cpt dec 2015 pre-exam kit - wordpress.com dec 2015 pre-exam kit contents: two cpt model test papers...

CPT DEC 2015 Pre-Exam Kit

Contents:

�Two CPT Model Test Papers with Key

�Economics –Current affairs relevant for Dec 15 exam

�Company Accounts MCQs – as per Company act 2013

Prepared by TEAM MAGNAZEAL release date 5th Dec 2015

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MAGNAZEAL FOR CA/ICWA/MEC

Time: 2 Hours CPT – MODEL TEST 1 Maximum Marks: 100

SECTION A: FUNDAMENTALS OF ACCOUNTING AND MERCANTILE LAW 1. A company has a separate legal entity from

(a) Its employees (b) Its members (c) Its directors (d) All of the above

2. A share denotes a ________ part of a company’s share capital. (a) Full (b) Fractional (c) Collective (d) None of these

3. A company can pay dividends out of ________. (a) Divisible profits (b) Profit remaining after the reissue of forfeited

share (c) Capital Redemption reserve account (d) Share premium account

4. Debenture accounts is a (a) Personal account (b) Real account (c) Nominal account (d) None of these

5. Interest on debentures is calculated on _________. (a) Its face value (b) Its issue price (c) Its book value (d) Its cost price

6. Debenture redemption reserve is a reserve created for redemption of debentures at _________. (a) Spot date (b) Future date (c) Post date (d) None of the above

7. Interest in paid to the person who produces the interest coupon attached to the debenture in case of __________ (a) Bearer debentures (b) Registered debentures (c) All types of debentures (d) None of these

8. Under the companies Act, 2013 the financial year of a company (a) Must not be more than 12 months (b) Must not be less than 12 months (c) May be more than a calendar year but it

shall not exceed 15 months (d) May be more than a calendar year but it

shall not exceed 20 months. 9. _________ and ________ of schedule III of

companies Act, 2013 deals with presentation of profit & loss A/c and Balance Sheet. (a) Part I and part II (b) Part I and Section 210 (c) Part II and section 211 current liabilities (d) Part II and Part I

10. Interest on drawings is treated as: (a) Revenue (b) Expense (c) Liability (d) None of these

11. Kapur and Sharma are partners in a partnership firm. Calculate the interest on drawings made by Kapur and Sharama @10% P.a. for the year ending 31st December 2013. If, Kapur withdraw Rs.2,000 per month in the beginning whereas

Sharma withdraw same amount at the end of every month.

(a)Kapur–Rs.2,400,Sharma– Rs.2,400 (b)Kapur–Rs.1,100, Sharma- Rs,1,300 (c)Kapur- Rs.1,300, Sharma Rs.1,100 (d)Kapur –Rs.1,200, Sharma Rs.1,200

12. When there is no goodwill account in the books and goodwill is raised, ___ account will be debited (a) Partner’s Capital A/c (b) Goodwill A/c (c) Cash A/c (d) Reserve A/c

13. A and B are partners, sharing profits in the ratio of 5 : 3. They admit C with 1/5 share in profits, which he acquires equally from both 1/10 from A and 1/10 from B. new profit sharing ratio will be: (a) 21 : 11 : 8 (b) 20 : 10 : 4 (c) 15 : 10 : 5 (d) None

14. X and Y are sharing profits and losses in the ratio of 3 : 2. Z is admitted with 1/5th share in profits of the firm which he gets from X. find out the new profit sharing ratio? (a) 12 : 8 : 5 (b) 8 : 12 : 5 (c) 2 : 2 : 1 (d) 2 : 2 : 2

15. A, B and C were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. The capital balances of A, B and C are Rs.50,000, Rs. 50,000 and Rs. 25,000 respectively. B declared to retire from the firm on 1st April, 2008. Balance in reserve on the date was Rs. 15,000. If goodwill of the firm was valued as Rs. 30,000 and profit on revaluation was Rs. 7,050 then what amount will be transferred to the loan account of B (a) Rs. 70,820 (b) Rs. 50,820 (c) Rs. 25,820 (d) Rs. 20,820

16. A, B and C are partners sharing profits in the ratio of 3 : 2 : 1. They had a Joint Life Policy of Rs. 3,00,000. Surrender value of JLP in Balance Sheet is Rs. 90,000. C dies. What is share of each partner in JLP? (a) Rs. 1,05,000; Rs. 70,000; Rs. 35,000 (b) Rs. 45,000; Rs. 30,000; Rs. 15,000 (c) Rs. 1,50,000; Rs. 1,00,000; Rs. 50,000 (d) Rs. 1,95,000; Rs. 1,30,000; Rs. 65,000

17. A, B and C are partners sharing profits and losses in the ratio of 1/2, 3/10 and 1/5. B retires from the firm, A and C decide to share the future profits and losses in 3:2. Calculating gaining ratio (a) 1 : 2 (b) 3 : 2 (c) 2 : 3 (d) None

18. X & company, a furniture dealer, due to some business problem could take physical stock taking on April 20 and arrived at the cost at Rs.

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even though purchased goods worth Rs.3,25,000 including credit purchases of Rs. 75,000 only goods costing Rs. 50,000 was not actually received before April 20th. Cost of goods sold held at godown on March 31st was: (a) Rs. 2,00,000 (b) Rs. 2,50,000 (c) Rs. 1,75,000 (d) Rs. 2,25,000

19. If the closing stock is increased by Rs. 5,000 and Gross Profit rate is 10%, then:

(a) Gross profit will be increased by Rs. 5,000

(b) Gross profit will be decreased by Rs. 5,000

(c) Gross profit will be increased by Rs. 500 (d) Gross profit will be decreased by Rs. 500

20. Opening stock 300 units at Rs.8,00,000; purchases 300 units at Rs. 8,50,000 . sold 500 units Find closing stock using weighted average method (a) Rs. 3,00,000 (b) Rs. 2,75,000 (c) Rs. 2,50,000 (d) None of these

21. X sends out goods costing Rs.2,00,000 to Y. 3/5th of the goods were sold by consignee for Rs.1,40,000. Commission 2% on sales plus 20% of gross sales less all commission exceeds cost price. The amount of commission will be: (a) Rs. 5,667 (b) Rs. 5,800 (c) Rs. 6,000 (d) Rs. 5,600

22. A sends 1000 units @ Rs. 56 to be sold on consignment basis. Consignor expenses amounted to Rs. 1000. 50 units were cost in transit. Find the new price per unit. (Loss is unavoidable)

(a) Rs. 50 per unit (b) Rs. 60 per unit (c) Rs. 58.95 per unit (d) Rs. 57 per unit

23. Del-Credere commission is fixed in terms of percentage say 10%. The credit sales is of Rs.1,00,000 and cash sales is of Rs.50,000, amount of del-credere commission will be:- (a)Rs.10,000 (b)Rs.15,000 (c)Rs.5,000 (d)None of the above.

24. X sends goods to Y on consignment, but 15% of the goods were lost in transit. Such loss will be borne by: (a) Consignee (b) Consignor (c) Both (a) and (b) (d) Insurance company

25. A and B entered into a Joint venture. A contributed Rs.2,00,000 for goods and Rs.15,000 expenses. B supplied goods of Rs.56,000 and paid expenses of Rs.2,000. B sold the goods for Rs.4,00,000. B is allowed a commission of 10%. Profit sharing is 3:2. How much amount B has to remit to A in full settlement of account? (a) 1,67,200 (b) 2,00,000 (c) 2,65,200 (d) 2,76,200

26. X and Y entered in a Joint venture. X supplied goods worth Rs.60,000 and paid expenses

Rs.6,000. Y supplied goods worth Rs.14,000 and paid expenses Rs.1,000. y sold the goods for Rs.1,00,000 and he is entitled to a commission of 5% on sales. Find the profit on Joint venture. (a) 13,000 (b) 13,200 (c) 14,000 (d) 14,400

27. In a Joint venture of purchase and sales of goods, memorandum joint venture account is debited with Rs.5,150. The total profit of the venture is Rs.850. There is no other income other than sales. What is the value of sales? (a) 4,300 (b) 6,000 (c) 6,750 (d) 6,850

28. In a Joint venture for land between x and y, where separate books are kept, fees for registration of land of Rs.20,000 of y will be recorded as (a) Registration fees A/c Dr. Rs.20,000 (b) Y A/c Dr. Rs.20,000 (c) Land A/c Dr. Rs.20,000 (d) Joint Venture A/c Dr. Rs.20,000

29. A Machine is purchased for Rs.2,50,000 on 1.1.2010. It can produce 30,000 units during its useful life and its estimated scrap value is Rs.10,000. Pattern of production over the next 4 year is as follows: 2010-6,250 units, 2011-2,275 units, 2012-12,000 units, 2013-3,452 units. The WDV of the machine after 3rd year will be: (a)Rs.85,800 (b)Rs.1,54,200 (c)Rs.58,158 (d)Rs.1,91,816

30. A purchased a computer on 1.4.06 for Rs. 60,000. He purchased another computer on 1.10.07 for Rs. 40,000. He charges depreciation @ 20% p.a. on straight line method. What will be closing balance of computers as on 31.3.09? (a) Rs. 40,000 (b) Rs. 64,000 (c) Rs. 52,000 (d) Rs. 48,000

31. If a firm usually receives a number of promissory notes, it would be convenient to record the transaction in a separate book called ___

(a) Bill receivable Book (b) Journal (c) Purchase Book (d) Sales book

32. In case of “Bill at sight”, days of grace are: (a)One day (b)Two days (c)Three days (d)Nil

33. If a cheque is dishonoured, then the entry will be passed in ___ (a) Bank Book (b) B/R Book (c) Sales Book (d) Purchase Book

34. Expenditure incurred of Rs.20,000 for trial run of a newly installed machinery would be: (a)Preliminary expenditure (b)Capital expenditure (c)Revenue expenditure (d)Deferred revenue expenditure

35. Amount spent on increasing the seating capacity in cinema hall is: (a)Capital Expenditure (b) Revenue expenditure

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(c) Deferred revenue expenditure (d)None of the above

36. Renewal fee for patent is a: (a)Capital Expenditure (b) Revenue expenditure (c) Deferred revenue expenditure (d)Development expenditure

37. The main objectives of Book – Keeping are: (a) Complete recording of Transactions (b) Ascertainment of Financial Effect on the

Business (c) Analysis and Interpretation of data (d) (a) and (b) both

38. Which of these is not available in the Financial Statements of a Company? (a) Total Sales (b) Total Profit & Loss (c) Capital (d) Cost of Production

39. Cost of Machinery Rs. 10,00,000 Installation charges Rs. 1,00,000 Market Value on 31.3.06 Rs.12,00,000 While finalizing the accounts, if the company values the machinery at Rs. 12,00,000. Which concept is violated by the Company? (a) Cost (b) Matching (c) Realization (d) Periodicity

40. Fixed assets and Current Assets are categorized as per concept of (a) Separate entity (b) Going concern (c) Consistency (d) Time period

41. Estimated selling price less estimated cost of sales is (a) Net Realizable Value (b) Cost of purchase (c) Cost of goods sold (d) None

42. The purpose of Accounting Standards is to: (a) Harmonise accounting policies (b) Eliminate the non comparability of financial

statements (c) Improve reliability of financial statements (d) All of the above

43. Which of the following is not an example of change in accounting policy? (a) Change in method of providing depreciation

on fixed assets (b) Change in method of providing inventory

valuation (c) Adopting double Entry System of accounting

in place of Single Entry (d) Change in method of valuation of

Investments. 44. The provision for bad debts is made by

crediting: (a) Trading A/c (b) Profit & Loss A/c (c) Debtors A/c (d) Provision for bad debts account

45. A sells goods at 33 1/3% above cost. His sales were Rs. 10,20,000 during the year. However, he sold damaged goods for Rs.20,000 costing Rs. 30,000. This sale is included in Rs. 10,20,000. The amount of gross profit is: (a) Rs. 1,90,000 (b) Rs. 2,50,000 (c) Rs. 2,40,000 (d) Rs. 2,00,000

46. Total debtors on 31.12.2009 were Rs. 48,000 before writing off bad debts but after allowing discounts. During the year bad debts amounted to Rs. 2,000 and discount allowed were Rs. 100. It is the firm’s policy to maintain a provision of 5% against bad and doubtful debts. Find out the amount of provision fro bad and Doubtful debts as on 31.12.09: (a) Rs. 2400 (b) Rs. 2305 (c) Rs. 2300 (d) Rs. 2000

47. The manager of a firm is entitled to a commission of 10% on net profit after charging his commission. If the net profit of the firm before charging commission is Rs.4,40,000 the amount of manager’s commission will be: (a) Rs. 44,000 (b) Rs. 40,000 (c) Rs. 37,000 (d) Rs. 33,000

48. The following details are available from the books of a sole trader:

Particulars As on 31/3/10 Rs.

As on 31/3/11 Rs.

Opening stock 30,000 35,000

Purchase 3,25,000 4,20,000

Sales 4,00,000 5,00,000

If the gross profit ratio remains unchanged, the closing stock as on 31/3/11 will be

(a) 35,000 (b) 50,000 (c) 55,000 (d) 60,000

49. The balance in books of X, a sole proprietor were: Opening stock Rs. 17,000 ; Purchases Rs. 52,000 ; Wages Rs.46,500; Fuel Rs.15,000. Sales Rs.1,45,000 and Closing stock Rs.25,000 whose Net Realizable value was Rs. 28,000. Find the Gross Profit: (a) Rs. 39,500 (b) Rs. 42,500 (c) Rs. 54,500 (d) Rs. 57,000

50. The Cash Book showed an overdraft of Rs.1,500 but the pass book made up to same date showed that cheques of Rs.100,Rs.50 and Rs.125 had not been presented for payment and a cheque of Rs.400 had not been cleared. The balance as per the Pass Book will be: (a)Rs.1,100 (b)Rs.1,625

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(c)Rs.2,175 (d)Rs.1,375 51. Bank Reconciliation statement is :

(a)A part of Pass Book (b)A statement prepared by bank (c)A cash book related to cash column (d)A statement prepared by customers

52. The bank charged Rs.1,000 as bank charges to a client and communicates the same to him. The accountant records it in the bank account in books . Later on the bank realizes that the charges were wrongly charged and reverses the same, but forgot tocommunicate the same to the client. If the accountant is starting with the bank balance as per bank account in the books, What will be the treatment in Bank Reconciliation statement to arrive at balance as per Bank statement: (a)Reduce Rs.1,000 (b)Add Rs.1,000 (c)Add Rs.2,000 (d)No treatment.

