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CA - CPT ICAI Model Test Paper - 8


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200 Questions MCQ Test | CA - CPT ICAI Model Test Paper - 8

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

It is generally assumed that the business will not liquidate in the near foreseeable future because of______________ concept.

CA - CPT ICAI Model Test Paper - 8 - Question 2

Which of the following is correct?

CA - CPT ICAI Model Test Paper - 8 - Question 3

Double column cash book records

CA - CPT ICAI Model Test Paper - 8 - Question 4

Errors of commission do not permit

CA - CPT ICAI Model Test Paper - 8 - Question 5

All of the following have debit balance except

CA - CPT ICAI Model Test Paper - 8 - Question 6

The term depletion is used for

CA - CPT ICAI Model Test Paper - 8 - Question 7

A bill of exchange when drawn requires

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

According to the provisions of the Reserve Bank of India, a promissory note cannot be made payable to the

CA - CPT ICAI Model Test Paper - 8 - Question 9

Rs.5,000 spent to remove a worn out part and replace it with a new one is

CA - CPT ICAI Model Test Paper - 8 - Question 10

Outstanding salary account is

CA - CPT ICAI Model Test Paper - 8 - Question 11

Drawings are deducted from ________

CA - CPT ICAI Model Test Paper - 8 - Question 12

The trial balance of Meghna shows the opening inventory of Rs. 10,000 which will be_____

CA - CPT ICAI Model Test Paper - 8 - Question 13

Purchase returns appearing in the trial balance are deducted from ____

CA - CPT ICAI Model Test Paper - 8 - Question 14

_______ will generally show a debit balance

CA - CPT ICAI Model Test Paper - 8 - Question 15

Purchase of a fixed asset on credit basis is recorded in _____________

Detailed Solution for CA - CPT ICAI Model Test Paper - 8 - Question 15

When subsidiary books are prepared by a business then significant transactions of the business are entered in Journal Proper. If there is no special book for recording a transaction then it is recorded in journal proper.

CA - CPT ICAI Model Test Paper - 8 - Question 16

Accounting means recording of _________________

CA - CPT ICAI Model Test Paper - 8 - Question 17

Unless given otherwise, the ratio of sacrifice is the same as________

CA - CPT ICAI Model Test Paper - 8 - Question 18

The ratio in which the continuing partners acquire the outgoing (retired or deceased) partner’s share is called ________

CA - CPT ICAI Model Test Paper - 8 - Question 19

A bill of exchange is called a ________ by one who is liable to pay it on the maturity date.

CA - CPT ICAI Model Test Paper - 8 - Question 20

The amount of calls in arrear is deducted from_____________ to arrive at________.

CA - CPT ICAI Model Test Paper - 8 - Question 21

Smita places an order to Priya for supply of certain goods yet to be manufactured. On receipt of order, Priya purchases raw materials, employs workers, produces the goods and delivers them to Smita. In this case, sale will be presumed to have been made at the time of

CA - CPT ICAI Model Test Paper - 8 - Question 22

If a machinery is purchased for Rs. 1,00,000, the asset would be recorded in the books at Rs. 1,00,000 even if its market value at that time happens to be Rs. 1,40,000. In case, a year after, the market value of this asset comes down to Rs. 90,000, it will ordinarily continue to be shown at Rs. 1,00,000 and not at Rs. 90,000 due to

CA - CPT ICAI Model Test Paper - 8 - Question 23

Mr. Shyam deposited a cheque on 28th March, 2012 for a sum of Rs.10,000.  The cheque was collected on 4th April, 2012.  If the bank balance as per cash book on 31st March, 2012 is Rs.1,00,000, balance as per pass book will be

CA - CPT ICAI Model Test Paper - 8 - Question 24

If cost of goods sold is Rs.1,00,000, sales is Rs.1,25,000, closing inventory is Rs.20,000, the gross profit will be

