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CA - CPT ICAI Model Test Paper - 1


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200 Questions MCQ Test | CA - CPT ICAI Model Test Paper - 1

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CA - CPT ICAI Model Test Paper - 1 - Question 1

The long term assets that have no physical existence but are rights that have value is known as

CA - CPT ICAI Model Test Paper - 1 - Question 2

A change in accounting policy is justified

CA - CPT ICAI Model Test Paper - 1 - Question 3

Purchases book records:

Detailed Solution for CA - CPT ICAI Model Test Paper - 1 - Question 3

Purchase Book is a subsidiary book which records the transactions of credit purchase of goods for trading purpose.

CA - CPT ICAI Model Test Paper - 1 - Question 4

A Bank Reconciliation Statement is prepared to know the causes for the difference between:

Detailed Solution for CA - CPT ICAI Model Test Paper - 1 - Question 4

Bank reooncliation statement is a statement which reconciles bank Balance as per Cash Book with Balance as per Pass Book (Bank statement) by showing al causes of different between the two. 

CA - CPT ICAI Model Test Paper - 1 - Question 5

While finalizing the current year’s profit, the company realized that there was an error in the valuation of closing inventory of the previous year. In the previous year, closing inventory was valued more by Rs.50,000. As a result

CA - CPT ICAI Model Test Paper - 1 - Question 6

In the absence of any provision in the partnership agreement, profits and losses are shared

CA - CPT ICAI Model Test Paper - 1 - Question 7

Fundamental accounting assumption is

CA - CPT ICAI Model Test Paper - 1 - Question 8

Which of the following errors are not revealed by the Trial Balance?

CA - CPT ICAI Model Test Paper - 1 - Question 9

Which of the following are of capital nature?

CA - CPT ICAI Model Test Paper - 1 - Question 10

Which of the following statement is not true?

CA - CPT ICAI Model Test Paper - 1 - Question 11

Discount on issue of debentures is a __________

CA - CPT ICAI Model Test Paper - 1 - Question 12

Loss on issue of debentures is treated as ____________. 

CA - CPT ICAI Model Test Paper - 1 - Question 13

Dividends are usually paid as a percentage of ______

CA - CPT ICAI Model Test Paper - 1 - Question 14

At the time of death of a partner, firm gets ________ from the insurance company against the Joint Life Policy taken jointly for all the partners

CA - CPT ICAI Model Test Paper - 1 - Question 15

Profit or loss on revaluation is shared among the partners in _______ ratio.

Detailed Solution for CA - CPT ICAI Model Test Paper - 1 - Question 15

Profit or loss on revaluation is shared among the partners in old profit sharing ratio because any profit or loss is the result of business activity of old partners.

CA - CPT ICAI Model Test Paper - 1 - Question 16

Interest on capital will be paid to the partners of provided for in the agreement but only from ________

CA - CPT ICAI Model Test Paper - 1 - Question 17

The owner of the consignment inventory is________

CA - CPT ICAI Model Test Paper - 1 - Question 18

The parties to joint venture is called_________

CA - CPT ICAI Model Test Paper - 1 - Question 19

The  accommodation bill is drawn_______

CA - CPT ICAI Model Test Paper - 1 - Question 20

The number of production or similar units expected to be obtained from the use of an asset by an enterprise is called as _________

CA - CPT ICAI Model Test Paper - 1 - Question 21

Mr. A purchased a machinery costing Rs. 1,00,000 on 1st October, 2009. Transportation and installation charges were incurred amounting Rs. 10,000 and Rs. 4,000 respectively.Dismantling charges of the old machine in place of which new machine was purchased amounted Rs. 10,000. Market value of the machine was estimated at Rs. 1,20,000 on 31st March 2010. While finalising the annual accounts, A values the machinery at Rs. 1,20,000 in his books.