53. The trial balance of M/s RAM & Co shows closing stock of Rs.30,000. It will be recorded in: (a) Trading account (b) Profit & Loss account (c) Balance Sheet (d) Both (a) & (c)

54. Which of the following is not a process in the preparation of a Trial balance? (a) Recording (b) Summarizing (c) Classifying (d) Interpretation

55. Find out the total of debit side of the Trial Balance from the following list of balances extracted from the books of Mr.Yoshin as on 31st March.2014

particulars Amount particulars Amount

Capital 2,00,000 Discount allowed

820

Debtors 15,200 Discount received

1,030

Creditors 12,960 Rent 14,670

Purchases 92,670 Opening stock

12,060

Sales 1,16,850 Loans payable

56,000

Interest paid

2,310 Return inward

27,430

(a)Rs.1,65,160 (b)Rs.1,65,370 (c)Rs.1,37,730 (d)None of the above 56. M/s Stationery Mart will debit purchase of

stationery to ___ (a) Stationery Account (b) General Expenses Account (c) Purchase Account (d) Stock Account

57. Cash sales Rs. 50,000 Cash collected from Debtors Rs.1,30,000 Bad debts during year Rs. 5,000 Debtors at beginning Rs. 10,000 Total sales will be: (a) Rs. 1,75,000 (b) Rs. 1,70,000

(c) Rs. 1,80,000 (d) Rs. 1,78,000

58. The Balance of Sales Day Book is Rs.25,000. Rs. 5,000 were recovered from debtors. Then balance of Day Book will be transferred by which amount? (a) Rs. 25,000 (b) Rs. 5,000 (c) Rs. 20,000 (d) Rs. 10,000

59. Imprest amount Rs. 500. What will be the amount of re-imbursement if following expenses were incurred by the petty cashier during the month – Telephone Rs.150, tiffin Rs.50, small repairs Rs.30 general expenses Rs.100 (a) 300 (b) 170 (c) 330 (d) 270

60. Rs. 1000 received as interest, shown as interest paid in cash book. Due to this error the cash balance will be effected by (a) Rs. 2,000 (b) Rs. 1,000 (c) Rs. 4,000 (d) None of the above

61. In an auction sale, ‘X’ is the highest bidder. The auctioneer accepts the offer by not speaking but striking the hammer on the table. This amounts to:

(a) Express acceptance

(b) Implied acceptance (c) Future acceptance (d) No acceptance

62. _______ Contract is good in substance but suffers from some technical defect: (a) Valid (b) Illegal (c) Voidable (d) Unenforceable

63. A promises is a:

(a) Consideration (b) Contract (c) An accepted proposal (d) Proposal

64. An offer is made with an intention to have negotiations from other party. This type of offer is: (a)Invitation to offer (b)Valid offer (c)Voidable (d)None of the above

65. There is no binding contract in case of ––– as one’s offer cannot construed as acceptance (a)Cross offer (b)Standard offer (c)Counter offer (d)Special offer

66. Which of the following statement is not correct? (a)Acceptance must be absolute (b)Communication of an offer is essential (c)An offer must not be conditional (d)Acceptance may be given in any manner

67. Consideration is defined in the Indian Contract Act, 1872 in: (a) Section 2(f) (b) Section 2(e) (c) Section 2(g) (d) Section 2(d)

68. In a contract, consideration must be _____ and of some value

(a) Real (b) Adequate (c) Specific (d) General

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69. A sum of money was agreed to be paid to the father in consideration of his giving his daughter in marriage. The agreement is void ground’s of being:

(a) Restraint of marriage (b) Marriage brokerage contract (c) Restraint of personal liability (d) Restraint of legal proceedings

70. In case, through the husband was a divorcee, he did not disclose the fact of his previous marriage to his wife and in-laws. It was held that the consent was obtained by:

(a) Mistake (b) Misrepresentation (c) Fraud (d) Undue influence

71. Can a person who is usually of unsound mind, nut occasionally of sound mind, make a contract?

(a) Yes, but only when he is of sound mind (b) Yes, he can always make a contract (c) No, he cannot make a contract (d) Can’t be determined

72. In which of the following agreements, restraint of trade is valid? (a) Agreement with buyer of goodwill (b) Trade combinations, to the extent they do

not create monopoly or opposed to public policy

(c) Agreements under the Partnership Act, 1932 (d) All of the above

73. For the supply of necessaries to a minor ____ may be responsible for price

(a) Minor personally (b) Minor’s estate (c) The Government (d) Minor’s friend

74. A student agrees under pressure to gift his entire property to his education guru. Such contract can be set aside on grounds of:

(a) Undue influence (b) Fraud (c) Mistake (d) Misrepresentation

75. A servant is employed for one year on a monthly salary of Rs.1,800, the whole salary to be paid at the end of the year. The servant wrongfully leaves the service after six months. Is he entitled to any salary?

(a) He is entitled to the whole salary

(b) He is entitled to the salary of six months

(c) He is entitled to the salary which his master thinks suitable

(d) He is not entitled to any salary 76. A mother owes Rs.10,000 to her daughter. But

this debt has become barred by the Limitation Act. The mother signs a written promise to pay Rs.3,000 on account of the debt. In such a case which one is correct:

(a) There is no contract as the debt is already barred by Limitation and so it cannot be revived by as subsequent promise

(b) There is no contract because the mother has promised to give only a part of time debt

(c) This is enforceable against the mother because such a promise is valid and binding under the Indian Contract Act

(d) None 77. Which of the following contract is not

discharged by frustration?

(a) Government Intervention

(b) Destruction of goods

(c) Change of law

(d) Commercial Impossibility 78. In a contract where personal consideration is

not the foundation of the contract, the contract may be performed by:

(a) Promisor himself

(b) Promisor’s agent

(c) Promisor’s legal representative

(d) Any of the above 79. In which of the following cases a claim is not

enforceable on the ground of quantum meruit?

(a) A is engaged by B to write a book to be published in installments in weekly magazine. The magazine is abandoned after a few issues

(b) A is employed as a managing director in a company. After he renders service for sometime it is found that the directors were not qualified to appoint him as such

(c) A undertakes to build a house for B for Rs.25,000, but after having done half the work he abandons the contract. B afterwards completes the house

(d) A decorates B’s flat and fits a wardrobe and a book-case for a lump sum of Rs.15,000. The work is done but B complaints of faulty workmanship

80. Wagering agreement is: (a) Valid (b) Void (c) Voidable (d) None of these

81. A share certificate is a: (a) Document of title to goods (b) Bill of exchange (c) Document showing title to goods (d) Instrument of transfer

82. Sale is different from: (a) Agreement to sell (b) Hire purchase (c) Bailment (d) All of the above

83. R supplied goods to jeweler for making an ornament. The jeweler charged Rs. 500/- as making charges. The deal is:

(a) An agreement to sell (b) Hire purchase agreement (c) Contract for labour (d) None of the above

84. In case of sale of goods by sample as well as by description, the implied conditions are that the bulk of the goods:

(a) Shall correspond with the sample (b) Correspond with both the sample as well

as description (c) Shall correspond with the description

and need not correspond with the sample

(d) Shall correspond with the sample and may or may not correspond with the description

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85. Merchantable quality of goods means:

(a) That the goods are free from latent defects

(b) That the goods are marketable at their full value

(c) That the goods can be used for the purpose for which they are bought by prudent persons

(d) All of these 86. Enjoying of goods without any disturbance, free

from any charges and quality and usage of trade. These imply:

(a) Implied condition (b) Implied warranty (c) Both (a) and (b) (d) Neither (a) nor (b)

87. The ‘Caveat emptor’ rule applies to sale where (a) The buyer has expressly told the seller the

purpose for which he requires the goods. (b) The sale is of a specified article under its

patent (c) Where the goods is of merchantable quality

and the buyer has examined the goods. (d) In none of the above cases.

88. A delivers a horse to B for trail for 8 days. It was agreed that sale would be completed if the horse was found suitable for B’s purpose. Te horse died on 3rd day without fault of either party. It was held that contract was:

(a) Completed (b) To be completed (c) Void (d) Illegal

89. If the seller refuses to take away the goods. The buyer becomes

(a) Bailer of goods (b) Bailee of goods (c) Owner of goods (d) Dealer of goods

90. Unpaid Seller has a right of ___ when the goods have not been delivered to the buyer or his agent.

(a) Lien (b) Stoppage in transit (c) Resale (d) None of the above

91. Which of these statements is not true with respect to a Joint Hindu Family Business?

(a) It can have female members (b) A Joint Hindu Family firm arises on the

basis of status i.e Birth or by operation of law

(c) Death of a coparcener does not dissolve the Joint Hindu Family firm

(d) Coparcener is liable only to the extent of his share in the family property

92. Partnership cannot be formed between (a) Two artificial persons (b) Naturally borne and artificial persons (c) Between two naturally borne persons (d) None of these

93. Mutual agency under the Indian Partnership Act, 1932 means

(a) Sharing of profits of the firm among the partners

(b) Rights of a partner to act as an agent and principal of other partners

(c) Mutual Co-operation among partners (d) Joint liability of all partners

94. In case of transfer of partner’s interest u/s 29, the transferee is entitled to interfere with the conduct of the business:

(a) To inspect books of the firm (b) To receive the share of the transferring

partner (c) To interfere with the conduct of the

business (d) To require accounts

95. An admission or representation made by a partner concerning the affairs of the firm is the evidence against the firm in __

(a) All cases & circumstances (b) If it is made in the ordinary course of

business (c) When it is in the best interest of the firm (d) When there are reasons to believe such

admission 96. A partner may be expelled from the firm on the

fulfillment of the condition that power of expulsion is exercised

(a) As given by express contract (b) In good faith (c) By majority of partners (d) All of the above

97. Loss arising out of partner’s insolvency can be recouped from

(a) Solvent partners (b) The firm itself (c) The partner’s estate (d) The partner’s legal heirs

98. In order to get a copy of the register of Registrar of firms, a firm is required to pay certain fees as prescribed by the law:

(a) True (b) False (c) Partly true (d) None

99. When all the partners expect one become insolvent, the firm is –––

(a)Compulsorily dissolved (b)Not compulsorily dissolved (c)Reconstituted (d)Renewed

100. On which ground, court may dissolve a firm at the suit of a partner: (a) Where a partner willfully commits a breach

of agreement on regular basis (b) Where a firm is constituted for a fixed term,

on its expiry (c) Where a partner dies (d) When a minor is admitted into partnership

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MAGNAZEAL FOR CA/ICWA/MECTime: 2 Hours

SECTION B: QUANTITATIVE APTITUDE AND ECONOMICS 1. If A, B and C started a business by investing Rs

1,26,000, Rs 84,000 and Rs 2,10,000.If at the end of the year profit is Rs 2,42,000 then the share of each is:

(a)72,600, 48,400, 1,21,000 (b)48,400, 1,21,000, 72,600 (c)72,000, 49,000, 1,21,000 (d) 48,000, 1,21,400, 72,600

2. Which of the numbers are not in proportion?(a)6,8,5,7 (b)7,14,6,12 (c)18,27,12,18 (d)8,6,12,9

3. If √�� √�� √�� 0, then the value of

(a)abc (b)9abc

(c)

�� (d)

�� 4. If x= log�� 12 , y= log�� 24 and z= log

xyz+1=––– (a)2xy (b)2xz (c)2yz (d)2

5. Area of a rectangular garden is 8000 square metres. Ratio in length and breadth is 5:4 .A path of uniform width , runs all round the inside of the garden. If the path occupies 3200 m� , what is its

width ? (a)12m (b)6m (c)10m (d)4m

6. Positive value of ‘k’ for which the roots of equation 12x� � kx � 5 � 0are in ratio 3:2, is

(a)5/12 (b)12/5

(c)�√�

� (d)5√10

7. The lines 3x-4y+5=0, 7x-4y+5=0, 4x+5y-45=0 are _____ (a)Concurrent (b)Parallel (c)Not Concurrent (d)None of these.

8. The shaded region represents:

(a) x+y>6,2x-y≥0 (b) x+y<6,2x-y>0 (c) x+y>6,2x-y<0 (d) None of these

9. The present value of an annuity of Rs 3,000 for 15 years at 4.5% p.a. C.I. is : (a)Rs 23,809.67 (b)Rs 32,218.67(c)Rs 32,908.67 (d)None of these

10. The effective rate equivalent to nominal rate of 6% compounded monthly is: (a) 6.05 (b) 6.16

MAGNAZEAL FOR CA/ICWA/MECCPT – MODEL TEST 1 Maximum Marks: 100

QUANTITATIVE APTITUDE AND ECONOMICS

If A, B and C started a business by investing Rs 1,26,000, Rs 84,000 and Rs 2,10,000.If at the end of the year profit is Rs 2,42,000 then the share of

proportion?