CA - CPT ICAI Model Test Paper - 8 - Question 25

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

CA - CPT ICAI Model Test Paper - 8 - Question 26

On 1st January, 2012, Mohan draws upon Sohan a bill of exchange for three months, of Rs.2,000 for mutual accommodation. On 4th January, 2012 Mohan discounts the bill @ 6% per annum and sends half of the proceeds to Sohan. The amount of proceeds sent to Sohan will be

CA - CPT ICAI Model Test Paper - 8 - Question 27

ABC Ltd. sells goods to its approved customers on sale or return basis at a profit of 20% on sales, treating as actual sales. On 26th March, 2012 goods costing Rs.10,000 were sent to Annu Ltd. No confirmation has been received from Annu Ltd. till 31st March, 2012.The amount of inventory with customers to be shown as closing inventory in the balance sheet of ABC Ltd. as on 31st March, 2012 will be

CA - CPT ICAI Model Test Paper - 8 - Question 28

Somesh and Ramesh are equal partners. Their capitals are Rs.40,000 and Rs.80,000 respectively. The profits for the year before charging interest on capital was Rs.6,000.  The accounts of the year were closed before providing interest @ 5% per annum as per partnership agreement. To rectify this mistake they decided to pass an adjustment entry between the partners. Therefore, Somesh’s account needs to be debited by

CA - CPT ICAI Model Test Paper - 8 - Question 29

A, B and C are partners in the ratio of 3:2:1. D is admitted in the firm for 1/6th share in profits. C would retain his original share. The new profit sharing ratio between A, B, C and D will be

CA - CPT ICAI Model Test Paper - 8 - Question 30

According to which concept, the owner of an enterprise pays the ‘interest on drawings’?

CA - CPT ICAI Model Test Paper - 8 - Question 31

A firm earns profit of Rs.1,10,000. The normal rate of return in a similar type of business is 10%. The value of total assets (excluding goodwill) and total outside liabilities are Rs.11,00,000 and Rs.1,00,000 respectively. The value of goodwill by capitalisation method is

CA - CPT ICAI Model Test Paper - 8 - Question 32

The cost of inve nt or y as per physical verification of Bharat Ltd. on 10th April, 2012 was Rs. 1,20,000.  The following transactions took place between 1st April, 2012 to 10th April, 2012:

Cost of goods sold                               Rs. 10, 000
Cost of goods purchased                     Rs. 10,000
Purchase returns                                  Rs. 1,000

The value of inventory as per books on 31st March, 2012 will be

CA - CPT ICAI Model Test Paper - 8 - Question 33

The following data has been provided by Omega Ltd.:

The value of inventory on item by item basis will be

CA - CPT ICAI Model Test Paper - 8 - Question 34

Sushila’s business disclosed the following profits for the last two years:
2010                 Rs.40,000 (including an abnormal gain of Rs.5,000)
2011                 Rs.50,000 (After charging an abnormal loss of Rs.10,000)

The value of goodwill on the basis of one year purchase of the average profit of last two years is

CA - CPT ICAI Model Test Paper - 8 - Question 35

Ram sells goods for Rs.1,00,000 to Hari on 1st January, 2012 and on the same day draws a bill on Hari at three months for the amount. Hari accepts it and returns it to Ram, who discounts it on 4th January, 2012 with his bank at 12% per annum. The discounting charges are

CA - CPT ICAI Model Test Paper - 8 - Question 36

Nidhi started her business with capital of Rs.45,000 on 1st January, 2011. Interest on drawings Rs.5,000 and interest on capital Rs.2,000 were appearing in the Profit and Loss A/c for the year ended 31st December, 2011. Nidhi withdrew Rs.14,000 during the year and profit earned during the year amounted to Rs.15,000.  Her capital on 31st December, 2011 is

CA - CPT ICAI Model Test Paper - 8 - Question 37

The accountant of M/s ABC & Bros. paid personal income tax for the proprietor amounting Rs.10,000. This income tax should be

CA - CPT ICAI Model Test Paper - 8 - Question 38

Suresh’s Trial balance provides you the following information:

Bad debts                                          Rs. 10, 000
Provision for doubtful debts               Rs. 15 , 000

Suresh wants to make a provision of Rs.20,000 at the end of the year. The amount debited to the Profit & Loss Account is

