CA - CPT_Dec-2015 Question Paper _Session 1______________________________1
No.1 for CA/CWA & MEC/CEC MASTER MINDS
December 2015, CA-CPT Question Paper (Based on Memory) on 13-Dec-2015
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CA - CPT - Dec 2015 Question Paper (Based on Memory)
1st
Session Marks: 100 Marks Time: 2 hrs.
PART A - FUNAMENTALS OF ACCOUNTING
1. Interest receivable from borrower is
a) Artificial personal A/c
b) Nature personal A/c
c) Representative personal A/c
d) None of these
2. Which of the following is the odd one,
according to traditional approach?
a) Building b) Purchases
c) Sales d) Trade receivable
3. Goods taken by proprietor is credited to
a) Expense A/c b) Purchases A/c
c) Capital A/c d) None of these
4. Income tax paid by sale proprietor from bank
is debited to ______
a) Income tax A/c b) Bank A/c
c) Capital A/c
d) Not shown in the books
5. Trade discount allowed at the time of sales is
recorded in
a) Sales return A/c b) Sales A/c
c) Cash book d) None of these
6. Balance as per cash book (over draft) Rs.10,250
i. Cheques deposited but not collected-
Rs.5,000
ii. Cheques issued but not presented -
Rs.7,000
a) Rs.12,250 b) Rs.22,250
c) Rs.8,250 d) Rs.15,250
7. A Purchase return of Rs.3,500 posted to debit
of Sales Return’s A/c, but correctly posted to
Supplier’s A/c. Due to this error:
a) Debit total of Trial Balance will be Rs.7,000
more than credit total
b) Debit total of Trial Balance will be Rs.3,500
more than credit total
c) Total of Trial balance will not effect
d) Credit total of Trial balance will be Rs.7,000
more than debit total
8. Balance as per cash book - 7,000
i. Cheque issued but not presented – 2,000
ii. Cheque deposited but not collected – 1,000
iii. Cheque issued but not recorded Rs.500 and
had been paid by bank. Then the balance as
per Pass Book is _____
a) Rs.7,500 b) Rs.9,000
c) Rs.9,500 d) Rs.10,000
9. Mohan started business with Rs.10,000 cash and
Rs.2,000 furniture. Sales amounted to Rs.50,000
including Rs.5,000 cash sales. Rs.10,000 sales
were outstanding at the end of the year.
Purchases amounted to Rs.30,000 including
Rs.10,000 cash purchases. Rs.15,000 has been
paid to trade payables. Expenses paid during the
year 19,300. Trial Balance total will be:
a) Rs. 67,000 b) Rs. 70,000
c) Rs. 75,000 d) Rs. 80,000
10. On 1st
April, 2014 M/s Omega Bros. had a
provision for bad debts of Rs.15,000. It was
desired to maintain the provision for bad debts
@ 5% on Trade Receivables which stood at
Rs.5,50,000. Bad debts of Rs.35,000 were not
written off. The amount of provision to be
debited to Profit & Loss A/c will be ______
a) 45,000 b) 35,000 c) 45,750 d) 27,500
11. From the given information, choose the most
appropriate answer. The Zed Company, a
wholesaler estimates the following sales for
the indicated months:
Sept. 2015
Rs.
Oct. 2015
Rs.
Opening
Inventory 4,08,000 4,30,000
Credit Sales 12,00,000 16,00,000
Cash Sales 2,00,000 2,10,000
Selling price is 125% of the purchase price.
Inventories purchased in Sept. 2015 is
a) Rs. 16,05,000 b) Rs. 11,42,000
c) Rs. 14,40,000 d) Rs. 13,82,500
CA - CPT_Dec-2015 Question Paper _Session 1______________________________3
No.1 for CA/CWA & MEC/CEC MASTER MINDS
12. P shows a profit of Rs. 7,00,000 for the year
ended 31.3.15. The figure has been arrived at
after charging the following against revenue:
(i) Purchase of Car on 28.3.15 for use in
business for Rs. 1,00,000 and was treated as
vehicle expenses.
(ii) Omitting to record unpaid electricity bills
for Feb. and March, 2015 of Rs. 15,000 per
month. The correct profit for the year ended
31st March, 2015 is ____
a) Rs. 6,30,000 b) Rs. 7,00,000
c) Rs. 7,70,000 d) Rs. 8,30,000
13. Manufacturing A/c is prepared to find out
a) Cost of production
b) Profit on production
c) Sale proceeds of produced goods
d) Both (b) & (c)
14. A draws a bill on B as on 12-5-2014 for 3
months. The maturity date is ____
a) 15-8-14 b) 12-8-14
c) 13-8-14 d) 14-8-14
15. 1000 kg of oranges are consigned to a
wholesaler, the cost being Rs.8 per kg, plus
Rs.925 of freight. It is concluded that a loss of
15% is unavoidable. The cost per kg of oranges
will be
a) 9.41 b) 10.00 c) 10.50 d) 8.93
16. Over riding commission is given on
a) Credit sales only b) Total sales
c) Total sales exceeding the invoice price
d) Cash sales only
17. On 1st July, 2011 Ramesh sent to Suresh goods
costing Rs. 50,000 and spent Rs.1,000 on
packing etc. On 3rd July, 2011, Suresh received
the goods and sent his acceptance to Ramesh
for Rs.30,000 payable after 3 months. Suresh
spent Rs.2,000 on freight and cartage, Rs.500
on godown rent and Rs.300 on insurance. On
31st December, 2011 he sent Account Sales
(along with the amount due to Ramesh)
showing that 4/5 of the goods had been sold
for Rs.55,000. Suresh is entitled to a
commission of 10%. Amount remitted by
Suresh to Ramesh.
a) Rs.46,700 b) Rs.42,200
c) Rs.16,700 d) None of these
18. Noting charges are borne by
a) Drawer b) Drawee
c) Payee d) None of these
19. X consigned goods to Y at profit of 25% on
cost. Y sold 3/4 of the goods at 10% above the
invoice price at Rs.1,98,000. Then the cost of
goods sent on consignment is
a) Rs.1,92,000 b) Rs.2,40,000
c) Rs,1,80,000 d) Rs.2,64,000
20. X & Y enter into Joint Venture sharing profits &
losses equally. X purchased 1000 kg. of sugar
@ Rs.25 per kg. He paid brokerage Rs.1,000,
carriage Rs.500. Y sold 950 kg @ 32 per kg.
