cpt memory based questions 16-6-2013 for ca students

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CA-CPT ‘JUNE-2013’ Question Paper

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EDUCATIONAL INSTITUTIONS

1. Cost of the machinery is Rs. 60,000. Depreciation @ 20% on SLM method. In 2nd year, they decidedto change the method, and adopt WDV method @ 20%. If the machine was sold for Rs. 30,000 at theend of the third year, loss on sale of the machinery.

(a) Loss Rs. 4,720 (b) Loss Rs. 720

(c) Loss Rs. 4,560 (d) None of the above

2. Areas in which different accounting policies are adopted

(a) Inventory valuation (b) Retirement benefit

(c) Goodwill Treatment (d) All of the above

3. ‘M’ Ltd allotted 10,000 shares to the applicants of Rs.14,000 shares on prorata basis. Application

money is Rs.2 per share. ‘Yogesh’ a share holder allotted 300 shares. The number of shares he applied.

(a) 420 (b) 300

(c) 350 (d) 214

4. ‘A’ & ‘B’ are partners in a firm sharing P& L in the ratio of 3:1. N new partner ‘C’ is admitted and hebrings Rs.40,000 as goodwill. New profit sharing ratio after admission is equal. The amount ofgoodwill to be shared by old partners as:

(a) Equally Rs.20,000 each

(b) ‘A’ will receive Rs.50,000 and ‘B’ will pay to ‘C’ Rs.10,000

(c) ‘A’ Rs.40,000 and ‘B’ Rs. Nil

(d) ‘B’ Rs.50,000 and ‘A’ Rs. Nil

5. While preparing B.R.S with balance as per cash book which of the following will not be added:

(a) Cheque deposited but not cleared

(b) Cheque issued but not presented

(c) Cheque directly deposited in bank by a customer

(d) All of the above

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6. X,Y and Z are partners sharing profit and loss in equal ratio. ‘X’ paid firms liability of Rs.10,000 out of his

funds. What is the journal entry to be passed by firm.

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

To X’s Capital A/c Rs.10,000

(b) X’s Capital A/c Dr. Rs.10,000

To Cash Rs.10,000

(c) No entry

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

To Cash A/c Rs.10,000

7. A and B share profits and losses in the ratio of 2:1. C is admitted with 1/4th share in profit, which heacquired 3/4th of his share from A and 1/4th of his share from B. New profit sharing ratio will be

(a) 2:1:1 (b) 1:1:1

(c) 3:1:1 (d) 23:13:12

8. Goods costing Rs.1,00,000 sent to customers on sale or return basis at cost plus 10 %. During the year50 % of the good have been accepted . 30 % of the goods returned and the balance goods were lyingwith customers at year end and time limit for approval is not expired. Amount of total stock to beshown in the financial statement

(a) Rs.1,00,000 (b) Rs.55,000

(c) Rs.50,000 (d) Rs.20,000

9. X Ltd. revealed the following information as on 31st March 2006:

Rs. Stock as on April 01, 2005 1,60,000 Purchases 3,20,000 Sales 4,00,000

Goods worth Rs.60,000 were destroyed. Insurance Company accepted the claim of Rs.20,000. The

G.P. on sales is 25%, the value of closing stock as on 31st March 2006.

(a) Rs.12,000 (b) Rs.80,000

(c) Rs.1,20,000 (d) Rs.60,000

10. Goods costing Rs. 4,000 (sales value of Rs.10,000) were destroyed by the fire .Scrap of Rs.400 wastaken over by Insurance Company. Insurance Company accepted a claim of Rs.2,700. What amount ofloss will be transferred to Profit & Loss A/c ?

(a) Rs.7,300 (b) Rs.1,700

(c) Rs.1,300 (d) Rs.900

11. Proprietors personal travelling expenses are not to be charged in business due to _____ concept.

(a) Materiality (b) Conservatism

(c) Business Entity (d) Going Concern

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12. Capital employed by firm is Rs.5,00,000. Normal rate of return 20 % . Past four years profits were asfollows :

1995 1,20,000 1996 1,80,000

1997 1,50,000 1998 2,00,000

Goodwill at 2 years purchase as per Super profits method .

(a) Rs.3,25,000 (b) Rs.1,62,000

(c) Rs.1,25,000 (d) Rs.3,12,500

13. In the B/S unclaimed dividend is shown under

(a) Reserve and Surplus (b) Current Liabilities

(c) Secured loans (d) Share capital

14. A and B entered in a joint venture to share profits and losses equally. A supplied goods worth Rs. 7,000and incurred expenses of Rs. 300. B sold the goods for Rs. 10,000 and incurred expenses of Rs. 500.Final remittance by B to A?

(a) Rs. 4,200 (b) Rs. 8,000

(c) Rs. 8,800 (d) Rs. 8,400

15. 500 12% debentures of Rs.10 each are issued as collecteral security. To record the transaction _____

entry is passed.

