CA - CPT ICAI Model Test Paper - 11


200 Questions MCQ Test CA CPT - Mock Test Series and Previous Year Question Papers | CA - CPT ICAI Model Test Paper - 11


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This mock test of CA - CPT ICAI Model Test Paper - 11 for CA CPT helps you for every CA CPT entrance exam. This contains 200 Multiple Choice Questions for CA CPT CA - CPT ICAI Model Test Paper - 11 (mcq) to study with solutions a complete question bank. The solved questions answers in this CA - CPT ICAI Model Test Paper - 11 quiz give you a good mix of easy questions and tough questions. CA CPT students definitely take this CA - CPT ICAI Model Test Paper - 11 exercise for a better result in the exam. You can find other CA - CPT ICAI Model Test Paper - 11 extra questions, long questions & short questions for CA CPT on EduRev as well by searching above.
QUESTION: 1

All the following errors do not effect the trial balance except

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QUESTION: 2

Financial statements are part of -

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QUESTION: 3

The areas where in different accounting policies can be adopted are

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QUESTION: 4

The total of the sales book is posted periodically to the credit of

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QUESTION: 5

The amount of the dishonoured bill has been wrongly debited to general expenses account, which type of error has been committed?

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QUESTION: 6

Bank account is _____

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QUESTION: 7

Cost of tour abroad by the sales manager to develop markets (tour was successful) is ____

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QUESTION: 8

‘Advance received from customers is not taken as sale’ is based on

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QUESTION: 9

Income includes

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QUESTION: 10

Mohan Stationers will debit purchase of stationery in ____

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QUESTION: 11

Amount spent on advertisement is _____

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QUESTION: 12

Cost of goods sold can be calculated by ____

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QUESTION: 13

Rs. 5,000 spent on repairs of a newly purchased old motor car is debited to _____

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QUESTION: 14

Suspense account debit balance Rs. 200 in trial balance, will be recorded in the _____

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QUESTION: 15

Liability for bill discounted is a ______

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QUESTION: 16

In valuation of consignment inventory only _______ expenses of the consignee are added

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QUESTION: 17

Premium on issue of shares is recorded in _______

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QUESTION: 18

Interest is calculated on _______  of  securities

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QUESTION: 19

Income tax in case of a sole trader is treated as ________

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QUESTION: 20

Expenditure includes

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QUESTION: 21

A businessman purchased goods for Rs. 25,00,000 and sold 70% of such goods during the accounting year ended 31st March, 2010. The market value of the remaining goods was Rs. 5,00,000. He valued the closing inventory at Rs. 5,00,000 and not at Rs. 7,50,000 due to

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QUESTION: 22

XY LTD. issued 25,000 equity shares of Rs. 100 each at a premium of Rs. 15 each payable as Rs. 25 on application, Rs. 40 on allotment and balance in the first call. Applications received for 75,000 equity shares but the company issued to them only 25,000 shares. Excess money was refunded to them after adjustment for further calls. Last call on 500 shares were not received and were forfeited after due notice. The above is the case of _____

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QUESTION: 23

Opening inventory Rs. 3,700, Purchases Rs. 20,800, Closing inventory Rs. 2,500. Cost of goods sold will be _______

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QUESTION: 24

Original cost Rs. 25,000, salvage value Rs. 1,000, useful life 10 years. Annual depreciation under SLM will be

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QUESTION: 25

When preparing a Bank Reconciliation Statement if you start with balance as per Pass Book, then cheques paid by bank recorded twice in Pass Book Rs. 1050 will be ______

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QUESTION: 26

Net profit of the firm will be 

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QUESTION: 27

A started business with Rs. 20,000 cash and Rs. 11,000 inventory. Cash sales & cash purchases were Rs. 10,000 & Rs. 5,000. Total sales and purchases amounted to Rs. 70,000 & Rs. 50,000. Outstanding Trade Payables were Rs. 15,000 and Trade Receivables Rs. 25,000. Expenses paid Rs. 17,000. Machine was purchased for Rs. 10,000 out of which Rs. 8000 has been paid. Cash in hand at the end of the year was Rs. 5,000. Total of Trial Balance at the end of the year will be ___________

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QUESTION: 28

Both the discount columns of the Cash Book were omitted to be posted in the ledger.This error............................?