, then the value of �� !�

log�" 36 Then

Area of a rectangular garden is 8000 square metres. Ratio in length and breadth is 5:4 .A path of uniform width , runs all round the inside of the

, what is its

Positive value of ‘k’ for which the roots of equation

4y+5=0,

The present value of an annuity of Rs 3,000 for 15

(b)Rs 32,218.67 (d)None of these

The effective rate equivalent to nominal rate of

11. If the difference between simple interest and compound interest is Rs 11 at the rate of 10% for two years, then find the sum.(a)Rs 12,00 (b)1,100(c)1,000 (d)None of these

12. How much amount is required to be invested every year as to accumulate Rs.6,00,end of 10 years. If interest is compounded annually at 10% rate of interest[Given (1.1)10=2.59374]. (a)Rs.37,467 (b)Rs.37,476 (c)Rs.37,647 (d)Rs.37,674

13. (n+1)!=20 (n-1)!, find n (a)6 (b)5 (c)4 (d)10

14. In how many ways can the letters of ‘REGULATION’ be arranged so that the vowels come at odd places? (a) 5! 5! (b) 10! (c) 5! (d) None of these

15. In how many ways can a family consist of three children here different birthdays in a leap year(a) 365�� (b) 366�(c)366 x 365 x 364 (d) 366�

16. A contractor who fails to complete a building in a certain specified time is com200 for the first day of extra time required and the reafter forfeited amount is increased by Rs 25 for every day. If he loses Rs 9,450, for how many days did he over-run the contract time?(a)19 days (b)21 days (c)23 days (d)25 days

17. The sum of the third and ninth term of an A.P. is 8.Find the sum of the first 11 terms of the progression. (a)44 (b)22 (c)19 (d)11

18. Out of 20 members in a family, 11 like to take tea and 14 like coffee. Assume that each one likes at least one likes. How many members for like both.(a)2 (b)3 (c)4 (d)5

19. If f(x)=%&'��

%'� , then f(5) is

(a)0 (b)1 (c)10 (d)not defined

20. Lim*→∞�

� � �& �

�� ⋯ … … �.!is equal to

(a) � (b) � (c)2

21. f(x)= /015 2 3&

� , 0 5 6 5 50 x � 55 2 ��3& , 6 7 5

8Then f(x) is:

(a)Continuous at x=5 (b)Discontinuous at x=5 (c)Undefined at x=5 (d)None of the above

22. Let a function be defined as follows:

94x, when 0 5 6 5 15 2 x, when x > 1 8


Maximum Marks: 100

QUANTITATIVE APTITUDE AND ECONOMICS

If the difference between simple interest and compound interest is Rs 11 at the rate of 10% for

years, then find the sum. (b)1,100 (d)None of these

How much amount is required to be invested every year as to accumulate Rs.6,00,000 at the

interest is compounded annually at 10% rate of interest[Given

(a)Rs.37,467 (b)Rs.37,476 (c)Rs.37,647 (d)Rs.37,674

In how many ways can the letters of ‘REGULATION’ be arranged so that the vowels

None of these

In how many ways can a family consist of three children here different birthdays in a leap year ��-3 ��

A contractor who fails to complete a building in a certain specified time is compelled to forfeit Rs 200 for the first day of extra time required and the reafter forfeited amount is increased by Rs 25 for every day. If he loses Rs 9,450, for how many

run the contract time?

The sum of the third and ninth term of an A.P. is 8.Find the sum of the first 11 terms of the

Out of 20 members in a family, 11 like to take tea and 14 like coffee. Assume that each one likes at

How many members for like both.

(d)not defined !is equal to

(d)1

8Then f(x) is:

(b)Discontinuous at x=5

Let a function be defined as follows: 8

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(a)Continuous at x=1 (b)Continuous at x=0 (c)Continuous no where. (d)Continuous for all, except x=1

23. Lim?→��? |?|

A?'�|?| �

(a)2 (b)1/6 (c)3/7 (d)Does not exit

24. B |3|3

' dx � ________ (a)-1 (b)0 (c)1 (d)2

25. B 2�% . 3�% . 5% . F6 �––––

(a)��G.�&G.�GHIJ(A��) +c (b) ��G.�&G.�G

HIJ(��) +c

(c) ��G.�&G.�GHIJ("�) +c (d) ��G.�&G.�G

HIJ(��) +c

26. When the width of all classes is same , frequency polygon has not the same area as the Histogram: (a)False (b) True (c)Both (d) None

27. A table has_____parts: (a)Four (b) Two (c)Five (d) None

28. The distribution of profits of a company follows: (a) J-shaped frequency curve (b) U-shaped frequency curve (c) Bell –shaped frequency curve (d) Any of these

29. The column headings of a table are known as: (a) Body (b) Stub (c) box-head (d) Caption

30. A student obtained the mean and standard deviation of 100 observations as 40 and 5.1 respectively. It was later discovered that he had wrongly copied down an observation as 50 instead of 40 .The correct standard deviation is: (a)5 (b)6 (c)3 (d)7

31. If the A.M. and H.M. for two numbers are 5 and 3.2 respectively then the G.M. will be: (a) 4.05 (b) 16 (c) 4 (d) 4.10

32. Suppose a population A has 100 observations 101, 102, 103, …….200 and another population B has 100 observations 151, 152, 153,………250. If VA and VB represents the variance of the two populations respectively, then VA /VB =: (a) 9/4 (b)1 (c) 4/9 (d)2/3

33. If there are two groups with 75 and 65 as harmonic means and containing 15 and 13 observations. Then the combined H.M. is given by: (a) 70 (b) 80 (c) 70.35 (d) 69.48

34. If the covariance between two variables is 20 and the variance of one of the variables is 16, what would be the variance of the other variable? (a)More than 10 (b) More than 100 (c)More than 1.25 (d) Less than 10

35. Assume 69 and 112 as the mean values for X and Y respectively. ∑ dx =47, ∑ dx� =1475, ∑ dy =108, ∑ dy� � 3468 , ∑ dx dy � 2116 and N =8.

Where dx=X-69, dy=Y-112. Then the value of r is: (a)0.95 (b)0.65 (c)0.75 (d) 0.85

36. Given the following data: �%P � 0.4 &�P% � 1.6. The coefficient of determination is: (a) 0.74 (b)0.42 (c)0.58 (d)0.64

37. If the lines of regression in a bivariate distribution are given by x+ 2y=5 and 2x+3y=8, then the coefficient of correlation is (a)0.866 (b)-0.666 (c)0.667 (d)–0.866

38. Given the regression equations as 3x+y=13 and 2x+5y=20.Find regression equation of y on x. (a) 3x+y=13 (b) 2x+y=20 (c) 3x+5y=13 (d) 2x+5y=20

39. An urn contains 9 balls two of which are red, three blue and four black. Three balls are drawn at random .The probability that they are of same colour is:

(a)�

�A (b)��

(c)�

"� (d)None

40. Among the examinees in an examination 30%, 35% and 45% failed in Statistics, in Mathematics and in at least one of the subjects respectively. An examinee is selected at random .Find the probability that he failed in Mathematics only: (a) 0.245 (b) 0.2

(c) 0.254 (d) 0.55

41. If 10 men ,among whom are A and B, stand in a row, what is the probability that there will be exactly 3 men between A and B ? (a) 11/15 (b) 4/15 (c) 1/15 (d) 2/15

42. A dice is thrown once .What is the mathematical expectation of the number on the dice? (a)16/6 (b)13/2 (c)3.5 (d)4.5

43. The overall percentage of failure in a certain examination is 0.30.What is the probability that out of a group of 6 candidates at least 4 passed the examination? (a)0.74 (b)0.71 (c)0.59 (d)0.67

44. A manufacturer, who produces medicine bottles, finds that 0.1% of the bottles are defective. The bottles are packed in boxes containing 500 bottles. A drug manufacturer buys 100 boxes from the producer of bottles. Using Poisson distribution. find how many boxes will contains at least two defectives: [Given :S'�.� � 0.6065]

(a) 7 (b) 13 (c) 9 (d) 11

45. For a normal distribution N(T, U�),P(T 2 3U 5 6 5T � 3U)is equal to

(a)0.9973 (b)0.9546 (c)0.9899 (d)0.9788

46. The method of sampling in which each unit of the population has an equal chance of being selected in the sample is (a)Random Sampling (b)Stratified sampling (c)Systematic sampling (d)None of the above

47. If it know that the 95% LCL and UCL to population mean are 48.04 and 51.96 respectively. If the sample size is 100, what will be the value of the population S.D

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(a)8 (b)10 (c)12 (d)12.50

48. If the prices of all commodities in a place has increased 20% in Comparison to the base period prices, then the index number of prices for the place is now ______. (a)100 (b)120 (c)20 (d)150

49. Bowley’s index=150, Laspeyer’s index=180, then Paasche’s index=––– (a)120 (b)30 (c)165 (d)None of these.

50. In year 2005 the wholesale price index number is 286 with 1995 as base year, then how much the prices increased in 2005 in comparison to 1995? (a)286% (b)386% (c)86% (d)186%

51. Under Inductive method , the logic proceeds from: (a) General to particulars (b) Particular to general (c) Both (a) and (b) (d) None

52. Which of these would cause a rightward shift of the PPC curve? (a) Improvement in technology (b) Greater capital formation (c) Increase in population (d) All of these

53. Movement along the same demand curve shows: (a) Expansion of demand (b) Expansion of supply (c) Expansion and contraction of demand (d) Increase and decrease of demand

54. In case of a straight line demand curve meeting the two axes , the price elasticity of demand at the mid-point of the line would be:

(a)0 (b)1 (c)1.5 (d)2

55. Cross elasticity of demand between two perfect substitutes will be (a)Very high (b)Very low (c)Infinity (d)Zero

56. On which approach, Indifference curve analysis is based? (a) Cardinal approach. (b) Ordinal approach (c) Cardinal and ordinal both. (d) None of the above

57. Total utility derived from the consumption of a commodity is equal to Rs 5. Marginal utility is equal to 1 and consumer has bought 3 units .What will be his consumer surplus? (a) Rs 2 (b) Rs 2.5 (c) Rs 3 (d) Rs 4

58. The satisfaction which a consumer derives in the consumption of a commodity is equal to Rs 320.The price of that commodity is Rs 180.What will be his consumer surplus ? (a)180 (b)200 (c)140 (d)500

59. The supply of a goods refers to: (a) Actual production of goods (b) Total stock of goods (c) Stock available for sale (d) Amount of goods offered for sale at a

particular price per unit of time

60. If supply curve is Perfectly Inelastic, the supply curve is:

(a)Vertical (b) Horizontal (c)Upward sloping (d)Downward sloping

61. Iso quants are equal to: (a) Product Lines (b) Total utility lines (c) Cost lines (d) Revenue lines

62. What is Production in Economics:- (a) Creation /Addition of Utility (b) Production of food grains (c) Creation of services (d) Manufacturing of goods

63. Functions of the entrepreneur are: (a) Risk bearing (b) Initiating a business enterprise and resource

co-ordinating (c) Introducing new innovations (d) All of the above

64. Law of diminishing returns is applicable in: (a) Manufacturing industry (b) Agriculture (c) Neither (a) nor (b) (d) Any economic activity at a point of time

65. Innovation theory of entrepreneurship is propounded by (a)Knight (b)Schumpeter (c)Max Weber (d)Peter Drucker

66. Which of the following cost curves is never ‘U’ shaped?

(a) Average cost curve (b) Marginal cost curve (c) Total cost curve (d) Average Fixed cost curve

67. Economic cost excludes: (a) Accounting cost + explicit cost (b) Accounting cost +implicit cost (c) Explicit cost +Implicit cost (d) Accounting cost+ opportunity cost

68. Fixed cost is known as______cost (a)Prime (b)Supplementary (c)Overhead (d)Direct

69. When AC curve is rising, the MC curve must be –––– to it (a)Equal (b)Above (c)Below (d)Parallel

70. Given the relation MR=P�1 2 V!if e>1 then

(a) MR>0 (b)MR<0 (c)MR=0 (D)None

71. Under monopoly price discrimination depends upon:

(a) Elasticity of demand for commodity (b) Elasticity of supply for commodity (c) Size of market (d) All of above

72. Firm in a monopolistic market are price______ (a)Takers (b)Givers (c) Makers (d)Acceptors

73. Market which have two firms are known as: (a)Oligopoly (b) Duopoly (c)Monopsony (d) Oligopsony

74. For maximum profit, the condition is: (a)AR=AC (b)MR=MC (c)MR=AR (d) MC=AC

75. In the long run : (a) Only demand can change (b) Only supply can change

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(c) Both demand and supply can change (d) None of these

76. OPEC is an example of: (a)Monopolistic competition (b)Monopoly (c)Oligopoly (d) Duopoly

77. In monopolistic competition excess capacity in the firm_____. (a) Always Exists (b) Sometimes Exists (c) Never Exists (d) None of the above

78. A gini Index of zero represents perfect____: (a)Equality (b) Inequality (c)Profit (d)Loss

79. Which year is known as the “Year of Great Divide”. (a)1921 (b) 1951 (c)1981 (d)1991

80. Which of the following states has the largest number of schedule casts? (a)UP (b)Orissa (c)Bihar (d)Madhya Pradesh

81. ____provide food Storage facility in India. (a)IDBI (b)FCI (c)ICICI (d)IFCI

82. AGMARK is related to: (a) Agriculture. (b) Industries . (c) Services. (d) Service

83. NABARD was established on there commendation of: (a)Public Accounts Committee (b)Shivaraman Committee (c)Narasimhan Committee (d)None of the above

84. Net national product at factor cost is also known as: (a) Net Domestic product (b) Gross National product (c) National Income (d) Personal Income

85. The most important problem of estimating National Income is. (a) Unorganized Market (b) Double Counting (c) Population rise (d) Income Inequalities

86. GNP=GDP+_____: (a) Depreciation (b) Indirect taxes (c) NFIA (d) Subsidies

87. Transfer payments are. (a) Payments transferred from Central

Government account to State Government account

(b) Payments made to factors of production by the organizer.

(c) Payments made for no return service. (d) None of the above.

88. Personal disposable income means: (a) Personal income-personal direct taxes (b) Personal income –Net Indirect taxes (c) Personal income + personal direct taxes (d) Personal income +Net indirect taxes

89. Income tax in India is ___in nature: (a) Direct Progressive (b) Direct regressive (c) Direct Degressive (d) Indirect progressive

90. Service Tax was introduced in: (a)1993-94 (b) 1995-96 (c)1994-95 (d)1996-99

91. Fringe Benefit Tax came in____. (a)1994-95 (b) 1995-96 (c)2001-02 (d)2005-06

92. The family Planing scheme was introduced in : (a)1621 (b)1966 (c)1975 (d)2000

93. Population explosion occurs due to: (a) High Birth Rate (b)Low Birth Rate (c) High Birth Rate as well as Low Death Rate (d) High Death Rate

94. Out of 12 major ports,____is true top traffic handler. (a) Kolkata (b) Cochin (c) Mumbai (d) Kandla

95. Pradhan Mantri Bharat Jodo Pariyojana is related to ––– (a)Communictions (b)Social integration (c)Linking of rivers (d)Development of highways.

