This document provides information about an admission batch for the CA Intermediate exam in May 2019 with limited seats. It gives the dates for registration - May 21st for students appearing in CA Foundation in May 2018 and June 25th for students appearing in CPT in June 2018. The registration fee is Rs. 10,000 and is refundable if the student fails the CPT exam. It also lists the contact details and address for the Vidya Sagar Institute in Jaipur, India which is hosting the batch. The document then provides results from past Sure Success Batches run by the institute, listing students who achieved top ranks in previous CA Intermediate exams.
1. This document contains a mock test paper for the Common Proficiency Test with 34 multiple choice questions covering topics in Fundamentals of Accounting. The questions test knowledge of accounting concepts like joint ventures, partnership, bills of exchange, depreciation, inventory valuation, and more.
2. For each question there are 4 answer options and the test taker must select the correct answer. The questions involve calculating amounts based on financial information provided, applying accounting concepts, or interpreting accounting entries/transactions.
3. The time allowed for the test is 4 hours and it carries a maximum of 200 marks. It has one section which is Fundamentals of Accounting and covers basic as well as complex accounting problems
This document provides a summary of questions and answers from the CPT June 2013 exam paper based on students' memories. It includes 45 multiple choice questions from the exam covering topics like accounting, partnership, joint venture, consignment, insurance, depreciation and more. For each question, 4 possible answer options are provided without disclosing the correct answer. The document is authored by Pace2race Institute and provides a helpful study guide for students preparing for the CPT exam.
Cpt june 2013 question paper with solution[carocks.wordpress.com]Dushyant Singhania
This document appears to be a question paper for a CPT (Common Proficiency Test) exam from June 2013. It contains 47 multiple choice questions testing fundamental accounting concepts. The questions cover topics such as bills of exchange, preliminary expenses, unclaimed dividends, rental expenses, trial balances, accounting equation, partnership admissions/retirements, consignment, accounting policies, joint ventures, valuation of assets, depreciation, financial statements, and more. The summary provides a high-level overview of the document's content as a CPT exam question paper containing multiple choice accounting questions.
1) The document appears to be a past question paper for the CA - CPT exam with multiple choice questions testing accounting fundamentals and concepts.
2) Questions cover topics like cash book, trial balance, accounting adjustments, partnership accounts, company accounts, inventory valuation.
3) The summary provides a high-level overview of the document's content as a past exam question paper containing accounting questions to test students.
This document contains a 45 question CPT exam from June 2014 covering topics in fundamentals of accounting, financial accounting standards, preparation of financial statements, inventory valuation, depreciation, partnership accounts, and consignment. The questions are multiple choice with 4 answer options for each question testing understanding of accounting concepts, journal entries, calculations, and analyzing accounting information.
Dec 2014 ca cpt question paper - vidyasagar instiutepace2race
The document provides information about a CPT June 2014 question paper compiled by Vidya Sagar Institute based on student memories. It notes that the questions and answers may have inaccuracies and the institute is not responsible for mistakes. It provides contact information for the institute for various certification programs. It also advertises a new batch starting in July 2014 for IPCC May 2015 exams with limited seats.
This document contains a 35 question practice test for the CA-CPT exam in India based on a student's memory of the actual June 2013 exam. It provides the questions, possible multiple choice answers, and some brief introductory and concluding information. The test covers topics in the Fundamentals of Accounting section including accounting concepts, preparation of financial statements, and basic bookkeeping.
Dec 2014 ca-cpt question paper mastermind institutepace2race
This document contains a 32 question multiple choice practice test for the CA-CPT (Common Proficiency Test) exam in India. It provides the questions, multiple choice answers, and some brief context explaining that the questions are based on student memory and may contain errors or ambiguities. It directs readers to email any feedback on errors to a provided email address. It is a practice exam issued by Master Minds, described as the largest CA coaching institution in South India.
1. This document contains a mock test paper for the Common Proficiency Test with 34 multiple choice questions covering topics in Fundamentals of Accounting. The questions test knowledge of accounting concepts like joint ventures, partnership, bills of exchange, depreciation, inventory valuation, and more.
2. For each question there are 4 answer options and the test taker must select the correct answer. The questions involve calculating amounts based on financial information provided, applying accounting concepts, or interpreting accounting entries/transactions.
3. The time allowed for the test is 4 hours and it carries a maximum of 200 marks. It has one section which is Fundamentals of Accounting and covers basic as well as complex accounting problems
This document provides a summary of questions and answers from the CPT June 2013 exam paper based on students' memories. It includes 45 multiple choice questions from the exam covering topics like accounting, partnership, joint venture, consignment, insurance, depreciation and more. For each question, 4 possible answer options are provided without disclosing the correct answer. The document is authored by Pace2race Institute and provides a helpful study guide for students preparing for the CPT exam.
Cpt june 2013 question paper with solution[carocks.wordpress.com]Dushyant Singhania
This document appears to be a question paper for a CPT (Common Proficiency Test) exam from June 2013. It contains 47 multiple choice questions testing fundamental accounting concepts. The questions cover topics such as bills of exchange, preliminary expenses, unclaimed dividends, rental expenses, trial balances, accounting equation, partnership admissions/retirements, consignment, accounting policies, joint ventures, valuation of assets, depreciation, financial statements, and more. The summary provides a high-level overview of the document's content as a CPT exam question paper containing multiple choice accounting questions.
1) The document appears to be a past question paper for the CA - CPT exam with multiple choice questions testing accounting fundamentals and concepts.
2) Questions cover topics like cash book, trial balance, accounting adjustments, partnership accounts, company accounts, inventory valuation.
3) The summary provides a high-level overview of the document's content as a past exam question paper containing accounting questions to test students.
This document contains a 45 question CPT exam from June 2014 covering topics in fundamentals of accounting, financial accounting standards, preparation of financial statements, inventory valuation, depreciation, partnership accounts, and consignment. The questions are multiple choice with 4 answer options for each question testing understanding of accounting concepts, journal entries, calculations, and analyzing accounting information.
Dec 2014 ca cpt question paper - vidyasagar instiutepace2race
The document provides information about a CPT June 2014 question paper compiled by Vidya Sagar Institute based on student memories. It notes that the questions and answers may have inaccuracies and the institute is not responsible for mistakes. It provides contact information for the institute for various certification programs. It also advertises a new batch starting in July 2014 for IPCC May 2015 exams with limited seats.
This document contains a 35 question practice test for the CA-CPT exam in India based on a student's memory of the actual June 2013 exam. It provides the questions, possible multiple choice answers, and some brief introductory and concluding information. The test covers topics in the Fundamentals of Accounting section including accounting concepts, preparation of financial statements, and basic bookkeeping.
Dec 2014 ca-cpt question paper mastermind institutepace2race
This document contains a 32 question multiple choice practice test for the CA-CPT (Common Proficiency Test) exam in India. It provides the questions, multiple choice answers, and some brief context explaining that the questions are based on student memory and may contain errors or ambiguities. It directs readers to email any feedback on errors to a provided email address. It is a practice exam issued by Master Minds, described as the largest CA coaching institution in South India.
The document contains multiple choice questions related to accounting concepts and financial statements. It tests knowledge of key accounting terms like assets, liabilities, equity, income statement, balance sheet, and accounting equation. It also includes questions about preparing financial statements, accounting adjustments, inventory valuation, accounting errors, and accounting concepts like conservatism and periodic inventory system.
This document provides information about a CPT June 2016 question paper compiled by Vidya Sagar Institute in Jaipur, India based on student recollections. It includes a disclaimer that the institute is not responsible for any errors in the paper as student recollections may be inaccurate or incomplete. It also provides contact information for the institute for admissions inquiries into various CA and CS courses. The document advertises an upcoming registration deadline of June 27th, 2016 for IPCC exams in May 2017 with a registration fee of Rs. 10,000 that is refundable if the student fails CPT.
This document contains a 40 question multiple choice test on fundamentals of accounting. The questions cover topics such as partnership accounts, treatment of joint life policies, bank reconciliation statements, inventory valuation, depreciation, preparation of financial statements, and company accounts. The test has a maximum score of 200 marks.
This document contains assignments for the course MB0041 - Financial and Management Accounting. The first assignment contains 6 questions related to accounting principles, calculations involving assets, liabilities, and capital. The second assignment contains 5 questions on ratio analysis, cash flow statements, costing methods, and budgetary control. Students are asked to show calculations and explain accounting concepts and tools in their responses.
This document contains a model test paper for the Common Proficiency Test (CPT) administered by the Institute of Chartered Accountants of India. The test has 4 sections and 200 total marks. Section A covers fundamentals of accounting with 60 marks. It contains 46 multiple choice questions testing concepts like the accounting equation, double entry system, inventory valuation, depreciation, partnership accounts, and more. Correct answers receive 1 mark while wrong answers are penalized 0.25 marks.
1. The document contains sample questions and answers related to banking and finance topics such as operational risk calculation, provisioning requirements, exchange rates, and bond valuation.
2. Sample questions calculate operational risk levels, provisioning amounts for doubtful asset categories, exchange rates under different scenarios, and bond prices.
3. Answers are provided for each question, explaining the steps and calculations to arrive at the solution. Key terms like spot rates, forward rates, and discount rates are used in the explanations.
The document provides a trial balance and adjustments for a partnership firm owned by Devan and Hemang. It includes accounts for capital, debtors, creditors, stock, purchases, sales, expenses and fixed assets. Adjustments are provided for closing stock valuation, partner's interest on capital and drawings, depreciation, bad debts reserve and outstanding expenses. Final accounts including trading account, profit and loss account and balance sheet are to be prepared from the information given.
1. The document contains questions asking to journalize transactions from various accounting assignments including journal entries, ledger accounts, trial balance, final accounts, and adjustments.
2. Journal entries are provided for starting a business, purchases, expenses, sales, and various other common accounting transactions over multiple periods.
3. Ledger accounts are to be prepared for stationery, capital, cash, purchases and other common accounts.
4. Trial balances are to be prepared from ledger account balances and adjustments.
5. Final accounts including trading account, profit and loss account, and balance sheet are to be prepared based on income statements, trial balances, and adjusting entries.
The document contains numerical questions and solutions related to calculating broad money (M3 and M4), inflation, GDP, GNP, taxes and other economic indicators. It provides the calculations and steps to arrive at the answers. Multiple choice questions are asked related to concepts like present and future value of investments, loan repayment, interest rates, bonds and other financial terms. Detailed solutions and explanations are given for each question.