Q. Which of the following concepts was violated by A?

CA - CPT ICAI Model Test Paper - 1 - Question 22

M/s ABC Brothers, which was registered in the year 2000, has been following Straight Line Method (SLM) of depreciation. In the current year it changed its method from Straight Line to Written Down Value (WDV) Method, since such change would result in the additional depreciation of Rs. 200 lakhs as a result of which the firm  would qualify to be declared as a sick industrial unit.  The auditor raised objection to this change in the method of depreciation.The objection of the auditor is justified because

CA - CPT ICAI Model Test Paper - 1 - Question 23

If Cost of goods sold is Rs.80,700, Opening stock Rs.5,800 and Closing stock Rs.6,000. Then the amount of purchase will be

Detailed Solution for CA - CPT ICAI Model Test Paper - 1 - Question 23

Formula for the same is
Opening + Purchase - Closing stock = Sale 
5800 + - 6000 = 80700
So, 80700 + 6000 - 5800 = 80900.

CA - CPT ICAI Model Test Paper - 1 - Question 24

Original cost = Rs. 1,26,000. Salvage value = 6,000. Useful Life = 6 years. Annual depreciation under SLM will be

CA - CPT ICAI Model Test Paper - 1 - Question 25

A new firm commenced bus ines s on 1st January, 2009 and purchased goods costing Rs. 90,000 during the year. A sum of Rs. 6,000 was spent on freight inwards. At the end of the year the cost of goods still unsold was Rs.12,000. Sales during the year Rs.1,20,000.What is the gross profit earned by the firm?

CA - CPT ICAI Model Test Paper - 1 - Question 26

X of Kolkata sends out goods costing Rs. 3,00,000 to Y of Mumbai at cost + 25% . Consignor’s expenses Rs. 5,000. 1/10th of the goods were lost in transit. Insurance claim received Rs. 3,000. The net loss on account of abnormal loss is

CA - CPT ICAI Model Test Paper - 1 - Question 27

A and V enter into a joint venture to sell a consignment of biscuits sharing profits and losses equally. A provided biscuits from his inventory Rs. 10,000. He paid expenses amounting to Rs. 1,000. V incurred further expenses on carriage Rs. 1,000. He received cash for sales Rs. 15,000. He also took over goods to the value of Rs. 2,000. The profit on joint venture will be

CA - CPT ICAI Model Test Paper - 1 - Question 28

X draws a bill on Y for Rs. 20,000 for 3 months on 1.1.10. The bill is discounted with banker at a charge of Rs. 100. At maturity the bill return dishonoured. In the books of X, for dishonour, the bank account will be credited by

CA - CPT ICAI Model Test Paper - 1 - Question 29

A sent some goods costing Rs.3,500 at a profit of 25% on sale to B on sale or return basis.B returned goods costing Rs.800. At the end of the accounting period i.e. on 31st December, 2009, the remaining goods were neither returned nor were approved by him. The inventory sent on approval will be shown in the balance sheet at

CA - CPT ICAI Model Test Paper - 1 - Question 30

A and B are partners sharing profits and losses in the ratio of 3:2 having the capital of Rs. 80,000 and Rs. 50,000 respectively. They are entitled to 9% p.a. interest on capital before distributing the profits. During the year firm earned Rs. 7,800 after allowing interest on capital. Profits apportioned among A and B is

CA - CPT ICAI Model Test Paper - 1 - Question 31

A & B are partners sharing profits and losses in the ratio 5:3. On admission, C brings Rs. 70,000 cash and Rs. 48,000 against goodwill. New profit sharing ratio between A, B and C are 7:5:4. The sacrificing ratio among A & B will be

CA - CPT ICAI Model Test Paper - 1 - Question 32

The cash book showed an overdraft of Rs.1,500, but the pass book made up to the same date showed that cheques of Rs.100, Rs. 50 and Rs.125 respectively had not been presented for payments; and the cheque of Rs.400 paid into account had not been cleared. The balance as per the pass book will be