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QUESTION: 29

Goods purchased Rs. 1,00,000, sales Rs. 90,000 Margin 20% on sales. Closing inventory is _____

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QUESTION: 30

Mohan paid Rs. 500 towards a debit of Rs. 2,500, which was written off as bad debt in the previous year. Mohan’s account will be credited with

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QUESTION: 31

Income tax liability of the proprietor Rs. 1200 was paid out of petty cash. Journal entry will be ________

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QUESTION: 32

An old, machine was purchased for Rs. 60,000. It was repaired for Rs. 5,000 and Rs. 5,000 paid on its installation. Machinery repairs a/c will be debited by -

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QUESTION: 33

Ras started business on 01.01.2010 with a capital of Rs. 20,000 and he borrowed Rs. 3,000 from a friend. He earned a profit of Rs. 10,000 during the year and withdrew cash Rs. 5,000 for private use. What is his capital at the end of the year?

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QUESTION: 34

A partnership firm maintains the inventory records under perpetual system of inventory. Consider the transactions occured for the month of March 2010.

If the firm sold 32 units on March 24, 2010 closing inventory under FIFO method is -

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QUESTION: 35

Capital introduced by Mr. A on 01.01.2009 Rs. 1,00,000. Further capital introduced during the year was Rs. 50,000. Mr. A withdrew Rs. 200 per month on the last date of each month.Interest on drawings was charged @ 5%. Profit earned during the year was Rs. 10,000.Capital on 31.12.2009 will be _______

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QUESTION: 36

Purchased goods from A Rs. 500 passed through sales book the rectifying journal entry will be _______

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QUESTION: 37

Opening inventory                      20, 000
Closing inventory                        18, 000
Purchases                                   85, 800
Carriage inwards                           2, 300
Carriage outwards                         3, 000
Office Rent                                    5, 000
Sales                                       1 , 40,700

Gross profit will be _____

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QUESTION: 38

X of Kanpur sends out certain goods at cost + 25%. Invoice value of goods sent out Rs. 2,00,000. 4/5th of the goods were sold by consignee at Rs. 1,76,000. Commission 2% upto invoice value and 10% on any surplus above invoice value. Commission amount will be ________

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QUESTION: 39

Goods costing Rs. 1000 supplied to Ramesh at the invoice price of 10% above cost and a Trade Discount for 5%. The amount of Sales will be

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QUESTION: 40

A & B purchased a piece of land for Rs. 60,000 and sold it for Rs. 90,000. A had contributed Rs. 40,000 and B Rs. 20,000. The profit on venture will be -

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QUESTION: 41

A, B & C are partners sharing profits in the ratio of 3:2:1. B retires and goodwill of the firm is fixed at Rs. 1,80,000. No goodwill A/c appears in the books of the firm. A & C decide to share profits in the ratio of 3:1. B’s share of goodwill will be adjusted in the Capital accounts of A and C in

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QUESTION: 42

A Co. issued Rs. 1,00,000 12% Debentures at 5% discount, redeemable at 5% premium after 10 years. Loss on issue of debentures will be

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QUESTION: 43

A partnership firm earned net profits during the last 3 years as follows –
2007 15,000
2008 20,000
2009 25,000

The capital investment in the firm throughout the above mentioned period has been Rs. 1,00,000. Having regard to the risk involved 15% is considered to be a fair return on capital. Goodwill on the basis of 2 years purchase of average super profit earned during the above mentioned 3 years will be

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QUESTION: 44

A & B are partners in a business sharing profits and losses in the ratio of 7:3. They admit C as a partner. A sacrificed 1/7th share and B sacrificed 1/3rd of his share in favour of C. New Profit sharing ratio will be

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QUESTION: 45

G Ltd. acquired assets worth Rs. 7,50,000 from H. Ltd. by issue of shares of Rs. 100 each at a premium of 25%. The number of shares to be issued by G. Ltd., to settle the purchase consideration will be

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QUESTION: 46

A & B are equal partners with capitals of the Rs. 10,000 and Rs. 8,000 respectively. They admit C as a partner with 1/4th share in the profits of the firm. C brings Rs. 8,000 as his share of capital. Value of goodwill will be ____

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QUESTION: 47

A second hand car is purchased for Rs. 15000, the amount of Rs. 1000 is spent on its repairs, Rs. 500 is incurred to get the car registered in owners name and Rs. 1200 is paid as dealers commission. The amount debited to car account will be _____

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QUESTION: 48

Ramesh & Suresh are partners sharing profits in the ratio of 2:1 (Ramesh Capital is Rs. 1,02,000 and Suresh Capital is Rs. 73,000) They admitted Mahesh & agreed to give him 1/5 in share. He brings Rs. 14,000 as his share of goodwill. He agreed to contribute capital in profit sharing ratio. How much capital will be brought by incoming partner?