Remaining sugar is taken by Y at cost. The
value of sugar taken over by Y to be recorded
in the Joint Venture A/c will be
a) Rs.1,325 b) Rs.1250
c) Rs.1300 d) Rs.1275
21. Memorandum Joint Venture account is prepared:
a) When separate set of books is maintained
b) When each Co - venturer keeps record of all
the transactions himself
c) When each co -venturer keeps record of
their own joint venture transactions
d) None of these.
22. R and M entered into a joint venture. They
agreed to share the profit and losses equally. R
purchased goods worth Rs.1,00,000 and spent
Rs.10,000 on sending the goods to M. He also
paid Rs.5,000 for insurance. M spent Rs.10,000 as
selling expenses and sold goods for Rs.2,00,000.
Remaining goods were taken over by him at
Rs.5,000. Find out the profit on venture?
a) Rs.70,000 b) Rs.75,000
c) Rs.80,000 d) Rs.85,000
23. Excess depreciation charged due to change in
the method from WDV 15% to SLM 10% is
Rs.78,944. Then the entry will be
a) Machinery A/c Dr 78,944
To Depreciation A/c 78,944
b) Machinery A/c Dr 78,944
To P & L A/c 78,944
c) Depreciation A/c Dr 78,944
To Machinery A/c 78,944
d) P & A/c Dr 78,944
To Machinery A/c 78,944
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24. Cost of Machine Rs.4,00,000
Scrap value Rs.40,000
Useful life – 4 yrs
Depreciation for the 1st
year under Sum of
Years Digits Method is ________
a) Rs.90,000 b) Rs.1,44,000
c) Rs.1,00,000 d) Rs.2,40,000
25. Under ______ method, the value of asset can
never be completely extinguished, the total
charge to revenue is uniform when the
depreciation is high, repairs are negligible; and
as the repairs increase, the burden of
depreciation gets lesser and lesser.
a) WDV b) SLM
c) Sum of years digits
d) Depletion method
26. Cost of asset – Rs.15,00,000
Scrap value – Rs.1,50,000
Depreciation WDV @ 10%
Depreciation for the 1st
year
a) Rs.1,50,0000 b) 1,35,000
c) Rs.1,65,000 d) None of the above
27. Cost of asset – Rs.7,00,000
Scrap value – Rs.52,500
Life Time – 10 yrs
Rate of depreciation under SLM is
a) 10% b) 9.25 % c) 12.5 % d) 10.8 %
28. A sale of Rs.637 was recorded as Rs.763 and
was credited to Customer’s A/c. The
rectification entry will be _____
a) Customer A/c Dr 1,400
Sales A/c Dr 126
To Suspense A/c 1,526
b) Customer A/c Dr 1,400
To Sales A/c 126
To Suspense A/c 1,274
c) Customer A/c Dr 1,400
To Suspense A/c 1,526
d) Sales A/c Dr 1,400
Customer A/c Dr 126
To Suspense A/c 1,526
29. Money spent to reduce working expenses is
_______ expenditure
a) Capital b) Revenue
c) Deferred revenue d) None of the above
30. On 31st December, 2011 goods sold at a sale
price of Rs.60,000 were lying with customer,
Ritu to whom these goods were sold on ‘sale
or return basis’ and recorded as actual sales.
Since no consent has been received from Ritu,
you are required to calculate the value of
inventory with customer, presuming that
goods were sent on approval at a profit of cost
plus 20%. Present market price is 10% less
than the cost price.
a) Rs.50,000 b) Rs.45,000
c) Rs.54,000 d) Rs.60,000
31. Purchases Rs.7,00,000
Opening inventory – Nil
Sales Rs. 8,00,000
Selling price of closing inventory Rs. 2,00,000
Closing inventory as per adjusted selling price
method
a) Rs.1,60,0000 b) Rs.1,40,000
c) Rs.1,80,000 d) Rs.2,00,000
32. Which of the following is not a feature of
perpetual inventory system
a) Determines inventory directly and takes cost
of goods sold as residual value
b) It is based on book records
c) Closing inventory includes loss of goods as all
unsold goods are assumed to be in inventory
d) Inventory can be determined without
affecting the operations of the business.
33. Legal expenses incurred on filing a suit for the
breach of contract for the supply of goods is
a) Capital expense b) Revenue expense
c) Deferred revenue expense
d) None of these
34. The unexpired portion of capital expenditure is
shown in the balance sheet as
a) Asset b) Expense
c) Income d) Liability
35. If repairs cost is Rs.30,000 white wash
expenses are Rs.5,000, cost of extension of
building is Rs.3,00,000 and cost of
improvement in electrical wiring system is
Rs.30,000. The amount of revenue expenses
will be
a) Rs. 35,000 b) Rs. 65,000
c) Rs. 3,65,000 d) Rs. 3,35,000
CA - CPT_Dec-2015 Question Paper _Session 1______________________________5
No.1 for CA/CWA & MEC/CEC MASTER MINDS
36. Present liability of uncertain amount, which
can be measured reliably by using a substantial
degree of estimation is termed as
a) Provision. b) Liability.
c) Contingent liability. d) None of the above
37. ABC share profits 8 : 6 : 4 and ‘D’ admitted for
4/18 share and new profit sharing ratio is
6 : 4 : 4 : 4. ‘D’ agreed to pay goodwill. Then
who will have right to share the goodwill ?
a) A & B (Equally) b) A & C (Equally)
c) ABC (Profit sharing ratio) d) Only A
38. JLP amount is shared by the partners in _____
ratio.
a) Equally b) Profit sharing
c) Capitals d) None of these
39. On the death of a partner, his executor is paid
the share of profits of the dying partner for the
relevant period. This payment is recorded in
Profit & Loss _____ Account.
a) Adjustment. b) Appropriation.
c) Suspense. d) Reserve.