CA - CPT ICAI Model Test Paper - 1 - Question 33

A second hand car is purchased for Rs.10,000, the amount of Rs. 1,000 is spent on its repairs, Rs. 500 is incurred to get the car registered in owner’s name and Rs. 1,200 is paid as dealer’s commission.  The amount debited to car account will be

CA - CPT ICAI Model Test Paper - 1 - Question 34

If a purchase return of Rs.84 has been wrongly posted to the debit of the sales return account, but had been correctly entered in the suppliers account, the total of the trial balance would show

CA - CPT ICAI Model Test Paper - 1 - Question 35

Q. The above difference in trial balance is due to

CA - CPT ICAI Model Test Paper - 1 - Question 36

R, J and D are the partners sharing profits in the ratio 7:5:4. D died on 30th June 2009. It was decided to value the goodwill on the basis of three year’s purchase of last five years average profits. If the profits are Rs. 29,600; Rs. 28,700; Rs. 28,900; Rs. 24,000 and Rs. 26,800. D’s share of goodwill will be

CA - CPT ICAI Model Test Paper - 1 - Question 37

A company forfeited 2,000 shares of Rs.10 each (which were issued at par) held by Mr. John for non-payment of allotment money of Rs.4 per share. The called-up value per share was Rs.9. On forfeiture, the amount debited to share capital will be

CA - CPT ICAI Model Test Paper - 1 - Question 38

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

CA - CPT ICAI Model Test Paper - 1 - Question 39

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

CA - CPT ICAI Model Test Paper - 1 - Question 40

X sent out certain goods to Y of Delhi. 1/10 of the goods were lost in transit. Invoice value of goods lost Rs 12,500. Invoice value of goods sent out on consignment will be:

CA - CPT ICAI Model Test Paper - 1 - Question 41

T Ltd. purchased land and building from U Ltd. for a book value of Rs.2,00,000. The consideration was paid by issue of 12% Debentures of Rs.100 each at a discount of 20%.The debentures account will be credited with

CA - CPT ICAI Model Test Paper - 1 - Question 42

B Ltd. issued shares of Rs.10 each at par. Mr. C purchased 30 shares and paid Rs.2 on application but did not pay the allotment money of Rs.3. If the company forfeits his entire shares, the forfeiture account will be credited by

CA - CPT ICAI Model Test Paper - 1 - Question 43

A, B and C are partners sharing profits and losses in the ratio 9:4:3. The firm took separate life policy of Rs. 25,000 for A, Rs. 20,000 for B and Rs. 51,000 for C. What is the share of C in the policy amount?

CA - CPT ICAI Model Test Paper - 1 - Question 44

A and B are partners sharing profits and losses in the ratio of 3:2 (A’s Capital is Rs.30,000 and B’s Capital is Rs.15,000). They admitted C and agreed to give 1/5th share of profits to him. How much C should bring in towards his capital?

CA - CPT ICAI Model Test Paper - 1 - Question 45

A and B are partners with the capital Rs. 50,000 and Rs. 40,000 respectively. They share profits and losses equally. C is admitted on bringing Rs. 50,000 as capital only and nothing was brought against goodwill. Goodwill valued as Rs. 35,000 which was adjusted through the Capital accounts of the partners. What will be value of goodwill in the books after the admission of C?

CA - CPT ICAI Model Test Paper - 1 - Question 46

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 loan was Rs. 6,000 and Y determined 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.

CA - CPT ICAI Model Test Paper - 1 - Question 47

A merchant sends out his goods casually to his dealers on approval basis.  All such transactions are, however, recorded as actual sales and are passed through the sales book.  On 31-12-2009, it was found that 100 articles at a sale price of 200 each sent on approval basis were recorded as actual sales at that price.  The sale price was made at cost plus 25%.  The value of inventory on approval will be amounting

CA - CPT ICAI Model Test Paper - 1 - Question 48

A draws a bill on B for Rs 30,000. A wants to endorse it to C in settlement of Rs 35,000 at 2% discount with the help of B’s acceptance and balance in cash. How much cash A will pay to B?