96. Deficit Financing means: (a) Public expenditure in excess of public revenue (b) Public revenue in excess of public expenditure (c) Both (a) & (b) (d) None

97. Liberalisation and Globalisation are: (a) Regulatory (b) Complementary (c) Contradictory (d) Competitive

98. ________ refers to that portion of total deposits with a commercial bank has to keep with the central bank: (a) SLR (b) Bank rate (c) CRR (d) None

99. Banking Ombudsman means: (a) Persons appointed to recover dues from

defaulting borrowers. (b) A Person to whom customers can approach for

redress of their grievances. (c) A Person appointed to settle dispute between

employees & management (d) A Person appointed by RBI to oversee the

functioning of foreign banks. 100. The ‘lender of last resort’ means:

(a) The Government coming to the rescue of sick industries.

(b) Commercial Banks coming to the rescue of the Cooperative banks.

(c) Central Bank coming to the rescue of banks in times of financial crisis.

(d) None of the above

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MODEL TEST-1 (SECTION-A)

Accounts and Mercantile Law (100 Marks)

1 B 21 A 41 A 61 B 81 C

2 B 22 B 42 D 62 D 82 D

3 A 23 B 43 C 63 C 83 C

4 A 24 B 44 D 64 A 84 B

5 A 25 D 45 C 65 A 85 D

6 B 26 C 46 C 66 D 86 B

7 A 27 B 47 B 67 D 87 C

8 C 28 D 48 C 68 A 88 C

9 D 29 A 49 A 69 B 89 A

10 A 30 C 50 B 70 C 90 A

11 D 31 A 51 D 71 A 91 A

12 B 32 D 52 B 72 D 92 D

13 A 33 A 53 C 73 B 93 B

14 C 34 B 54 D 74 A 94 B

15 A 35 A 55 A 75 D 95 B

16 A 36 B 56 C 76 C 96 D

17 A 37 D 57 A 77 D 97 A

18 B 38 D 58 A 78 D 98 A

19 A 39 A 59 C 79 C 99 A

20 B 40 B 60 A 80 B 100 A

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MODEL TEST-1 (SECTION-B)

CPT – Quantitative Aptitude and Economics (100 Marks)

1 A 21 A 41 D 61 A 81 B

2 A 22 A 42 C 62 A 82 A

3 A 23 D 43 A 63 D 83 B

4 C 24 B 44 C 64 D 84 C

5 C 25 B 45 A 65 B 85 B

6 D 26 A 46 A 66 D 86 C

7 A 27 C 47 B 67 A 87 C

8 B 28 C 48 B 68 C 88 A

9 B 29 D 49 A 69 B 89 A

10 B 30 A 50 D 70 A 90 C

11 B 31 C 51 B 71 A 91 D

12 C 32 B 52 D 72 C 92 B

13 C 33 A 53 C 73 B 93 C

14 A 34 B 54 B 74 B 94 D

15 C 35 A 55 C 75 C 95 D

16 B 36 D 56 B 76 C 96 A

17 A 37 D 57 A 77 A 97 B

18 D 38 D 58 C 78 A 98 C

19 D 39 C 59 D 79 A 99 B

20 A 40 A 60 A 80 A 100 C

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SECTION A: FUNDAMENTALS OF ACCOUNTING AND MERCANTILE LAW 1. S Ltd. issued 2,000, 10% Preference shares of

Rs.100 each at par, which are redeemable at a premium of 10%. For the purpose of redemption, the company issued 1,500 Equity Shares of Rs.100 each at a premium of 20% per share. At the time of redemption of Preference Shares, the amount to be transferred by the company to the Capital Redemption Reserve Account will be (a) Rs.50,000 (b) Rs.40,000 (c) Rs.2,00,000 (d) Rs.2,20,000

2. W Ltd. issued 20,000, 8% debentures of Rs.10 each at par, which are redeemable after 5 years at a premium of 20%. The amount of loss on redemption of debentures to be written off every year will be ________. (a) Rs.40,000 (b) Rs.10,000 (c) Rs.20,000 (d) Rs.8,000

3. On May 01, 2009, Y Ltd. issued 7% 40,000 convertible debentures of Rs.100 each at a premium of 20%. Interest is payable on September 30 and March 31, every year. Assuming that the interest runs from the date of issue, the amount of interest expenditure debited to Profit and Loss Account for the year ended March 31, 2010 will be (a) Rs.2,80,000 (b) Rs.2,33,333 (c) Rs.3,36,000 (d) Rs.2,56,667

4. Asha Ltd. issued shares of Rs.100 each at a premium of 25%. Mamta, who has 2,000 shares of Asha Ltd., failed to pay first and final call of Rs.5. Premium was taken by Asha Ltd. at the time of allotment. On forfeiture of Mamta’s shares, the amount to be debited to securities premium account will be (a) Rs.5,000 (b) Rs.10,000 (c) RS.15,000 (d) Nil

5. Bajaj Ltd. issued 25,000 equity shares of Rs.10 each payable at Rs.2 on application, Rs.3 on allotment, Rs.2 on first call and the balance in the final call. Archit, who has 1,000 shares paid full value of shares with allotment money. The amount to be debited to bank account at the time of receipt of first call money will be (a) Rs.50,000 (b) Rs.47,000 (c) Rs.49,000 (d) Rs.48,000

6. A Ltd. forfeited 1,000 equity shares of Rs.10 each, issued at par for non-payment of first call of Rs.2 and second call of Rs.3 per share. For recording this forfeiture, calls in arrear account will be credited by (a) Rs.4,000 (b) Rs.1,000 (c) Rs.5,000 (d) Rs.10,000

7. Huge Ltd. issued 25,000 equity shares of Rs.100 each at a premium of Rs.15 each payable as Rs.25 on application, Rs.40 on allotment and balance in the first call. The applications were received for 75,000 equity shares but the company issued to them only 25,000 shares. Excess money was

calls. Last call on 500 shares were not received and were forfeited after due notice. The above is the case of (a) Oversubscription (b) Pro-rata allotment (c) Forfeiture of shares (d) All of the above

8. Koina Ltd. issued 15,00,000, 12% debentures of Rs.50 each at premium of 10% payable as Rs.20 on application and balance on allotment. Debentures are redeemable at par after 6 years. All the money due on allotment was called up and received. The amount of premium will be (a) Rs.3,00,00,000 (b) Rs.2,25,00,000 (c) Rs.75,00,000 (d) Rs.5,25,00,000

9. Shiva Ltd. issued 20,000 shares of Rs.10 each. Payments were to be made as – on application Rs.3; on Allotment Rs.4 and on First and Final Call Rs.3. Applications were received for 20,000 shares and all were accepted. All money duly received. Balance Sheet total will be ______. (a) Rs.2,00,000 (b) Rs.1,62,000 (c) Rs.1,90,000 (d) None of the three

10. Interest on capital will be paid to the partners if provided for in the agreement but only from ______. (a) Profits of the year (b) Reserves (c) Accumulated Profits (d) Goodwill

11. A, B and C share profit and losses in the ratio of 3:2:1. Upon admission of D they agreed to share in the ratio of 5:4:2:1 sacrificing ratio will be: ___ (a) 1/12:NIL:NIL (b) NIL:1/12:NIL (c) NIL:NIL:1/12 (d) None of the three

12. J and R are equal partners U is admitted as a partner for ¼ share of profits but is unable to contribute premium for goodwill in cash amounting to Rs.8,000 and so it is decided to raise a loan A/c in the name of U. Journal entry will be (a) U’s loan A/c Dr. 8,000

To J 8,000 (b) U’s loan A/c Dr. 4,000

To R 4,000 (c) U’s Loan A/c Dr. 8,000

To J 4,000 To r 4,000

(d) None of the three 13. Rishi is a partner in a firm. He withdrew the

following amounts during the year ended on 31st December, 2009. February 1 Rs.12,000 April 30 Rs.6,000 June 30 Rs.9,000 August 31 Rs.12,000 October 1 Rs.8,000 December 31 Rs.7,000 Interest on drawings @ 9% p.a. will be (a) Rs.2,295 (b) Rs.2,000 (c) RS.2,200 (d) None of the above

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14. A, B & C are partners sharing profits & losses in equal ratio. A paid firm’s liability of Rs.10,000 out of his private funds. How will you record this in firm’s books? (a) No entry will be made in the books of the firm (b) A’s Capital A/c Dr. Rs.10,000

To Liability A/c Rs.10,000 (c) Liability A/c Dr. Rs.10,000

To A’s Capital A/c Rs.10,000 (d) Liability A/c Dr. Rs.10,000

To All partner’s Capital A/c Rs.10,000 15. Rattan and Karan entered into partnership on April

1, 2009. They invested capital Rs.15,000 and Rs.10,000 respectively. It was agreed that 8% p.a. interest will be calculated both on capital and drawings. Drawings were made as follows: Ratan Karan June 30 600 800 Sept. 30 500 700 Dec. 31 400 600 Karan was entitled to a salary of Rs.250 p.m. Profit before adjusting interest and salary was Rs.8848. Divisible profit will be (a) Rs.4,000 (b) Rs.3,000 (c) RS.5,000 (d) None of the three

16. A, B and C entered into partnership on 1st April, 2009 to share profits and losses in the ratio of 4:3:3. A, however, personally guaranteed that C’s share of profit after charging interest on capital @ 5% p.a. would not be less than Rs.40,000 in any year. Capitals were as follows. A-Rs.3,00,000 B-Rs.2,00,000 C-Rs.1,50,000 Profit for the year ended on 31st March 2010 amounted to Rs.1,60,000. Sacrifice made by A for C will be ______ (a) Rs.1,750 (b) Rs.1,800 (c) Rs.2,000 (d) None of the above

17. (i) Actual average profit Rs.72,000 (ii) Normal rate of return 10% (iii) Assets Rs.9,70,000 (iv) Current Liabilities Rs.4,00,000 Goodwill according to capitalization method will be (a) Rs.1,50,000 (b) Rs.1,40,000 (c) Rs.1,60,000 (d) None of the three

18. O Ltd. maintains the inventory records under perpetual system of inventory. Consider the following data pertaining to inventory of O Ltd. held for the month of March 2010:

Date Particulars Quantity Cost per

Unit (Rs.)

Mar. 1 Opening Inventory 15 400

Mar. 4 Purchases 20 450

Mar. 6 Purchases 10 460

If the company sold 32 units on March 24, 2010, closing inventory under FIFO method is (a) Rs.5,200 (b) Rs.5,681 (c) Rs.5,800 (d) Rs.5,950

19. The opening Inventory of the current year is over stated by Rs.10,000, and closing inventory is over stated by 17,000. These errors will lead the net income for the current year to be (a) Rs.7,000 understated (b) Rs.17,000 overstated (c) Rs.7,000 overstated (d) Rs.17,000 understated

20. Cost of goods sold Rs.20,000 Closing Inventory Rs.8,000 Opening Inventory Rs.6,000 Amount of purchases will be (a) Rs.24,000 (b) Rs.18,000 (c) Rs.22,000 (d) Rs.34,000

21. P of Faridabad sent out goods costing Rs.45,000

to Y of Delhi at cost + 33 �%. 1/10th of goods

were lost in transit. 2/3rd of the goods received are sold at 20% above invoice price. The amount of sale value will be: (a) Rs.54,000 (b) Rs.43,200 (c) Rs.60,000 (d) Rs.36,000

22. M/s Mittal & Sen & Co. sends goods costing Rs.50,000 to M/s Suneja & Jadeja & Co. for sale at invoice price. The invoice price of the goods was Rs.60,000. Former spends Rs.2,000 on freight for sending the delivery and later spends Rs.1,500 for receiving the delivery. M/s Suneja & Jadeja & Co. sold 90% of goods at invoice price and earned a commission of Rs.5,400. In the due course he made some credit sales also out of which some amount were proved to be bad and was borne by him only. Remaining goods were taken back by M/s Mittal & Sen & Co. The balance due was paid by M/s Suneja & Jadeja & Co. through a demand draft. The above transactions are in the nature of: (a) Consignment (b) Joint venture (c) Sale of goods on sale or return basis (d) Credit sales

23. 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) Rs.5,500 (b) Rs.6,500 (c) Rs.7,500 (d) Rs.3,500

24. A and B enter into a joint venture in timber trading. A pays for purchase of timber Rs.2,00,000 and expenses Rs.2,000. He draws a bill of exchange on B for Rs.1,00,000 and discounts it with Bank for Rs.95,000. B sells the timber for Rs.2,50,000 and pays expenses Rs.3,000 B is entitled to get a commission of 10% on sale A is entitled to get an interest of Rs.12,000 on his capital. Profit on venture will be (a) Rs.3,000 (b) Rs.4,000 (c) Rs.5,000 (d) None of the three

25. C of Calcutta and D of Delhi entered into a joint venture for the purpose of buying and selling second-hand motor cars. C to make purchases and D to effect sales. A sum of Rs.1,00,000 was sent by D to C for this joint venture. C purchases 10 cars for Rs.80,000 and spent Rs.43,500 for their reconditioning and dispatched them to Delhi. His other expenses were 2½% purchase commission and miscellaneous expenses Rs.250. D spent Rs.7,500 as railway freight and Rs.3,750 an Octroi at the time of taking delivery. He sold all the cars

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for Rs.1,88,500. His expenses were Insurance Rs.1,500; Garrage rent Rs.2,500; Brokerage Rs.6,850 and other expenses Rs.4,500. Profit on venture will be (a) Rs.36,150 (b) Rs.36,000 (c) Rs.35,000 (d) None of the three