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QUESTION: 49

Debit Balance as per cash book of Narayan Enterprises as on 28th February 2010 is Rs. 15,000. Cheques deposited but not cleared Rs. 660 and cheques issued but not presented for payment Rs. 2150. Balance as per pass book should be ______

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QUESTION: 50

On 1st Sept. 2009 goods costing Rs. 33,000 were consigned by X to his agent Y at a proforma price which was cost plus one – sixth profit on invoice price. Invoice price of goods will be________

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QUESTION: 51

Suresh of Delhi consigned 600 fans to Naresh of Bareilly to be sold on his account and at his risk. The cost of each fan is Rs. 300. Suresh paid Rs. 6000 as freight and insurance. Naresh paid Rs. 1500 as Octroi & Cartage; Rs. 3500 for godown rent and insurance. 500 fans were sold for Rs. 1,80,000. Naresh was entitled to a commission of 4% on sale @ Rs. 350 per fan and 20% of any surplus price realized. Profit on consignment will be ________

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QUESTION: 52

X and Y enter into a joint venture. X supplied goods to Y from his own inventory worth Rs. 70,000. X incurred expenses amounting to Rs. 6000 on joint venture. The venture resulted in a total profit of Rs. 15,000 of which their ratio of distribution is 2:1. The entire sale proceeds were received by Y. No inventory left at the end of the venture. Amount received by X from Y in final settlement will be ________

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QUESTION: 53

A and B are partners sharing profits in the ratio of 3:2 with capitals of Rs. 50,000 and Rs. 30,000 respectively. Interest on capital is agreed @ 6% p.a. B is to be allowed an annual salary of Rs. 2,500. The profits of the year prior to calculation of interest on capital but after charging B’s salary amounted to Rs. 12,500. Manager is to be allowed a Commission of 5% of profits remaining after deducting salary and interest on capital but before charging such Commission, Profit transferred to partners Capital Accounts will be ________

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QUESTION: 54

A and B are partners, sharing profits in the ratio of 5:3. They admit C with 1/5 share in profits, which he acquires equally from both 1/10 from A and 1/10 from B. New profit sharing ratio between A and B will be

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QUESTION: 55

A, B, and C are partners, sharing profits in the ratio of 4:3:2. D is admitted for 2/9 share of profits and brings Rs. 30,000 as his capital and Rs. 10,000 for his share of Goodwill. The new profit sharing ratio between A:B:C:D will be 3:2:2:2. The Goodwill amount brought by D will be shared by:

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QUESTION: 56

Shiva Ltd. issued 20,000 shares of Rs. 10 each. Payments were to be made as - on application Rs. 3; on Allotment Rs. 4 and on First and Final Call Rs. 3. Applications were received for 20,000 shares and all were accepted. All money duly received. Balance Sheet total will be ________

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QUESTION: 57

X Ltd. forfeited 100 shares of Rs. 10 each issued at par to Ravi on which he had paid Rs. 2.50 per share on application and Rs. 2.50 per share on allotment but on which he had not paid Rs. 5 on first and final call. In case of forfeiture, share capital account will be debited by ________

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QUESTION: 58

A Ltd. makes an issue of 10,000 Equity shares of Rs. 100 each payable as follows: 
On application and allotment                        Rs. 50
On First Call                                                 Rs.  25
On Second & Final Call                               Rs.  25

Members holding 400 shares did not pay the second call and the shares are duly forfeited, 300 of which are reissued on fully paid at Rs. 80 per share. Amount transferred to Capital reserve will be ________

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QUESTION: 59

100 articles at the sale price of Rs. 200 each sent to a customer on approval basis were recorded as actual sales on that price. The sale price was made cost plus 25%. The amount of inventory on approval will be

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QUESTION: 60

Share capital 5,00,000 shares of Rs. 10 each

Directors decide to provide 10% for dividend on share capital. Amount of proposed dividend will be __________

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QUESTION: 61

Which of the statement is incorrect?