CA - CPT ICAI Model Test Paper - 1 - Question 49

The document inviting offers from public to subscribe for the debentures or shares of a body corporate is a

CA - CPT ICAI Model Test Paper - 1 - Question 50

P of  Faridabad sent out goods costing Rs. 45,000 to Y of Delhi at cost + 331/3% . 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:

CA - CPT ICAI Model Test Paper - 1 - Question 51

Rent paid on 1st October, 2008 for the year to 30th September, 2009 was Rs. 1,200 and rent paid on 1st October, 2009 for the year to 30th September, 2010 was Rs. 1,600.  Rent paid, as shown in the profit and loss account for the year ended 31st December 2009, would be:

CA - CPT ICAI Model Test Paper - 1 - Question 52

H Ltd. purchased a machinery on April 01, 2005 for Rs.3,00,000. It is estimated that the machinery will have a useful life of 5 years after which it will have no salvage value. If the company follows sum-of-the-years’ digits method of depreciation, the amount of depreciation charged during the year 2009-2010 was

CA - CPT ICAI Model Test Paper - 1 - Question 53

If Average inventory = Rs. 12,000. Closing inventory is Rs. 3,000 more than opening inventory then the value of closing inventory will be

CA - CPT ICAI Model Test Paper - 1 - Question 54

CA - CPT ICAI Model Test Paper - 1 - Question 55

Debit balance as per Cash Book of ABC Enterprises as on 31.3.2012 is Rs. 1,500. Cheques deposited but not cleared amounts to Rs.100 and Cheques issued but not presented of 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

CA - CPT ICAI Model Test Paper - 1 - Question 56

If a purchase return of Rs.1,000 has been wrongly posted to the debit of the sales returns account, but has been correctly entered in the suppliers’ account, the total of the

CA - CPT ICAI Model Test Paper - 1 - Question 57

If repair cost is Rs.25,000, whitewash expenses are Rs. 5,000, cost of extension of building is Rs.2,50,000 and cost of improvement in electrical wiring system is Rs. 19,000; the amount to be expensed is

Detailed Solution for CA - CPT ICAI Model Test Paper - 1 - Question 57

Repair cost = 25000
Whitewash expenses = 5000
cost of extension building = 250000
Cost of improvement in electric wiring system = 19000
Total expenses = 2 ,99,000

CA - CPT ICAI Model Test Paper - 1 - Question 58

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:

CA - CPT ICAI Model Test Paper - 1 - Question 59

A company forfeited 1,000 shares of Rs. 20 each (which were issued at par) held by Mr.Mohan for non-payment of allotment money of Rs. 8 per share. The called-up value per share was Rs. 18. On forfeiture, the amount debited to share capital will be

CA - CPT ICAI Model Test Paper - 1 - Question 60

A, B and C are partners sharing profits in the ratio 2:2:1. On retirement of B, goodwill was valued as Rs. 30,000. Contribution of A and C to compensate B will be

CA - CPT ICAI Model Test Paper - 1 - Question 61

Which of the following is false? An offer to be valid must:

CA - CPT ICAI Model Test Paper - 1 - Question 62

Which of the following statement is true?

CA - CPT ICAI Model Test Paper - 1 - Question 63

Which of the following is not an exception to the rule – No Consideration, No Contract?

CA - CPT ICAI Model Test Paper - 1 - Question 64

A minor’s liability for ‘necessaries’ supplied to him;

CA - CPT ICAI Model Test Paper - 1 - Question 65

An agreement is void if it is opposed to public policy. Which of the following is not covered by heads of public policy?

CA - CPT ICAI Model Test Paper - 1 - Question 66

Which of the following persons can perform the contract?

CA - CPT ICAI Model Test Paper - 1 - Question 67

A, B and C jointly promised to pay Rs. 60,000 to D. Before performance of the contract, C dies. Here, the contract

CA - CPT ICAI Model Test Paper - 1 - Question 68

Generally, which of the following damages are not recoverable?