The document contains questions related to accounting practices for various companies. It includes questions to create general ledgers, pass journal entries, show trial balances and financial statements for companies like Exchanger Services Pvt Ltd, Sagar Industries Ltd, Jakharia Computer Institute, and Daimand Infrasture Pvt Ltd. There are also questions on inventory management for companies like IBM Company and Sai Service & Motor Trader.
Here are the steps to prepare trading and profit and loss account and balance sheet from the given information:
1. Trading Account:
Debit Side:
Opening Stock Rs. 7,50,000
Purchases Rs. 18,50,000
Wages Rs. 8,48,650
Freight and Carriage Rs. 1,31,150
Total Rs. 36,79,800
Credit Side:
Sales Rs. 41,50,000
Closing Stock (to be calculated)
2. Profit and Loss Account:
Debit Side:
To Trading Account (Profit)
Salaries Rs. 1,45,000
The cash flow statement is subdivided into three parts:
1. Cash flow from operating activities which deals with principal revenue activities.
2. Cash flow from investing activities which deals with purchase/sale of fixed assets.
3. Cash flow from financing activities which deals with transactions involving equity/debt.
It shows the movement of cash and causes during a period, taking into account transactions directly impacting cash. It is useful for stakeholders to understand the company's cash position.
This document provides instructions and questions for a summer exam on business laws. It includes 8 questions covering topics like alternate dispute resolution, contract law, partnership law, sale of goods act, company law, and more. Candidates are instructed to answer all questions in the 3 hour exam and additional reading time is provided.
The document provides information about a website that offers solved assignments for various courses, including details on connecting via Facebook, subscribing to receive assignments by email, and requesting specific solved assignments. It also includes a sample assignment question and answer from an accountancy and financial management course. The document aims to promote the website as a resource for students to access solved assignments.
Here are the Personal Accounts of Mr. H and Mr. R as per the transactions given:
Mr. H A/c
Amount Amount
Date Particulars (Rs) Date Particulars (Rs)
1-Apr By S A/c 20,000
5-Apr By S A/c 30,000
17-Apr By S A/c 15,000
19-Apr By S A/c 10,000
22-Apr By Discount A/c 100
22-Apr By S A/c 20,000
29-Apr By Balance c/d 5,000
75
1. The document records various transactions made by Idhayam of Kumbakonam from January 1-31, 2010. These include starting the business with Rs. 180,000 cash, purchases and sales made for cash and credit, payments to creditors and expenses, and depreciation and bad debt allowances.
2. Journal entries are made for each transaction, debiting and crediting the appropriate accounts.
3. The document instructs to view the day book and individual ledger accounts in Tally Gateway to see details of each transaction recorded from January 1-31, 2010.
- The document is a sample question paper for an Accountancy subject exam with questions divided into three parts and multiple sections.
- It provides instructions for students on which questions to attempt from the given options in each part and section. For example, in Part I Section A, students must attempt 15 out of 18 questions.
- The questions cover various accounting topics like financial statements, partnership accounts, company accounts, etc. and include calculations, concepts and true/false statements to test students' understanding.
The document contains a unit on consignment accounting that provides 23 multiple choice questions and their answers. The questions cover topics such as calculating consignment stock value, determining commission amounts, identifying true statements about consignment accounting, and debit/credit treatments for various consignment transactions.
The document contains 37 multiple choice questions related to accounting for consignment transactions. Specifically, it tests understanding of key concepts like calculating sales value, invoice price, expenses, commission, abnormal losses, valuation of consignment stock, and accounting treatment in the books of the consignor and consignee.
The document discusses an afterschool program for developing social entrepreneurs. It provides a free, comprehensive program for social and spiritual entrepreneurship open to all. It includes contact information for the program director and websites for more information.
This document is a question paper for an Accountancy exam containing 16 multi-part questions. It provides instructions that the exam is 3 hours, has 2 parts (A and B), and contains value-based questions. The questions cover various topics related to partnership accounts, company accounts, debentures, and changes in partnership. For example, question 6 asks students to pass journal entries related to admitting a new partner who will pay capital and premium for goodwill. Question 15 asks students to prepare revaluation, capital, and balance sheet accounts given financial information and retirement of a partner.
The document contains multiple choice questions related to accounting concepts and financial statements. It tests knowledge of key accounting terms like assets, liabilities, equity, income statement, balance sheet, and accounting equation. It also includes questions about preparing financial statements, accounting adjustments, inventory valuation, accounting errors, and accounting concepts like conservatism and periodic inventory system.
This document provides information about a CPT June 2016 question paper compiled by Vidya Sagar Institute in Jaipur, India based on student recollections. It includes a disclaimer that the institute is not responsible for any errors in the paper as student recollections may be inaccurate or incomplete. It also provides contact information for the institute for admissions inquiries into various CA and CS courses. The document advertises an upcoming registration deadline of June 27th, 2016 for IPCC exams in May 2017 with a registration fee of Rs. 10,000 that is refundable if the student fails CPT.
This document contains a 40 question multiple choice test on fundamentals of accounting. The questions cover topics such as partnership accounts, treatment of joint life policies, bank reconciliation statements, inventory valuation, depreciation, preparation of financial statements, and company accounts. The test has a maximum score of 200 marks.
This document contains assignments for the course MB0041 - Financial and Management Accounting. The first assignment contains 6 questions related to accounting principles, calculations involving assets, liabilities, and capital. The second assignment contains 5 questions on ratio analysis, cash flow statements, costing methods, and budgetary control. Students are asked to show calculations and explain accounting concepts and tools in their responses.
This document contains a model test paper for the Common Proficiency Test (CPT) administered by the Institute of Chartered Accountants of India. The test has 4 sections and 200 total marks. Section A covers fundamentals of accounting with 60 marks. It contains 46 multiple choice questions testing concepts like the accounting equation, double entry system, inventory valuation, depreciation, partnership accounts, and more. Correct answers receive 1 mark while wrong answers are penalized 0.25 marks.
1. The document contains sample questions and answers related to banking and finance topics such as operational risk calculation, provisioning requirements, exchange rates, and bond valuation.
2. Sample questions calculate operational risk levels, provisioning amounts for doubtful asset categories, exchange rates under different scenarios, and bond prices.
3. Answers are provided for each question, explaining the steps and calculations to arrive at the solution. Key terms like spot rates, forward rates, and discount rates are used in the explanations.
The document provides a trial balance and adjustments for a partnership firm owned by Devan and Hemang. It includes accounts for capital, debtors, creditors, stock, purchases, sales, expenses and fixed assets. Adjustments are provided for closing stock valuation, partner's interest on capital and drawings, depreciation, bad debts reserve and outstanding expenses. Final accounts including trading account, profit and loss account and balance sheet are to be prepared from the information given.
1. The document contains questions asking to journalize transactions from various accounting assignments including journal entries, ledger accounts, trial balance, final accounts, and adjustments.
2. Journal entries are provided for starting a business, purchases, expenses, sales, and various other common accounting transactions over multiple periods.
3. Ledger accounts are to be prepared for stationery, capital, cash, purchases and other common accounts.
4. Trial balances are to be prepared from ledger account balances and adjustments.
5. Final accounts including trading account, profit and loss account, and balance sheet are to be prepared based on income statements, trial balances, and adjusting entries.
The document contains numerical questions and solutions related to calculating broad money (M3 and M4), inflation, GDP, GNP, taxes and other economic indicators. It provides the calculations and steps to arrive at the answers. Multiple choice questions are asked related to concepts like present and future value of investments, loan repayment, interest rates, bonds and other financial terms. Detailed solutions and explanations are given for each question.
The document contains questions related to accounting practices for various companies. It includes questions to create general ledgers, pass journal entries, show trial balances and financial statements for companies like Exchanger Services Pvt Ltd, Sagar Industries Ltd, Jakharia Computer Institute, and Daimand Infrasture Pvt Ltd. There are also questions on inventory management for companies like IBM Company and Sai Service & Motor Trader.
Here are the steps to prepare trading and profit and loss account and balance sheet from the given information:
1. Trading Account:
Debit Side:
Opening Stock Rs. 7,50,000
Purchases Rs. 18,50,000
Wages Rs. 8,48,650
Freight and Carriage Rs. 1,31,150
Total Rs. 36,79,800
Credit Side:
Sales Rs. 41,50,000
Closing Stock (to be calculated)
2. Profit and Loss Account:
Debit Side:
To Trading Account (Profit)
Salaries Rs. 1,45,000
The cash flow statement is subdivided into three parts:
1. Cash flow from operating activities which deals with principal revenue activities.
2. Cash flow from investing activities which deals with purchase/sale of fixed assets.
3. Cash flow from financing activities which deals with transactions involving equity/debt.
It shows the movement of cash and causes during a period, taking into account transactions directly impacting cash. It is useful for stakeholders to understand the company's cash position.
This document provides instructions and questions for a summer exam on business laws. It includes 8 questions covering topics like alternate dispute resolution, contract law, partnership law, sale of goods act, company law, and more. Candidates are instructed to answer all questions in the 3 hour exam and additional reading time is provided.
The document provides information about a website that offers solved assignments for various courses, including details on connecting via Facebook, subscribing to receive assignments by email, and requesting specific solved assignments. It also includes a sample assignment question and answer from an accountancy and financial management course. The document aims to promote the website as a resource for students to access solved assignments.
Here are the Personal Accounts of Mr. H and Mr. R as per the transactions given:
Mr. H A/c
Amount Amount
Date Particulars (Rs) Date Particulars (Rs)
1-Apr By S A/c 20,000
5-Apr By S A/c 30,000
17-Apr By S A/c 15,000
19-Apr By S A/c 10,000
22-Apr By Discount A/c 100
22-Apr By S A/c 20,000
29-Apr By Balance c/d 5,000
75
1. The document records various transactions made by Idhayam of Kumbakonam from January 1-31, 2010. These include starting the business with Rs. 180,000 cash, purchases and sales made for cash and credit, payments to creditors and expenses, and depreciation and bad debt allowances.
2. Journal entries are made for each transaction, debiting and crediting the appropriate accounts.
3. The document instructs to view the day book and individual ledger accounts in Tally Gateway to see details of each transaction recorded from January 1-31, 2010.
- The document is a sample question paper for an Accountancy subject exam with questions divided into three parts and multiple sections.
- It provides instructions for students on which questions to attempt from the given options in each part and section. For example, in Part I Section A, students must attempt 15 out of 18 questions.
- The questions cover various accounting topics like financial statements, partnership accounts, company accounts, etc. and include calculations, concepts and true/false statements to test students' understanding.