26. X enters into a joint venture with Y. The goods were purchased by X and Y amounting Rs.20,000 and Rs.40,000 respectively. Y incurred the expenses of Rs.5,000. Goods were sold by X and Y amounting Rs.22,000 and Rs.39,000. Goods unsold were taken over by Y for Rs.2,000. The profit or loss on joint venture is (a) Profit of Rs.2,000 (b) Loss of Rs.2,000 (c) Profit of Rs.1,000 (d) Loss of Rs.1,000

27. Furniture bought on 1st October 2008 for Rs.40,000 was sold on 31st March, 2010 for Rs.36,000. Depreciation is harged @ 10% p.a. on original cost. Accounting year closes on 31st March every year. Profit on sales will be (a) Rs.3,000 (b) Rs.1,000 (c) Rs.4,000 (d) Rs.2,000

28. Depreciation at 5% on office furniture of Rs.8,000; at 10% on Plant and Machinery of Rs.80,000; at 5% on Factory Building of Rs.2,00,000. Total depreciation will be ______ (a) Rs.18,000 (b) Rs.18,400 (c) Rs.20,000 (d) None of the above

29. On 1st Jan. 2009 Loose Tools A/c showed the balance of Rs.4,320. On 31st Dec. 2009 closing balance of loose tools wer Rs.4,680. During the year loose tools were purchased for Rs.1,440. Depreciation on loose tools will be (a) Rs.1,080 (b) Rs.1,200 (c) Rs.1,000 (d) None of the three

30. Sunset Tours has Rs.3,500 account receivable from Mohan. On January 20, the later makes a partial payment of Rs.2,100 to Sunset Tours. The journal entry made on January 20 by Sunset Tours to record this transaction includes: (a) A credit to the cash received account of

Rs.2,100 (b) A credit to the Accounts receivable account of

Rs.2,100 (c) A debit to the cash account of Rs.1,400 (d) A debit to the accounts receivable account of

Rs.1,400 31. As per Section 12 of Negotiable Instruments Act,

which of the following is not a foreign bill? (a) A bill drawn outside India and made payable

outside India. (b) A bill drawn outside India and made payable

in India. (c) A bill drawn outside India on a person resident

in India (d) A bill drawn in India on a person resident

outside India and made payable outside India. 32. If a bill is drawn on 24 November for 60 days, it

will mature on (a) 26 January (b) 25 January (c) 24 January (d) 21 January

33. Bill of Rs.15,000 accepted by A was endorsed by B to C on account of final settlement of Rs.18,000. The benefit of Rs.3,000 earn by B was

(a) Credited to discount received A/c by Rs.3,000 (b) Credited to rebate account by Rs.3,000 (c) Credited to discount allowed A/c Rs.3,000 (d) Not shown in the books of B at all

34. Sohan runs a departmental store. He renovates his shop to increase its space. The amount of Rs.75,000 was incurred on renovation. The amount to be charged to Profit and Loss A/c is (a) Rs.75,000 (b) Rs.10,000 (c) NIL (d) None of the above

35. Rs.40,000 spent on repairs of newly purchased old machinery is debited to (a) Repairs a/c (b) Cash a/c (c) General expenses a/c (d) Machinery a/c

36. Amount spent for the construction of temporary huts which were necessary for construction of the overbridge (flyover) and demolished when the flyover was ready is a (a) Capital expenditure (b) Deferred Revenue expenditure (c) Revenue expenditure (d) Both (a) and (c)

37. If a reliable estimate of probable outflow of resources to settle a present obligation cannot be made, it is- (a) To be recognized as liability (b) To be recognized as provision (c) To be disclosed as a contingent liability (d) None of these

38. The concept that “an accountant shouldn’t anticipate profit, but must provide for all losses” is known as (a) The conservatism concept (b) The consistency concept (c) The materiality concept (d) The reduction concept

39. Economic life of an enterprise is split into periodic interval as per _______ concept (a) Materiality (b) Periodicity (c) Accrual (d) Conservation

40. One of the Fundamental accounting assumption is (a) Materiality (b) Going Concern (c) Business entity (d) Dual aspect

41. A change in accounting policy is justified (a) To comply with accounting standard (b) To ensure more appropriate presentation of

the Financial statements of the enterprise (c) To comply with law (d) All of the above

42. The first Accounting Standard (AS-1) issued by the Institute of Chartered Accountants of India is on (a) Disclosure of Accounting Policies (b) Valuation of Inventories (c) Revenue Recognition (d) Change in Financial Position of an Entity

43. What are the important objects of accounting? (a) To maintain records (b) Depiction of financial position (c) Make information available to various groups

and users. (d) All of the three

44. On 31st December, 2009 Ashok Ltd. purchased a machine from Mohan Ltd., for Rs.1,75,000. This is (a) A transaction (b) An event (c) None of these

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(d) A transaction as well as an event 45. Which of the following sets of expense are the

direct expenses of business? (a) Wages, Carriage Inward, Octroi (b) Postage, Wages, Carriage Inward (c) Purchase, Wages, Coal Expenses (d) Both (a) and (c)

46. If sales revenue are Rs.3,00,000; cost of goods sold is 2,00,000 and operating expenses are Rs.50,000 the gross profit is (a) Rs.50,000 (b) Rs.1,00,000 (c) Rs.1,50,000 (d) Rs.2,50,000

47. Average Inventory = Rs.12,000. Closing Inventory is Rs.3,000 more than opening Inventory. The value of closing Inventory will be (a) 24,000 (b) 12,000 (c) 10,500 (d) 13,500

48. The following information pertaining to a firm as on 31 December 2009 Opening Inventory Rs.20,000 Purchases Rs.1,50,000 Sales Rs.1,40,000 Gross profit on sales has been 25%. The cost of goods sold during the year will be (a) Rs.12,000 (b) Rs.1,75,000 (c) Rs.1,40,000 (d) Rs.1,05,000

49. A manager gets 10% commission on sales. Cost price of goods sold is Rs.80,000 which he sold at a margin 20% on sale. Amount of commission will be (a) Rs.16,000 (b) Rs.9,600 (c) Rs.10,000 (d) Rs.6,000

50. Bank Reconciliation Statement is (a) A part of the cash book (b) A statement showing the causes of differences

between the balance of cash book and passbook

(c) A part of financial statement (d) None of the above

51. Debit balance as per cash book of Shyam enterprises as on 31.3.2010 is Rs.1,500. Cheques deposited but not cleared amount Rs.100 and cheque issued but not presented is Rs.150. The bank allowed interest amounting Rs.50 and collected dividend Rs.50 on behalf of ABC enterprises. Balance as per pass book should be (a) Rs.1,650 (b) Rs.1,600 (c) Rs.1,850 (d) Rs.1,450

52. Overdraft as per cash book is Rs.6,340. Interest on overdraft for 6 month ending 31st December, 2011 Rs.160 is entered in pass book. Interest on investment collected by bank and credited in the pass book Rs.1,200. Overdraft as per pass book will be (a) Rs.5,300 (b) Rs.7,380 (c) Rs.7,700 (d) Rs.4,980

53. Suspense Account given in the Trial Balance will be entered in the: (a) Manufacturing A/c (b) Balance Sheet (c) Trading A/c (d) Profit and Loss a/c

54. After preparing the trial balance the accountant find the total of the credit side is short by Rs.2,000. This difference will be (a) Debited to Suspense a/c (b) Credited to suspense a/c (c) Adjusted to any of the credit balance a/c

(d) Adjusted to any of the debit balance a/c 55. Trial balance does not check

(a) Valuation of liabilities (b) Valuation of assets (c) Both (a) and (b) (d) Arithmetical accuracy of books of accounts

56. Sales Tax payable is a (a) Current Assets (b) Personal A/c (c) Nominal Ac/ (d) Real A/c

57. Opening Trade receivables Rs.1,50,000 Total sales Rs.50,000 Cash received from customers Rs.30,000 Cash sales Rs.15,000 Sales Returns Rs.3,000 Bad debts Rs.7,000 Bills received from customers Rs.15,000 Trade receivables at the end will be (a) Rs.1,40,000 (b) Rs.1,30,000 (c) Rs.1,20,000 (d) Rs.1,50,000

58. When the goods are returned to a supplier (a) A debit note is sent to him (b) An account sale is sent to him (c) A receipt is sent to him (d) Either (b) or (c)

59. The following is a book of original entry & also part of the ledger: (a) The Journal (b) Cash Book (c) Sales Book (d) B/R Book

60. Error which affect only one account can be (a) Error of complete omission (b) Error of posting (c) Compensatory errors (d) None of the above

61. Which of the following statement is true? (a) An agreement is an unaccepted proposal (b) An agreement enforceable by law is a contract (c) An agreement can only consist of an offer (d) An agreement can only consist of an

acceptance 62. An agreement enforceable by law is a ______

(a) Promise (b) Contract (c) Obligation (d) Lawful Promise

63. What is legal terminology for the doing or not doing of something which the promisor desires to be done or not done? (a) Desires (b) Wishes (c) Consideration (d) Promise

64. As per the Indian Contract Act, 1872 every person is competent to contract provided he: (a) Is of the age of majority according to the law

to which he is subject. (b) Is of sound mind (c) Is not disqualified from contracting by any law

to which he is subject. (d) All of the above

65. The Doctrine of Privity of Contract states that _______. (a) A contract cannot confer any right on one who

is not a party to the contract, even though the very object of the contract may have been to benefit him

(b) A contract can confer right on one who is not a party to the contract, if the contract benefits him

(c) A contract always confers right on one who is not a party to the contract

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(d) A contract can confer rights on strangers. 66. In case of illegal agreements, the collateral

agreements are: (a) Valid (b) Void (c) Voidable (d) Any of these

67. A person who is mentally deranged due to same mental strain or other personal experience and suffers from intermittent intervals of sanity and insanity is _________ (a) Idiot person (b) Lunatic person (c) Intoxicated person (d) All of the above

68. In a joint family business there should be ________ members (a) Maximum 20 (b) Unlimited (c) No. of persons decided by the government (d) Maximum 10

69. _______ can perform the contract (a) Promise alone (b) Legal representative of promisor (c) Agent of the promisor (d) All of these

70. Contract caused by which of the following is void? (a) Fraud (b) Misrepresentation (c) Coercion (d) Bilateral Mistake

71. The distinction between fraud and misrepresentation are the following: (a) Misrepresentation is innocent whereas fraud is

deliberate or willful. (b) In misrepresentation the person making the

suggestion believes it to be true while in case of a fraud he does not believe it to be true.

(c) In misrepresentation there can be no suit for damages whereas in fraud there can be a suit for damages.

(d) All of the above 72. Coercion involves:

(a) Physical Force or Threat (b) Mental Pressure (c) Both (a) and (b) (d) None of the above

73. According to the Indian Contract Act, 1872, Consent is said to be free when it is not caused by _________. (a) Misrepresentation (b) Undue Influence (c) Coercion (d) All of the above

74. Moral pressure is involved in the case of (a) Coercion (b) Undue Influence (c) Misrepresentation (d) Fraud

75. Champerty means (a) An agreement to trade with the enemy owing

allegiance to a government at war with India (b) An agreement whereby a person promises to

maintain a suit, by money or otherwise, in which he has no interest.

(c) An agreement whereby a person agrees to help another in a litigation in exchange of a share of the result of the litigation.

(d) An agreement to stifle criminal prosecutions tend to be a perversion or an abuse of justice.

76. Suit for specific performance and suit for injunction __________. (a) Are remedies which provides the same result (b) Are different remedies and they provide

different results

(c) Are not the correct way to act against the party committing the breach

(d) Are the only correct way to act against the party committing the breach

77. A agrees to pay B Rs.500/- if a particular ship does not return to the port. The ship was sunk. The contract _________-. (a) Can be enforced by B (b) Cannot be enforced by B (c) Is a wagering contract (d) Is unlawful, illegal and against public policy

78. The difference between contingent contract and wagering agreements are as follows: (a) A wagering agreement consists of reciprocal

promises whereas a contingent contract may not contain reciprocal promises.

(b) In a wagering agreement the uncertain event is the sole determining factor while in a contingent contract the event is only collateral.

(c) A wagering agreement is void whereas a contingent contract is valid.

(d) All of the above. 79. The basis of ‘quasi contractual relations’ is the

______. (a) Existence of a valid contract between the

parties. (b) Prevention of unjust enrichment at the

expenses of others. (c) Provisions contained in Section 10 of the

Contract Act (d) Existence of a voidable contract between the

parties. 80. Novation means

(a) Substituting a new contract for the old one (b) Cancellation of the old contract (c) Modifying or altering the terms of contract

such that it has the effect of substituting a new contract for the old one.