CA - CPT ICAI Model Test Paper - 1 - Question 69

A mistake as to a law not in force in India has the same effect as:

CA - CPT ICAI Model Test Paper - 1 - Question 70

The term “goods” under the Sale of Goods Act, 1930 does not include

CA - CPT ICAI Model Test Paper - 1 - Question 71

Which of the following is not an implied condition in a contract of sale?

CA - CPT ICAI Model Test Paper - 1 - Question 72

Which of the following is not a form of delivery?

CA - CPT ICAI Model Test Paper - 1 - Question 73

Mercantile Agent is having an authority to

CA - CPT ICAI Model Test Paper - 1 - Question 74

Doctrine of Caveat Emptor means

CA - CPT ICAI Model Test Paper - 1 - Question 75

The most important element in partnership is:

CA - CPT ICAI Model Test Paper - 1 - Question 76

In the absence of agreement to the contrary all partners are:

CA - CPT ICAI Model Test Paper - 1 - Question 77

Active partner is one who:

CA - CPT ICAI Model Test Paper - 1 - Question 78

On dissolution the partners remain liable to till

CA - CPT ICAI Model Test Paper - 1 - Question 79

Which of the following statements, about the registration of firm, is not true:

CA - CPT ICAI Model Test Paper - 1 - Question 80

An agreement which is enforceable by law at the option of one or more of the parties thereon but not at the option of the other or others is a ____________

CA - CPT ICAI Model Test Paper - 1 - Question 81

When the consent of a party is not free, the contract is _____________

CA - CPT ICAI Model Test Paper - 1 - Question 82

Ordinarily, a minor’s agreement is ____________

CA - CPT ICAI Model Test Paper - 1 - Question 83

The threat to commit suicide amounts to ___________

CA - CPT ICAI Model Test Paper - 1 - Question 84

An agreement the object or consideration of which is unlawful, is _____________

CA - CPT ICAI Model Test Paper - 1 - Question 85

A contingent contract is ____________

CA - CPT ICAI Model Test Paper - 1 - Question 86

Which of the following is not disability of an unregistered firm?

CA - CPT ICAI Model Test Paper - 1 - Question 87

A agrees to pay Rs. 5 lakhs to B if he (B) procures an employment for A in Income Tax Department.  This agreement is _________

CA - CPT ICAI Model Test Paper - 1 - Question 88

Agreement-the meaning of which is uncertain is ________

CA - CPT ICAI Model Test Paper - 1 - Question 89

A contract for the sale of “future goods” is __________

CA - CPT ICAI Model Test Paper - 1 - Question 90

A stipulation which is collateral to the main purpose of the contract, and if proves false, gives the buyer only a right to claim damages, is known as __________

CA - CPT ICAI Model Test Paper - 1 - Question 91

Goods which are in existence at the time of the Contract of Sale is known as _________

CA - CPT ICAI Model Test Paper - 1 - Question 92

Selection of goods with the intention of using them in performance of the contract and with the mutual consent of the seller and the buyer is known as __________

CA - CPT ICAI Model Test Paper - 1 - Question 93

An auction sale is complete on the __________

CA - CPT ICAI Model Test Paper - 1 - Question 94

If A agrees to deliver 100 kg of sugar to B in exchange of 15 mts of cloth, then it is __________

CA - CPT ICAI Model Test Paper - 1 - Question 95

A partner can retire on_____________

CA - CPT ICAI Model Test Paper - 1 - Question 96

Death of partner has the effect of ___________

CA - CPT ICAI Model Test Paper - 1 - Question 97

Registration of a firm is____________

CA - CPT ICAI Model Test Paper - 1 - Question 98

The reconstitution of the firm takes place in case of __________

CA - CPT ICAI Model Test Paper - 1 - Question 99

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?

CA - CPT ICAI Model Test Paper - 1 - Question 100

Which of the following statement is true?