The document contains a unit on consignment accounting that provides 23 multiple choice questions and their answers. The questions cover topics such as calculating consignment stock value, determining commission amounts, identifying true statements about consignment accounting, and debit/credit treatments for various consignment transactions.
The document contains 37 multiple choice questions related to accounting for consignment transactions. Specifically, it tests understanding of key concepts like calculating sales value, invoice price, expenses, commission, abnormal losses, valuation of consignment stock, and accounting treatment in the books of the consignor and consignee.
The document discusses an afterschool program for developing social entrepreneurs. It provides a free, comprehensive program for social and spiritual entrepreneurship open to all. It includes contact information for the program director and websites for more information.
This document is a question paper for an Accountancy exam containing 16 multi-part questions. It provides instructions that the exam is 3 hours, has 2 parts (A and B), and contains value-based questions. The questions cover various topics related to partnership accounts, company accounts, debentures, and changes in partnership. For example, question 6 asks students to pass journal entries related to admitting a new partner who will pay capital and premium for goodwill. Question 15 asks students to prepare revaluation, capital, and balance sheet accounts given financial information and retirement of a partner.
Model Questions SET- Accountancy XI (three set model questions)YEP Nepal
This document contains a model set of accounting questions for Grade XI students. It includes 22 multiple choice and numerical questions covering various accounting concepts and transactions. The questions require students to prepare journal entries, ledger accounts, cash books, trial balances, and financial statements. Correct answers are to be provided in students' own words as much as possible. The exam is 3 hours long and carries a total of 100 marks.
A businessman purchased goods for Rs. 25,00,000 and sold 70% of the goods. The remaining goods were valued at Rs. 5,00,000 in the financial statements, though their market value was Rs. 7,50,000, due to the accounting principle of conservatism.
Several multiple choice questions were asked related to accounting concepts like provisions, treatment of plant and machinery sold, joint venture accounting, bill discounting, partnership profit sharing ratios, and debenture types.
The document contained a mock test paper with 45 multiple choice questions to assess understanding of basic accounting concepts like inventory valuation, bank reconciliation, accounting for leases, recording of transactions, and preparation of financial statements.
This document contains a test on taxation with multiple choice questions and descriptive questions.
The multiple choice questions are related to income tax calculations for an individual based on information provided about cash withdrawals, payments made for a wedding, purchase and gift of a property, let out of a property, taxable income from bonds.
The descriptive questions require computation of total income and tax payable for an individual based on receipts and payments, capital gains, income from house property let out, salary income and perquisites. Residential status and taxability of various incomes is also asked.
The document tests knowledge of income tax law and ability to calculate taxable income and tax payable in various situations based on information provided.
This document provides information and examples about accounting for public companies and underwriting. It discusses concepts like underwriting liability, applications received, marked applications, outstanding shares, and liability calculations for different underwriters based on information provided in examples. It also discusses calculating share value based on dividend yield and return on capital employed. Other topics covered include acquisition accounting, consolidation of financial statements, treatment of pre-acquisition profits, minority interest, and revaluation of assets.
This document provides information and examples about accounting for public companies and underwriting. It discusses concepts like underwriting liability, applications received, marked applications, outstanding shares, and underwriter ratios and liabilities. Multiple examples are provided of calculating underwriter liability given information about shares issued, underwriting percentages, applications received, and marked applications.
A N N U I T Y Q U E S T I O N S F O R A P T I T U D E T E S T SDr. Trilok Kumar Jain
This document provides information and examples about accounting for public companies and underwriting. It discusses concepts like underwriting liability, applications received, marked applications, outstanding shares, and liability calculations for different underwriters based on information provided in examples. It also includes solutions to example questions about underwriting calculations.
1.Syfy Company on July 15 sells merchandise on account to Eu.docxChereCoble417
1.
Syfy Company on July 15 sells merchandise on account to Eureka Co. for $5,000, terms 2/10, n/30.
On July 20 Eureka Co. returns merchandise worth $2,000 to Syfy Company. On July 24 payment is received from Eureka Co. for the balance due. What is the amount of cash received?
A)
$2,900
B)
$2,940
C)
$3,000
D)
$5,000
2.
Haven Company uses the percentage of sales method for recording bad debts expense. For the year, cash sales are $600,000 and credit sales are $2,700,000. Management estimates that 1% is the sales percentage to use. What adjusting entry will Haven Company make to record the bad debts expense?
A)
Bad Debts Expense
33,000
Allowance for Doubtful Accounts
33,000
B)
Bad Debts Expense
27,000
Allowance for Doubtful Accounts
27,000
C)
Bad Debts Expense
27,000
Accounts Receivable
27,000
D)
Bad Debts Expense
33,000
Accounts Receivable
33,000
3.
A company has net credit sales of $750,000 for the year and it estimates that uncollectible accounts will be 2% of sales. If Allowance for Doubtful Accounts has a credit balance of $2,000 prior to adjustment, its balance after adjustment will be a credit of
A)
$13,000.
B)
$15,000.
C)
$15,040.
D)
$17,000.
4.
The percentage of receivables basis for estimating uncollectible accounts emphasizes
A)
cash realizable value.
B)
the relationship between accounts receivable and bad debts expense.
C)
income statement relationships.
D)
the relationship between sales and accounts receivable.
5.
Interest is usually associated with
A)
accounts receivable.
B)
notes receivable.
C)
doubtful accounts.
D)
bad debts.
6.
When customers make purchases with a national credit card, the retailer
A)
is responsible for maintaining customer accounts.
B)
is not involved in the collection process.
C)
absorbs any losses from uncollectible accounts.
D)
receives cash equal to the full price of the merchandise sold from the credit card company.
7.
The retailer considers Visa and MasterCard sales as
A)
cash sales.
B)
promissory sales.
C)
credit sales.
D)
contingent sales.
8.
A 60-day note receivable dated July 13 has a maturity date of
A)
September 12.
B)
September 11.
C)
September 10.
D)
September 13.
9.
The maturity value of a $50,000, 9%, 60-day note receivable dated July 3 is
A)
$50,000.
B)
$50,750.
C)
$54,500.
D)
$59,000.
10.
A company purchased office equipment for $40,000 and estimated a salvage value of $8,000 at the end of its 5-year useful life. The constant percentage to be applied against book value each year if the double-declining-balance method is used is
A)
20%.
B)
25%.
C)
40%.
D)
5%.
11.
The entry to record depletion expense
A)
decreases owner's equity and assets.
B)
decreases net income and increases liabilities.
C)
decreases assets and liabilities.
D)
decreases assets and increases liabilities.
12.
A plant asset cost $288,000 and is estimated to have a $36,000 salvage value at the end of its 8-year usef.
Accounting Help Needed by 1010Displaying messages 1 - 3 of 3P.docxrenatas0nie
Accounting Help Needed by 10/10
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Participants:
YourBusinessT...
and
Zmoves
Zmoves
2015-10-09 17:20
Hi Can you do this? $40.
Floppy Company's December 31, 2014 trial balance is as follows:
Floppy Corporation
Trial Balance
December 31, 2014
Account
Debit
Credit
Cash
$43,500
Accounts Receivable
53,500
Allowance for Doubtful Accounts
1,500
Notes Receivable
30,000
Merchandise Inventory
55,000
Land
20,000
Building
150,000
Accumulated Depreciation, Building
$15,000
Equipment
50,000
Accumulated Depreciation, Equipment
21,000
Goodwill
26,000
Accounts Payable
25,000
Long Term Notes Payable
75,000
Common Stock, $10 par, 2,000 shares authorized & outstanding
20,000
Retained Earnings
147,000
Sales Revenue
700,000
Salaries Expense
150,000
Utilities Expense
3,500
Cost of Goods Sold
350,000
Administrative Expenses
55,000
Sales Expenses
15,000
_______
Totals
$1,003,000
$1,003,000
Floppy is a small company and records adjusting entries & closing entries only at fiscal (calendar) year end. Correcting and adjusting entries have not been recorded.
Additional Information:
a. Notes Receivable is a 3-months, 6% note accepted on November 1, 2014.
b. Long Term Notes Payable is a 5-year, 5% note, that was signed on July 1, 2014. Interest is payable annually.
c. Building is depreciated at 3% per year. There is no salvage value.
d. Equipment is depreciated at 15% year. There is no salvage value.
e. Floppy discovered, on December 30
th
, that the inexperienced bookkeeper recorded in the general journal and general ledger that day's $1,500 cash sales as a debit to Accounts Receivable and a credit to Sales Revenue.
f. The year-end physical count for Merchandise Inventory reflected a value of $51,500. Any difference in value will not be considered theft or loss.
g. Salaries for the last half of December, payable in January, amount to $5,500.
h. Floppy estimates that of the Accounts Receivable 5% will not be collectable.
Required:
a. Prepare in journal form, any required correcting entries
b. Prepare in journal form, all end-of-the period adjusting entries
c. Prepare a December adjusted trial balance
d. Prepare a classified balance sheet for the year ended December 31, 2014
e. Prepare in journal form, the closing entries for the year ended December 31, 2014
Floppy uses the period method and had the following inventory events during January:
Date
Units Purchased
Unit Cost
Date
Units Sold
Unit Sales Price
Jan. 1
150
$7.00
Jan. 2
100
$10.00
Jan. 5
225
7.20
Jan. 7
125
10.00
Jan. 10
100
7.50
Jan. 12
75
12.00
Jan. 15
150
7.80
Jan. 17
200
12.50
Jan. 20
200
7.95
Jan. 24
150
15.00
Jan. 25
150
8.00
Jan. 30
75
8.20
Note:
January 1 amount was the beginning inventory and unit value.
(Round all total dollar values to the nearest dollar. Round all unit values to the nearest penny.)
Required:
a. Calculate cost of goods available for sale.
b. Calculate the dollar v.
This document provides an overview of accounting aspects of consignment and joint ventures. Consignment involves goods being sent by a consignor to a consignee to sell on their behalf, with the consignor remaining the owner. Joint ventures involve two or more parties collaborating on a temporary project while maintaining separate financial records. Key accounts include consignment, consignee, joint venture, and joint venture party accounts. Transactions are recorded differently depending on whether separate books are maintained for the joint venture.
The document discusses accounting aspects of consignment and joint ventures. It defines consignment as goods sent by one party to another to sell on their behalf, with the owner retaining ownership. It covers key accounts like consignment account, consignee account, and entries for expenses, sales, and closing stock. Joint ventures are temporary associations of two firms to work on a project, differing from partnerships. Accounting can involve separate joint venture books or memorandum accounts in each party's books.