(a) Debit cash A/c and Credit debentures A/c

(b) Debit debentures suspense A/c and credit debentures A/c

(c) Debit debentures suspense A/c and Credit cash A/c

(d) No entry

16. From the following information provided by Agra Ltd. Calculate the value of closing stock.

Item No. of Items Cost Per Unit M.P/Per Unit

Zen 14 100 120

Suzuki 15 50 40

Ambassador 20 20 20

(a) Rs.2,400 (b) Rs.2,550 (c) Rs.2,600 (d) Rs.2,750

17. To achieve comparability of the financial statements same accounting policies should be followedfrom one year to another due to ____ concept

(a) Consistency (b) Materiality

(c) Conservatism (d) Going concern

18. The overdraft as per Cash Book of Mr. X is Rs.20,500. Mr. Z directly deposited Rs.50,000 into Mr.X’saccount , about which Mr.X was not aware. Cheque deposited into bank for Rs.25,000 was returneddishonour and the information is yet to be received by Mr.X. The balance as per Pass Book was :

(a) Rs.4,500 Credit (b) Rs.45,500 Credit

(c) Rs.4,500 Overdraft (d) None of the above

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19. ‘X’ purchases goods for one month credit from Y worth Rs.20,000. Y has given a trade discount of Rs.1,000. Y also offered a cash discount of Rs.500 if payment is made with in 90 days. ‘X’ avail the

cash discount and paid the dues of ‘Y’. At the end of the year the goods are unsold. The value ofclosing stock

(a) Rs. 19,000 (b) Rs.20,000

(c) Rs.19,500 (d) Rs.18,500

20. If prefence shares are redeemed out of the fresh issue of Equity shares; which account will be credited?

(a) Capital reserve account (b) Capital redemption reserve account

(c) General reserve (d) Equity share capital account

21. Subodh traders purchased goods for Rs. 30,00,000 and sold 70% of goods during the year. The marketvalue of the remaining goods was Rs.6,00,000. Subodh traders valued the clothing stock at Rs. 6,00,000and not at Rs. 9,00,000 due to concept of _______

(a) Money measurement (b) Conservatism

(c) Realisation (d) Cost

22. The directors of ‘X’ Ltd made final call of Rs.50 per share on 1st August, 2012.The last date of payment

of call money is 31st August, 2012. Mr. Suresh holding 5000 shares paid the call money on October

15, 2012. What is the amount of interest on calls in arrears

(a) Rs.1562.50 (b) Rs.12,500 (c) Rs.1500 (d) Rs.1875

23. A bill of exchange is drawn by Mr. Seller on Mr. Buyer for Rs.10,000 on 30th January 2012 for one monththe due date of the bill would be

(a) 4th March, 2012 (b) 29th Feb, 2012

(c) 3rd March, 2012 (d) 5th March, 2012

24. Mr. A, a dealer took physical stock of inventories on 11th April . The cost of stock was at Rs.4,20,000(Including goods received on consignment). The dealer received goods costing Rs.1,00,000 in Marchfor sale on consignment basis. 20 % of the goods had been sold before 31st March and 60 % between1st to 10th April . What was the value of stock as at 31st March ?

(a) Rs.3,20,000 (b) 3,60,000

(c) Rs.3,40,000 (d) Rs.4,00,000

25. ITC Ltd has issued a cheque for Rs.2,00,000, the accountant by error has recorded the payment atRs.20,000. This error can be identified on preparing _______

(a) P & L A/c (b) Bank book

(c) BRS (d) Trial balance

26. Which of the following is not a contingent liability?

(a) Claims against enterprises not acknowledge as debts

(b) Penalty imported by excise officer for violation(c) Guarantees given to third parties

(d) Liabilities for bills discounted

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27. Proprietor used the rented building both for business and Residence equally. The rent paid during the

year 1,32,000 debited to rent expenses in the books of the business. One month rent is still outstanding.

Liability for the business at the end of the year:

(a) Rs.6,000 (b) Nil

(c) RS.10,000 (d) Rs.12,000

28. Calculate amount of salary expense for the year ending 31.03.2005.

Salary outstanding as on 31.03.2004 Rs.25,000

Salary outstanding as on 31.03.2005 Rs.10,000

Prepaid salary on 31.03.2004 Rs.10,000

Salary paid during the year Rs.3,00,000

(a) Rs.3,00,000 (b) Rs.3,05,000

(c) Rs.2,95,000 (d) Rs.3,10,000

29. Which of the following statement is False with respect to debentures?

(a) A company can issue irredeemable debentures

(b) A company can issue debentures for consideration other than cash

(c) A company can buy its own debentures

(d) A company can issued debentures with voting rights

30. Following errors are identified after preparing financial statements

(i) Bad Debts recovered Rs.500 was credited to Debtors A/c

(ii) Bank charges of Rs.50 entered twice in Cash Book

(iii) Purchase Return of Rs.100 was omitted to be recorded

What will be the effect on profit after rectification?

(a) Increase Rs.550 (b) Increase Rs.650

(c) Decrease Rs.650 (d) None of the above

31. As per accounting equation Assets=Capital+liabilities which of the following equation will be true ifproprietor starts business with Rs. 5,50,000 and then buy goods worth Rs. 1,50,000 from Suresh oncredit

(a) 7,00,000 = 5,50,000 + 1,50,000 (b) 5,50,000 = 7,00,000 - 1,50,000

(c) 7,00,000 = 5,50,000 - 1,50,000 (d) 5,50,000 = 5,00,000 + 50,000

32. Which of the following statement is False?

(a) Expenses incurred for obtaining licence for running the Cinema theater is Capital expenditure

(b) The cost of Rings and pistons of an engine to increase fuel efficiency is revenue expenditure.

(c) Cost of construction of building including cost of temporary huts for storing building materialsis Capital expenditure

(d) Heavy advertisement expenses to promote a new product is deferred revenue expenditure

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33. Old office furniture sold to Shyam for Rs.2000 was entered in the sales book. The book value of furniture sold was Rs.2,500. Rectification entry is :

(a) Sales A/c Dr. Rs.2000

Loss on sale of furniture A/c Dr. Rs.500

To furniture a/c Rs.2500

(b) Shyam A/c Dr. Rs.2000

To furniture A/c Rs.2000

(c) Furniture A/c Dr. Rs.2500

To sales Rs.2500

(d) Sales a/c Dr. Rs.2000

To furniture A/c Rs.2000

34. Y Ltd. Issued 1,50,000 shares of Rs.100 each at a discount of 10 %. Mr.Ram to whom 300 shares wereallotted , failed to pay the final call Rs.30 per share and hence all the shares are forfeited. Whatamount is transferred to Shares Forfeiture Account ?