CA - CPT ICAI Model Test Paper - 1 - Question 101

What implication does resource scarcity have for the satisfaction of wants?

CA - CPT ICAI Model Test Paper - 1 - Question 102

Who expressed the view that “Economics should be neutral between ends”?

CA - CPT ICAI Model Test Paper - 1 - Question 103

Which of the following pairs of goods is an example of substitutes?

CA - CPT ICAI Model Test Paper - 1 - Question 104

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

CA - CPT ICAI Model Test Paper - 1 - Question 105

In the production of wheat, all of the following are variable factors that are used by the farmer except:

CA - CPT ICAI Model Test Paper - 1 - Question 106

In describing a given production technology, the short run is best described as lasting

CA - CPT ICAI Model Test Paper - 1 - Question 107

Price-taking firms, i.e., firms that operate in a perfectly competitive market, are said to be “small” relative to the market. Which of the following best describes this smallness?

CA - CPT ICAI Model Test Paper - 1 - Question 108

A firm encounters its “shutdown point” when:

CA - CPT ICAI Model Test Paper - 1 - Question 109

Which of  the following statements is correct?

CA - CPT ICAI Model Test Paper - 1 - Question 110

The unsustainable levels of government deficits in the late 80’s can be attributed to:

CA - CPT ICAI Model Test Paper - 1 - Question 111

What is India’s rank in world population?

CA - CPT ICAI Model Test Paper - 1 - Question 112

Which of the following statements is correct?

CA - CPT ICAI Model Test Paper - 1 - Question 113

The industrial sector faced the process of retrogression and deceleration during

CA - CPT ICAI Model Test Paper - 1 - Question 114

Find the tax which is direct tax among the following:

CA - CPT ICAI Model Test Paper - 1 - Question 115

As a result of the New Industrial Policy, 1991:

CA - CPT ICAI Model Test Paper - 1 - Question 116

In order to control credit:

CA - CPT ICAI Model Test Paper - 1 - Question 117

Under ———— market condition, firms make normal profits in the long run.

CA - CPT ICAI Model Test Paper - 1 - Question 118

Larger production of ———— goods would lead to higher production in future.

CA - CPT ICAI Model Test Paper - 1 - Question 119

Consumer surplus means ———— .

CA - CPT ICAI Model Test Paper - 1 - Question 120

A horizontal supply curve parallel to the quantity axis implies that the elasticity of supply is ————

CA - CPT ICAI Model Test Paper - 1 - Question 121

The average product of labour is maximized when marginal product of labour _________.

CA - CPT ICAI Model Test Paper - 1 - Question 122

When  _________, we know that the firms are earning just normal profits.

CA - CPT ICAI Model Test Paper - 1 - Question 123

In a free market economy, when consumers increase their purchase of a good and the level of _________ exceeds _________ then prices tend to rise.

CA - CPT ICAI Model Test Paper - 1 - Question 124

_________ is the apex bank for agriculture credit.

CA - CPT ICAI Model Test Paper - 1 - Question 125

India has the _________ largest scientific and technical manpower in the world.

CA - CPT ICAI Model Test Paper - 1 - Question 126

More than _________ percent of the sick units in India are small units.

CA - CPT ICAI Model Test Paper - 1 - Question 127

The Eleventh Plan aims at achieving a growth rate of _________ in the industrial sector.

CA - CPT ICAI Model Test Paper - 1 - Question 128

Contribution of agriculture to Gross National Product is approximately ?

CA - CPT ICAI Model Test Paper - 1 - Question 129

Service sector accounted for nearly _________ percent of exports (2012-13).

CA - CPT ICAI Model Test Paper - 1 - Question 130

A situation of employment in which a person is apparently employed but his contribution to the production is almost nil is called _________ unemployment.