This document provides an overview of accounting aspects of consignment and joint ventures. Consignment involves goods being sent by a consignor to a consignee to sell on their behalf, with the consignor remaining the owner. Joint ventures involve two or more parties collaborating on a temporary project while maintaining separate accounts. The document discusses key accounts involved, entries made, and how to account for expenses, sales, closing stock, profits/losses.
This document provides instructions for a 3-hour exam consisting of multiple choice and long answer questions in Accountancy. It informs examinees that the paper contains 3 parts (A, B, C) and that they must attempt Part A (which is compulsory) and Part B. It does not provide Part C. The document then lists 18 multi-part questions in Part A assessing concepts in partnership firms and companies including capital accounts, debentures, shares, retirement/admission of partners, and dissolution.
Here are the journal entries to record the admission of the new partner N:
1. Creditors A/c Dr. 2,000
To Provision for Discount on Creditors A/c 2,000
(To create 10% provision for discount on creditors)
2. Debtors A/c Dr. 2,000
Provision for Doubtful Debts A/c Dr. 1,000
To Bad Debts A/c 3,000
(To write off bad debts of Rs. 2,000 and create 5% provision for doubtful debts)
3. Stock A/c Dr. 5,000
To Revaluation A/c 5,000
(To revalue stock at
Class 12th Sample Questions For Accountancy Practicalcommerceatease
This document provides a sample of 25 questions that may appear on the practical exam for 12th grade Accountancy. The questions cover various topics related to ratio analysis, cash flow statements, and calculations of ratios like inventory turnover, debt-equity, and profit ratios using financial data. This is intended as a practice resource for commerce students appearing for their C.B.S.E board exams in 2020.
1) The document provides information about 10 different partnership scenarios involving the admission of new partners. It includes balance sheets before admission, terms of admission, and instructions for adjusting accounts.
2) For each scenario, adjustments are made to various asset and liability accounts based on the admission terms. Profit and loss accounts are prepared to calculate gains or losses from revaluations. New capital accounts are opened for the incoming partners.
3) The responses provide the adjusted profit/loss figure, total balance sheet amount, and ending capital account balances for the original and new partners in each scenario.
Similar to Cpt english (minor test 3) (17.5.2018) (20)
Khushi Saini, An Intern from The Sparks Foundationkhushisaini0924
This is my first task as an Talent Acquisition(Human resources) Intern in The Sparks Foundation on Recruitment, article and posts.
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We recently hosted the much-anticipated Community Skill Builders Workshop during our June online meeting. This event was a culmination of six months of listening to your feedback and crafting solutions to better support your PMI journey. Here’s a look back at what happened and the exciting developments that emerged from our collaborative efforts.
A Gathering of Minds
We were thrilled to see a diverse group of attendees, including local certified PMI trainers and both new and experienced members eager to contribute their perspectives. The workshop was structured into three dynamic discussion sessions, each led by our dedicated membership advocates.
Key Takeaways and Future Directions
The insights and feedback gathered from these discussions were invaluable. Here are some of the key takeaways and the steps we are taking to address them:
• Enhanced Resource Accessibility: We are working on a new, user-friendly resource page that will make it easier for members to access training materials and real-world application guides.
• Structured Mentorship Program: Plans are underway to launch a mentorship program that will connect members with experienced professionals for guidance and support.
• Increased Networking Opportunities: Expect to see more frequent and varied networking events, both virtual and in-person, to help you build connections and foster a sense of community.
Moving Forward
We are committed to turning your feedback into actionable solutions that enhance your PMI journey. This workshop was just the beginning. By actively participating and sharing your experiences, you have helped shape the future of our Chapter’s offerings.
Thank you to everyone who attended and contributed to the success of the Community Skill Builders Workshop. Your engagement and enthusiasm are what make our Chapter strong and vibrant. Stay tuned for updates on the new initiatives and opportunities to get involved. Together, we are building a community that supports and empowers each other on our PMI journeys.
Stay connected, stay engaged, and let’s continue to grow together!
About PMI Silver Spring Chapter
We are a branch of the Project Management Institute. We offer a platform for project management professionals in Silver Spring, MD, and the DC/Baltimore metro area. Monthly meetings facilitate networking, knowledge sharing, and professional development. For more, visit pmissc.org.
5 key differences between Hard skill and Soft skillsRuchiRathor2
𝐓𝐡𝐞 𝐏𝐞𝐫𝐟𝐞𝐜𝐭 𝐁𝐥𝐞𝐧𝐝:
𝐖𝐡𝐲 𝐘𝐨𝐮 𝐍𝐞𝐞𝐝 𝐁𝐨𝐭𝐡 𝐇𝐚𝐫𝐝 & 𝐒𝐨𝐟𝐭 𝐒𝐤𝐢𝐥𝐥𝐬 𝐭𝐨 𝐓𝐡𝐫𝐢𝐯𝐞 💯
In today's dynamic and competitive market, a well-rounded skillset is no longer a luxury - it's a necessity.
While technical expertise (hard skills) is crucial for getting your foot in the door, it's the combination of hard and soft skills that propels you towards long-term success and career advancement. ✨
Think of it like this: Imagine a highly skilled carpenter with a masterful understanding of woodworking (hard skills). But if they struggle to communicate effectively with clients, collaborate with builders, or adapt to project changes (soft skills), their true potential remains untapped. 😐
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By actively developing both sets of skills, you position yourself as a well-rounded professional who can not only perform tasks efficiently but also contribute meaningfully to a collaborative and dynamic work environment.
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Joyce M Sullivan, Founder & CEO of SocMediaFin, Inc. shares her "Five Questions - The Story of You", "Reflections - What Matters to You?" and "The Three Circle Exercise" to guide those evaluating what their next move may be in their careers.
Learnings from Successful Jobs SearchersBruce Bennett
Are you interested to know what actions help in a job search? This webinar is the summary of several individuals who discussed their job search journey for others to follow. You will learn there are common actions that helped them succeed in their quest for gainful employment.
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CPT Minor Test – 3 (Part – A)
Instruction: Maximum Marks: 100
1. Use HB Pencil to fill ovals for correct answer. Time : 2 Hours
2. Each question carry one mark. Date : 17.05.2018
3. Negative marking .25 marks for each wrong answer.
4. No negative marking for unattempted questions.
_____________________________________________________________________
01. Which of the following statement is wrong:
(a) Consignor is the owner of the consignment stock.
(b) Del-credere commission is allowed by consignor to protect himself from bad debt.
(c) Proportionate consignor's expenses is added up with consignment stock.
(d) All proportionate consignee's expenses will be added up for valuation of consignment stock.
02. Account Sales indicates :
(a) The net amount due from consignor to consignee by way of commission
(b) The net amount due from consignee to consignor
(c) Net sales effected by consignee
(d) None of these
03. If no del - credere commission is paid to the consignee, ____ account will be debited for credit sale :
(a) Consignment account (b) Consignee account
(c) Consignor account (d) Consignment debtors account
04. Expenses incurred by the consignor on sending the goods to the consignee is Rs.1,000 for insurance,
Rs.1,500 on freight and Rs.500 on packing the goods. While expenses incurred by the consignee on
behalf of the consignment are Rs.800 on octroi, Rs.600 as godown charges and Rs. 1,200 as selling
expenses. The amount to be excluded while calculating consignment stock will be:
(a) Rs.2,600. (b) Rs.600.
(c) Rs.1,200. (d) Rs.1,800
05. X send out 4000 Boxes to Y costing Rs. 100 each. Consignor's expenses 10,000 1/10th of boxes were
lost in consignee's godwon and and treated as normal loss. 2400 boxes were sold by consignee. The
value of consignment stock will be :
(a) Rs. 1,36,667 (b) Rs. 1,23,000
(c) Rs. 1,20,000 (d) Rs. 1,20,500
06. X sends goods to Y on consignment, but 15% of the goods were lost in transit. Such loss will be borne
by :
(a) Consignee (b) Consignor
(c) Both (a) and (b) (d) Insurance company
07. 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:
(a) Rs. 27,500 (b) Rs. 25,500
(c) Rs. 30,500 (d) Rs. 27,000
12. 08. Consignee is entitled to get a commission of Rs. 25 per article sold plus one fourth of the amount by
which gross sale proceeds less his total commission thereon exceeded a sum at the rate of Rs. 125 per
articles sold. He sold 450 articles at Rs. 73,800. Commission amount will be:
(a) Rs. 12,510 (b) Rs. 10,510
(c) Rs. 10,000 (d) Rs.11,000
09. A of Mumbai sold goods to B of Delhi, the goods are to be sold at 125% of cost which is invoice price.
Commission 10% on sales at invoice price and 25% of any surplus realized above invoice price.10% of
the goods sent out on consignment, invoice value of which is Rs. 12,500 were destroyed. 75% of the
total consignment in sold by B at Rs. 1,00,000. What will be the amount of commission payable to B?
(a) Rs. 11,562.5 (b) Rs. 10,000
(c) Rs. 9,000 (d) Rs. 9,700
10. Goods costing Rs. 2,00,000 sent out to consignee at cost + 25%. Invoice price of the goods will be:
(a) 240000 (b) 230000
(c) 210000 (d) 250000
11. Naveen of Nagpur sends out 1,000 boxes costing 1,00,000 to Deepak of Delhi at cost +20%consignor's
expenses were:
Freight Rs. 6,000
Insurance Rs. 2,000
Consignee's expenses were :
Loading and Unloading charges Rs. 10,000
Salesman salary Rs. 6,000 and
Commission 2% on Gross sales.
What will be the amount of profit if 3/4th goods sold by consignee at Rs. 1,00,000:
(a) Rs. 5500 (b) Rs. 6500
(c) Rs. 7500 (d) Rs. 3500
12. Goods sent on consignment Rs. 7,60,000.Opening consignment stock Rs. 48,000. Cash sales Rs.
7,00,000. Consignor's expenses Rs. 20,000.Consignee's expenses Rs. 12,000. Commission Rs. 20,000.