(a) Rs.9000 (b) Rs.21,000

(c) Rs.18,000 (d) Rs.27,000

35. Goods costing Rs.5,000 given to a employee for wages Rs.5,000. Market price of the goods is Rs.6,000.Journalentry will be :

a) Wages A/c Dr Rs.5,000

To Purchases A/c Rs.5,000

b) Wages A/c Dr Rs.6,000

To Sales A/c Rs.6,000

c) Salaries A/c Dr. Rs.5,000

To Cash A/c Rs.5,000

d) None of the above

36. P, Q and R were equal partners in a firm. The firm has taken individual life policies Rs. 50,000 for eachpartner. P died on 10th May 2011. The surrender value was Rs. 2000 for each policy. The amount

payable to P in respect of insurance policies would be ________

(a) Rs. 18,000 (b) Rs. 2000

(c) Rs. 50,000 (d) None of the above

37. Opening and closing balance of debtors a/c were Rs.30,000 and Rs.40,000 respectively. Cash collected from the debtors during the year was Rs.2,40,000. Discount allowed for timely payment

amounted to Rs.15,000 and bad debts written off were Rs.10,000. Credit sales are

(a) Rs. 2,55,000 (b) Rs. 2,45,000

(c) Rs. 2,75,000 (d) Rs. 2,95,000

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38. A Limited forfeited 500 shares of Rs. 20 each issued at 5% discount, for non payment of final callmoney Rs. 14. Amount credited to share forfeiture a/c

(a) Rs. 2,500 (b) Rs. 7,500


39. A, B and C were partners sharing profits and losses in the ratio of 3:2:1. On 1st April, 2006 B retiredand the new profit sharing ratio between A and C decided to 3:2. On 31st March 2006 the reserve offirm are Rs. 24,000. This reserve will be divided among partners as:

(a) A-Rs. 8,000, B-Rs. 12,000, C Rs. 4,000

(b) A-Rs. 12,000, B-Rs. 8,000, C-Rs. 4,000

(c) A-Rs. 4,000, B-Rs. 8,000, C-Rs. 12,000

(d) A-Rs. 8,000, B-Rs. 8,000, C-Rs. 8,000

40. For the financial year 2005-06, the gross profit was Rs.1,75,000 . During the year Carriage inwardRs.15,000 , personal expenses of proprietor Rs.75,000 and Carriage outward Rs.17,500 . Bad debts forthe year were Rs.12,000. The net profit earned for the year 2005-06 would be :

(a) Rs.1,30,000 (b) Rs.1,45,500

(c) Rs.55,000 (d) None of the above

41. Which accounting concept makes a distinction between the receipt of cash and the right to receivethe cash?

(a) Accural concept (b) Going concern concept

(c) Realisation concept (d) All of the above

42. Goods sent on consignment costing Rs. 50,000. 25% of goods lost in transit, claim received Rs.10,000. The amount of abornomal loss to be transferred to P & L account is

(a) Rs. 12,500 (b) Rs. 2,500


43. Opening stock 400 units @ Rs. 20 per unit. Purchases 200 units @ Rs. 25 per unit. During the year 250units are sold. Value of closing stock as per LIFO method

(a) Rs. 8,750 (b) Rs. 7,500 (c) Rs. 8,000 d) Rs. 7,000

44. H of Hyderabad sent goods costing Rs.6,00,000 to A of Agra. Goods were to be sold at cost plus33 1/3%. The consignee sent advance to the consigner as a % of sales value and A sent accordinglyRs.4,80,000. What is the percentage of such advance on sales value?

(a) 80% (b) 50%

(c) 60% (d) 40%

45. Del credere commission is given for

(a) To cover risk of bad debts

(b) Sales at higher price than specified

(c) Early collection


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46. Which of the following statement is true?

(a) Co-venturers always shares profits and losses equally

(b) Number of co-venture can never be more than two

(c) The relationship between co-venture is principal and agent

(d) Co-venturers may contribute funds for running the venture

47. Expenditure incurred of Rs.20,000 for trial run of a new asset:

(a) Deferred revenue expenditure (b) Revenue expenditure

(c) Capital expenditure (d) Any of the above

48. Which one is an event?

(a) Sales of goods for Rs.5,000 (b) Purchases of goods for Rs.8,000

(c) Closing stock of worth Rs.4,000 (d) Both (a) and (b)

49. The capital of a firm is Rs. 6,00,000 and average profits of the firm are Rs. 1,50,000. Normal rate ofreturn is 20%. Value of the goodwill at 3 years purchase of super profit

(a) Rs. 90,000 (b) Rs. 60,000

(c) Rs. 75,000 (d) Negative goodwill

50. X Ltd forfeited 800 equity shares of Rs. 10 each on non-payment of final call of Rs. 5. Company reissued 400 forfeited shares at Rs. 7 as fully paid. Amount transferred to capital reserve ?

(a) Rs. 800 (b) Rs. 4,000

(c) Rs. 1,600 (d) Rs. 1,200

51. For valuation of closing stock on consignment, which of the following expenses are not included?

(a) Carriage (b) Loading charges

(c) Insurance of consignee godown (d) Octroi

52. A and B were partners sharing profits and losses in the ratio of 2:1. Their capital was Rs. 90,000 andRs. 60,000 . They were entitled for interest on capital @ 12% p.a. The firm earned a profit of Rs. 84,000after allowing interest on capital. Profit will be distributed among them will be

(a) Rs,44,000; Rs. 22,000 (b) Rs. 42,000; Rs. 42,000

(c) Rs. 50,400; Rs. 33,600 (d) Rs. 56,000; Rs. 28,000

53. XYZ Printers purchased a machine on 1st April, 2009 for Rs.1,00,000. On 1st October, 2009 othermachine costing Rs.50,000 was purchased. Depreciation was provided at 10% p.a. by SLM method.Balance of machine account on 31st March, 2011.