CA - CPT ICAI Model Test Paper - 8 - Question 39

Following are the extracts from the Trial Balance of a firm as at 31st March, 2012:

Provide for employer’s share of P.F. equivalent to employee’s share to P.F. The amount at which salaries expense will be shown in the Profit and Loss A/c is

CA - CPT ICAI Model Test Paper - 8 - Question 40

Dinesh Garments purchased a machine for Rs.50,000 and spent Rs.6,000 on its erection. On the date of purchase it was estimated that the effective life of the machine will be ten years and after ten years its scrap value will be Rs.6,000. The amount of depreciation for each year on straight line basis is

CA - CPT ICAI Model Test Paper - 8 - Question 41

Xeta Ltd. was formed as a Public Limited Company with an authorized capital of Rs.20,00,000 divided into shares of Rs.10 each. Xeta Ltd. issued fully paid up shares of Rs.10 each at a premium of 20%, in consideration for acquiring assets worth Rs.3,64,800 from M/s Rahim Bros. To record this transaction, share capital need to be credited by

CA - CPT ICAI Model Test Paper - 8 - Question 42

Mr. Rajiv was the holder of 200 shares of Rs.10 each in RPG Ltd. upon which Rs.5 per share had been called up but he had paid only Rs.2.5 per share thereon. The company forfeited his shares and afterwards sold them to Satbir, credited as Rs.5 per share paid for Rs.900.The amount to be transferred to capital reserve is

CA - CPT ICAI Model Test Paper - 8 - Question 43

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

CA - CPT ICAI Model Test Paper - 8 - Question 44

A fire broke out on 30th March, 2012 in the godown of Mahesh. Inventory of invoice value Rs.1,600 was destroyed. The goods were invoiced at 25% above cost. The insurance company admitted claim of 50% only. The insurance claim accepted was

CA - CPT ICAI Model Test Paper - 8 - Question 45

Salary has been paid for 11 months from April 2011 to February, 2012 amounting Rs.22,000.The amount of outstanding salary shown in the balance sheet will be

CA - CPT ICAI Model Test Paper - 8 - Question 46

On 1st April, 2011, Raghu invested capital of Rs.2,00,000. He withdrew Rs.50,000 during the year. Interest on drawings is provided @ 10% per annum. The amount of interest on drawings deducted from capital is

CA - CPT ICAI Model Test Paper - 8 - Question 47

The Bank Account of Mukesh was balanced on 31st March, 2012. It showed an overdraft of Rs.50,000. It was observed that one cheque amounting Rs.20,000 deposited but not collected by bank till 31st March. Bank charges of Rs.500 were also charged by the bank during March but accounted in the book of Mukesh on April 4, 2012. The bank statement of Mukesh shows balance of

CA - CPT ICAI Model Test Paper - 8 - Question 48

Rs.5,000 was spent by Saroj for addition to machinery in order to increase the production capacity. The amount is

CA - CPT ICAI Model Test Paper - 8 - Question 49

Prakash sells goods at 25% on sales. His sales were Rs.10,20,000 during the year. However, he sold damaged goods for Rs.20,000 costing Rs.30,000. This sale is included in Rs.10,20,000.The amount of gross profit is

CA - CPT ICAI Model Test Paper - 8 - Question 50

The total of the debit and credit side of a trial balance of Mr. Rajiv as on 31st March, 2012 were Rs.20,000 and Rs.10,000 respectively. The difference was transferred to suspense account. On 4th April, 2012, it was found that the total of purchase returns book was carry forward as Rs.1,500 instead of Rs.1,400. The balance of the suspense account after the rectification of this error will be

CA - CPT ICAI Model Test Paper - 8 - Question 51

Capital introduced by Mr. A on 1.4.2011 Rs. 3,00,000; further capital introduced during the year was Rs. 50,000 in the mid of the year. Mr. A withdrew Rs. 2,000 per month and the profit earned during the year was Rs. 20,000. Capital as on 31.3.2012 will be

CA - CPT ICAI Model Test Paper - 8 - Question 52

Goods costing Rs.10,000 sent out to consignee at Cost + 25% . Invoice value of the goods will be

CA - CPT ICAI Model Test Paper - 8 - Question 53

A, B and C are the partners sharing profits in the ratio 1:1:2. C died on 30th June 2012 and profits for the accounting year ended on 31st December, 2011 were Rs. 24,000. How much share in profits for the period 1st January, 2012 to 30th June, 2012 will be credited to C’s Account?