Closing consignment stock Rs. 3,00,000. The profit on consignment is:
(a) Rs. 1,50,000 (b) Rs. 1,40,000
(c) Rs. 92,000 (d) None
13. Rabin consigned goods for the value of Rs.8,250 to Raj of Kanpur and paid freight etc. of Rs.650 and
insurance Rs.400. He drew a bill on Raj for 3 months after date for Rs. 3,000 as an advance against
consignment, and discounted the bill for Rs.2,960. Further, he received Account sales from Raj
showing that, part of the goods had realized gross Rs. 8,350 and that his expenses and commission
amounted to Rs. 870. The stock unsold was valued at Rs. 2750. Consignee wants to remit a draft for
the amount due. The amount of draft will be:
(a) Rs. 2,130 (b) Rs. 4,480
(c) Rs. 5,130 (d) Rs. 5,090
14. Normal loss on consignment is credited to:
(a) Consignment Account (b) Consignee's Account
(c) Profit & Loss Account (d) Not credited to any account
15. If a venturer draws a bill on his co-venturer and if the drawer discounts the bill with same sets of
books maintained, the discounting charges will be borne by________:
(a) The drawer of the bill
(b) The drawee of the bill
(c) The discounting charges will be recorded in memorandum account
(d) The discounting charges will be borne by bank
13. 16. A and B were partners in a joint venture sharing profits and losses in the proportion of 3/5th and
2/5th respectively. A supplies goods to the value of Rs. 60,000 and incurs expenses amounting Rs.
6,000. B supplies goods to the value of Rs. 16,000 and his expenses amount to Rs. 3,000. B sells goods
on behalf of the joint venture and realizes Rs. 1,20,000. B entitled to a commission of 5% on sales. B
settles his account by bank draft. How much amount, B will pay to A as final settlement?
(a) Rs. 83,400 (b) Rs. 93,200
(c) Rs. 80,000 (d) Rs. 66,000
17. A and b were partners in a joint venture sharing profits and losses in the proportion of 4/5th and
1/5th respectively. A supplies goods to the value of Rs. 50,000 and incurs expenses amounting to Rs.
5,400. B supplies goods to the value of Rs. 14,000 and his expenses amount to Rs. 800. B sell goods on
behalf of the joint venture and realizes Rs. 92,000. B is entitled to a commission of 5% on sales. B
settles his account by bank draft. What will be the final remittance?
(a) B will remit Rs. 69,160 to A (b) A will remit Rs. 69,160 to B
(c) A will remit to Rs. 69,000 to B (d) B will remit Rs. 69,000 to A
18. A and B are doing business separately as building contractors. They undertook jointly to construct a
building for a newly started joint stock company for a contract price of Rs. 2,00,000. A Bank A/c is
opened in their joint names; A depositing Rs. 50,000 and B Rs. 30,000. They will share profits and
losses in ratio of 2/3 and 1/3 respectively. Their transactions were as follows:
Paid wages Rs. 60,000
Brought materials Rs. 1,62,000
Contract was completed and the price was duly received. B took stock of materials for the Rs. 6,000.
Profit or loss on joint venture will be:
(a) Profit Rs. 8,000 (b) Loss Rs. 16,000
(c) Profit Rs. 10,000 (d) Loss Rs.15,000
19. X & Y purchased a building of Rs. 1,00,000 and sold it for Rs. 1,20,000. X had contributed for Rs.60,000
and Rs. 40,000. They decided to share profits in the ratio of their capital contribution. The profit on
venture will be:
(a) Rs. 12,500 & Rs. 7,500 (b) Rs. 8,000 & Rs. 12.000
(c) Rs. 75,000 & Rs. 12,500 (d) Rs. 12,000 & Rs. 8,000
20. A bought goods of the value of Rs. 10,000 and consigned them to B to be sold by them on a joint
venture, profits being divided equally, A paid Rs. 1,000 for freight and insurance. A draws a bill on B
for Rs. 10,000. A got it discounted at Rs. 9,500. B sold the goods for Rs. 15,000. Commission payable to
B, Rs. 500. Find out the profit on venture?
(a) Rs. 3,000 (b) Rs. 3,500
(c) Rs. 4,000 (d) Rs. 3,200
21. A and B entered into a joint venture. They opened a joint bank account by contributing Rs. 2,00,000
each. The expenses incurred on venture is exactly equal to Rs. 2,00,000. Once the work is completed,
contract money received by cheque Rs. 4,00,000 and in shares Rs. 50,000. The shares are sold for Rs.
40,000. What will be the profit on venture?
(a) Rs. 2,50,000 (b) Rs. 2,40,000
(c) Rs. 4,40,000 (d) Rs. 4,50,000
22. A and B were partners in a joint venture sharing profits and losses in the proportion of 3/5th and
2/5the respectively. A supplies goods to the value of Rs. 80,000 and incurs expenses amounting Rs.
6,000. B supplies goods to the value of Rs. 14,000 and his expenses amount to Rs. 2,000. B sells goods
on behalf of the joint venture and realizes Rs. 1,50,000. B entitled to a commission of 5% on sales. B
settles his account by bank draft. Find out A's share of profit on venture?
(a) Rs. 24,300 (b) Rs. 25,000
(c) Rs. 26,000 (d) Rs. 20,300
14. 23. Consignment account is:
(a) Real account (b) Personal account
(c) Nominal account (d) None of the above
24. Parties to a bill of exchange are:
(a) Drawer. (b) Drawee.
(c) Payee. (d) All of the above
25. Bill receivable endorsed are debited to :
(a) Debtors A/c (b) Creditors A/c
(c) Bills payable A/c (d) Bills receivable A/c
26. If the date of maturity of a bill is a holiday, then the bill will mature on:
(a) Next working day. (b) Preceding working day.
(c) Holiday itself. (d) Other agreed day.
27. On 16.06.2010 X draws a bill on Y for Rs. 25,000 for 30 days. July 19th is a public holiday. The Maturity
date of the bill will be:
(a) 19th July, 2010 (b) 18th July, 2010
(c) 20th July, 2010 (d) 16th July, 2010
28. If a bill is drawn on 28th January 2010 for 1 month, it will mature on:
(a) 28 February 2010 (b) 3rd March 2010
(c) 2nd March 2010 (d) None of the above
29. Account Sales includes:
(a) Sales made (b) Stock left with consignee
(c) Commission earned (d) All of above.
30. Under mutual accommodation, Mohan drew a bill on Shyam for Rs.50,000 for 3 months. Proceeds are
to be shared equally. Mohan got the bill discounted at 12% p.a. and remits required proceeds to
Shyam. The amount of such remittance will be:
(a) Rs.24,250. (b) Rs.25,000.
(c) Rs.16,167 (d) Rs.32,333.
31. S draws 2 bills of exchange on 1.1.2011 for 3,000 and Rs. 5,000 respectively. The bill of exchange for
Rs. 3,000 is for 2 months, while the bill of exchange for Rs. 5,000 is for 3 months. These bills are
accepted by K. on 4.3.2011 K requests S to renew the first bill with interest at 18% p.a. for a period of
2 months. S agrees to this proposal. On 20.3.2011 K retires the acceptance for Rs. 5,000 the interest
rebate i.e., discount being Rs. 50.
Before the due date of the renewed bill K becomes insolvent and only 60 paise in a rupee can be
recovered from his estate. How much bad debt will be recorded in the books of S:
(a) Rs. 1,236 (b) Rs. 1,854
(c) Rs. 3,090 (d) Rs. 3,000
32. The bill of Rs. 10,000 accepted by Ritesh on 1July 2009, was discounted by Hitesh on 15 July 2009 for
Rs. 9,600. On 4th October 2006, the bill was dishonoured and bank notified it for Rs. 200. The amount
to be received from Ritesh would be:
(a) Rs.10,600 (b) Rs.10,000
(c) Rs.10,200 (d) Rs.10,400
33. On 1.3.2006 X draws a bill on Y for 3 months for Rs. 20,000 on 4.5.2006 Y pays the bill to X at 12%
discount, the Amount of discount will be :
(a) Rs. 200 (b) Rs. 400
(c) Rs. 600 (d) Rs. 100
15. 34. Ram draws on Aslam a bill for Rs. 60,000 on 1.4.2011 for 2 months. Aslam accepts the bill and sends it
to Ram who gets it discounted for Rs. 58,800. Ram immediately remits Rs. 19,600 to Aslam. On due
date, Ram being unable to remit the amount due and accepts a bill for Rs. 84,000 for 2 months which
is discounted by Aslam for Rs. 82,200. Aslam sends Rs. 14,800 to Ram out of the same. How much
discounted will be borne by Ram at the time of 14,800 remittance:
(a) Rs. 1,200 (b) Rs. 1,800
(c) Rs. 1,100 (d) Rs. 800
35. On 1st January Shilpa owes Rs. 10,000 and accepts a 3 Month bill for the amount on the date maturity
shilpa was not able to meet the bill. She pays Rs. 4000 and asks to draw another bill for three months
for the balance amount with interest @ 15% p.a. The amount of interest will be :
(a) Rs. 200 (b) Rs. 225
(c) Rs. 500 (d) Rs. 900
36. Mr Bobby sold goods worth Rs 25,000 to Mr Bonny. Bonny immediately accepted a bill on 1.11.09,
payable after 2 months. Bobby discounted this bill @ 18% p.a. on 15.11.09. On the due date Bonny
failed to discharge the bill. Later on Bonny became insolvent and 50 paise is recovered from Bonny's
estate. How much amount of bad debt will be recorded in the books of Bobby?
(a) Rs. 12,500 (b) Rs. 9,437
(c) Rs. 11,687 (d) Rs. 13,650
37. Ashish's acceptance to Mohit for Rs. 10,000 discharged by a cash payment of Rs. 2,000 and a new bill
for the balance plus Rs. 300 for interest The amount of new bill will be:
(a) Rs. 8,000 (b) Rs.10,300
(c) Rs. 12,300 (d) Rs. 8,300
38. A draws a bill on B for Rs. 1,00,000. A endorsed the bill to C. The bill return dishonoured. Noting
charges Rs. 1,000. B request A to accept the amount at 2% discounted by a single cheque. The cheque
amount will be:
(a) Rs. 98,000 (b) Rs. 98,980
(c) Rs. 99,000 (d) Rs. 99,980
39. On 1st January, 2011, A sells goods for Rs. 10,000 to B and draws a bill at three months for the
amount. B accepts it and returns it to A. On 1st March, 2011, B retires his acceptance under rebate of
12% per annum. What will be the amount of rebate?
(a) Rs. 100 (b) Rs. 200
(c) Rs. 300 (d) Rs. 50
40. 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, 2010 goods costing Rs.10,000 were sent to Annu Ltd. No
confirmation has been received from Annu Ltd. till 31st March, 2010. The amount of stock with
customers to be shown as closing stock in the balance sheet of ABC Ltd. as on 31st March, 2010 will
be:
(a) Rs. 12,500 (b) Rs. 8,000
(c) Rs. 10,000 (d) Nil
41. A company sends its cars to dealers on 'sale or return' basis. All such transactions are however treated
like actual sales and are passed through the sales day book. Just before the end of the financial year,
two cars which had cost Rs.55,000 each have been sent on 'sale or return' and have been debited to
customers at Rs.75,000 each, cost of goods lying with the customers will be:
(a) Rs.1,10,000. (b) Rs. 55,000.