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QUESTION: 62

As per the India Contract Act, 1872, every person is competent to contract provided he:

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QUESTION: 63

A agrees with B to discover a treasure by magic. This is an:

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QUESTION: 64

Which of the following agreements is void?

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QUESTION: 65

Which of the following agreements are void?

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QUESTION: 66

Coercion involves:

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QUESTION: 67

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

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QUESTION: 68

Consideration must move at the desire of

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QUESTION: 69

The following persons can enter into contracts as per the provisions of the Indian contracts Act, 1872:

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QUESTION: 70

The doctrine of Caveat Emptor does not apply, when:

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QUESTION: 71

The Sale of Goods Act, 1930 deals with:

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QUESTION: 72

In which of the following cases, the unpaid seller loses his right to lien?

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QUESTION: 73

The death of a promisor before the performance of the contract may lead to discharged of the contract by :

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QUESTION: 74

Necessary condition for existing goods is:

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QUESTION: 75

In case of sale:

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QUESTION: 76

Partnership:

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QUESTION: 77

Which of the following is correct?

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QUESTION: 78

Remedies available to the aggrieved party for the breach of contract :

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QUESTION: 79

The essential elements of a partnership at will are:

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QUESTION: 80

Implied contract, even if not in writing or express words, is perfectly ________ if other conditions are satisfied

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QUESTION: 81

According to the Indian Contract Act, 1872, Consent is said to be free when it is not caused by ________

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QUESTION: 82

Separation of the goods sold from other goods so as determine and identify the actual goods to be delivered is termed as:

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QUESTION: 83

A threatens to kill B if he does not agree to sell his scooter to him for Rs.5000 only.Here B’s Consent is obtained by ________

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QUESTION: 84

Goods not identified or agreed upon at the time of making of the contract of sale:

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QUESTION: 85

A contract is discharged by rescission which means the

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QUESTION: 86

When after the formation of a valid contract, an event happens which makes the performance of contract impossible, and then the contract becomes ________

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QUESTION: 87

A unilateral mistake as to fact leads to an agreement which is ________

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QUESTION: 88

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

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QUESTION: 89

An auction Sale is complete on the ________

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QUESTION: 90

An ordinary hire purchase agreement is a contract of :

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QUESTION: 91

In case of an agreement to sell, the aggrieved party ________

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QUESTION: 92

‘Buyer’ means a person who ________

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QUESTION: 93

A person who finds goods belonging to another and takes them into his custody________

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QUESTION: 94

Conditions and warranties ________

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QUESTION: 95

Registration of a firm is ________

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QUESTION: 96

The bidder at an auction sale can withdraw his bid ________

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QUESTION: 97

________ does not exist.

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QUESTION: 98

Registration of a partnership firm is- ________

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QUESTION: 99

A believes blue colour to be black colour, for any reason whatsoever. He has a garment shop.He sells one blue colour shirt to B, representing it to be black colour. B knows nothing about colour. B believes A and accepts the blue colour to be black colour, Later on B’s mother explains B that the colour of the shirt is actually blue and not black. It is a clear case of

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QUESTION: 100

The Partnership Act requires the giving of public notice in the case of :

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QUESTION: 101

Total utility is maximum when:

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QUESTION: 102

The consumer is in equilibrium at a point where the budget line :

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QUESTION: 103

An indifference curve slopes down towards right since more of one commodity and less of another result in:

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QUESTION: 104

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

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QUESTION: 105

In the case of a Giffen good, the demand curve will be:

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QUESTION: 106

Which of the following is not an essential condition of pure competition ?

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QUESTION: 107

Which is the first order condition for the profit of a firm to be maximum?

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QUESTION: 108

In which form of the market structure is the degree of control over the price of its products by a firm very large?

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QUESTION: 109

Under which of the following forms of market structure does a firm have no control over the price of its product?

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QUESTION: 110

Price discrimination will be profitable only if the elasticity of demand in different markets in which the total market has been divided is:

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QUESTION: 111

The law of consumer surplus is based on :

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QUESTION: 112

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

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QUESTION: 113

In the short run, when the output of a firm increases, its average fixed cost:

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QUESTION: 114

The cost of one thing in terms of the alternative given up is known as:

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QUESTION: 115

Contraction of demand is the result of

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QUESTION: 116

In the case of an inferior good the income elasticity of demand is:

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QUESTION: 117

The elasticity of substitution between two perfect substitutes is:

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QUESTION: 118

A vertical supply curve parallel to Y axis implies that the elasticity of supply is:

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QUESTION: 119

Elasticity of supply refers to the degree of responsiveness of supply of a good to changes in its:

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QUESTION: 120

An isoquant slopes :

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QUESTION: 121

Which of the following is considered production in economics?