40. The K & L are sharing profits in the ratio of 3 : 2
; L & M are sharing profits in the ratio of 3 : 2.
Then the ratio of K, L & M is _____
a) 9 : 6 : 4 b) 9 : 4: 4
c) 9 : 3 : 2 d) 9 : 4 : 6
41. A, B & C are partners. As A’s capital is more
than that of B & C, he demands 20% interest
on capital. But there is no agreement in this
regard. Then the partners are _____
a) Entitled to interest on capital
b) Entitled to equal share of profits irrespective
of interest on capital
c) A is entitled to 20% interest on capital, B and
C get nil d) None of the above
42. X, Y and Z are partners in a firm. At the time of
division of profit for the year there was dispute
between the partners. Profits before interest
on partner’s capital was Rs. 6,000 and Y
demanded interest @ 24% p.a. on his loan of
Rs. 80,000. There was no agreement on this
point. Calculate the amount payable to X, Y
and Z respectively.
a) Rs. 2,000 to each partner.
b) Loss of Rs. 4,400 for X and Z & Y will take
home Rs. 14,800.
c) Rs. 400 for X, Rs.5,200 for Y and Rs.400 for Z.
d) Rs. 2,400 to each partner.
43. A & B are having capitals of Rs.50,000 and
Rs.30,000 respectively. The profit of the firm is
Rs.6,000. A & B are entitled to 10% interest on
capital as per provisions of the Partnership Act.
The interest to be allowed on the capitals of
the partners will be
a) 50,000 ; 3,000 b) 3,750 ; 2,250
c) 3,000 ; 3,000 d) 3,000 ; 1,800
44. A and B are partners sharing profits in the ratio
7:2. They admitted C giving him 1/5th share of
profit. If C acquires 1/10 from A and 1/10 from
B, new profit sharing ratio will be:
a) 61 : 11 : 18 b) 11 : 61 : 18
c) 61 : 18 : 11 d) None of these
45. The following information pertains to X ltd.
i) Equity share capital called up Rs.5,00,000
ii) Calls in arrears – Rs.40,000
iii) Calls in advance – Rs.25,000
iv) Proposed dividend – 15%
The amount of dividend payable is
a) Rs. 75,000 b) Rs.72,750
c) Rs.71,250 d) Rs.69,000
46. The securities premium account may be
applied by the company
a) To write off loss on sale of fixed asset.
b) To redeem preference shares.
c) To redeem debentures.
d) To write off expense on issue of debentures.
47. As per sec 2(40) of the Companies Act, 2013
financial statements do not include
a) Balance sheet
b) A profit & loss account in the case of profit
motive business and income & expenditure
A/c in case of non profit motive organizations
c) Fund flow statement
d) A statement of changes in equity
48. A company forfeited 1000 shares of Rs.10
each, on which Rs.6,000 have been received.
The forfeited shares were reissued for Rs.9,000
as fully paid up. How much amount is
transferred to Capital Reserve A/c?
a) Rs.1000 b) Rs.5,000
c) Rs.4,000 d) Rs.6,000
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49. Yogesh Ltd. reissued 2,000 shares of Rs.10
each, which were forfeited by crediting Share
forfeiture A/c by Rs.2 per share. These shares
were reissued Rs.9 per share. The amount
debited to Share Forfeiture A/c _____.
a) Rs.3,000 b) Rs.4,000
c) Rs.2,000 d) Nil
50. Deepak Ltd. Purchased an asset from a vendor
at Rs.10,00,000 by issue of 12% debentures of
Rs.100 each at a premium of 25%. The
Debenture’s A/c will be credited with
a) Rs.10,00,000 b) Rs.8,00,000
c) Rs.13,33,333 d) None of the above
51. The amount posted to CRR when Rs.3,00,000
preference shares are redeemed by fresh issue
of 20,000 shares of Rs.10 each at a premium of
10% will be
a) Rs.1,00,000 b) 2,50,000
c) 3,00,000 d) None of these
52. Discount on issue of debentures is a ____
a) Revenue loss to be charged in the year of
issue
b) Capital loss to be written off from capital
reserve
c) Capital loss to be written off over the tenure
of the debentures
d) Capital loss to be shown as goodwill
53. 45,000 preferences shares of @ Rs.10 each are
to redeemed by issue of equity shares @ Rs.8
each divisible profits available 2,50,550. Find
out the number of fresh shares to be issued
and in multiples of 50 also.
a) 24931, 24950 b) 24931, 24900
c) 24932, 24950 d) 24932, 24900
54. Which of the following is true
a) Capital = Assets + Liabilities
b) Assets = Liabilities - Capital
c) Capital = Assets - Liabilities
d) Liabilities = Assets + Capital
55. Purchases Rs.20,00,000, 4/5 of the goods are
sold at Rs.21,00,000. Expenses Rs.3,00,000.
Net profit is calculated at Rs.2,00,000. Which
concept is followed?
a) Cost b) Matching
c) Accrual d) Going concern
56. Interest on securities is calculated on
a) Market value b) Purchase value
c) Face value d) None of these
57. A businessman purchased goods for
Rs.25,00,000 and sold 80% of such goods
during the accounting year ended 31st March,
2011. The market value of the remaining goods
was Rs.4,00,000. He valued the closing
Inventory at cost. He violated the concept of
a) Money measurement. b) Conservatism.
c) Cost. d) Periodicity.
58.
59.
60.
PART B - MERCANTILE LAWS
61. The contract in which only one party has to
perform, it is ___
a) Unilateral b) Bilateral
c) Executed d) All of the above
62. A person who is aggrieved party in a voidable
contract, has a right to ___
a) Sue for damages
b) Repudiate the contract
c) Can claim compensation
d) All of the above
63. The letter which is correctly addressed,
stamped and sent, then there is ____
a) A valid acceptance.
b) A contract which is voidable at the option of
addressee.
c) A contract which is voidable at the option of
acceptor.
d) A void agreement.