CA - CPT ICAI Model Test Paper - 8 - Question 54

A purchased a car for Rs. 5,00,000, making a down payment of Rs. 1,00,000 and signing a bill payable of Rs. 4,00,000. As a result of this transaction

CA - CPT ICAI Model Test Paper - 8 - Question 55

Rekha purchased a machinery for Rs. 50,000 on 1.4.2011. She paid electricity charges and salary amounting Rs. 1,000 and Rs. 2,000 respectively. Telephone bill amounting Rs. 200 was outstanding on 31.3.2012. The amount of expenses for the year ended 31st March, 2012 will be

CA - CPT ICAI Model Test Paper - 8 - Question 56

Goods costing Rs. 10,000 is supplied to Ram at an invoice price of 10% above cost and a trade discount of 5%. The amount of sales is

CA - CPT ICAI Model Test Paper - 8 - Question 57

Gauri paid Rs. 1,000 towards a debt of Rs. 1,050, which was written off as bad debt in the previous year. Gauri’s account should be credited with

CA - CPT ICAI Model Test Paper - 8 - Question 58

Ramesh, an employee gets salary Rs. 10,000 per month. He withdrew goods worth Rs. 1,500 for personal use and got salary of Rs. 9,000 in cash in the month of March, 2012. The excess payment of Rs. 500 should be debited to

CA - CPT ICAI Model Test Paper - 8 - Question 59

An old furniture was purchased for Rs. 10,000, it was repaired for Rs. 100.  The repairs account should be debited by

CA - CPT ICAI Model Test Paper - 8 - Question 60

Rs.1,000 paid as rent to Krishna, the landlord, was debited to Krishna’s personal  account. This error will

CA - CPT ICAI Model Test Paper - 8 - Question 61

A wager means:

CA - CPT ICAI Model Test Paper - 8 - Question 62

Following conditions are implied in a contract of sale of goods unless the circumstances of the contract show a different intention:

CA - CPT ICAI Model Test Paper - 8 - Question 63

Jus in personam means:

CA - CPT ICAI Model Test Paper - 8 - Question 64

Which of the following is not correct:

CA - CPT ICAI Model Test Paper - 8 - Question 65

Persons who do not fall under the category of persons of unsound mind

CA - CPT ICAI Model Test Paper - 8 - Question 66

Delivery of goods in case of transit made by handing over documents of title to goods is

CA - CPT ICAI Model Test Paper - 8 - Question 67

Contracts may be classified on the basis of their validity, formation o r performance.Contracts classified on the basis of performance are of the following types:

CA - CPT ICAI Model Test Paper - 8 - Question 68

A partnership started for a particular adventure/undertaking:

CA - CPT ICAI Model Test Paper - 8 - Question 69

A subsequent sale made by the original buyer of the goods to a third party:

CA - CPT ICAI Model Test Paper - 8 - Question 70

Coercion involves :

CA - CPT ICAI Model Test Paper - 8 - Question 71

Implied authority of the partner does not empower him to

CA - CPT ICAI Model Test Paper - 8 - Question 72

A proposal may be revoked in the following ways:

CA - CPT ICAI Model Test Paper - 8 - Question 73

Which of the following is correct?

CA - CPT ICAI Model Test Paper - 8 - Question 74

Which of the following statement is / are correct?