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QUESTION: 122

Which of the following is not a characteristic of land?

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QUESTION: 123

Who is the official “lender of the last resort” in India?

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QUESTION: 124

Which of the following statement regarding privatization is correct?

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QUESTION: 125

Which of the following statements is correct?

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QUESTION: 126

At present 100 per cent FDI is allowed in -

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QUESTION: 127

FRBM Act stands for

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QUESTION: 128

The share of concessional debt in total external debt of India has:

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QUESTION: 129

Which of the following statements is incorrect?

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QUESTION: 130

In terms of generation of power ____________’s contribution, is the maximum

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QUESTION: 131

NTPC stands for

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QUESTION: 132

Most of the unemployment in India is:

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QUESTION: 133

What is India’s rank in world population?

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QUESTION: 134

In which state is the sex ratio most favourable to women?

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QUESTION: 135

India’s present population in 2013 is:

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QUESTION: 136

India accommodates nearly _________ per cent of world’s population

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QUESTION: 137

Which of the following statements is correct?

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QUESTION: 138

Find the tax which is direct tax among the following:

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QUESTION: 139

Per capita national income means:

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QUESTION: 140

Which of the following is an economic activity?

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QUESTION: 141

Demand for final consumption arises in:

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QUESTION: 142

The net value added method of measuring national income is also known as:

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QUESTION: 143

Which of the following is incorrect ?

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QUESTION: 144

Nearly _____ percent of working population is engaged in the service sector (2009-10).

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QUESTION: 145

The industrial sector depends on the agricultural sector because

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QUESTION: 146

The Indian industry faced the process of retrogression and deceleration because of:

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QUESTION: 147

Which of the following statements is incorrect?

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QUESTION: 148

We can say Indian agriculture has become modern since:

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QUESTION: 149

Generally an economy is considered underdeveloped if:

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QUESTION: 150

_______ is the apex bank for agriculture credit in India.

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QUESTION: 151

Laspeyre’s and Pasche’s method satisfy time reversal test

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QUESTION: 152

A frequency distribution

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QUESTION: 153

Ogive is used to obtain

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QUESTION: 154

The value of middlemost item when they are arranged in order of magnitude is called

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QUESTION: 155

The errors in case of regression equation are

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QUESTION: 156

The probability of an event can assume any value between

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QUESTION: 157

The most important continuous probability distribution is known is

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QUESTION: 158

A measure of precision obtained by sampling is given by

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QUESTION: 159

A range of value is

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QUESTION: 160

The index number is a special type of G.M.

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QUESTION: 161

The number of test of adequacy is ___________

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QUESTION: 162

If b2 – 4ac = 0, the roots are ____________

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QUESTION: 163

If (7p+3q) : (3p-2q) = 43:2 , then p:q is __________

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QUESTION: 164

Number of ________________ arrangement can be made by using all the letters of word Monday.

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QUESTION: 165

Which term of series 7,11,15, ………. nth term is equal to 403.

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QUESTION: 166

128 is equal to _____________________

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QUESTION: 167

The number of ways in which 6 boys sit in a round table so that two particular boys sit together

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QUESTION: 168

Rs. 4000 amount to Rs. 6000 in 3 years at the _______________ p.a., if interest is compounded half yearly.

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QUESTION: 169

A graphical representation of __________ can be prepared in 2 different ways.

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QUESTION: 170

The value of deciles divides the total number of observations into _____ equal parts.

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QUESTION: 171

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QUESTION: 172

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QUESTION: 173

6th term of series ab, a2b3, a3b5 ……. nth term is equal to

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QUESTION: 174

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QUESTION: 175

In how many ways can the letters of words “ACCOUNTANT” be arranged if vowels always occur together?

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QUESTION: 176

Find the present value of Rs. 500 due 10 years hence when interest of 10% is compounded half yearly?

Solution:
QUESTION: 177

If f(x) = x2+ 3x then f(2) – f(4) is equal to

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