64. Arun travels operate buses from Rameswaram
to Ramapuram. The bus is standing at the Bus
stop in Rameswaram waiting for passengers
traveling to Ramapuram and is ready for
departure. There is an _____ for passengers to
board the bus.
a) Internal offer b) External offer
c) Express offer d) Implied offer
CA - CPT_Dec-2015 Question Paper _Session 1______________________________7
No.1 for CA/CWA & MEC/CEC MASTER MINDS
65. A contract in which something remains to be
done by the parties, is said to be ____
a) Implied contract b) Executed contract
c) Executory contract d) None of the above
66. ______ is only a circulation of an offer and it is
an attempt to induce offers and precedes a
definite offer.
a) Offer
b) Acceptance of an offer
c) Invitation to offer
d) None of the above
67. Which of the following is true?
a) Consideration must move from promisee or
any other person.
b) Consideration must move only from agent
of the promisee.
c) Consideration must move only from the
legal heir of the promisee.
d) Consideration must move from the
promisee.
68. ‘A’, by a Gift deed transferred certain property
to her daughter, with a direction that daughter
should pay an annuity to A’s sister. On the
same day, the daughter executed a written
deed in favour of A’s sister, agreeing to pay
annuity. Afterwards, she declined to fulfill her
promise saying that no consideration had
moved from her Aunt. Which of the following
statements is correct?
a) The daughter is not bound to pay annuity.
b) There is no valid consideration in this
contract.
c) The daughter is bound to pay only a
reasonable amount.
d) The daughter is bound to pay whole
promised amount.
69. G paid Rs.1,00,000 to H to influence the head
of the Government Organisation in order to
provide him some employment. On his failure
to provide the job, G sued H for recovery of
the amount. Which of the following is correct?
a) G can recover the amount of Rs.1,00,000
b) G can recover the amount of Rs.100,000
with interest.
c) G can file a suit.
d) G cannot recover the amount.
70. ‘M’ a minor without disclosing that he is a
minor induced ‘N’ to enter into contract. Here
the contract is ____
a) Void b) Valid c) Voidable d) Illegal
71. “Consensus – ad-idem” means:
a) General consensus
b) Reaching of contract
c) Reaching an agreement
d) Meeting of minds i.e., understanding the
same thing in the same sense
72. If the contract is caused by coercion, then the
contract is ___
a) Valid b) Void
c) Voidable at the option of aggrieved party
d) None of the above
73. X advanced money to his son, Y, during his
minority. After Y becoming major, X obtained a
Bond from Y for a greater amount than the
sum due in respect of the advance, by misusing
the parental influence. Here X is said to
employ ________
a) Coercion b) Fraud
c) Undue influence d) Misrepresentation
74. When the owner can’t be found even after
___, then the finder of the lost goods can sell
the goods and the buyer will gets good title to
the goods.
a) Reasonable diligence
b) Ordinary diligence
c) Due diligence d) None of the above
75. ‘A’ agrees to pay ‘B’ Rs.500 if he write 100
pages in 1 minute. It is ___
a) Void b) Valid c) Unlawful d) Illegal
76. Contingent contract depends upon ____
a) Only on happening of an event
b) Only on non-happening of an event
c) Both happening or non-happening of an
event.
d) None of the above
77. X enters into contract with Y to dance in a
theatre. But before the performance, X died.
Now who shall perform the contract?
a) X’s brother b) X’s legal heirs
c) X’s friend d) None of the above
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78. When the damages are not an adequate
remedy, then the aggrieved party can claim for_
a) Quantum meruit b) Specific performance
c) Suit for injunction d) None of the above
79. Mr. Sharma, Mrs. Sharma (a dormant partner)
and Mr. Sharma’s elder brother enters into an
agreement to form partnership. After few days
due to personal quarrels, Mrs. Sharma retires
from the firm without giving public notice. Is
she liable to third parties?
a) Yes, she is liable and shall be paid from the
property of her husband.
b) Yes, she is liable and shall be paid from her
own estate.
c) No, she is not liable as she is a dormant
partner. d) None of the above
80. If there is no agreement between the partners,
then the nominal partner is ____
a) Entitled to the profits
b) Not entitled to the profits
c) Entitled to the profits in equal ratio if the
agreement is silent. d) None of the above
81. The maximum number of partners in any firm
or association are ____
a) 50 b) 100 c) 20 d) 2
82. Which of the following is Correct :
a) A minor can be admitted as a partner
provided the partnership deed is signed by the
guardian of the minor on behalf of and in the
best interest of such minor.
b) A minor can enter into a contract of
partnership provided it is a ‘necessity’ and not
a ‘luxury’.
c) A minor can be admitted for the profits of
the firm with the consent of all the partners.
d) A minor can be admitted for the benefits of
the firm without the consent of any partner.
83. A partner is entitled to claim interest on
advances made by him to the firm at the rate
of :
a) 12% per annum. b) 18% per annum.
c) 6% per annum. d) 10% per annum.
84. True test of partnership is ____
a) Sharing of profits b) Sharing of losses
c) Mutual agency d) both a) and b)
85. P,Q,R are the partners sharing the profits and
losses in ratio of 5:3:1 and having the capitals
as on October 1st
2015 are 30,000, 20,000 and
20,000 (debit balance). Now ‘R’ became
insolvent and the deficiency due to insolvency
of ‘R’ shall be shared by ‘P’ & ‘Q’ in ____ratio.
a) 5:3 b) 3:1
c) Equal d) None of the above
86. A minor can be admitted in a partnership ___
a) With the consent of only one partner.
b) With the consent of all the partners.
c) With the consent of majority of the
partners. d) None of the above
87. A share in a partnership:
a) Can be transferred in accordance with the
terms and conditions contained in the
partnership deed.
b) Can be transferred only if all the partners
agree for such transfer
c) Cannot be transferred at all
d) None of the above.