CA - CPT ICAI Model Test Paper - 8 - Question 75

A fraudulently informs B that A’s estate is free from incumbrance. B thereupon buys the estate. The estate is subject to mortgage. Now

CA - CPT ICAI Model Test Paper - 8 - Question 76

Dissolution of a firm may take place in the following manner:

CA - CPT ICAI Model Test Paper - 8 - Question 77

Dissolution by agreement is:

CA - CPT ICAI Model Test Paper - 8 - Question 78

Misrepresentation means and includes:

CA - CPT ICAI Model Test Paper - 8 - Question 79

A person may be admitted as a new partner:

CA - CPT ICAI Model Test Paper - 8 - Question 80

The Doctrine of Privity of Contract states that___________.

CA - CPT ICAI Model Test Paper - 8 - Question 81

A proposes by letter, to sell a house to B at a certain price. A revokes his proposal by telegram.The revocation is complete as against B when ___________.

CA - CPT ICAI Model Test Paper - 8 - Question 82

The Indian Contract Act, 1872 came into operation on and from___________.

CA - CPT ICAI Model Test Paper - 8 - Question 83

A person who has ceased to pay his debts in the ordinary course of business

CA - CPT ICAI Model Test Paper - 8 - Question 84

In case of a sale the risk of loss resulting from the insolvency of the buyer is borne by___________.

CA - CPT ICAI Model Test Paper - 8 - Question 85

Agreement to sale is an ___________.

CA - CPT ICAI Model Test Paper - 8 - Question 86

Suit for specific performance and suit for injunction ___________.

CA - CPT ICAI Model Test Paper - 8 - Question 87

Contracting parties may not remain same in ___________.

CA - CPT ICAI Model Test Paper - 8 - Question 88

The liabilities of a minor when admitted to the benefits of the partnership ___________.

CA - CPT ICAI Model Test Paper - 8 - Question 89

Recis s ion means ___________.

CA - CPT ICAI Model Test Paper - 8 - Question 90

Registration of a partnership firm is___________.

CA - CPT ICAI Model Test Paper - 8 - Question 91

Damag es awarded with the intention o f punis hing the defaulting party rather than compensating the aggrieved party:

CA - CPT ICAI Model Test Paper - 8 - Question 92

Delivery by attornment is ___________.

CA - CPT ICAI Model Test Paper - 8 - Question 93

In case of an agreement to sell, the aggrieved party ___________.

CA - CPT ICAI Model Test Paper - 8 - Question 94

of goods is possible in case of __________.

CA - CPT ICAI Model Test Paper - 8 - Question 95

‘Buyer’ means a person who___________.

CA - CPT ICAI Model Test Paper - 8 - Question 96

The appropriation must be made by___________.

CA - CPT ICAI Model Test Paper - 8 - Question 97

Partner by holding out is also known as ___________.

CA - CPT ICAI Model Test Paper - 8 - Question 98

Interest on capital subscribed by a partner may be provided for in the partnership deed is ___________.

CA - CPT ICAI Model Test Paper - 8 - Question 99

A had offered B, a price of Rs.10, 00,000/- for B’s flat. But B was not ready to sell the flat at all. A says to B that “I shall kill you if you don’t agree to sell me your house for Rs.10,00,000/-”.  B thereafter did all that was the desire of A in order to save his life.What is immediate answer?

CA - CPT ICAI Model Test Paper - 8 - Question 100

Every wagering agreement is of a ___________ nature.

CA - CPT ICAI Model Test Paper - 8 - Question 101

Which of the following statements is correct?

CA - CPT ICAI Model Test Paper - 8 - Question 102

Which of the following is incorrect?

CA - CPT ICAI Model Test Paper - 8 - Question 103

Which of the following situation does not lead to an increase in equilibrium price?

CA - CPT ICAI Model Test Paper - 8 - Question 104

“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:

CA - CPT ICAI Model Test Paper - 8 - Question 105

An individual firm in a perfectly competitive market faces a demand curve which is:

CA - CPT ICAI Model Test Paper - 8 - Question 106

A firm’s production function:

CA - CPT ICAI Model Test Paper - 8 - Question 107

The law of diminishing returns:

CA - CPT ICAI Model Test Paper - 8 - Question 108

Which of the following is correct?