(c) Rs. 75,000. (d) None of the above.
16. 42. Umesh sends goods on approval basis as follows:
Date Customer's Name Sale price of Good Accepted Goods
January, 2009 Goods sent Rs. Returned
Rs. Rs.
8 Anna 3,500 3,000 500
10 Babu 2,800 2,800 -
15 Chandra 3,680 - 3,680
22 Desai 1,260 1,000 260
The stock of goods sent on approval basis on 31st January will be.
(a) Rs. 500 (b) Nil
(c) Rs. 260 (d) None of the above
43. On the basis of following information, Calculate amount of goods sent on consignment:
Consignee will charge commission @15% on sales, Advance paid by consignee Rs. 2,26,000,
Expenses incurred by consignee ` 10,000, Final remittance ` 70,000.
(a) ` 3,06,000 (b) ` 94,118
(c) ` 3,60,000 (d) ` 2,60,100
44. Advance payment for goods consigned by consignee to consignor is adjusted___________ against the
amount due by the consignee on account of goods sold and if the advance money deposited by
consignee is in the form of security Against the goods then ____________ amount will be adjusted
while final payment:
(a) Full, Full (b) Full, Proportionate
(c) Proportionate, Full (d) Proportionate, Proportionate
45. In which bill there is no consideration:
(a) Bills of exchange (b) promissory note
(c) renewal of bill (d) accommodation bill
46. Consignor send goods costing to consignee at cost + 25% to consignee. 1/10 of the goods were lost in
transit, Invoice price of such goods is 25,000. Consignor Exp. 20,000. Consignee’s exp incurred upto
outside godown Rs. 15,000. Consignee sold 90% of the total consigned goods for Rs. 4,00,000 value of
closing stock will be :
(a) 21,150 (b) 21,300
(c) 20,940 (d) None of these
47. If period/Life of joint venture is more than one year, then Profit/Loss on venture will be calculated:
(a) On Completion of Venture (b) On Discontinuation of Venture
(c) On Interim basis (d) Either (a) or (b)
48. Maturity date of bill is 20th
April 2014. Bill is 65 days after sight. Bill was accepted 20 days later after
drawing the bill. Calculate the date on which bill was drawn:
(a) 20.01.2014 (b) 14.02.2014
(c) 22.01.2014 (d) 11.02.2014
49. X drawn a bill of Y for ` 3,00,000, for 3 months. x endorse such bill to Z. Z endorse. Such bill to Ram.
On the dishonor of bill, In the books of X which Account will be credited:
(a) Y (b) Z
(c) Ram (d) None of these
50. Which of these is not a part of double entry system:
(a) Memorandum Joint Venture A/c (b) Joint Venture A/c
(c) Joint Bank A/c (d) Co-venture A/c
17. 51. In consignment Business over-riding commission can be calculated on:
(a) Total sales
(b) Difference between Actual sale and sales at invoice price
(c) Difference between Actual sale and sales at any specified price
(d) any of the above
52. Match the following two column :
Column A Column B
1. Performa invoice i. issued at the time of purchase return
2. Account sale ii. Send by principal to agent
3. Debit Note iii. Send by agent to principal
4. Credit note iv. Issued at the time of sales return
1 2 3 4
(a) ii iv i iii
(b) iii ii I iv
(c) ii iii iv i
(d) ii iii I iv
53. Mr. Ajay of Delhi consigned to Vijay of Mumbai, goods to be sold at invoice price which represents
125% of cost. Vijay is entitled to a commission of 10% on sales at invoice price and 25% of any excess
realized over invoice price. If all the goods consigned were sold except 10% of consigned goods of the
invoice value of Rs. 12,500 which was destroyed by fire. Total commission received by Vijay is Rs.
21,875. What is the amount of Sales:
(a) Rs 1,00,000 (b) Rs 1,25,000
(c) Rs 1,50,000 (d) Rs 1,55,000
54. When a large number of Articles are sent on sale or return basis. It is necessary to maintain:
(a) Sales Journal (b) Goods Returned Journal
(c) Sale or Return Journal (d) None of these
55. X send goods to Y on Consignment Basis costing Rs. 4,50,000 consignee sold all the goods for Rs.
6,00,000 out of which 50% sale is on Credit. Commission is 5% on sales. Del-credere commission is 3%.
Consignee received only 2,70,000 from debtors. Net amount transferrable to P & L A/c of consignee
will be:
(a) Rs 48000 (b) Nill
(c) Rs. 18,000 (d) Rs. 30,000
56. When a seller send a buyer, a document for acceptance, known as:
(a) Proposal (b) Bills of Exchange
(c) Draft (d) All of these
57. In case of consignment, expenses of consignor and consignee are given but no additional information
is given about consignee’s exp then:-
(a) Consignee’s all exp are included for valuation of stock
(b) Only proportionate exp of all exp of consignee’s will be included.
(c) Proportionate exp of consignee incurred upto outside the godown will be included
(d) Consignee’s exp will not be included for stock calculation
58. If consignor draws a bill on consignee and discounted it with the banker the discounting charges will
be debited in:
(a) General Profit & Loss (b) Consignment A/c
(c) Consignee (d) Debtors
18. 59. A and B enter into a joint venture to underwrite the shares of K Ltd. K Ltd make an equity issue of
100000 equity shares of Rs 10 each. 80% of the issue are subscribed by the party. The profit sharing
ratio between A and B is 3:2. The balance shares not subscribed by the public, purchased by A and B in
profit sharing ratio. How many shares to be purchased by A?
(a) 80000 shares (b) 72000 shares
(c) 12000 shares (d) 8000 shares
60. Discounting of bill by the drawer is done with________
(a) Creditor. (b) Drawee.
(c) Bank. (d) Notary public
61. Under Sale of goods Act, 1930 the terms "goods" means every kind of the movable property and it
includes
(a) Stock and share (b) Growing crops, grass
(c) Both (a) and (b) (d) None of the above
62. Goods which are in existence at the time of the Contract of Sale is known as:
(a) present Goods. (b) existing Goods.
(c) specific Goods. (d) None of the above.
63. Which of the following is not a form of delivery?
(a) Constructive delivery (b) Structured delivery
(c) Actual delivery (d) Symbolic delivery
64. Which of the following is a not document of title to goods:
(a) Bill of lading (b) Railway receipt
(c) Dock warrant (d) Performa invoice
65. Mercantile agent is having an authority to:
(a) Sell or consign goods for sale (b) Raise money on the security of goods
(c) Sell or buy goods (d) Any of the above
66. In case of sale:
(a) Property in goods passes to the buyer. (b) Risk in the goods passes to the buyer.
(c) Both the above. (d) None of the above.
67. In a contract of sale, the price may be:
(a) Fixed by the contract
(b) Agreed to be fixed a manner thereby agreed
(c) Determined by course of dealings between the parties
(d) All of the above
68. A contract of sale is a contract for sale by sample if it is...........:
(a) By operation of law
(b) By way of custom or usage of trade
(c) By way of an express or implied term in the contract, to the effect
(d) By decision of the seller
69. A share certificate:
(a) Allows the person named therein to transfer the share mentioned therein by mere endorsement
on the back of the certificate.
(b) Allows the person named therein to transfer the share mentioned therein by mere delivery of the
certificate.
(c) Allows the person named therein to transfer the share mentioned therein by mere endorsement
on the back of the certificate and the delivery of the certificate
(d) None of the above
19. 70. A contract for sale of future goods is...........:
(a) Sale (b) Agreement to sell
(c) Hire purchase agreement (d) Quasi contract
71. In F.O.B. Contracts, F.O.B. stands for:
(a) Free on Bill (b) Free on Board
(c) Free on Boarded Ship (d) Free on Bill of Lading
72. Match the following:
(i) Sale (a) Ownership is transferred at some future date
(ii) Agreement to sell (b) A stipulation which is essential.
(iii) Condition (c) Stipulation which is collateral.
(iv) Warranty (d) Ownership is transferred Immediately
i ii iii iv
(a) c b a d
(b) c a b d
(c) d a b c
(d) d c b a
73. In case of sale of goods by sample as well as by description, the implied conditions are that the bulk of
the goods:
(a) Shall correspond with the sample
(b) Correspond with sample as well as description
(c) Shall correspond with the description and need not correspond with the sample
(d) Shall correspond with the sample and may or may not correspond with the description
74. A sold a tin of disinfectant powder to K without warning knowing fully that if the tin was not opened
with care, it will likely to cause injury. K was injured while opening the tin. Which of the following
statement(s) is/are correct?
(a) A is not liable to K under the Doctrine of caveat emptor.
(b) A is liable for the damages.
(c) A has no duty to disclose the facts to K.
(d) The buyer has the responsibility to enquire about all the things before purchasing the goods.
75. Caveat Emptor means:
(a) Let the buyer beware (b) Let the seller beware
(c) Let the buyer and seller both beware (d) None of these
76. X, contacts to buy from y 1000 bags of cement. Y sends 1000 bags through truck. When cement arrives
it becomes stone by the contract of rainwater. Can X reject the goods?
(a) Yes breach of condition as to wholesomeness
(b) Yes- conditions as to merchantability
(c) No-B never knew himself
(d) No- A should have seen it
77. Where the specific goods are to be put in a deliverable state by some act of the seller, the property in
the goods is transferred to the buyer when the:
(a) Seller has done his act of putting the goods in a deliverable state
(b) Buyer comes to known that the goods have been put in a deliverable state
(c) Both of these, as it is the requirement of law
(d) None of these, as in such a case the contract of sale is void
20. 78. 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 __________:
(a) distribution (b) appropriation.
(c) amortization. (d) storage.
79. Which of the following statement is/are correct?
(a) The general rule is "unless otherwise agreed, the goods remain at the seller's risk until the
property therein is transfered to the buyer, but when the property therein is transferred to the
buyer, the goods are at the buyer's risk whether delivery has been made or not".
(b) Where the delivery of the goods has been delayed through the fault of either the buyer or the
seller, the goods are at the risk of the party in fault as regards any loss which might not have
occurred but for such fault.