(a) Rs.1,20,000 (b) Rs.1,35,000

(c) Rs.1,22,500 (d) Rs.96,000

54. Mr. X accepts a bill of Rs.5,000 drawn by Mr. Y for mutual accommodation. They shared the funds in the ratio of 1:4. The bill is discounted for Rs.4,900. The amount of discount borne by Mr. Y

would be:

(a) Rs.80 (b) Rs.60 (c) Rs.100 (d) Rs.40


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55. From the following information calculate the purchases made during the year 2012-13

Opening stock Rs. 1,50,000 Cash sales Rs. 2,00,300

Credit sales Rs. 1,20,000 Closing stock Nil

Selling price is cost plus 25%

(a) Rs. 1,30,000 (b) Rs. 1,50,000

(c) Rs. 1,40,000 (d) Rs. 1,20,000

56. Mr A purchased good of Rs.7,10,000 and his sales was Rs.8,42,000. Rent for the financial year Rs.20,000and other expenses Rs.75,000 and closing stock worth Rs.45,000 in hand. What is gross profit

(a) Rs.1,77,000 (b) Rs.1,02,000

(c) Rs.82,000 (d) Rs.1,57,000

57. Which of the following errors will not effect the trial balance?

(a) Salaries paid Rs. 1000 wrongly posted to salaries account as 10,000

(b) Purchases book was over cost by Rs.5,000

(c) Whitewashing charges Rs.10,000 were debited to building account

(d) None of the above

58. A machine purchases for Rs. 5,00,000 has an estimated working life of 10,000 hours, scarp value estimated Rs. 1,00,000. The working hours is as follows:

Year Hours (p.a) Year Hours (p.a) Year Hours (p.a)1-2 1500 3-5 1000 6-10 800

Depreciation for the third year would be(a) Rs. 40,000 (b) Rs. 30,000(c) Rs. 50,000 (d) Rs. 55,000

59. A has discounted a 3 month’s bill @ 10% p.a. For Rs.11,700. On due date the bill was dishonoured andnoting charges are Rs.50. A’s account will be debited by the bank for

(a) Rs.13,050 (b) Rs.12,250 (c) Rs.11,950 (d) Rs.12,050

60. Goods worth Rs.10,000 was destroyed by fire and insurance company admitted the claim of 60%. Thejournal entry(a) Loss by Fire a/c Dr. Rs.10,000

To Purchase a/c Rs.4,000To Insurance Co. a/c Rs.6,000

(b) Loss by Fire a/c Dr. Rs.4,000Insurance Co. a/c Dr. Rs.6,000

To Purchase a/c Rs.10,000(c) Loss by Fire a/c Dr. Rs.10,000

To Purchase a/c Rs.6,000To Insurance Co. a/c Rs.4,000

(b) Loss by Fire a/c Dr. Rs.6,000Insurance Co. a/c Dr. Rs.4,000

To Purchase a/c Rs.10,000

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61. ___________ is good in substance but suffers from some technical defect.

(a) Illegal Contract (b) Unenforceable Contract

(c) Valid (d) Void

62. Handing over the keys of a Warehouse amounts to ______ .

(a) Actual delivery (b) Constructive delivery

(c) Symbolic delivery (d) Structured delivery

63. _______ arise without a contract .

(a) Conditional Contract (b) Wagering Agreement

(c) Contingent Contract (d) Quasi Contract

64. Which of the following stand in fiduciary position?

(a) Doctor and Patient (b) Solicitor and Client

(c) Father and Son (d) All of the above

65. Which of the following are essential elements of contract of sale ?

(a) Two Parties (b) Goods

(c) Both a and b (d) None of the above

66. Intention to negotiate with other party is _______

(a) Valid Offer (b) Voidable

(c) Invitation to Offer (d) None of the above

67. An executed consideration is _______

(a) Promise for a Promise (b) Expectation of Proposal

(c) Act in response to positive Promise (d) None

68. Which of the following is correct .

(a) Stranger to contract can sue (b) Stranger to contract cannot sue

(c) Stranger to consideration can sue (d) Both b and c

69. The following are not the essential elements of consideration

a) It must move at the desire of the Promisor

b) It must be adequate

c) It may be Past, Present or Future

d) None

70. A person who permits himself to represent him as partner of a Firm is called _______

a) Sub –Partner b) Active Partner

c) Sleeping Partner d) Partner by Holding Out.


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71. An intentional mis-representation amounts to _______a) Coercion b) Mis-representationc) Fraud d) All of the above

72. Sharing of Profit is _______ evidence.

a) Conclusive b) Not Conclusive

c) Both a and b d) None

73. When one or more terms of contract are cancelled , it is called ______a) Novation b) Rescission

c) Alteration d) Remission

74. The enforceability of agreement requires _____

a) Lawful Consideration b) Free Consent

c) Lawful Object d) All of the above

75. An auction sale is complete on ______

a) Fall of Hammer b) Delivery of goods

c) Both

76. Handing over document of title is _______ .

a) Structured Delivery b) Actual Delivery

c) Symbolic Delivery d) None of the above

77. A contract of Sale which provides for passing of property on full payment of price is ______ .

a) Sale b) Agreement to Sell

c) hire Purchase

78. On dissolution assets are transferred to realization account at ______ .

a) Market Value b) Book Value

c) Cost or Market Value d) None of the Above.