CA - CPT ICAI Model Test Paper - 8 - Question 109

You are given the following data: 

The above data is an example of:

CA - CPT ICAI Model Test Paper - 8 - Question 110

Monopolies are allocatively inefficient because:

CA - CPT ICAI Model Test Paper - 8 - Question 111

Which of the following statements is correct?

CA - CPT ICAI Model Test Paper - 8 - Question 112

When unemployment tends to be a long term feature of a country, it is called

CA - CPT ICAI Model Test Paper - 8 - Question 113

The effect of increase CRR will be reduced or nullified if:

CA - CPT ICAI Model Test Paper - 8 - Question 114

India can reap the benefit of Demographic dividend, as a great percentage of population is in the age group_____.

CA - CPT ICAI Model Test Paper - 8 - Question 115

What percent of the sick units in India are big units?

CA - CPT ICAI Model Test Paper - 8 - Question 116

Which among the following is an indirect tax?

CA - CPT ICAI Model Test Paper - 8 - Question 117

At the time of Independence and a number of years thereafter cotton textiles, jute and tea accounted for more than __________% of our export earnings.

CA - CPT ICAI Model Test Paper - 8 - Question 118

According to the latest available data, the bed-population ratio in India is __________  per thousand population.

CA - CPT ICAI Model Test Paper - 8 - Question 119

According to the latest UNDP report, 2012 India’s relative global rating on HDI index is __________ among 187 countries.

CA - CPT ICAI Model Test Paper - 8 - Question 120

A Gini Index of zero represents:

CA - CPT ICAI Model Test Paper - 8 - Question 121

Over a period of time, since GINI index has increased, it means:

CA - CPT ICAI Model Test Paper - 8 - Question 122

As compared to the targeted growth rate of 10% per annum in industrial production, the actual growth rate was __________ % per annum during the Tenth Plan.

CA - CPT ICAI Model Test Paper - 8 - Question 123

The value added by the industrial sector in the GDP 2013-14 (constant price) is _________.

CA - CPT ICAI Model Test Paper - 8 - Question 124

The MSME sector in India employs nearly __________ million people in 2011-12.

CA - CPT ICAI Model Test Paper - 8 - Question 125

GDP at factor cost is equal to GDP at market price minus indirect taxes plus __________.

CA - CPT ICAI Model Test Paper - 8 - Question 126

Net domestic expenditure is consumption expenditure plus __________.

CA - CPT ICAI Model Test Paper - 8 - Question 127

Custom duties are levied on __________.

CA - CPT ICAI Model Test Paper - 8 - Question 128

Demand for final consumption arises in __________.

CA - CPT ICAI Model Test Paper - 8 - Question 129

The share of direct taxes in the gross tax revenue (Centre and States combined) was __________ % in 2012-12

CA - CPT ICAI Model Test Paper - 8 - Question 130

According to census 2011 the sex ratio (number of females per 1,000 males) in India is __________.

CA - CPT ICAI Model Test Paper - 8 - Question 131

If as a result of 20 percent fall in the ticket fares the demand for ‘watching movie’ in the cinema hall increases by 10 percent, then __________.

CA - CPT ICAI Model Test Paper - 8 - Question 132

If out of 1000 population, 500 persons are in the labour force, 450 are employed, what is the unemployment rate?

CA - CPT ICAI Model Test Paper - 8 - Question 133

Questions 133 to 137 are based on the demand and supply diagrams in Figure 1.

D1 and S1 are the original demand and supply curves. D2, D3, S2 and S3 are possible new demand and supply curves. Starting from initial equilibrium point (1) what point on the graph is most likely to result from each change?

Q.

If Figure 1 represents the market for Mars Bars, the initial equilibrium is at the intersection of S1 and D1. The new equilibrium if there is an increase in cocoa prices will be:

CA - CPT ICAI Model Test Paper - 8 - Question 134

D1 and S1 are the original demand and supply curves. D2, D3, S2 and S3 are possible new demand and supply curves. Starting from initial equilibrium point (1) what point on the graph is most likely to result from each change?

Q. 