88. Current accounts of partners can be opened
when capitals are ____
a) Fixed and Fluctuating
b) Fixed c) Fluctuating
d) None of the above
89. A partner in partnership firm can transfer his
share ____
a) To a minor with the consent of all the
partners.
b) To a major without the consent of all the
partners.
c) To a minor without the consent of all the
partners.
d) To a major with the consent of all the
partners.
90. ‘A’ who remains silent when he was
represented as a partner of a firm before ‘D’
though he is not a partner. He is called ____
a) Partner by estoppel b) Sleeping partner
c) Nominal partner d) Sub - partner
91. Which of the following is a document of title to
the goods?
a) Proforma invoice b) Railway receipt
c) Mate’s receipt d) All of the above
CA - CPT_Dec-2015 Question Paper _Session 1______________________________9
No.1 for CA/CWA & MEC/CEC MASTER MINDS
92. Caveat Emptor signifies ___
a) Seller must be aware in selection of the
goods.
b) Buyer must be aware for his own selection
of the goods.
c) The creditor must be aware in selection of
goods.
d) None of the above
93. ‘A’ sells bicycle to ‘B’ and ‘B’ pays money to ‘A’
and request him to keep it for two more days.
Then it is known as ___
a) Actual delivery of goods.
b) Constructive delivery of goods.
c) Statutory delivery of goods.
d) Symbolic delivery of goods.
94. ‘A’ agrees to buy from ‘B’ whole of wheat
which has to be yielded, at Rs.100 per kg. Then
it is ___
a) Agreement to sell future goods
b) Agreement to sell present goods
c) Sale d) No contract
95. Which of the following is not covered under
contract of sale?
a) Sale of goods from X to Y for Rs.5000.
b) Sale of building from A to B.
c) Agreement to sell the goods that will be
produced. d) All of the above
96. The implied condition as to merchantability is
____ when the buyer tests the goods.
a) Applicable b) Not applicable
c) Presumed d) Exists
97. The unpaid seller can exercise ____
a) Right of lien
b) Right of stoppage of goods in transit
c) Right of Re-sale
d) All of the above
98. In case of sale on approval, the ownership is
transfer to the buyer when he:
a) Accepts the goods
b) Adopts the transaction
c) Fails to return goods
d) In all the above cases
99. A condition is:
a) Essential to main purpose of the contract.
b) Collateral to the purpose
c) Both main purpose and collateral to the
purpose
d) Neither main purpose nor collateral to the
purpose
100.
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Key - Part A – FUNDAMENTALS OF ACCOUNTING
1. C 2. D 3. B 4. C 5. D
6. C 7. A 8. A 9. A 10. C
11. B 12. C 13. A 14. D 15. C
16. C 17. C 18. B 19. A 20. A
21. C 22. C 23. B 24. B 25. A
26. A 27. B 28. A 29. A 30. B
31. B 32. A 33. B 34. A 35. A
36. A 37. A 38. B 39. C 40. A
41. B 42. C 43. B 44. A 45. D
46. D 47. C 48. B 49. C 50. B
51. A 52. C 53. C 54. C 55. B
56. C 57. B 58. 59. 60.
Part B – MERCANTILE LAWS
61. A 62. D 63. A 64. D 65. C
66. C 67. A 68. D 69. D 70. A
71. D 72. C 73. C 74. A 75. A
76. C 77. D 78. B 79. C 80. B
81. B 82. C 83. C 84. C 85. D
86. B 87. B 88. B 89. D 90. A
91. B 92. B 93. B 94. A 95. B
96. C 97. D 98. D 99. A 100.
THE END
CA - CPT_Dec-2015 Question Paper _Session 2_______________________________1
No.1 for CA/CWA & MEC/CEC MASTER MINDS
December 2015, CA-CPT Question Paper (Based on Memory) on 13-Dec-2015
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CA - CPT – Dec 2015 Question Paper (Based on Memory)
2nd
Session Marks: 100 Marks Time: 2 hrs.
PART A - GENERAL ECONOMICS
1. In law of demand ____ relation exists between
price and quantity demand
a) Direct b) Proportionate
c) Inverse d) Indirect
(2-3): X, Y and Z are three commodities where X
and Y are complementary whereas X and Z are
substitutes. A shop keeper sells commodity X at
Rs.20 per piece. At this price he is able to sell
100pieces of X per month. After some time, he
decreases the price of X to Rs.10 per piece.
Following the price decrease, he is able to sell 150
pieces of X per month. The demand for Y increases
from 25 units to 50 units. The demand for
commodity Z decreases from 75 units to 50 units.
2. The price elasticity of demand when price of X
decreases from Rs. 20 per piece to Rs. 10 per
piece will be equal to:
a) 0.6 b) 1.6 c) 0.5 d) 1.5
3. The cross elasticity of demand for commodity
Y when the price of X decreases from Rs. 20 per
piece to Rs. 10 per piece will be equal to:
a) –1.5 b) +1.5 c) +1 d) -1
4. Suppose income of the consumers increases by
50% and the demand for commodity X
increases by 20% what will be the income
elasticity of demand for commodity X?
a) 0.04 b) 0.4 c) 4.00 d) -4.00
5. Elasticity of supply is greater than one when
a) Proportionate change in quantity supplied is
more than the proportionate change in price
b) Proportionate change in price is greater
than the proportionate change in quantity
supplied
c) Change in price and quantity supplied are
equal d) none of the above
6. L-Shaped curve in indifference curve represents
a) Perfect complementaries
b) Perfect-substitutes c) Substitutes
d) Complementaries
7. After saturation point
a) Total Utility is rises, Marginal Utility is
maximum
b) Total Utility is maximum, Marginal Utility is
zero
c) Total Utility is rises, Marginal Utility is
negative
d) Total Utility is falls, Marginal Utility is
negative
8. As per Cobb – Douglas Production Function the
contribution made by labour and Capital are
____ respectively.
a) 4
1and
4
3 b)
4
3and
4
1
c) 2
1and
2
1 d)
3
2and
3
1
9. Diminishing marginal returns implies:
a) Decreasing average variable costs
b) Decreasing marginal costs
c) Increasing marginal costs
d) Decreasing average fixed costs
10.