79. Document issued by Railway company is called _______ .

a) Dock Warrant b) Mate’s Receipt

c) Railway Receipt d) Bill of Lading

80. In which case original contract need not be performed

a) Alteration b) Novationc) Rescission d) All of the above

81. An insolvent Partner ceases to be a partner from _______ .a) The date of dissolution b) The date of insolvencyc) The date of intimation

82. Which of the following are the grounds for dissolution?

a) Insanity b) Breach

c) Misconduct d) All of the above

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83. Domination of Will by one Party over the other is called ______.

a) Coercion b) Fraud

c) Undue Influence d) Misrepresentation.

84. Resale of goods by unpaid seller gives the buyer _____.

a) Good title b) No good Title

c) Good Title with consent of original buyer d) Any of the Above

85. Partnership at will is the one ______ .

a) Which can be dissolved at will of creditors

b) Duration not fixed

c) Which does not provide how long the business continue

d) None

86. Every Partner is bound to attend _______ to his duties.

a) Sincerely b) Silently

c) Effectively d) Diligently

87. Merchantable Quality means ________

a) Non Defective Quality b) Goods are fit for the purpose

c) Goods Marketable d) All of the above

88. Retiring Partner is entitled to the Profits up to _____

a) Dissolution b) 31st March

c) Retirement d) No Profit.

89. Law Publico makes an offer to sale a book to members of Bar council is ______

a) General Offer b) Specific Offer

c) Cross Offer d) Counter Offer

90. ______ are enforceable only when a Uncertain event happens

a) Wagering Agreement b) Conditional Contract

c) Contingent Contract

91. Which of the following are Implied Warranties

a) Quiet Possession

b) Freedom from Encumbrance

c) Disclosure of dangerous nature

d) All of the above

92. Continuing Guarantee is said to Lapse or Revoke as to future transaction in case of _______

a) Death b) Dissolution

c) Change in Constitution d) Insolvency

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93. A Minor injured his leg in a match and got it repaired by a doctor, The doctor can claim the expensesfrom Minors Property. This is ______.

a) Valid b) Invalid

c) Void d) Voidable

94. On Passing of property the rights and liabilities of ______ are decided.

a) Seller b) Buyer c) Both d) None

95. X is employed by ABC Ltd. For a monthly salary of Rs.50,000 and 10 % of Profits of the Firm. X is ____

a) Partner of the Firm

b) Not a Partner of the Firm

c) Agent

96. A sold machine to B , the payment to be made after one month. B failed to make payment. A canexercise right of Lien if he has

a) Handed over the machine to B

b) Handed over the machine to B’s Agent

c) Not handed over the machine to anyone

d) Any of the above

97. As per Garner Vs Murray case the deficiency must be bought by _______

a) Solvent Partners in Capital Sharing Ratio

b) Solvent Partners in Profit Sharing ratio

98. The balance in Joint Life Policy account shows __________

a) Annual Premium b) Total Amount of Premium

c) Surrender Value

99. An agreement with a employee to pay compensation while leaving the organization before the expiryof term is ____

a) Valid b) Void

c) Voidable d) Illegal

100. If a Partner does an act outside the Implied authority , the partners can _____

a) Ratify or disclaim the whole transaction

b) Ratify or disclaim the part transaction

c) Either a or b

d) Both a and b

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PART- A

1-B 2-D 3-A 4-B 5-A 6-A 7-D 8-C 9-C 10-C 11-C 12-C 13-B 14-D

15-B 16-A 17-A 18-A 19-A 20-D 21-B 22-A 23-C 24-D 25-C 26-B 27-A 28-C

29-D 30-B 31-A 32-B 33-A 34-C 35-A 36-A 37-C 38-A 39-B 40-B 41-A 42-B

43-D 44-C 45-A 46-D 47-C 48-C 49-A 50-A 51-C 52-D 53-C 54-A 55-A 56-A

57-C 58-A 59-D 60-B 61-B 62-C 63-D 64-D 65-C 66-C 67-C 68-D 69-B 70-D

71-C 72-B 73-B 74-D 75-A 76-C 77-B 78-B 79-C 80-D 81-B 82-D 83-C 84-A

85-C 86-D 87-D 88-C 89-B 90-C 91-D 92-C 93-A 94-C 95-B 96-C 97-A 98-C

99-A 100-A

NEW BATCHES

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LONG TERMLONG TERM

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COURSES OFFERED

MEC+CA-CPTCA-CPTCA-IPCCCA-FINALHyderabad - Guntur - Vijayawada - Vizag

EDUCATIONAL INSTITUTIONS

1. EXIM Bank started in _______.

(a) 1972 (b) 1982

(c) 1882 (d) 1798

2. NABARD established with :

(a) Shivaraman Committee (b) Narasimhan Committee

(c) Public accounts Committee (d) None of the above

3. Objective of Monetary Policy are :

(a) Price Stability (b) Employment Generation

(c) Exchange Rate Stability (d) All of the above

4. In disguised Unemployment marginal product of labour is ___

(a) One (b) Zero

(c) Doubled (d) Reduced

5. The quantity supplied is decreased by 10 % due to increase in the price by 20 % then elasticity is :

(a) 2 (b) 0.5

(c) 1.5 (d) 1

6. If elasticity is 2, AR is 5 then MR is :

(a) -2.5 (b) +1.5

(c) +2.5 (d) +2.0

7. In defense production Foreign Direct Investment is allowed ______ .

(a) 49 % (b) 51 %

(c) 74 % (d) 26%

8. Indifference curve is convex slope, the reason is ________

(a) Increasing Marginal Rate of Substitution

(b) Constant Marginal Rate of Substitution

(c) Diminishing Marginal Rate of Substitution


SECTION - C : GENERAL ECONOMICS

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9. Banking ombudsmen is :