(d) Dispensing away the performance of the promise made by the other party

81. Partnership (a) Arises by operation of law (b) Comes into existence only after registration (c) Can arise by agreement or otherwise (d) Arise by way of an agreement only

82. Registration of a firm is _______ (a) Compulsory (b) Optional (c) Occasional (d) None of the above

83. Partner by holding out is also known as _______ (a) Active partner (b) Dormant partner (c) Partner by estoppel (d) Partner by stoppage

84. A new partner can be admitted in the firm with the consent of (a) All the partners (b) Simple majority of partners (c) Special majority of partners (d) New partner only

85. A partner may retire from a firm (a) With consent of all other partners (b) With the consent of main partner (c) With the consent of sleeping partner (d) No consent of any partner

86. Dissolution of partnership means _________ (a) Dissolution of partnership between all the

partners of a firm (b) Insolvency of all the partners

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(c) Both of the above (d) None of the above

87. True test of partnership is ________ (a) Sharing of profits (b) Sharing of profits and losses (c) Mutual agency (d) Existence of an agreement to share profits of

the business 88. A firm is the name of:

(a) The partners (b) The minors in the firm (c) The business under which the firm carries on

business (d) The collective name under which it carries on

business 89. The most important element in partnership is:

(a) Business (b) Sharing of profits (c) Agreement (d) Business to be carried on by all or any of them

acting for all 90. A mate’s receipt

(a) Is a document of title to goods (b) Is an acknowledgement for the receipt of

goods (c) Both the above (d) None of the above

91. The agent should be in possession of goods with the consent of the ______ (a) Owner (b) Seller (c) Buyer (d) Principal

92. Conditions and warranties ________ (a) Must be expressed (b) Must be implied if not expressed (c) May either be expressed or implied (d) None of the above

93. The essence of a right of lien is to ________ (a) Deliver the goods (b) Retain the possession (c) Regain the possession (d) None of the above

94. If the buyer rejects the whole quantity of goods due to short delivery or excess delivery, the contract is treated as (a) Subsisting (b) Cancelled (c) Void (d) Invalid

95. Goodwill is _________ (a) Tangible asset (b) Liquid Asset (c) Fixed Asset (d) Intangible asset

96. Contract of sale means (a) A contract between one person to another for

exchange of property in goods (b) A contract between buyer and seller for

exchange of property in goods (c) A contract between buyer and seller intending

to exchange property in goods for a price (d) All of these

97. Delivery means _________ (a) Compulsory transfer of possession by one

person to another person (b) Voluntary transfer of possession by one

person to another (c) Mere transfer of possession by one person to

another person (d) All of these

98. A stipulation in a contract of sale of goods where violation by seller gives a right of recision to buyer, is called ________ (a) Guarantee (b) Warrantee (c) Condition (d) Term

99. Which of the following is not an implied condition in a contract of sale? (a) Condition as to title (b) Condition as to description (c) Condition as to free from encumbrance (d) Condition as to sample

100. Which of the following is false? An offer to be valid must: (a) Intend to create legal relations (b) Have certain & unambiguous terms (c) Contain a term the non-compliance of which

would amount to acceptance (d) Be communicated to the person to whom it is

made



SECTION B: QUANTITATIVE APTITUDE AND ECONOMICS 1. If q:p is the sub duplicate ratio of q-x2:p-x2, then

x2 is

(a) X YXY (b)

XYX'Y

(c) XY

X Y (d) None of these

2. If p:q=r:s, implies q:p=s:r, then the process is called (a) Componendo (b) Invertendo (c) Alternendo (d) Dividendo

3. Log 8+log9 is expressed as (a) log72 (b) log27

4. 3/� Z 6�/� Z 2�/� is equal to

(a) 10 (b) 12 (c) 14 (d) 0

5. Find value of K, if line 2x+Ky-g=0 and 3x-4y+7=0 are parallel (a) -8/3 (b) 2/3 (c) -4 (d) 3

6. If 5 � [6 � \6 � √6 … … … ∞, then value of x is

(a) 10 (b) 20 (c) 5 (d) ∞

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7. Find the equation of line passing through the point (-2,3) and having x-intercept 4 units. (a) 2x+y-4=0 (b) x+2y-4=0 (c) x+y-4=0 (d) x-y-4=0

8. If y=5xx, then dy/dx is equal to ________ (a) 5xx(1-log x) (b) 5xx-1 (c) 5xx(1+log x) (d) None of these

9. If ^ � S�%� �%& % _ then dy/dx is __________

(a) (3ax2+2bx+c)y (b) 3ax2+2bx+c

(c) S�%� �%& % _ (d) None of these

10. B �6 2 %!� F6 is equal to ________

(a) %�� 26 2

% � � (b) %�� 2 26 2

% � �

(c) %�� 26 �

% � � (d) None of these

11. Let `(6) � %&'�% �%'� , 6 ≠ 3, `(3) � 0, then f(x) is

(a) Continuous at x=3 (b) Discontinuous at x=3 (c) Discontinuous for all x (d) None of these

12. lim%→b � � .….. cc& is equal to

(a) 1 (b) ½ (c) 0 (d) None of these

13. The value of B _%%(%&') is equal to

(a) � log �1 �

%&! (b) � log �1 2

%&! � d

(c) log �1 2 %&! (d) None of these

14. How many numbers greater than 2000 can be formed with the digits 1,2,3,4,5 with each digit distinct? (a) 216 (b) 120 (c) 24 (d) 240

15. Eleven students are participating in a race. In how many ways the first 5 prizes can be won? (a) 44550 (b) 55440 (c) 120 (d) 90

16. Mr. A plans to invest upto Rs.30,000 in two stocks X and Y. Stock X(x) is priced at Rs.175 and Stock Y(y) at Rs.9 per share. This can be shown by ________.

(a) 175x+95y≤30,000

(b) 175x+95y≥30,000 (c) 175x+95y=30,000 (d) None of these

17. The sum of a series in A.P. is 72 the first term being 17 and the common difference -2. The number of terms is (a) 6 (b) 12 (c) 6 or 12 (d) 10

18. The ways of selecting 4 letters from the word EXAMINATION is (a) 136 (b) 130 (c) 125 (d) None of these

19. The sum of 3 numbers of a G.P. is 39 and their product is 729. The numbers are (a) 3, 9, 27 (b) 2, 4, 6, 8 (c) 5, 9, 13, 17 (d) None of these

20. In what time will Rs.85,000 amount to Rs.1,57,675 at 4.5% p.a. Simple Interest? (a) 18 years (b) 18.5 years (c) 19 years (d) 20 years

21. On what sum will the compound interest at 5% per annum for two years compounded annually be Rs.1,640? (a) Rs.18,081 (b) Rs.17,000 (c) Rs.18,000 (d) Rs.19,000

22. Find the future value of an annuity of Rs.500 is made annually for 7 years at interest rate of 14% compounded annually. Given that (1.14)7=2.5023. (a) Rs.5,635.35 (b) Rs.5,365.35 (c) Rs.6,535.35 (d) Rs.6,355.35

23. If e(6) � %'% , e �2

�! is

(a) 1 (b) 2 (c) 3/2 (d) 3

24. If the set P has 3 elements, Q four and R two then the set P×Q×R contains (a) 9 elements (b) 20 elements (c) 24 elements (d) None of these

25. Five times of a positive whole number is 3 less twice the square of the number. The number is (a) 3 (b) 4 (c) -3 (d) 2

26. Which of the following is not a two-dimensional figure ? (a) Line Diagram (b) Pie Diagram (c) Square Diagram (d) Rectangle Diagram.

27. Using Ogive curve, we can determine (a) Median (b) Quartile (c) Both (a) and (b) (d) None.

28. The width of each of ten classes in a frequency distribution is 2.5 and the lower class boundary of the lowest class is 10.6. which one of the following is the upper class boundary of the heighest class ? a) 35.6 b) 33.1 c) 30.6 d) none of these

29. Most extreme values which would ever be included in a class interval are called: (a) Class Interval (b) Class Limits (c) Class Boundaries (d) None

30. For a moderately skewed distribution of marks in statistics for a group of 100 students, the mean mark and median mark were found to be 50 and 40. What is the modal mark? a) 15 b) 20 c) 25 d) 30

31. The average marks scored by 50 students in a class were calculated to be 38. Later it was found, that marks of two students were wrongly copied as 34 and 23 instead of 43 and 32. Find correct average marks? a) 37.36 b) 39.00 c) 38.36 d) None of these

32. The standard deviation of 100 and 150 items are 5,6 respectively; if mean of 250 item is 44, mean of 100 and 150 item are 50 and 40 respectively, then find S.D. for 250 items. (a) 7.46 (b) 7.64 (c) 6.74 (d) 4.67

33. For the numbers 2,4,6,…….2n standard deviation is __________

(a) [*&'� (b) [*&'

�

(c) [*&'� (d) None of these

34. If a,b,c,d,e are five consecutive odd integers!, then their average is (a)a+5 (b)abcde/5 (c) 5(a+b+c+d+e) (d) a+4

35. If x denotes height of a group of students expressed in cm. and y denotes their weight expressed in kg., then the correlation coefficient between height and weight. a) Would be shown in kg.

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b) Would be shown in cm. c) Would be shown in kg. and cm. d) Would be free from any unit.

36. Under Algebraic method we get _______ linear equations (a) One (b) two (c) three (d) five

37. The coefficient of rank correlation of marks obtained by 10 students in English and Economics was found to be 0.5 it was later discovered that the difference in ranks in the two subjects obtained by one student was wrongly taken as 3 instead of 7. Find correct coefficient of rank correlation. (a) 0.514 (b) 0.26

(c) 0.15 (d) None of these 38. Regression coefficient are

(a) dependent of change of origin and of scale. (b) independent of both change of origin and of

scale. (c) dependent of change of origin but not of scale. (d) independent of change of origin but not of

scale 39. If the probability of a horse A winning a race is

1/6 and the probability of a horse B winning the same race is 1 /4, _________ is the probability that one of the horses will win. a) 5/12 b) 7/12 c) 1/12 d) 1/7

40. A pair of dies is thrown and sum of the numbers on the two dice comes to be 7. What is the probability that the number 3 has come on one of the dice? a) 1/9 b) 1/3 c) ¼ d) None of these.

41. If 10 coins are tossed 100 times, how many times would you expect 7 coins to fall head upward. (a) 14 (b) 12 (c) 13 (d) 11

42. A dice is thrown once. What is the mathematical expectation of the number on the dice ? (a) 16/6 (b) 13/2 (c) 3.5 (d) 4.5

43. If P(A/B) = P(A), then A and B are (a) Mutually exclusive events (b) Dependent events (c) Independent events (d) Composite events

44. If the 1st quartile and Mean Deviation about median of a normal distribution are 3 3.25 and 8 respectively, then the mode of the distribution is : (a) 20 (b) 10 (c) 15 (d) 23

45. For a Poisson distribution P (x = 3) = 5 P(x = 5), then S.D. is (a) 4 (b) 2

(c) 16 (d) 2

46. For a certain normal variate X, the mean is 12 and S.D. is 4. Find P(X ≥ 20):[Area under the normal curve from z=0 to z=2 is 0.4772] (a)0.5238 (b) 0.0472 (c) 0.7272 (d) 0.0228.

47. A random sample was taken to estimate the mean annual income of 100 families and the mean and standard deviation were found to the Rs. 6,300 and Rs. 9.5 respectively find standard error for 95% confidence level

a) 2.25 b) 1.50 c) 2.15 d) 1.862

48. As the sample size decreases, standard error: a) Increases b) Decreases c) Remains constant d) Increases proportionately

49. In 2004 for working class people wheat was selling at an average price of Rs.16 per 20 kg, cloth at Rs.2 per meter, house rent Rs.30 per house and other items at Rs.10 per unit By 2005 cost of wheat rose by Rs. 4 per 20 k.g, house rent by Rs. 15 per house and other items doubled in price. The working class cost of living index for the year 2005 (with 2004 as base) was 160. By how much did cloth rose in price during the period: a) 1.28 b) 0.99 c) 1.73 d) 1.30

50. The life expectancy, E of male is o linear function of time (year). It is given that in 1980 the life expectancy was 70 years and in 2000 it was 75 years. Make a prediction of life expectancy in 2012. a) 78 b) 80 c) 82 d) 84.

51. Who expressed the view that “Economics should be neutral between ends”? (a) Robbins (b) Marshall (c) Pigou (d) Adam Smith

52. Which of the following pairs of goods is an example of substitutes? (a) Tea and sugar (b) Tea and coffee (c) Pen and ink (d) Shirt and trousers

53. The consumer is in equilibrium when the following condition is satisfied:

(a) fgGfgh 7 iGih (b)

fgGfgh 5 iGih

(c) fgGfgh � iGih (d) None of the above

54. In describing a given production technology, the short run is best described as lasting (a) Up to six months from now (b) Up to five years from now (c) As long as all inputs are fixed (d) As long as at least one input is fixed

55. A firm encounters its “shutdown point” when: (a) Average total cost equals price at the profit-

maximizing level of output (b) Average variable cost equals price at the

profit-maximizing level of output (c) Average fixed cost equals price at the profit-

maximizing level of output (d) Marginal cost equals price at the profit-

maximizing level of output. 56. The industrial sector faced the process of

retrogression and deceleration during. (a) 1950-1965 (b) 1990-2005 (c) 1980-1995 (d) 1965-1980

57. _______ is the apex bank for agriculture credit. (a) RBI (b) SIDBI (c) NABARD (d) ICICI

58. India has the _______ largest scientific and technical manpower in the world. (a) Fifth (b) Tenth (c) Eighth (d) Third

59. _______ unemployment may result when some workers are temporarily out of work while changing job.

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(a) Cyclical (b) Voluntary (c) Frictional (d) Seasonal

Use below Table to answer questions 10-12 Output(O) 0 1 2 3 4 5 6

Total

Cost(TC) Rs.240 Rs.330 Rs.410 Rs.480 Rs.540 Rs.610 Rs.690

60. The average fixed cost of 2 units of output is: (a) Rs.80 (b) Rs.85 (c) Rs.120 (d) RS.205

61. The marginal cost of the sixth unit of output is: (a) Rs.133 (b) Rs.75 (c) Rs.80 (d) Rs.450

62. Diminishing marginal returns starts to occur between units: (a) 2 and 3 (b) 3 and 4 (c) 4 and 5 (d) 5 and 6

63. Consumer surplus is highest in the case of: (a) Necessities (b) Luxuries (c) Comforts (d) Conventional necessities

64. The AR curve and industry demand curve are same: (a) In the case of monopoly (b) In the case of oligopoly (c) In the case of perfect competition (d) None of the above

65. Stagflation means ________. (a) Inflation with recession (b) Recession with stagnation (c) Inflation galloping like a stag (d) Inflation and increasing output.

66. _______ has been founded to act as permanent watchdog on the international trade. (a) IBRD (b) ADB (c) WTO (d) IMF

67. _____ measure usually gives the lowest estimate of unemployment especially for poor economy. (a) Usual Status (b) Current Weekly Status (c) Current Daily Status (d) Current Yearly Status

68. Marginal revenue will be negative if elasticity of demand is _____. (a) Less than one (b) More than one (c) Equal to one (d) Equal to Zero

Use below table to answer questions 19 and 20.