In Figure 1 (which represents the market for Mars Bars), the initial equilibrium is at the intersection of S1 and D1. The new equilibrium if there is rapid economic growth and the government also imposes a tax on Mars Bars is

CA - CPT ICAI Model Test Paper - 8 - Question 135

D1 and S1 are the original demand and supply curves. D2, D3, S2 and S3 are possible new demand and supply curves. Starting from initial equilibrium point (1) what point on the graph is most likely to result from each change?

Q. 

In Figure 1 (which represents the market for Mars Bars), the initial equilibrium is at the intersection of S1 and D1. The new equilibrium if there is a health scare about the effect Mars Bars may have is:

CA - CPT ICAI Model Test Paper - 8 - Question 136

D1 and S1 are the original demand and supply curves. D2, D3, S2 and S3 are possible new demand and supply curves. Starting from initial equilibrium point (1) what point on the graph is most likely to result from each change?

Q. 

In Figure 1 (which represents the market for Mars Bars), the initial equilibrium is at the intersection of S1 and D1. Assuming that mars bars are an inferior good, the new equilibrium if there is a recession and wages of workers producing them fall is:

CA - CPT ICAI Model Test Paper - 8 - Question 137

D1 and S1 are the original demand and supply curves. D2, D3, S2 and S3 are possible new demand and supply curves. Starting from initial equilibrium point (1) what point on the graph is most likely to result from each change?

Q. 

In Figure 1(which represents the market for Mars Bars), the initial equilibrium is at the intersection of S1 and D1. Assume that the income of the consumers rises and at the same time there is an increase in the productivity in the production of Mars Bars. The new equilibrium will be:

CA - CPT ICAI Model Test Paper - 8 - Question 138

A book seller estimates that if she increases the price of a book from Rs.60 to Rs.67, the quantity of books demanded will decrease from 2,035 to 1,946. The book’s price elasticity of demand is approximately

CA - CPT ICAI Model Test Paper - 8 - Question 139

Concerned about the poor state of the economy, a car dealer estimates that if income decreases by 4 per cent, car sales will fall from 352 to 335.  Consequently, the income elasticity of demand for cars is approximately

CA - CPT ICAI Model Test Paper - 8 - Question 140

Use Table 2 to answer questions 140-144.

A competitive firm sells as much as of its product as it chooses at a market price of Rs. 200 per unit. Its fixed cost is Rs. 600 and its variable costs (in rupees) for different levels of production are shown in the following table.

Q. 

When production is 40 units, the average total cost is

CA - CPT ICAI Model Test Paper - 8 - Question 141

A competitive firm sells as much as of its product as it chooses at a market price of Rs. 200 per unit. Its fixed cost is Rs. 600 and its variable costs (in rupees) for different levels of production are shown in the following table.

Q. 

In the table marginal cost per unit that corresponds to 40 units of production is

CA - CPT ICAI Model Test Paper - 8 - Question 142

A competitive firm sells as much as of its product as it chooses at a market price of Rs. 200 per unit. Its fixed cost is Rs. 600 and its variable costs (in rupees) for different levels of production are shown in the following table.

Q. 

To maximize profit, the firm should produce

CA - CPT ICAI Model Test Paper - 8 - Question 143

A competitive firm sells as much as of its product as it chooses at a market price of Rs. 200 per unit. Its fixed cost is Rs. 600 and its variable costs (in rupees) for different levels of production are shown in the following table.

Q. 

If the market price drops from Rs. 200 to Rs. 112, the firm’s short run response should be 

CA - CPT ICAI Model Test Paper - 8 - Question 144

A competitive firm sells as much as of its product as it chooses at a market price of Rs. 200 per unit. Its fixed cost is Rs. 600 and its variable costs (in rupees) for different levels of production are shown in the following table.

Q. 

If the market price rises from Rs. 200 to Rs. 352, the firm’s short run response should be

CA - CPT ICAI Model Test Paper - 8 - Question 145

Suppose a shopkeeper buys inputs worth Rs. 2, 00, 000 and his sales are worth Rs. 4,00,000 in a month. The input tax rate is 4% and output tax rate is 10%. What is Value added tax here after set off of input tax credit?