(a) Appointed to recover dues from defaulting borrowers

(b) Appointed by RBI to oversee the functions of foreign banks

(c) Appointed to settle dispute between employees and management

(d) The customers can approach for redress of their grievances

10. Non – Price competition is a main feature of _______.

(a) Monopoly (b) Perfect Competition

(c) Monopolistic Competition (d) All of the above

11. In Perfect Competition Price is determined by ______

(a) Firm (b) Industry

(c) Consumers (d) Economy

12. A free economy’s important motive is :

(a) Profit Motive (b) Welfare of people

(c) Rising levels of income of the people (d) All of the above

13. External economies occur when :

(a) Superior managerial skills

(b) Foreign Trade Policy

(c) External assistance

(d) Extension of transport and credit facilities

14. Economics is “Neutral between ends” statement given by

(a) Joan Robinson (b) Robbins (c) Marshall (d) AC Pigou

15. Short run price is _______

(a) Market price (b) Show case price

(c) Minimum retail price (d) None of the above

16. To reduce the value of domestic currency in terms of foreign currency is called as _______.

(a) Appreciation (b) Devaluation

(c) Depreciation (d) None of the above

17. Features of monopoly are __________from following

(a) AR & MR downward sloping (b) MR lies half way between AR and Y axis

(c) MR can be zero and negative (d) All of the above

18. The factors of production are owned by private entrepreneurs and main objective is profit motto is in

________ economy.

(a) Capitalist (b) Mixed

(c) Socialist (d) All of the above

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19. Measure of value of all good s and servies refers ____from following function of money.

(a) Medium of exchange (b) Unit of account

(c) Standard of different payments (d) Store of value

20. Utility analysis according to Marshall is called :

(a) Cardinal utility (b) Ordinal utility

(c) Both a and b (d) None of the above

21. In India the main objective of Disinvestment is :

(a) To provide funds for PSUs

(b) For better utilization of National Resources to improve the productivity of PSUs

(c) To improve the share holders interest in PSUs


22. Visible Exports and Visible Imports difference are shown in :

(a) Balance of Payments (b) Balance of services

(c) Balance of Trade (d) None of the above

23. Due to increase in cost of production inflation rises. This is called _______ .

(a) Cost push inflation (b) Demand pull inflation

(c) Stagflation (d) Deflation

24. The main objective of Regional Rural Bank is :

(a) To Monitor the activities of all Banks in Urban areas

(b) To act as a link between Rural Banks and RBI

(c) To provide credit and deposits facilities for agriculture and other productive activities

(d) To sponsor the Rural development programmes of government

25. Which of the following is a qualitative credit control measure ?

(a) Rationing of credit (b) Moral suation

(c) Direct action (d) All of the above

26. GNP at factor cost is equals to GNP at market prices – (minus) _______ + subsidies

(a) Direct Taxes (b) Indirect Taxes

(c) Depreciation (d) None of the above

27. Purchasing power of money decreases, when _______

(a) Money supply falls (b) Income level increases

(c) Price level increases (d) Price level decreases

28. Which of the following is not included in Balance of Current account ?(a) Interest (b) Dividends

(c) External commercial borrowings (d) Export earnings

4 NoPh Ph : 98490 74331 ; 88855 74331




29. ‘Pradhan Manthri Bharath Jodo Pariyojana’ started for :

(a) Communication development (b) National Highways Development

(c) Connection of Rivers (d) None of the above

30. The following are qualitative credit control methods except :

(a) Credit rationing (b) Moral suasion

(c) Margin requirements (d) Changes in the Cash Reserves of Banks

31. ______ is the static function of money from following

(a) Store of value (b) Standard of differed payments

(c) Medium of exchange (d) All of the above

32. The difference between GDP at market prices and GNP at market prices is :

(a) Net indirect taxes (b) NFIA

(c) Depreciation (d) Subsidies

33. In Oligopoly market, upper portion of Kinked demand curve is ______

(a) Inelastic (b) Elastic

(c) Perfectly elastic (d) Perfectly Inelastic

34. In Perfect Competition the Equilibrium price of an industry is determined by the intersection of ___.

(a) Market demand and Firm supply curve

(b) Market demand and Market supply curve

(c) Input and output


35. The reason for increasing returns is :

(a) Indivisibility of factors

(b) Greater specialization of factors of production

(c) Fuller Utility of fixed factors


36. Due to inflation which of the following group suffers more ?

(a) Real asset holders (b) Debtors

(c) Creditors (d) None of the above

37. Bank rate is to :

(a) The rate at which Central Bank discounts the bills of commercial banks

(b) The rate at which Commercial Banks discounts the bills of Central Bank

(c) Both a and b


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38. The curve which is down ward sloping to right through out its entire length but donot touch the

x-axis is _______

(a) Average Variable cost (b) Average fixed cost

(c) Marginal cost (d) All of the above

39. The total cost of production of a Firm is Rs.1,25,000 out of which Implicit cost is Rs.35,000 andNormal Profit is Rs.25,000 . What is the Explicit cost of commodity ?

(a) Rs.1,25,000 (b) Rs.70,000

(c) Rs.65,000 (d) Rs.1,90,000

40. If you have given employment to 400 workers as a factory owner, if 10 workers are dismissed byyou without loss of production then this situation may be described as ______

(a) Structural Unemployment

(b) Technoligical Unemployment

(c) Frictional Unemployment

(d) Disguised Unemployment

41. Deductive method and Inductive method are complementory to each other. This statement is :

(a) Absolutely correct (b) Absolutely Incorrect

(c) Cannot be said (d) None of the above

42. The indiffernce curve is in case of Perfect Complements :

(a) U shaped (b) L shaped

(c) Straight Line (d) Convex

43. What is the shape of indifference curve if Marginal Rate of Substitution is Increasing ?

(a) Convex (b) Concave

(c) U shaped (d) All of the avove

44. Opportunitunity cost is relevant for _______ .

(a) Resources having Limited uses (b) Resources having no uses

(c) Resources having alternative uses (d) None of the above

45. External Diseconomies may lead to _____

(a) Increase in cost of technology

(b) External Assistance

(c) Increase in the price of factors of production


46. The following are related to Tenancy Reforms expect :

(a) Consolidation of holdings (b) Regulation of rent

(c) Security of tenure

(d) Confirmant of Ownership Rights on Tenants

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RANKHOLDERS

47. If the original price is Rs.500 and original quantity demanded is 20 kgs . If the price raises to Rs.750and changed quantity demanded is 15 kgs then elasticity is_______.