Hours of Labour

Total Output Marginal Product

0 1 2 3

200

480

200 160

69. What is the total output when 2 hours of labour are employed? (a) 160 (b) 200 (c) 360 (d) 400

70. What is the marginal product of the third hour of labour? (a) 120 (b) 160 (c) 200 (d) 480

71. Which of the following has been specifically established to meet the requirements of credit of the farmers and villagers? (a) ICICI Bank (b) Regional Rural Banks (c) State Bank of India (d) EXIM Bank

72. In the theory of demographic transition in the last stage.

(a) Birth rate rises, death rate rises (b) Birth rate falls, death rate rises (c) Birth rate rises, death rate falls (d) Birth rate falls, death rate falls

73. FRBM Act stands for: (a) Fiscal Revenue and Budget Management (b) Foreign Revenue and Business Management (c) Fiscal Responsibility and Budget Management (d) Foreign Responsibility and Budget

Management 74. Fiscal policy means:

(a) Policy relating to money and banking in a country

(b) Policy relating to public revenue and public expenditure

(c) Policy relating to non banking financial institutions

(d) None of the above 75. Narrow money refers to:

(a) M1 (b) M2 (c) M3 (d) M4

76. Three steel plants in Bhilai, Rourkela and Durgapur were set up in the _______. (a) First plan (b) Second plan (c) Third plan (d) Fourth plan

77. At present, 100 percent FDI is allowed in _______. (a) Defence (b) Drugs and pharmaceuticals (c) Banks (d) Insurance

78. Most of the unemployment in India is ________. (a) Voluntary (b) Structural (c) Frictional (d) Technical

79. If the marginal (additional) opportunity cost is a constant then the PPC would be ___________. (a) Straight line (b) Convex (c) Backward leading (d) Concave

80. If a good is a luxury, its income elasticity of demand is _________. (a) Positive and less than 1 (b) Negative but greater than -1 (c) Positive and greater than 1 (d) Zero

81. _______ is also known as planning curve. (a) Long run average cost curve (b) Short run average cost curve (c) Average variable cost curve (d) Average total cost curve

82. Broad money refers to (a) M1 (b) M2 (c) M3 (d) M4

83. Of the major 12 ports, ______ has been top traffic handler for the last five years. (a) Paradip (b) Cochin (c) Kandla (d) Mumbai

84. EPCG stands for _________ (a) Export Promotion Capital Goods (b) Expert Programme for Credit Generation (c) Exchange Programme for Consumer Goods (d) Export Promotion Consumer Goods

85. All of the following are U shaped curves except the: (a) AVC curve (b) AFC curve (c) AC curve (d) MC curve

86. An underdeveloped economy is generally characterized by a: (a) High ratio of commercial farming to

subsistence farming

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(b) High ratio of industrial output to total output (c) High utilization of existing capital in the

economy (d) Coexistence of underutilized labour with

unexploited national and other resources 87. The sale of branded articles is common in a

situation of _________. (a) Excess capacity (b) Monopolistic competition (c) Monopoly (d) Pure competition

88. Who is regulatory authority for telecom in India? (a) SEBI (b) TRAI (c) MTNL (d) BSNL

89. _______ controls affect indiscriminately all sectors of the economy. (a) Selective credit (b) Quantitative (c) Margin requirements (d) Optional

90. ‘The lender of last resort’ means __________. (a) The government coming to the rescue of poor

farmers (b) Central bank coming to the rescue of other

banks in times of financial crisis (c) Commercial banks coming to the rescue of

small industrial units (d) People coming to the rescue of commercial

banks in times of their financial crisis. 91. Service Tax was introduced in the financial year

______. (a) 1991-92 (b) 2001-02 (c) 1994-95 (d) 1995-96

92. _______ is a systematic record of all the economic transactions between one country and rest of the world. (a) Balance of trade (b) Balance of transactions (c) Budget (d) Balance of payments

93. If borrowings and other liabilities are added to the budget deficit we get _________. (a) Revenue deficit (b) Capital deficit (c) Primary deficit (d) Fiscal deficit

94. In terms of deposit mobilization, _______ leads other states. (a) U.P (b) Maharashtra (c) Kerala (d) Bihar

95. The following table provides a breakdown of a country’s population (millions):

Total population Unemployed people looking for a job Retired people People confined to correctional institutions Children (below the working age) Full-time students (not looking for a jot) Employed people Other adults not in the labour force

228 18 28 2

36 4

126 14

Based on the information in above table, the country’s unemployment rate is (a) 7.9% (b) 12.5% (c) 20.2% (d) 22.2%

96. BPO stands for ________. (a) Bharat Petro Organization (b) Business Process Outsourcing (c) Big Portfolio Outsourcing (d) Business Partners Organization

97. NIXI stands for: (a) National Internet Exchange of India (b) National International Exchange of India

(c) National Institute of Exchange of Indian goods (d) None of the above

98. If demand for goods and services is more than their supply, the resultant inflation is: (a) Cost push inflation (b) Stagflation (c) Deflation (d) Demand pull inflation

99. Consumer surplus is the area __________. (a) Below the demand curve and above the price (b) Above the supply curve and below the price (c) Above the demand curve and below the price (d) Below the supply and above the price

100. A market structure in which many firms sell products that are similar but not identical is known as (a) Monopolistic competition (b) Monopoly (c) Perfect competition (d) Oligopoly

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MAGNAZEAL FOR CA/ICWA/MEC CONTACT: 96522 33336

Visit us: www.magnazeal.com [BEST FOR CA-CPT, IPCC AND FINAL COACHING WITH 18 FULL TIME FACULTY]

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Model TEST-2 (SECTION-A)

Accounts and Mercantile Law (100 Marks)

1 A 21 B 41 D 61 B 81 D

2 D 22 A 42 A 62 B 82 B

3 D 23 D 43 D 63 C 83 C

4 D 24 A 44 D 64 D 84 A

5 D 25 A 45 D 65 A 85 A

6 C 26 B 46 B 66 D 86 B

7 D 27 D 47 D 67 B 87 C

8 C 28 B 48 D 68 B 88 D

9 A 29 A 49 C 69 D 89 D

10 A 30 B 50 B 70 D 90 B

11 A 31 C 51 A 71 D 91 A

12 C 32 B 52 A 72 A 92 C

13 A 33 A 53 B 73 D 93 B

14 C 34 C 54 B 74 B 94 A

15 A 35 D 55 C 75 C 95 D

16 A 36 A 56 B 76 B 96 C

17 A 37 C 57 B 77 A 97 B

18 D 38 A 58 A 78 D 98 C

19 C 39 B 59 B 79 B 99 C

20 C 40 B 60 B 80 A 100 C

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MODEL TEST-2 (SECTION-B)

CPT – Quantitative Aptitude and Economics (100 Marks)

1 C 21 A 41 D 61 C 81 A

2 B 22 B 42 C 62 C 82 C

3 A 23 D 43 C 63 A 83 C

4 B 24 C 44 A 64 A 84 A

5 A 25 A 45 D 65 A 85 B

6 B 26 A 46 D 66 C 86 D

7 B 27 C 47 D 67 A 87 B

8 C 28 A 48 B 68 A 88 B

9 A 29 C 49 A 69 C 89 B

10 B 30 B 50 A 70 A 90 B

11 A 31 C 51 A 71 B 91 C

12 B 32 A 52 B 72 D 92 D

13 B 33 A 53 C 73 C 93 D

14 A 34 54 D 74 B 94 B

15 B 35 D 55 B 75 A 95 B

16 A 36 B 56 D 76 B 96 B

17 C 37 B 57 C 77 B 97 A

18 A 38 D 58 D 78 B 98 D

19 C 39 A 59 C 79 A 99 A

20 C 40 B 60 C 80 C 100 A

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CURRENT AFFAIRS FOR DECEMBER 2015 EXAM

Union Budget: 2015-16

�� Union Finance Minister Arun Jaitly on 28th February 2015 presented union Budget 2015-16 in the Loksabha.

�� Total Budget outlay Rs.17,77,477 crores.

�� No change in personal tax.

�� Health Insurance Premium deduction hiked from Rs.15,000 to Rs.25,000. For senior citizen to Rs.30,000.

�� 2015-16 growth between 8 to 8.5%.

�� Benami Property Transaction Bill to tackle black money trasaction in real estate soon.

�� 100% deduction for contribution to swacha Bhara and Clean Ganga Project.

�� Goods and Service Tax (GST) to be put in place by 1st April 2016.

Taxation in Budget 2015-16:

�� Abolition of Wealth Tax.

�� Additional 2% surcharge for the super rich with income of over Rs.1 crore.

�� Rate of corporate tax to be reduced to 25% from existing 30% over next four years.

�� No change in tax slabs.

�� Service Tax increased from 12.36% to 14.5%[Including .5% swach bharat cess with effect 15/11/2015]

�� Undisclosed income to be taxed on maximum marginal rate.

AGRICULTURE:

�� RS.25,000 crore for Rural Infrastructure Development Bank.

INFRASTRUCTURE:

�� Tax free bonds for projects in Rail, Road and Irrigation.

�� ATAL INNOVATION MISSION to be established to draw on expertise of entrepreneurs and researchers to foster

scientific innovations, allocation of Rs.150 crore.

�� National Investment and Infrastructure Fund (NIIF) to be established with an annual flow of Rs.20,000 crores to

it.

EDUCATION:

�� Kerala to have University of Disability studies.

WELFARE SCHEMES:

�� JAM trinity [Jan Dhan Yojana, Adhaar and Mobile] to improve quality of life and to pass benefits to common

man.

�� Six crore toilets across the country under the Swachh Bharat Abhiyan.

�� MUDRA: Micro Units Development Refinance Agency to encourage first generation SC/ST entrepreneurs.

�� APY: Atal Pension Yojana.

�� Pradhan Mantri Suraksha Bima Yojana to cover accidental death risk of Rs.2 lakh for a premium of just Rs.12

per year.

�� Pradhan Mantri Jeevan Jyothi Bima Yojana to cover both natural and accidental death risk of Rs.2 lakh at

premium of Rs.330 per year.

�� To enable minority youth a new scheme named Nayi Manzil will be started.

RAILWAY BUDGET 2015-16:

�� Railway Minister Suresh Prabhu on 26th Feb 2015 presented Railway Budget.

�� TRANSLOC: Transport Logistic Corporation.

�� Constituting an innovation council called “KAYAKALP” for business re-engineering and introducing a spirit of

innovation in Railways.

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ECONOMIC SURVEY 2014-15:

�� Union Finance Minister Arun Jaitly on 27th February 2015 presented Economic Survey of India 2014-15 in the

parliament.

FINANCE COMMISSION:

�� The Finance Commission is a constitutional body formulated under Article 280 of the Indian Constitution.

�� Finance Commission is constituted every five years by the president of India.

�� The 14th Finance commission was appointed on 2nd January 2013.

�� Fourteenth Finance Commission chairman Dr. Y. Venugopal Reddy.

IMPORTANT POINTS

�� Union Government launched “SEHAT” to provide health care facilities in rural areas.

�� Lok Sabha passed Negotiable Instruments (Amendment) Bill 2015 on 6th August 2015.

�� NGT: National Green Tribunal.

�� Pradhan Mantri Krishi Sinchayee Yojana (PMKSY)

�� Union Minister of commerce and Industry: Nirmala Sitharaman.

�� Prime Minister Narendra Modi on 1st January 2015 announced the devision to replace the 65 years old planning

commission with a new organization named National Institute of Transforming Indian [NITI Aayog].

�� MISSION INDRADHANUSH: launched on 25th December 2014 to achieve full immunization coverage for all

children by 2020.

�� Deendayal Upadhyaya Gram Jyothi Yojana (DDUGJY) a rural electrification scheme. It is a new scheme which

replaces existing scheme Rajiv Gandhi Grameen Vidyutikaran Yojana.

�� DBTL: Direct Benefit Transfer of LPG

�� JAYAPUR village near Varanasi was adopted by Prime Minister Narendra Modi under Sansad Aadarsh Gram

Yojana.

�� Make in India campaign launched by Prime Minister Narendra Modi on 25th September 2014 to make India a

manufacturing hub.

�� Deen Dayal Updhyaya Antyodaya Scheme launched by Union Government on 25th September 2014 for the

alleviation of urban and rural poverty through enhancement of livelihood opportunity through skill development

and other menas.

�� Union Government recently declared 25th September as ANTHODAYA DIWAS.

�� According to SEBI norms Rs.10 crores in the minimum investment an investor is needed to make through book

building process to be called an ANCHOR INVESTOR.

�� Kerala Government inaugurated 12 MW solar power project in Cochin International Airport.

�� SMART VAULT is the name of the locker facility launched by ICICI Bank.

�� SBI Buddy launched M-Wallet application on 19th August 2015.

�� RBI notified interest Subvention Scheme 2015-16 of Union Government for Banks.

�� Through “Branch Authorization Policy” RBI allows banks to merge or close branches in urban areas.

�� Union Government approved direct release of wages into bank accounts of workers belong to MNREGA.

�� Final guidelines for 6 year and 13 year Interest Rate Futures are issued by RBI.

�� HPCL: Hindustan Petroleum Corporation Limited.

�� NPCIL: Nuclear Power Corporation of India Limited.

�� Government Issued Ordinance for National Food Security Programme: Government of India on July 3,

2013 issued an ordinance to start a Rs.1.3 trillion ($ 22 Billion) welfare programme that would bring cheap food

to hundreds of millions of poor people through the country. The National Food Security Programme will provide

highly subsidized food to about two thirds of India’s population.

(i) Programme aims to provide subsidized wheat and rice to 70% of India’s Population.

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(ii) Upto three quarters of people in the rural areas and upto half of the urban population would get 5 kgs of

grains per month at subsidized prives (Rs.3 per kg for Rice, Rs.2 per kg for wheat and Rs.1 per kg for

coarse grains)

(iii) The poorest households would continue to receive 35 kilograms of grains per month under the ‘Antyodaya

Anna Yojana’ at subsidized prices.

(iv) Pregnant women and lactating mothers would receive a maturity benefit of at least Rs.6000/-

�� CAA: Civil Aviation Authority

�� DGCA: Directorate – General of Civil Aviation

�� The major aim of devaluation is to Encourage Exports.

�� After 1991, the union Government implemented various reforms in the area of taxation. This is based on the

recommendations of Raja Chellaiah Committee.