Q TFC TVC MC
0 500 0 0
1 500 400 400
5 500 1600 ?
MC of 5th
unit?
a) 300 b) 400 c) 500 d) 600
11. Which of the following is never ‘U’ shaped?
a) AC b) TC c) AVC d) AFC
12.
Price Demand Supply
1 200 500
2 250 450
3 300 400
4 350 350
5 400 300
Equilibrium price is _________
a) 2 b) 3 c) 4 d) 5
CA - CPT_Dec-2015 Question Paper _Session 2_______________________________3
No.1 for CA/CWA & MEC/CEC MASTER MINDS
13. In the short run when output increases,
Average Fixed Cost
a) Increases b) Decreases
c) Decreases first and increases
d) None of the above
14. “I am making a loss, but with the rent I have to
pay, I can’t afford to shut down at this point of
time”. If this entrepreneur is attempting to
maximize profits or minimize losses, his
behaviour in the short run is:
a) Rational, if the firm is covering its variable
cost
b) Rational, if the firm is covering its fixed cost
c) Irrational, since plant closing is necessary to
eliminate losses
d) Irrational, since fixed costs are eliminated if
a firm shuts down.
15. In which market the producers market policy
depends on other few rival firms in price
determination?
a) Perfect competition b) Monopoly
c) Monopolistic d) Oligopoly
16. In which market the firm has no control over
price?
a) Perfect competition b) Monopoly
c) Monopolistic competition d) Oligopoly
17. Kinked demand curve exists in
a) Perfect competition b) Monopoly
c) Monopolistic competition
d) None of the above
(18–20) Questions are based on following figure
18. Figure represents ______
a) Perfectly competitive firm.
b) Perfectly competitive industry.
c) Monopolist d) None of these
19. In figure, the firm’s marginal revenue curve is:
a) E. b) A c) F d) B
20. In Figure, curve E is the firm’s:
a) Marginal cost curve
b) Average cost curve c) Demand curve.
d) Marginal revenue curve
21. Price discrimination will be profitable only if
the elasticity of demand in different markets in
which the total market has been divided is:
a) uniform b) different c) less d) zero
22. Which of the following shows Decrease in
unemployment in PPC?
a) Point shifts along the PPC
b) Point outside PPC to on the PPC
c) Point inside PPC to on the PPC
d) Point on the PPC to outside PPC
23. Who is the author of the “Nature and causes of
wealth of nations”?
a) Karl Marx b) Adam Smith
c) J.B Say d) A.C Pigou
24. Micro Economics doesn’t study
a) Consumers behaviour b) Firms output
c) General price level d) Factor pricing
25. Which of the following is correct statement:
a) In deductive method logic proceeds from
the particular to the general
b) Micro & Macro-Economics are interdependent
c) Higher the prices lower is the quantity
demanded of a product is a normative statement
d) In a capitalist economy, the economic
problems are solved by Planning Commission
26. The meaning of the word ‘economic’ is most
closely connected with the word:
a) Free b) Scarce c) Unlimited d) Restricted
27. What are the main reasons for high birth rate
in India?
a) India is predominantly agrarian economy. In
an agrarian economy, children are considered
as asset and but not burden because as they
help in agricultural fields.
b) Marriage is both a religious and social
necessity in India. Presently in India by the
age of 50 only 5 out of 1,000 Indian women
remained unmarried.
c) Marriages are almost compulsory and they
take place at quite young age in India.
d) All of the above
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28. Disguised unemployment refers to ______
a) A situation of employment with surplus
manpower in which some workers have zero
marginal productivity
b) When some workers are temporarily out of
work while changing jobs and there is
imperfect mobility of labour
c) A decline in demand for production in a
particular industry, and consequent disinvestment
and reduction in its manpower requirement
d) None of the above
29. Which of the following does not belongs to
poverty?
a) MGNREGS b) SGSY
c) SJSRY d) Indira Vidyuth Yojana
30. The share of agriculture in India’s National
Income has ____ over the years
a) Increasing b) Decreasing c) Constant
d) First decreasing & then increased
31. To encourage investment RBI will
a) Increase CRR b) Decrease CRR
c) Sell securities d) Increase bank rate
32. Define Bank Rate
a) The rate at which central bank discounts the
bills of government
b) The rate at which central bank discounts the
eligible bills of commercial banks
c) The rate at which commercial banks
discounts the bills of central bank
d) The rate at which commercial banks
discounts the bills of government.
33. The combined phenomenon of demand pull
and cost push inflation is called
a) Inflation b) Deflation
c) Stagflation d) None of these
34. NM1 refers to
a) Currency + Demand deposits + other
deposits with RBI
b) Currency + Demand deposits
c) M1 + post office saving deposits
d) M3 + total post office deposits
35. Which of the following statements about
money is incorrect?
a) There are many assets which carry the
attributes on money.
b) Money is what money does.
c) In modern sense, money has stability, high
degree of substitutability and feasibility of
measuring statistical variation.
d) None of these
36. Which is a cause of inflation in India?
a) Deficit financing
b) Erratic agricultural growth
c) Increase in public expenditure
d) All of the above
37. Personal Income tax is levied on
a) Income of individuals
b) Income of Hindu Undivided Family
c) Income of unregistered firm
d) All of the above
38. Which of the following statement is correct?
a) GST is recently implemented
b) Revenue from indirect tax is more than
direct tax
c) The public revenue is sufficient to meet
public expenditure
d) None of the above
39. Fiscal deficit means ________
a) Revenue deficit + Capital deficit
b) Total Revenue – Total expenditure +
Borrowings and other liabilities
c) Same as budget deficit
d) Revenue receipts + Capital receipts
40. Meaning of Fiscal Deficit
a) Difference between total receipts &
expenditure
b) Sum of budget deficit + borrowings and
other liabilities
c) Difference between deficit and borrowings
and other liabilities d) None of the above
41. Full form of FRBM?
a) Fiscal Revenue & Budget Management
b) Fiscal Responsibility & Budget Management
c) Fiscal Revenue and Business Management
d) Fiscal Responsibility & Business Management
42. Which of the following occupy largest share in
the external debt of India?