(a) 0.5 (b) 1

(c) 0.25 (d) 1.50

48. If the price of the commodity increases from Rs.5 to Rs.6 and the demand decreases from 8 units to4 units then price elasticity of demand is _____

(a) 1.5 (b) 1.0

(c) 2.0 (d) 2.5

49. The following are objectives of RBI except :

(a) Monetory Stability

(b) Maintaining of Foreign Exchange Reserves

(c) Issue of Currency

(d) Lending to the Public

50. Direct costs are also known as _______.

(a) Real costs (b) Indirect costs

(c) Traceable costs (d) Opportunity costs

SECTION-D QUANTITATIVE APTITUDE

51. If 1

( ) log1

xf x

x

, then 2

2

1

xf

x

is equal to

(a) ( )f x (b) 2 ( )f x

(c) 3 ( )f x (d) None of the above

52. If log , tx t y e then dy

dx

(a) 1/t (b) tte

(c) 2

1

1


53. 3 22 3 5x x xdx _____

(a) (b)

3 22 3 5

log(360)

x x x

C

(c) (d) None of the above

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ROOHI AGARWAL

SECCURED again - All India1st Rank in

Our Student who got 20th rank in IPCC

CA-FINAL - 2011 - H.T. No. 133357

54. The union forbids employer to employ less than two experienced persons (x) to each fresh person (y).this situation can be expressed as :

(a) / 2x y (b) / 2y x

(c) / 2y x (d) None

55. A polygon has 44 diagonals then the number of its sides are

(a) 8 (b) 9 (c) 10 (d) 11

56.

1

10

2 3lim

x

xx

e x

e x

(a) -3 (b) 0 (c) 2 (d) None

57. The value of x in the equation 2(log 2) log 2xx

(a) 16 (b) 32

(c) 8 (d) None

58. Let A={1,2,3} then the relation R={(1,1), (2,3), (2,2), (3,3)(1,2) is

(a) Symmetric (b) Transitive

(c) Reflexive (d) None

59. The mean proportional between 24 and 54 is

(a) 33 (b) 34 (c) 35 (d) 36

60. If nS of an A.P is 23n n and its common difference is 6, then its first term is

(a) 2 (b) 3 (c) 4 (d) None

61. The number of arrangements that can be formed out of the letters of the word “ARTITCLE” so thatvowels occupy even places is :

(a) 36 (b) 144 (c) 574 (d) None

62. If and are the roots of the equation 2 7 12 0x x , then the equation whose roots are 2( )

and 2( ) is:

(a) 2 14 49 0x x (b) 2 24 144 0x x

(c) 2 50 49 0x x (d) None

63. If the sum of the 4th term and the 12th term of an A.P is 8, what is the sum of the first 15 terms of theprogression?

(a) 60 (b) 120 (c) 110 (d) None

64. The type of Quadrilateral formed by the vertices (1,1), (4,4), (4,8), (1,5)

(a) Parallelogram (b) Square

(c) Rhombus (d) Rectangle

8 NoPh Ph : 98490 74331 ; 88855 74331




65. If three points (1,3) (-2,1) and (k,1) are collinear then the value of k is

(a) 0 (b) 5 (c) -5 (d) None

66. If log yy x , then dy

dx is equal to:

(a)1

logx y(b)

1

logx x y

(c) (d) None

67. In a group of 10 persons, the number of ways of shaking hands is

(a) 45 (b) 54 (c) 90 (d) 10

68.

2

1

{log ( )}( 1)

ne ex dx nx

(a)1[{log (2 )} 1]

1

ne e

n

(b)

(c) (d) None

69. Evaluate ( 2)! (n 1)!

lim( 2)! (n 1)!n

n

n

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

70. The triplicate ratio of 4:5 is _______

(a) 125:64 (b) 16:25 (c) 64:125 (d) 120:46

71. A pie diagram is used to represent the following data

source customs excise incometax wealth tax

Revenue in

Million Rupees: 120 180 240 180

The central angles in the pie diagram corresponding the income tax and wealth tax are respectively

(a) 0 0(120 ,90 ) (b) 0 0(90 ,120 )

(c) 0 0(60 ,120 ) (d) None

72. A sampling technique is used to estimate for popualtion means for different segments and also anoverall estimate is :

(a) Systematic sampling (b) Stratified sampling

(c) Multistage sampling (d) Simple random sampling

73. If n A.Ms means are inserted between 7& 71 and 5th A.M is 27, then n is

(a) 15 (b) 16 (c) 17 (d) None


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74. If 6T of G.P is 729 and the common ratio is 3, then the first term of G.P is

(a) 2 (b) 3 (c) 4 (d) None

75. If ( ) 2, ( ) 7xf x x g x then ( )gof x ______

(a) (b) 7 2x

(c) 49(7 )x (d) None

76. The difference between compound and simple interest on a certain sum of money for 2years at 4%p.a. is Rs. 1. The sum is