CA - CPT ICAI Model Test Paper - 8 - Question 146

If the quantity of blankets demanded increases from 4600 to 5700 in response to a decrease in their price from Rs. 220 to Rs. 190, the price elasticity of demand for blankets is

CA - CPT ICAI Model Test Paper - 8 - Question 147

The cross elasticity of monthly demand for gel pen when the price of refills increases by 20% and demand for gel pens falls by 30% is equal to:

CA - CPT ICAI Model Test Paper - 8 - Question 148

The cross elasticity of monthly demand for ink pen when the price of gel pen increases by 25% and demand for ink pen increases by 50% is equal to:

CA - CPT ICAI Model Test Paper - 8 - Question 149

Read the following table and answer question number 149 -150.

Q.

What is marginal utility when consumption increases from 4 units to 5 units?

CA - CPT ICAI Model Test Paper - 8 - Question 150

Q. 

What is marginal utility when consumption increases from 8 units to 9 units?

CA - CPT ICAI Model Test Paper - 8 - Question 151

This method presents data with the help of a paragraph or a number of paragraphs.

CA - CPT ICAI Model Test Paper - 8 - Question 152

If two events A and B are independent, the probability that they will both occur is given by

CA - CPT ICAI Model Test Paper - 8 - Question 153

The normal curve is

CA - CPT ICAI Model Test Paper - 8 - Question 154

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

CA - CPT ICAI Model Test Paper - 8 - Question 155

The base of log613 into the common logarithmic base is

CA - CPT ICAI Model Test Paper - 8 - Question 156

Data collected on minority from the census reports are

CA - CPT ICAI Model Test Paper - 8 - Question 157

The nationality of a person is an example of

CA - CPT ICAI Model Test Paper - 8 - Question 158

The total sum of the values of a given year divided by the sum of the values of the base year is a

CA - CPT ICAI Model Test Paper - 8 - Question 159

Find the first derivative of y = loge x

CA - CPT ICAI Model Test Paper - 8 - Question 160

Fisher’s ideal index is

CA - CPT ICAI Model Test Paper - 8 - Question 161

_________  is the upper part of the table, describing the columns and sub columns.

CA - CPT ICAI Model Test Paper - 8 - Question 162

The correlation between sale of cold drinks and day temperature is _________.

CA - CPT ICAI Model Test Paper - 8 - Question 163

In case of a _________, plotted points on a scatter diagram lie from lower left corner to upper right corner.

CA - CPT ICAI Model Test Paper - 8 - Question 164

The _________ the size of the sample more reliable is the result.

CA - CPT ICAI Model Test Paper - 8 - Question 165

_________ are the values dividing a given set of observations into ten equal parts.

CA - CPT ICAI Model Test Paper - 8 - Question 166

Variance of a binomial distribution is always _________ its mean.

CA - CPT ICAI Model Test Paper - 8 - Question 167

If in binomial distribution mean is 10 and S.D. is 2, q will be _________.

CA - CPT ICAI Model Test Paper - 8 - Question 168

The sum of the following is _________.
1+ 3 - 5 + 7 +  9 - 11, + 13............................ 3n terms

CA - CPT ICAI Model Test Paper - 8 - Question 169

If nP3 = 60 then value of n is _________.

CA - CPT ICAI Model Test Paper - 8 - Question 170

If one root of the equation x2 + 7x+ p = 0 be reciprocal of the other then the value of p is_________.

CA - CPT ICAI Model Test Paper - 8 - Question 171

A person borrowed Rs. 4,000 and after 6 months the amount paid was Rs. 4,050, find the rate of interest.

CA - CPT ICAI Model Test Paper - 8 - Question 172

The value of 

CA - CPT ICAI Model Test Paper - 8 - Question 173

CA - CPT ICAI Model Test Paper - 8 - Question 174

Find the value of x if 

CA - CPT ICAI Model Test Paper - 8 - Question 175

The fourth proportional to 2/3, 3/7, 4/9,........ is

CA - CPT ICAI Model Test Paper - 8 - Question 176

The solution set of equations 3x+ 4y = 7 and 4x – y = 3, is