a) Short term loan b) Long term loans
c) Commercial borrowings d) NRI deposits
CA - CPT_Dec-2015 Question Paper _Session 2_______________________________5
No.1 for CA/CWA & MEC/CEC MASTER MINDS
43. Balance of trade means
a) Difference between Current A/c & Capital
A/c
b) Transfer of services between two countries
c) Difference between the value of
Merchandise between the firms of home
country and foreign country
d) None of the above
44. ______ is a soft lending arm of the world bank
a) IFC b) IDA c) ICSID d) MIGA
(45-46): It was the World Trade Organisation
(WTO) which gave a real push to the process of
globalization. The World Trade Organisation came
into existence on 1st January 1995. It is a powerful
body which aims at making the whole world a big
village where there is a free flow of goods and
services and there is no barrier to trade. At its
heart are the WTO agreements, negotiated and
signed by the bulk of the world’s trading nations.
45. What is globalization?
a) It refers to the transfer of assets from public
to private ownership
b) It refers to the disposal of public sector’s
equity in the market
c) It means integrating the domestic economy
with the world economy
d) None of the above
46. Which of the following is false about WTO?
a) It is the main organ for implementing the
Multilateral Trade Agreements
b) It is global in its membership
c) It has far wider scope than GATT
d) Only countries having more than prescribed
level of total GDP can become its members
47. At present 100% FDI is allowed in
a) Drugs & Pharmaceutics
b) Hotels & Tourism
c) Courier services d) All of the above
48. GNP at Market Price minus ______ is equal to
GDP at Market Price
a) Depreciation b) Direct Taxes
c) Subsidies
d) Net income from abroad
49. Which is not reserved for public sector?
a) Atomic b) Railways
c) Defense d) None of these
50. NNP at market price remains constant but
depreciation increases. GNP at market price
a) Increases b) Decreases
c) Increases by same amount of depreciation
d) Decreases by same amount of depreciation
PART B - QUANTITATIVE APTITUDE
51. 5log.4log.3log235
=
a) 0 b) 1 c) 2 d) 1/2
52. n1n
1nn
22
22
−+
+
−
=
a) 2
1 b)
2
3 c)
2
1− d) 2
53. In a group of 80 persons, 35% play only cricket,
45% play only football. 20% play both. Then
no. of persons play cricket is
a) 45 b) 44 c) 64 d) 65
54. If f (x) = 2x + 2, ( ) 2xxg = then (fog) (4) =
a) 18 b) 22 c) 34 d) 128
55. A = {x, y, z}, B = {a, b, c, d} which of the
following represents a function from A to B
a) {(x, a) (x,b) (y,c)} b) {(x, a) (z,b) (z,c)}
c) {(x, a) (y,b) (z,d)} d) {(a, x) (b,y) (c,z) (d,z)}
56. If a,b,c are in AP then a - b + c equal to
a) a b) b c) -b d) c
57. The sum of n terms of an A.P is n5n32 + and
the mth
term is 164 then the value of ‘m’ is
a) 27 b) 26 c) 25 d) 22
58. If the lines 3x – y = 2, 5x + ay = 3, 2x + y = 3 are
concurrent then a =
a) -1 b) - 2 c) 2 d) 3
59. The equation of the line passing through the
point of intersection of the lines y = 3 and x + y
= 0 and parallel to 2x – y = 4 is
a) 2x – y + 9 = 0 b) 2x – y – 9 = 0
c) 2x – y + 1 = 0 d) x – y + 9 = 0
CA - CPT_Dec-2015 Question Paper _Session 2_______________________________6
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60. The shaded region represents
a) 2x - y ≤ 2, x + y ≥ 6 x, y ≥ 0
b) 2x - y ≥ 2, x + y ≤ 6 x, y ≥ 0
c) 2x - y ≤ 2, x + y ≤ 6 x, y ≥ 0
d) 2x - y ≥ 2, x + y ≥ 6 x, y ≥ 0
61. If the roots of the equation 0kx12x42 =+−
are equal then the value of K is ______
a) -3 b) 3 c) -9 d) 9
62. Find an equation whose roots are βα , related
by 6−=β+α and 4−=αβ is
a) 04x6x2 =−− b) 04x6x
2 =−+
c) 04x6x2 =++ d) 06x4x
2 =++
63. 4053x
3xLt
nn
3x
=−−
→ then the value of n =
a) 5 b) 4 c) 3 d) 6
64. A function f(x) defined as follows
f(x) = x + 1, when x ≤ 1
= 3 – px, when x > 1 then the value of P
For which f(x) continuous at x = 1
a) -1 b) 1 c) 0 d) None
65. Slope of the tangent to the curve 2x
1xy
+−= at
x = 2 is _____
a) 16
3 b)
16
3− c)
4
1 d)
4
1−
66. ∫ +−2
1
dxx1
x1 =
a) 12
3log −
b) 1
2
3log
2
1 −
c) 12
3log2 −
d)
2
3log
2
1
67. If 1tt2t5t3U234 ++++= then
dt
du at t = -1 is
a) 0 b) 1 c) 2 d) None
68. If 720Pr
n = , 120Cr
n = then r =
a) 4 b) 5 c) 6 d) 3
69. A question paper contains 10 questions
divided into two parts, Part A contains 6
questions and Part B contains 4 questions
respectively. In how many ways that one can
attempt atleast one question from each part is
a) 1050 b) 945 c) 1020 d) 840
70. There are 6 men & 4 women then the number
of ways of forming a committee of 5 members
such that there are atleast 2 women in the
committee is _____
a) 204 b) 186 c) 180 d) 185
71. The ratio of the third proportion to 12 & 30 to
the mean proportion between 9 & 25 is _____
a) 2 : 1 b) 5 : 1 c) 7 : 15 d) 3 : 5
72. The period for which the sum becomes 4 times
to itself at 12% p.a. simple interest is _____
a) 24 yrs. b) 25 yrs.
c) 26 yrs. d) 27 yrs.