(a) 625 (b) 630 (c) 640 (d) None

77. A sum of money when compounded annually becomes Rs. 1,140 in two years and Rs. 1,710 in threeyears. Then the rate of interest per annum is

(a) 80% (b) 40% (c) 50% (d) None

78. Mean = 4 and Variance = 3 of binomial distribution, then mode is

(a) 4 (b) 4.25 (c) 4.1 (d) 4.5

79. The probability of selecting a sample of size n of population N by SRSWR is:

(a)1

N

nC(b)

1

N(c)

1nN

(d) None

80. If sum of squares of the values = 3390, SD = 7, N = 30, then Mean =

(a) 113 (b) 8 (c) 210 (d) None

81. If r be the Karl’s Pearson’s coefficient of correlation in a bivariate distribution then the two regression

lines are at right angle if:

(a) r = 0 (b) r = 1

(c) r = any finite value < 1 (d) None

82. G M of 8, 4, 2 is:

(a) 2 (b) 4

(c) 8 (d) None

83. Which of the following measure of Central tendency cannot be measured by through graph.

(a) Mean (b) Median

(c) Geometric mean (d) Mode

84. Mean = 100, C.V. = 45% then S.D. =

(a) 0.45 (b) 4.5

(c) 45 (d) None

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CA-CPT - 2010- H.T. No. 146433

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85. In a poisson distribution:

(a) Mean and S.D. are equal (b) Mean and Variance are equal

(c) (d) S.D. and Variance are equal

86. Time reversal test is satisfied by

(a) Laspeyre’s Formula (b) Paasche’s Formula

(c) Fisher’s Formula (d) None

87. The probability of drawing two spades one after the other with out replacement is

(a) 2/51 (b) 3/51 (c) 4/51 (d) 5/51

88. The odds in favour of three independent reviewers are 5 to 2, 4 to 3, and 3 to 4 respectively. What is

the probability that out of the three reviewers a majority will be :

(a) 209/350 (b) 209/443

(c) (d) 209/343

89. Two variables X and Y are related by a linear equation 4X + 3Y = 7. Then X and Y are:

(a) Positively correlated (b) Negatively correlated

(c) Not related (d) None

90. The coefficient of corelation between two variables is 0.28. Covariances = 7.6, Variance of x = 9, S.D

of Y =

(a) 8.048 (b) 9.048 (c) (d) None

91. A player tosses 3 coins. He wins Rs.5 if 3 heads appear, Rs.3 if 2 heads appear, Rs.1 if 1 heads appear

and he losses Rs.15 if 3 tails occur. Find the expected mean.

(a) 0.15 (b) 0.45 (c) 0.25 (d) None

92. Laspayers index = 180, Bowley index = 150, Pasches index =

(a) 30 (b) 120 (c) 150 (d) None

93. If the regression equations are 8x - 3y + 50 = 0 and 14x - 7y - 60 = 0. S.D = 1, r = ?

(==(a) (a) 0.87 (b) -0.87 (c) None (d)

94. A box contains 2 red, 3 green and 2 blue balls. Two balls are drawn a at random. What is the probability

that none of the balls drawn are blue?

(a) 10/21 (b) 11/21 (c) 2/17 (d) None

95. The average age of 15 students in a class is 15 years. Out of these 9 students, average age is 16 years.

The other 5 students average age is 14 years. The age of 15th student is:

(a) 15 years (b) (c) 11 years (d) None

96. In a B.D of 5 independent trials, probability of 2 and 3 successes are 0.4362 and 0.2181. Value of p is

(a) 3/4 (b) 1/3

(c) 2/3 (d) None


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CA-IPCC - 2012- H.T. No. 252378

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97. In the year 2005 the whole sale price index is 286 with 1995 as base. By how much the prices have

increased in 2005 with respect to the base year.

(a) 86% (b) 186%

(c) 286% (d) None

98. The 99% confidence limits for population mean are:

(a) X 1.96 S.E. (b) X 2.58 S.E.

(c) X 3.00 S.E. (d) None

99. An approximate relation between Q.D. and S.D. of normal distribution is:

(a) 3 QD = 2 SD (b) 2 QD = 3 SD

(c) 4 QD = 5 SD (d) None

100. Which of the following is not a characteristics of a normal distribution.

(a) It is Symmetric (b) Mean = Median = Mode

(c) (d) It is a multi modal

*****

PRIYANKA VERMA

STATE1st Rank in Jr. Intermediate- 2013

- H.T. No. 1328122068

12 NoPh Ph : 98490 74331 ; 88855 74331




PART- B

1-B 2-A 3-A 4-B 5-B 6-C 7-D 8-C 9-D 10-C 11-B 12-A 13-D 14-B

15-A 16-B 17-D 18-A 19-B 20-A 21-B 22-C 23-A 24-C 25-D 26-B 27-C 28-C

29-B 30-D 31-D 32-B 33-B 34-B 35-D 36-C 37-A 38-B 39-C 40-D 41-A 42-B

43-B 44-C 45-C 46-A 47-A 48-D 49-D 50-C 51-B 52-B 53-B 54-B 55-D 56-C

57-A 58-C 59-D 60-A 61-B 62-C 63-A 64-A 65-C 66-B 67-A 68-A 69-A 70-C

71-A 72-B 73-A 74-B 75-C 76-A 77-C 78-A 79-C 80-B 81-A 82-B 83-A 84-C

85-B 86-C 87-B 88-D 89-B 90-B 91-C 92-B 93-A 94-A 95-C 96-B 97-B 98-B

99-A 100-D

NEW BATCHES

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LONG TERMLONG TERM

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cpt memory based questions 16-6-2013 for ca students

Documents

tocash rs

toxscapitalac rs

tocashac rs

firms liability of rs

b lossrs

c lossrs

b xscapitalacdr

d noneoftheabove2