(c) In ordinary circumstances, risk is borne by the buyer only when the property in the goods passes
over to him. However, the parties may be special agreement stipulated that risk will pass
sometime after or before the property has passed.
(d) All of the above
80. In a contract of sale of goods, if the seller is not the owner of goods, then the title of the buyer shall:
(a) Be same as that of the seller (b) Not be same as that of the seller
(c) Be better than that of the seller (d) None of the above
81. Where under the contract of sale, the seller is bound to send the goods to the buyer, but no time for
sending them is fixed, the seller is:
(a) Not bound to send them within a month's time
(b) Bound to send them, within a reasonable time
(c) Bound to send them within a six month's time
(d) Bound to send them within a year's time
82. When buyer repudiates the contract before the date of delivery the seller may:
(a) Sue for damages (b) Sue for price
(c) Rescind the contract (d) None of the above
83. Rights of an unpaid seller include_________:
(a) Right of lien (b) Right of stoppage in transit
(c) Right of re-sale (d) All of the above
84. Right of resale can be exercised:
(a) Where the goods are of perishable nature
(b) When the seller expressly reserves a right of resale
(c) After giving reasonable notice
(d) All of these
85. When the unpaid seller has parted with the goods to a carrier and the buyer has become insolvent, he
can exercise :
(a) Right of lien (b) Right of resale
(c) Right of stoppage in transit (d) None of the above
86. Which one of the following is not an implied warranty?
(a) Warranty as to undisturbed possession.
(b) Warranty as to existence of encumbrance.
(c) Disclosure of dangerous nature of goods.
(d) Warranty as to quality or fitness by usage of trade.
21. 87. An auction sale is complete on the __________:
(a) delivery of goods (b) payment of price
(c) fall of hammer (d) none of the above.
88. Where in an auction sale, the seller appoints more than one bidder, the sale is _____________:
(a) Void (b) Illegal
(c) Conditional (d) Voidable
89. As per the terms of the contract between a sugar cane factory and the farmers, the factory was to
sent its own truck and to collect the sugar cane after the sale was completed. Sugar cane were cut and
kept ready by the farmer. During the loading of the sugar cane, the sugar cane was destroyed by fire.
Who of the following has to bear the loss after the sale?
(a) Sugar cane grower
(b) Sugar cane factory
(c) Workers of sugar cane factory who ware loading the sugar cane
(d) Equally by the farmers and the factory
90. As per section 5 (1) of the Sale of Goods Act, 1930, which of the following is a recognised mode of a
contract of sale?
(a) The price and delivery of the goods may be agreed to be made in instalments
(b) The price and delivery of the goods may be in future
(c) the price and delivery of the goods may be agreed to be made immediately
(d) All of these
91. A agreed to supply 1,000 bags of rice at Rs. 500 per bag in 10 instalments of 100 bags each. B also
agreed to pay the price in 10 equal monthly instalments. This is a:
(a) Hire-purchase agreement (b) Contract of sale
(c) Sale on approval (d) Conditional sale
92. A agreed to sell to B 10 bales of Egyptian cotton out of 100 bales lying in his godown. But unknown to
both the parties, the cotton had already destroyed by the fire. In this case, the contract of sale is:
(a) Not void as the contract of sale is for the sale of unascertained goods
(b) Void as the goods had already destroyed before the making of the contract of sale
(c) A would be liable to pay damages to B for breach of contract on his failure to supply the
contracted goods
(d) Both (a) and (c)
93. A sold a stolen car to B which was subsequently recovered by the police from B's possession and he
(B) was forced to return the same to the true owner. Here, there is breach of implied condition as to:
(a) Title (b) Merchantability
(c) Fitness for buyer's purpose (d) None of these
94. A told B, a car dealer, that he wanted to purchase a car 'suitable for touring purposes'. B suggested
that a 'Bugatti' car would be fit for the purpose. Relying upon this statement, A bought a 'Bugatti' car
which turned out to be unfit for touring purposes. Here A:
(a) Cannot reject the car, he can claim damages only
(b) Can neither reject the car nor claim any damages
(c) Can reject the car and have half refund of price
(d) Can reject the car and have the refund of the price
22. 95. A agreed to sell to B 100 bottles of oil to be produced by him. A filled the 100 bottles and informed B
about the same. B took delivery of 30 bottles and promised to take the delivery of the rest after one
week. Before B could take delivery, the oil was destroyed in a fire. In this case, the loss falls upon the:
(a) Buyer (b) Seller
(c) Both in equal shares (d) Both in the ratio of 30:70
96. A send B bill of lading along with bill of exchange to secure acceptance or payment, B wrongfully
retain the bill of lading without acceptance or payment of bill of exchange. Here:
(a) Property transferred to B
(b) Property not transferred to B
(c) Property will be transferred when B accepts or pay the bill
(d) Both (b) and (c)
97. Where an unpaid seller who had exercised his right of................ resells the goods, the buyer acquires
a good title to the goods as against the original buyer
(a) Lien (b) Stoppage in transit
(c) Both (a) or (b) (d) None of these
98. Time of tender of delivery must be reasonable hours. What is reasonable hour is question of:
(a) Fact (b) Law
(c) Fact and law (d) None of these
99. If after arrival of the goods at appointed destination, the carrier acknowledges to the buyer that he is
now holding the goods on his behalf, but the buyer instructs the carrier to carry the goods to some
other destination, then:
(a) Seller's right of lien revives (b) Transit comes to an end
(c) Transit does not come to an end (d) None of these
100. In an auction sale, when the sale is not notified to be subject to the right of the seller to bid, it
shall.......... for the seller to bid himself or to employ any person to bid at such sale or for the
auctioneer knowingly to take any bid from the seller or any person representing him:
(a) Not lawful (b) Lawful
(c) Fraudulent (d) None of the above
23.
24.
25. VIDYA SAGAR
CAREER INSTITUTE LIMITED
CPT Minor Test – 3 (Part – B)
Instruction: Maximum Marks: 100
5. Use HB Pencil to fill ovals for correct answer. Time : 2 Hours
6. Each question carry one mark. Date : 17.05.2018
7. Negative marking .25 marks for each wrong answer.
8. No negative marking for unattempted questions.
_______________________________________________________
01. Over the planning period the share of industrial sector in the GDP of India has ___________:
(a) increased (b) decreased
(c) remained constant (d) remained above 50 percent
02. Occupational structure refers to the:
(a) number of people living in a country
(b) size of working force in a country
(c) distribution of working force among the different occupations
(d) occupations available in a country
03. We can say Indian agriculture has become modern since:
(a) there has been an increased in the use of high yielding varieties of seeds, fertilizers, pesticides
etc.
(b) there has been noticeable positive change in the attitude of farmers towards new techniques of
production.
(c) farmers are increasingly resorting to intensive cultivation, multiple cropping, scientific water
management
(d) all of the above.
04. What is the approximate share of the agricultural sector in the total employment in India?
(a) 46 per cent (b) 60 per cent
(c) 50 per cent (d) 70 per cent
05. Which of the following has been specifically established to meet the requirements of credit of the
farmers and villagers?
(a) ICICI bank (b) Regional Rural Banks
(c) State Bank of India (d) EXIM bank
06. Three steel plants in Bhilai, Rourkela and Durgapur were set up in the -------------------:
(a) First plan (b) Second plan
(c) Third plan (d) Fourth plan
07. The industrial sector faced the process of retrogression and deceleration during:
(a) 1950-1965 (b) 1990-2005
(c) 1980-1995 (d) 1965 -1980.
26. 08. Which is the apex body in industrial finance in India?
(a) Industrial Development Bank of India (b) Reserve Bank of India
(c) State Bank of India (d) Ministry of Industries
09. The service sector in India now accounts for -------------------------------:
(a) more than 80 percent of GDP. (b) more than 70 percent of GDP.
(c) more than 50 percent of GDP. (d) more than 90 percent of GDP.
10. If NNP figure is available at market prices we will _______indirect taxes and _________subsidies
to the figure to get National Income of the economy:
(a) Add, subtract (b) Add, divide
(c) Subtract, add (d) Subtract, divide
11. Demand for final consumption arises in -----------------------------------:
(a) household sector only. (b) government sector only.
(c) both household and government sectors. (d) neither household nor movement sector.
12. Identify the item which is not a factor payment:
(a) Free uniform to defence personnel (b) Salaries to the members of Parliament
(c) Imputed rent of an owner occupied building (d) Scholarships given to scheduled caste
students.
13. Service Tax was introduced in the financial year:
(a) 1991-92 (b) 2001-02
(c) 1994-95 (d) 1995-96
14. CENVAT stands for :
(a) Common Entity Value Added Tax (b) Corporate Entity Value Added Tax
(c) Central Value Added Tax (d) None of the above
15. Which of the following statements is correct ?
(a) Income tax was abolished in India in 1991
(b) service tax was introduced in the financial year 1994-95
(c) Direct tax code was made application in 2009-10
(d) Estate duty was abolished in 1995
16. Which year is known as 'year of great divide' for India's population?
(a) 1921 (b) 1951
(c) 1991 (d) 1981
17. India accommodates ----------------percent of the world's population:
(a) 17.5% (b) 11.4%
(c) 15.1% (d) 25.8%
18. India's passing through _________ stage of demographic transition:
(a) fourth (b) third
(c) first (d) second
19. The population of India in 2016 was:
(a) 100 crores (b) 101 crores
(c) 102 crores (d) more than 128 crores
27. 20. When poverty is taken in relative term and is related to the distribution of income consumption its
called:
(a) Law line poverty (b) Absolute poverty
(c) Relative poverty (d) none
21. SJSRY was launched to:
(a) Provide house to the rural poor
(b) Provide gainful employment to the urban poor
(c) Food security to the rural poor
(d) None of above
22. According to National Sample Survey Organisation (NSSO) during 2009-2010.
(a) Unemployment rates on the basis of current daily status were same as those on the basis of usual
status.
(b) Unemployment rates on the basis of current daily status were higher than those on the basis of
usual status.
(c) Unemployment rates on the basis of current daily status were lower than those on the basis of
usual status.
(d) None of the above.