73. If your father wants to give you a sum of
Rs.10,000 every year from today at the rate of
8.5% for the next 15 years what will be the
present value. P (15, 8.5%) = 8.3042 (Given
without decimals)
a) Rs.8,30,427 b) Rs.93,042
c) Rs.83,042 d) Rs.1,66,347
74. If the simple interest on a sum of money for 2
yrs. at 10% p.a. is Rs.325. What is the
compound interest on the same sum at the
same rate and for the same time
a) Rs.241.5 b) Rs.330
c) Rs.341.25 d) Rs.351.25
75. If two letters are taken at random from the
word “HOME”. The probability that none of
the letters would be vowels.
a) 6
1 b)
2
1 c)
3
1 d)
4
1
76. An un biased die is rolled once then the odds
in favour of the event of getting a multiple of 3
is ______
a) 1 : 2 b) 1 : 3 c) 2 : 1 d) 3 : 1
CA - CPT_Dec-2015 Question Paper _Session 2_______________________________7
No.1 for CA/CWA & MEC/CEC MASTER MINDS
77. A bag contains 15 one rupee notes, 25 two
rupees notes and 10 ten rupees notes. If a
note is drawn randomly, the probability of not
getting a one rupee note is _______.
a) 0.3 b) 0.4 c) 0.6 d) 0.7
78. If G.M = 5 and A.M = 7.5 then the two numbers
are________
a) 10, 5 b) 11, 4 c) 13.09, 1.91 d) 12, 3
79. If in 50 students, 10 students failed whose
mean is 2.5 and total of 50 students marks is
281 then the mean of students who passed is
a) 6.4 b) 5.4 c) 4.4 d) None
80. Mean deviation about mean for 5,8,6,3,4 is__
a) 1.44 b) 2.88 c) 3 d) None
81. If V(x) = 23 then V(2x+10) =
a) 27 b) 50 c) 92 d) None
82. Range of values 4, 3, 1, 6, 7, 10, 8 is___
a) 9 b) 7 c) 6 d) None
83. If variance = 12, X = 40, find CV.
a) 8.66% b) 9.66% c) 10.50% d) None
84. In case Insurance companies profits and the
no. of claims they have to pay’ correlation is
a) Positive correlation
b) Negative correlation
c) No correlation d) None
85. Which of the following is correct?
a) y
x
yx
SD
SDrb = b)
x
y
yx
SD
SDrb =
c) y
xyrb
yx
∑= d) x
xyrb
yx
∑=
86. The cost of living index number in 1977 is 313
with base year 1960 and 1960 has 96 as index
number. The salary in 1977 is 160 then the real
wage is____
a) 48.4 b) 51.12 c) 40.3 d) None
87. The chart that uses logarithms of the variable
is known as ____
a) Ratio chart b) Multiple line chart
c) Component chart d) None
88. Quartiles can be obtained graphically by
a) Histogram b) Frequency polygon
c) Ogives d) None
89. Classification is of ___ types.
a) 2 b) 3 c) 1 d) 4
90. The mostly used diagrammatic representation
of a grouped frequency distribution is
a) Ogives b) Histogram c) both d) None
91. Find the number of observations between 250
and 300 from the following data
Above 200 250 300 350
No. of
Observations 56 38 15 0
a) 56 b) 23 c) 15 d) 8
92. If three coins are tossed simultaneously then
probability that exactly 2 heads appear is
a) 6
1 b)
8
3 c)
8
1 d) None
93. The standard deviation of a binomial
distribution is____
a) np b) npq c)np d) None
94. The wages of a factory follows ____
a) Normal distribution
b) Binomial distribution
c) Bernoulli distribution d) None
95. Binomial distribution with parameters 15,1/3
then mode of distribution is___
a) 5 b) 5 & 6 c) 5.5 d) 6
96. For unknown parameter how many interval
estimates may exist?
a) Only one b) One c) Many d) None
97. If a sample of 500 eggs produces 25 rotten
eggs arranges, then the estimates of S.E of the
proportion of rotten eggs in the sample is
a) 0.01 b) 0.05 c) 0.028 d) 0.0593
98. If sample size increases then S.E ________
a) Increases b) Decreases
c) Decreases proportionately
d) Increases proportionately
99. A measure of precision obtained by sampling is
given by
a) Standard error b) Sampling error
c) Sampling distribution d) Expectation
100.
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Key - Part A – GENERAL ECONOMICS
1. C 2. A 3. D 4. B 5. A
6. A 7. D 8. A 9. C 10. A
11. D 12. C 13. B 14. A 15. D
16. A 17. D 18. C 19. C 20. C
21. B 22. C 23. B 24. C 25. B
26. B 27. D 28. A 29. D 30. B
31. B 32. B 33. C 34. A 35. D
36. D 37. D 38. B 39. B 40. B
41. B 42. C 43. C 44. B 45. C
46. D 47. D 48. D 49. C 50. C
Part B – QUANTITATIVE APTITUDE
51. C 52. B 53. B 54. C 55. C
56. B 57. A 58. B 59. A 60. C
61. D 62. B 63. A 64. B 65. A
66. C 67. A 68. D 69. B 70. B
71. B 72. B 73. B 74. C 75. A
76. A 77. D 78. C 79. A 80. A
81. C 82. A 83. A 84. B 85. B
86. B 87. A 88. C 89. D 90. B
91. B 92. B 93. B 94. A 95. A
96. C 97. A 98. B 99. A 100.
THE END