CA - CPT ICAI Model Test Paper - 1 - Question 131

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

CA - CPT ICAI Model Test Paper - 1 - Question 132

According to the Planning Commission, using Mixed Recall period (MRP) _________% people were below poverty line in 2011-12. (based on Tendulkar Committee Report)

CA - CPT ICAI Model Test Paper - 1 - Question 133

(Direction 133 - 134) Read the following paragraph and answer questions

In 1940, Hitler’s air force bombed Rotterdam, a beautiful city in Holland. Twenty five thousand homes, 1200 factories, 69 schools and 13 hospitals were destroyed. Nearly 75,000 people became homeless and 1000 people died. 35 % of the port was gutted by the German army.

 

Q. The above destruction would mean: 

CA - CPT ICAI Model Test Paper - 1 - Question 134

In 1940, Hitler’s air force bombed Rotterdam, a beautiful city in Holland. Twenty five thousand homes, 1200 factories, 69 schools and 13 hospitals were destroyed. Nearly 75,000 people became homeless and 1000 people died. 35 % of the port was gutted by the German army.

 

Q. If immediately after the war, Rotterdam rebuilt its port with the help of most up to date cranes, docks and cargo handling technology. By the end of the reconstruction, ships were loading and unloading faster and at lower cost than any where in the world. It became more efficient than it was before the destruction. This means:

CA - CPT ICAI Model Test Paper - 1 - Question 135

(Direction 135 - 137) Read the following figure and answer questions

 

Q. Which of the following represents the concept of trade-offs?

CA - CPT ICAI Model Test Paper - 1 - Question 136

 

Q. Which of the following would not move the PPF for this economy closer to point W?

CA - CPT ICAI Model Test Paper - 1 - Question 137

 

Q. Unemployment or underemployment of one or more resources is illustrated by production at point:

CA - CPT ICAI Model Test Paper - 1 - Question 138

(Direction 138 - 140) Use Table 1 to answer questions

 

Q. The average fixed cost of 2 units of output is:

CA - CPT ICAI Model Test Paper - 1 - Question 139

Q. The marginal cost of the sixth unit of output is:

CA - CPT ICAI Model Test Paper - 1 - Question 140

 

Q. Diminishing marginal returns starts to occur between units: 

CA - CPT ICAI Model Test Paper - 1 - Question 141

(Direction 141 - 143) Use Table 2 to answer questions

 

Q. According to Table 2, the opportunity cost of increasing Good X’s production from 2 to 4 units is equal to: 

CA - CPT ICAI Model Test Paper - 1 - Question 142

 

Q. According to Table 2, the opportunity cost of increasing one unit of Good Y from 10 units to 18 units is:

CA - CPT ICAI Model Test Paper - 1 - Question 143

 

Q. Given the data in Table 2, as one moves from successively from point A to point B, C, D, E and F, the opportunity cost of Good X:

CA - CPT ICAI Model Test Paper - 1 - Question 144

Suppose a department store has a sale on its silverware. If the price of a plate-setting is reduced from Rs. 300 to Rs.200 and the quantity demanded increases from 3,000 platesettings to 5,000 plate-settings, what is the price elasticity of demand for silverware? (Use arc Elasticity Method)

CA - CPT ICAI Model Test Paper - 1 - Question 145

A discount store has a special offer on CDs. It reduces their price from Rs.150 to Rs.100.Suppose the store manager observes that the quantity demanded increases from 700 CDs to 1,300 CDs. What is the price elasticity of demand for CDs? (Use arc Elasticity Method)

CA - CPT ICAI Model Test Paper - 1 - Question 146

If the local pizzeria raises the price of a medium pizza from Rs.60 to Rs.100 and quantity demanded falls from 700 pizzas a night to 100 pizzas a night, using arc Elasticity Method the price elasticity of demand for pizzas is: (Use arc Elasticity Method)

CA - CPT ICAI Model Test Paper - 1 - Question 147

Suppose that a sole proprietorship is earning total revenues of Rs.100,000 and is incurring explicit costs of Rs.75,000. If the owner could work for another company for Rs.30,000 a year, we would conclude that:

CA - CPT ICAI Model Test Paper - 1 - Question 148

(Direction 148 - 150) Use Table 3 to answer questions 

 

Q. What is the total output when 2 hours of labour are employed?

CA - CPT ICAI Model Test Paper - 1 - Question 149

 

Q. What is the marginal product of the third hour of labour? 

CA - CPT ICAI Model Test Paper - 1 - Question 150

 

Q. What is the average product of the first three hours of labour?

CA - CPT ICAI Model Test Paper - 1 - Question 151

Simple random sampling is very effective if

CA - CPT ICAI Model Test Paper - 1 - Question 152

Which of the following pairs of events are mutually exclusive?

CA - CPT ICAI Model Test Paper - 1 - Question 153

Which of the following statements is untrue for tabulation?

CA - CPT ICAI Model Test Paper - 1 - Question 154

For a moderately skewed distribution, which of the following relationship holds?

CA - CPT ICAI Model Test Paper - 1 - Question 155

If two events A and B are independent, then P(A Ç B)

CA - CPT ICAI Model Test Paper - 1 - Question 156

Regression analysis is concerned with

CA - CPT ICAI Model Test Paper - 1 - Question 157

For a Poisson distribution,

CA - CPT ICAI Model Test Paper - 1 - Question 158

The best method to collect data in case of natural calamity is

CA - CPT ICAI Model Test Paper - 1 - Question 159

Sequence of periodic payments/ receipts regularly over a period of time is called

CA - CPT ICAI Model Test Paper - 1 - Question 160

Which of the following statements is true?

CA - CPT ICAI Model Test Paper - 1 - Question 161

 ________ distribution is symmetrical when p = 0.5.

CA - CPT ICAI Model Test Paper - 1 - Question 162

log 32/4 is equal to ________.

CA - CPT ICAI Model Test Paper - 1 - Question 163

If ________, the roots are real and equal.

CA - CPT ICAI Model Test Paper - 1 - Question 164

________ is the mean proportional between 12x2 and 27y2.

CA - CPT ICAI Model Test Paper - 1 - Question 165

The letters of the words CALCUTTA and AMERICA are arranged in all possible ways. The ratio of the number of these arrangement is _______.

CA - CPT ICAI Model Test Paper - 1 - Question 166

If a:b = 5:7 and c:d = 2a:3b, then ac : bd is

Detailed Solution for CA - CPT ICAI Model Test Paper - 1 - Question 166

CA - CPT ICAI Model Test Paper - 1 - Question 167

The two variables are known to be_______  if the movement on the part of one variable does not produce any movement of the other variable in a particular direction.

CA - CPT ICAI Model Test Paper - 1 - Question 168

If two letters are taken at random from the word HOME, _________ is the probability that none of the letters would be vowels.

Detailed Solution for CA - CPT ICAI Model Test Paper - 1 - Question 168

P(first letter is not vowel) = 2/4
 
P(second letter is not vowel) = 1/3
 
So, probability that none of letters would be vowels is = 2/4 x 1/3 = 1/6
 

CA - CPT ICAI Model Test Paper - 1 - Question 169

In ________ years a sum will double at 5% p.a. compound interest.

CA - CPT ICAI Model Test Paper - 1 - Question 170

When the data are classified in respect of successive time points, they are known as_______.

CA - CPT ICAI Model Test Paper - 1 - Question 171

The difference between simple and compound interests compounded annually on a certain sum of money for 2 years at 4% per annum is Re. 1. The sum (in Rs.) is:

CA - CPT ICAI Model Test Paper - 1 - Question 172

CA - CPT ICAI Model Test Paper - 1 - Question 173

CA - CPT ICAI Model Test Paper - 1 - Question 174

CA - CPT ICAI Model Test Paper - 1 - Question 175

The sum of first n natural number

CA - CPT ICAI Model Test Paper - 1 - Question 176

(112 x 54) = ?

Detailed Solution for CA - CPT ICAI Model Test Paper - 1 - Question 176