�� In the crop year 2011-12, West Bengal produced highest rice production in the country (1st Rank) with 14.85

million tones.

�� In respect of wheat production in the country UP ranks 1st (during 2011-12) with 30.29 million tone.

�� Madhya Pradesh state is called Soyabean State in India

�� CHHATTISGARH state is called “Rice Bowl” state.

�� Union Government has decided to launch “National Urban Aajeevika Mission” in 2013-14 for poverty alleviation,

in urban areas. This programme will replace “Swarna Jayanti Sahari Rojgar yojana”.

�� Union cabinet has approved to launch ‘National Urban health Mission” (NUHM). This will cover the cities having

population more than 50,000.

�� Government has constituted an expert group for defining clearly the two terms “FDI” and “FII” under the

chairmanship of ARAVIND MAYARAM.

�� In the ranking of top-10 country’s most valued companyis ONGC.

�� As per the latest estimates of the planning commission the poverty ratio in 2011-12 in India is 21.9%.

�� Delhi is the first state/UT in India to officially launch the food security scheme on August 2013, the birth

anniversary of Former Prime Minister Rajiv Gandhi.

�� State wise poverty ratio in 2011-12 was highest in Chhattisgarh (39.93%).

�� The minimum amount of investment in newly introduced inflation index bonds is Rs.10,000/-

�� NCEAR: National Council of Applied Economic Research.

�� ROSHNI: Ministry of Rural Development, (Government of India) launched on June 7, 2013 a new “Skill

Development Scheme” aimed at providing employment to Tribal youth in 24 Naxal affected districts.

�� Seven Maharashtra Public sector enterprises (PSUS) are:

1. ONGL

2. NTPC

3. SAIL

4. Indian Oil Corporation (IOC)

5. Coal India Limited (CIL)

6. Bharat Heavy Electrical Ltd (BHEL)

7. Gas Authority of India Limited (GAIL)

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�� Competition Commission of India (CCI): The government has introduced the Bill for competition

(Amendment) Act, 2012 in Parliament, to give the competition watchdog teeth. The amendment bill also

proposes that all corporate mergers be cleared by the Competition Commission of India (CCI) within 180

days.

IMPORTANT ACTS

�� The Budget 2000-01 introduced the Central Value Added Tax (CENVAT).

�� New Education Policy or Nation Policy on Education was made in 1986.

�� The government of India adopted the Monopolies and Restrictive Trade Practices (MRTP) Act in 1969.

�� MRTP Commission was set up in 1970.

�� S. Raghavan Committee appointed to study and bring modification in MRTP Act.

�� Competition Act 2002 was passed in December 2002.

�� The competition Act 2002 Provides for the establishment of the competition commission of India (CCI).

�� Foreign Exchange Regulation ACT enacted in 1973 and it came into force on 1st January 1974.

�� The securities and Exchange Board of India (SEBI) setup in 1988 was given statutory recognition in 1992 on

the recommendations of the Narasimham committee.

�� Securities and Exchange Board of India Act 1992.

�� Right of children to Tree and compulsory Education Act (RTE Act).

�� Micro, small and Medium enterprises Development Act 2006.

�� Fiscal responsibility and budget management act (FRBMA) 2003.

�� RBI controls and supervise commercial Banking system under RBI Act 1934 and t he banking regulation act

1949.

�� Postal Index Number (PIN) introduced in 1972.

�� Patent infringement act (PIA) passed in 2006.

�� Income Tax in India was introduced in 1860 but it was discontinued in 1873. It was introduced in 1886.

�� Estate Duty was first introduced in India in 1953 and abolished in 1985.

�� Gift tax was first introduced in 1958. It was abolished in 1998. Gift tax partially reintroduced in April 2005.

�� Foreign Exchange Management Act (FEMA) was made in 1999.

�� WPI: A new Wholesale Price Index (WPI) series with 2004-05 base has come into force w.e.f September

14, 2010.

�� 12th Five year plant started from 1st April 2012. It’s duration is 2012-17.

�� CMIE stands for Centre of Monitoring Indian Economy.

�� IDBI was setup in 1964. It was delinked from RBI from 16th FEB 1976.

�� Prime Lending Rates (PLR) is the rate at which banks normally give loan to their most favoured customers.

�� Agriculture Seasons: (i) Kharif Crop : July to October

(ii) Rabi Crop : October to February

(iii) Zaid Crop : March to June

�� Audit Advisory Board (AAB): According to report released on 24th July, 2011, a new Audit Advisory Board

has been constituted under the Comptroller and Auditor General (CAG) of India of advise CAG in Audit

matters and Ssuggest improvements.

�� The term “Demographic Gap” significe the difference between the Birth Rate and Death Rate.

�� 14th Finance Commission Chairman is Y. Venugopa Reddy.

�� Industrial Growth measured in terms of the Index of Industrial Production (IIP).

�� Indian Railway is divided into 17 zones out of which Northern Railway (New Delhi) zone has the highest

kilometers Rute.

�� 17th Railway Zone is Kolkata Metro Railway.

�� Finance Minister P. Chidambaram on 22nd September 2012 approved the operational features of the “Rajiv

Gandhi Savings Scheme” (RGESS) to attract 1st time investors to the stock Market through a tax saving

mechanism so as to provide an alternative to investment in gold assets and their by suppers demand for the

yellow metal (Gold).

�� For Banks it has been made mandatory to print (1). Indian Financial Structure Code (IFSC) and (2).

Magnetic Ink Character Recognition (MICR) code to the pass book of the customer.

�� Chairman of 14th Finance commission �Dr. Y.Venugopal Reddy

�� RBI Governor �Raghuram Rajan

�� NABARD was established on 12th July 1982.

�� EXIM Bank was established on 1st January 1982.

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�� Longest National High way : NH No:7.

�� First Nationalization of commercial Banks:14 Banks(19th July 1969)

�� Second Nationalization of commercial Banks:6 Banks[April 1980]

�� Establishment of planning Commision:15th March 1950.

�� Nature of the planning commission: Non-Statutory and Advisory.

�� Establishment of National Development Council: August 6th 1952.

�� Chairman of planning commission and National Development Council: Prime Minister.

�� Completed Five year plans:11

�� Ongoing Five Year Plan:12(1st April 2012 to March 31,2017)

�� Plan Gaps or plan Holidays : 1)1966 to 1969 2)1978 to 1980 3)1990 to 1992

�� Aam Aadmi Bima yojana started on: 31st August 2007

�� National Rural livelihood Mission started on: June 2011

�� Nation Urban livelihood Mission started on:2013–14.

�� Pradhan Mantri Jan Dhan yojana:28th August 2014.

�� Sansad Adarsh Gram yojana: October 11,2014

�� A major new mission that will be launched during the 12th plan is the “National Mission For sustainable

Agriculture(NMSA)”

�� LAMPS: Large sized Adivasi Multi Purpose societies.

�� The commission for Agricultural costs and prices(CACP) recommends the minimum support prices(MSP) for

24 important crops.

�� NFSM – National Food Security Mission.

�� Noted Agriculture Scientist Dr. Swaminathan gave a new call for doubling the present production of food

grains level from 210 million tones to 420 million tones. By the name “Ever Green Revolution”.

�� IIP – Index of Industrial Production.

�� SFURTI – Scheme of Fund for Regeneration of Traditional Industries was started during the 11th plan for the

development of Khadi, Village industries and coir.

�� List of Maharatna Public Sector Enterprises (Total:7)

1)Bharat Heavy Electricals Limited(BHEL) 2)Coal India Limited

3)Gas Authority of India Limited (GAIL) 4) Indian Oil corporation Limited(IOCL)

5)NTPC 6)Oil and Natural Gas Corporation Limited(ONGC)

7)Steel Authority of India Limited(SAIL)

�� Government of India has granted NAVARATNA status to containers corporation of India recently. Increasing

their number to 17 .

�� The first Indian Rail was run on April 16th 1853 from Bombay to Thane[34 km]

�� The Indian Railways was 3 types of gauge –

Broad Gauge :1676 mm.

Meter Gauge :1000 mm

Narrow Gauge :762mm and 610mm.

�� RKSK: Rastriya kishore swasthya karyakram[It is a new Health programme for Adolescents launched on 6th

January 2014].

�� ROSHNI is a skill development scheme for tribal youth.

�� At present TRYSEM is not in existence as it has been merged with swarna Jayanti Gram Swarojgar yojana

from April 1, 1999

�� National social security Fund constituted for labours of unorganized sector.

�� EXIM bank in India was established on January 1st 1982 for financing, facilitating and promoting foreign

trade in India.

�� National Housing Bank(NHB) was established in July 1988 as wholly owned subsidiary of RBI.

�� Union government has launched a new scheme named “Bharat Nirman Yojana” on December 16th, 2005.

This scheme aims at developing rural infrastructure.

�� Pradhan Mantri Bharat Jodi Pariyojana is related to: Development of Highways

�� CAPART: is related with assisting and evaluating rural welfare programmes.

�� Note issuing department of RBI should always possess the minimum gold stock of worth Rs.115 crores.

�� SEBI was established in 1988.

�� As per India state of Forest Report 2011, the state laving the maximum forest area is Madhya Pradesh.

�� Insider Trading is related to Share Market.

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�� Economic Planning is in concurrent list.

�� National Rural livelihood Mission(NRLM) was introduced in the year 2011-12

�� UNDP has introduced a new poverty index known as Multi-Dimensional Poverty Index.

�� Hawala means Illegal transactions of foreign exchange.

�� Mobile number portability service has been launched nationwide with effect from January 20th 2011.

�� Nirmal Gram Puraskar is associated with Total sanitation campaign.

�� India planning commission was constituted in 1950.

�� 24th February is celebrated as National Excise Duty Day.

�� SDR is the currency of IMF which is in the form of Book keeping entry only.

�� National Development Council was constituted in 1952

�� Inflation is measured in India on the basis of Wholesale price Index.

�� The newly introduced Indian Rupee symbol is based on Devnagri Script.

�� “Food for work programme” was renamed as NREP.

�� Scheduled Bank is that Bank which is included in the Second Schedule of RBI.

�� In Human Development Report 2014, Indian rank in HDI stand at 135th

�� FIPB: Foreign Investment Promotion Board.

�� RVNL: Rail Vikas Nigam Limited.

�� Goods and Service Tax(GST) Bill seeks to amend the constitution to introduce GST which will subsume

various central Indirect taxes including the central excise duty, countervailing duty, and service tax.

�� CSO: Central Statistics Organisation: It is the principal data collecting , processing and disseminating agency

responsible for co-coordinating, monitoring and supervising the National statistical system.

�� NITI Aayog vice- chairman-> Arvind Panagariya.

�� NFSA: National Food Security Act

�� PMJDY: Pradhan Mantri Jan Dhan yojana: It is a scheme for comprehensive financial inclusion launched by

Narendra Modi on 28th August 2014.

�� PMKVY:Pradhan Mantri Kaushal yojana.

�� Arun Jaitly flagged the Pradhan Mantri Gram Sinchai Yojana aimed at “per drop more crop” and

paramparagat krishi vikas yojana(organic farming) as the two important programmes in the agriculture

sector to increase productivity and production.

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Company Accounts

1. The number of members of a private limited

company cannot exceed _________

(a) 50 (b) 100

(c) 150 (d) 200

2. The companies act, 2013 permits the

formation of one man company

(a) True (b) False

(c) Partly true (d) Partly false

3. One person company must be registered with

the minimum paid up share capital

(a) 1 lakh (b) 2 lakhs

(c) 5 lakhs (d) 7 lakhs

4. Which type of companies are existing in India

(a) Public limited company

(b) Private limited company

(c) One person company

(d) All of the above

5. Under ______ companies Act, 2013 requires

that every company should maintain proper

books of accounts.

(a) Section 128 (b) Section 130

(c) Section 131 (d) Section 133

6. Under the _____ companies act, 2013 at the

Annual General meeting on the company, the

Board of directors of the Company shall lay

final accounts before the company.


(c) Section 130 (d) Section 131

7. Section 129 along with ________ of the

companies Act, 2013 deals with the

preparation of profit & loss account and

Balance sheet


(c) Schedule V (d) Schedule III

8. _______ and __________ of schedule III of

companies Act, 2013 deals with presentation

of profit & loss account and balance sheet.

(a) Part I and Part II

(b) Part I and section 210

(c) Part II and Section 211

(d) Part II and Part I

9. A private company and one person company

must be registered with the minimum paid up

share capital of _____.

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

(c) Rs.5,00,000 (d) Rs.10,00,000

10. As per companies act, 2013 application

money not less than _______ % of nominal

value of the share and as per SEBI guidelines

application money atleast _____% of issue

price.

(a) 5%, 25% (b) 25%, 25%

(c) 5%, 5% (d) 25%, 5%

11. The rate of interest paid on calls in advance

as per Table F is _________

(a) 5% (b) 6%

(c) 12% (d) 4%

12. According to Table F of the companies Act,

2013 interest on calls in arrears is charged at

the rate of _________

(a) 5% (b) 10%

(c) 15% (d) 20%

13. A company shall not issue shares at a

discount except as _________

(a) Equity shares (b) Bonus shares

(c) Right shares (d) Sweat equaity

14. If a company is not able to refund the excess

amount of share within the reasonable time.

The company will give them interest @:-

(a) 5% (b) 10%

(c) 15% (d) 20%

15. The underwriting commission in case of issue

of debentures cannot exceed ________

(a) 2.5% (b) 5%

(c) 7.5% (d) 10%

16. As per the companies act, 2013 preference

shares which are issued by company engaged

in infrastructural projects which are

redeemable with in ______ years.

(a) 24 years (b) 22 years

(c) 30 years (d) 20 years

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COMPANY ACCOUNTs Key

1 D 11 C

2 A 12 B

3 A 13 D

4 D 14 C

5 A 15 A

6 B 16 C

7 D

8 D

9 B

10 A

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cpt dec 2015 pre-exam kit - wordpress.com dec 2015 pre-exam kit contents: two cpt model test papers...

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