 58. B 59. A 60. C

61. D 62. B 63. A 64. B 65. A

66. C 67. A 68. D 69. B 70. B

71. B 72. B 73. B 74. C 75. A

76. A 77. D 78. C 79. A 80. A

81. C 82. A 83. A 84. B 85. B

86. B 87. A 88. C 89. D 90. B

91. B 92. B 93. B 94. A 95. A

96. C 97. A 98. B 99. A 100.

THE END

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