23. If 9 people are unemployed and 411 people are in the work force, then people in labour force are:
(a) 402 (b) 411
(c) 9 (d) 420
24. ______________measures generally gives the lowest estimate of unemployment:
(a) CWS (b) Usual Status
(c) CDS (d) CMS
25. NTPC stands for:
(a) National Thermal Power Corporation (b) National Tidal Power Corporation
(c) National Theological Power Corporation (d) National Talent and Potential Corporation
26. On an estimate electricity generation is about _______ in 2016-17:
(a) 137500 MW (b) 319000 MW
(c) 33300 MW (d) 74700 MW
27. Of the major 13 ports, ____________ is the top traffic handler:
(a) Paradip (b) Vishakhapatnam
(c) Kandla (d) Mumbai
28. Over the year, the incidence of malaria has__________:
(a) Increased (b) Reduced
(c) Remained the same (d) Doubled
29. Which programme was started in 2005-06 to provide electricity to villages?
(a) Mahatma Gandhi Electricity (b) Electricity for all
(c) Rajiv Gandhi Grameen Vidhutikaran (d) Indira Gandhi Vidhutikaran
30. Which of these is a side effect of deflation?
(a) Decreasing unemployment (b) Increase in demand
(c) Economic depression (d) Increase in personal expenditure.
28. 31. Pick up the correct statement:
(a) Inflation is a persistent fall in the price level
(b) The Indian direct tax structure relies on a very narrow population base
(c) Mixed income of self-employed means gross profit received by proprietors
(d) all of the above
32. Revenue deficit in India is%
(a) negative (b) positive
(c) zero (d) none of the above
33 The aim of FRBM Act is to reduce gross fiscal deficit to_________% of GDP:
(a) 2.5% (b) 3%
(c) 1% (d) .25%
34. Presently, _____ continued to be major source of India's import:
(a) EU (b) North America
(c) Asia and ASEAN (d) South America
35. As per world Bank International debt statistics 2017, India continues to be among _________:
(a) Less vulnerable countries (b) More vulnerable countries
(c) Both of the above (d) None of the above
36. What is unemployment rate as per ministry of labour and employment in 2015-16:
(a) 5.6% (b) 5%
(c) 6.6% (d) None of the above
37. Parts of NITI Aayog are:
(a) Team India Hub (b) Knowledge and Innovation Hub
(c) Both of the above (d) None of the above
38. _________ Revolution is related with fisheries resources:
(a) Blue (b) Green
(c) White (d) Yellow
39. Which scheme is started to transfer LPG subsidy directly to consumers bank account?
(a) DBTL scheme (b) PMJDY
(c) JRY (d) MGNREGS
40. How many investment regions along with DMIC have been announced as NIMZ:
(a) 16 (b) 24
(c) 8 (d) 32
41. To promote entrepreneurship, “Make in India” scheme includes:
(a) New Processes (b) New Infrastructure
(c) New Sectors (d) All of the above
42. GVA at basic Price follows from :
(a) UN system of National Accounts (b) UK system of National Accounts
(c) Both of the above (d) None of the above
43. New series of National accounts is released on which base year:
(a) 2004-05 (b) 2008-09
(c) 2011-12 (d) 2015-16
29. 44. Levy of wealth tax is abolished with effect from:
(a) 1st
April 2015 (b) 1st
April 2016
(c) 1st
April 2017 (d) 1st
April 2018
45. For better cash flows and better working capital management, which tax is related:
(a) Excise duty (b) Sales tax
(c) Service tax (d) GST
46. How much population of India is multi dimensionally poor:
(a) Nearly 54% (b) Nearly 40%
(c) Nearly 80% (d) Nearly 70%
47. Padhe Bharat – Badhe Bharat Under SSA was launched is:
(a) 2014 (b) 2015
(c) 2016 (d) 2018
48. SDR basket includes:
(a) EURO (b) Japanese Yen
(c) US Dollar (d) All of the above
49. The difference between members quota and IMF holding of its currency is:
(a) SDR (b) GDR
(c) RTP (d) All of the above
50. Now bed population ratio is::
(a) 1.03 per 1000 population (b) 0.9 per 1000 population
(c) 0.32 per 1000 population (d) 2.4 per 1000 population
51. can be written as:
(a) + + + (b) + 2 + 2 + 2
(c) + 2 + 2 + 2 (d) None of the these
52. The sum of three integers in AP is 15 and their product is 80. The integers are:
(a) 2, 8, 5 (b) 8, 2, 5
(c) 2, 5, 8 (d) None of these
53. The sum of the series 9, 5, 1,.... to 100 terms is:
(a) -18900 (b) 18900
(c) 19900 (d) None of these
54. The sum of the series 1,-1,1,-1,1.............. to 101 terms is equal to:
(a) 1 (b) -1
(c) 0 (d) 100
55. The sum of the following is________.
1+ 3 - 5, 7 + 9 - 11, 13+..........................3n terms
(a) 2n2
+ 3 (b) 5n2
+2
(c) 3n2
- 4n (d) 3n2
30. 56. Find the sum of progression 1, , , , ..............10 terms.
(a) 1.9 (b) 1.989
(c) 1.998 (d) 1.89
57. Sum of n terms of the series 0.1 + 0.11 + 0.111 + .... is :
(a) 1/9 {n - (1 - (0.1)n
)} (b) 1/9 {n - (1 - (0.1)n
)/9}
(c) n - 1 - (0.1)n
/9 (d) None of these
58. If X=1 + 1/3 + 1/32
+ ........................∞
Y=1+ 1/4 + 1/42
+ ........................∞
Find xy.
(a) 2 (b) 1
(c) 8/9 (d) ½
59. Find three number in G.P such that their sum is 21, and the sum of their squares in 189:
(a) 5,7,9 (b) 3,7,11
(c) 3,6,12 (d) 4,8,9
60. Geometric means of p, p2
, p3
_____ Pn
will be:
(a) Pn+1
(b)
(c) (d) None of the above
61. The set {0, 2, 4, 6, 8, 10} can be written as :
(a) {2x │ 0 < x < 5} (b) {x : 0 < x < 5}
(c) {2x : 0 ≤ x ≤ 5} (d) None of these
62. If A= {1, 3, 5, 7,.............} and B = {2, 4, 6, 8, ............}, then AUB is equal to:
(a) Set of all natural members (b) Set of all integers
(c) Set of all numbers (d) Set of functions
63. If A ∆ B = (A - B) U (B - A) and A = {1, 2, 3, 4}, B = {3, 5, 7} then A ∆ B is :
(a) {1, 2, 4, 5, 7} (b) {3}
(c) {1, 2, 3, 4, 5,7} (d) None of these
64. Given A = {2, 3}, B = {4, 5}, C = {5, 6} then A x (B ∩ C) is :
(a) {(2, 5), (3, 5)} (b) {(5, 2), (5, 3)}
(c) {(2, 3), (5, 5} (d) None of these
65. Out of 2000 employees in an office 48% preferred coffee (c), 54% liked (T), 64% used to smoke (S).
Out of the total 28% used C and T, 32% used T and S and 30% preferred C and S, only 6% did none of
these. The number having all the three is :
(a) 360 (b) 300
(c) 380 (d) None of these
66. Let the domain of x be the set {1}. Which of the following functions are equal to 1 :
(a) f(x) = x². g(x) = x (b) f(a) = x.g(x) = 1 - x
(c) f(x) = x² + x + 2, g(x) = (x + 1)² (d) none of these
67. If f (x) = then f-1
(x) :
(a) 2(x - 1) / (x + 1) (b) 2(x + 1) / ( x - 1)
(c) (x + 1) / (x - 1) (d) (x - 1) / (x + 1)
31. 68. If f(x - 1) = x² - 4x + 8 then f(x +1) = ?
(a) x² + 8 (b) x² + 7
(c) x² + 4 (d) x² - 4x
69. "Is the square of" over n set of real numbers is:
(a) Reflexive (b) Symmetric
(c) Transitive (d) None of these
70. If geometric mean (G.M.) of a, b, c, d is 3 then G.M. of , , , will be:
(a) 3 (b) 9
(c) 1/9 (d) 1/3
71. If A = {1,2,3} then the relation R ={(1,1), (2,2)(3,3)} is:
(a) Symmetric (b) Transitive
(c) Reflexive (d) Equivalence
72. If A = {1, 2, 3, 5, 7} and B = {x² : x ε A}
(a) n(b) = n(A) (b) n(B) > n(A)
(c) n(A) = n(B) (d) n(A) < n(B)
73. If f(x) = then f(x) is :
(a) An even function (b) An odd function
(c) A composite function (d) None of these
74. If f(x) = + then f(p) + f(q) is equal to :
(a) p + q (b) f(pq)
(c) f(p - q) (d) None of these
75. If a, b, c are in A.P. a, x, b are in G.P. and b, y, c are in G.P. then x2
, b2
, y2
are in:
(a) A.P. (b) G.P.
(c) H.P. (d) None of these
76. If an unbiased coin is tossed once, then the two events Head and Tail are :
(a) Mutually exclusive (b) Exhaustive
(c) Equally likely (d) All (a), (b) and (c)
77. A bag contains 15 one rupee coins, 25 two rupee coins and 10 five rupee coins. If a coin is selected at
random from the bag, then the probability of not selecting a one rupee coin is :
(a) 0.30 (b) 0.70
(c) 0.25 (d) 0.20
78. The odds in favour of one student passing a test are 3:7. The odds against another student passing
at are 3:5. The probability that both pass is:
(a) 7/16 (b) 21/80
(c) 9/80 (d) 3/16
79. According to the statistical definition of probability, the probability of an event A is the :
(a) Limiting value of the ratio of the no. of times the event A occurs to the number of times the
experiment is repeated
(b) The ratio of he frequency of the occurrences of A to the total frequency
(c) The ratio of the frequency of the occurrences of A to the non-occurrence of A
(d) The ratio of the favourable elementary events to A to the total number of elementary events
32. 80. If P(A)= 1/5, P(B)= 1/2 and A and B are mutually exclusive then P(A + B) is:
(a) 7/10 (b) 3/10
(c) 1/5 (d) None of the these
81. If for two events A and B, P(A∩B) = P(A) x P(B), then the two events A and B are :
(a) Independent (b) Dependent
(c) Not equally likely (d) Not exhaustive
82. A bag contains 5 red and 3 yellow balls. Two balls are drawn at random one after the other without
replacement The probability that both balls drawn are yellow is:
(a) 9/64 (b) 3/28
(c) 1/7 (d) None of these.
83. Expected value of a random variable :
(a) Is always positive (b) May be positive or negative
(c) May be positive or negative or zero (d) Can never be zero
84. If x and y are random variables having expected values as 4.5 and 2.5 respectively, then the
expected value of (x - y) is :
(a) 2 (b) 7
(c) 6 (d) 0
85. The probability distribution of a random variable is as follows :
X : 1 2 4 6 8
P : k 2k 3k 3k k
The variance of x is :
(a) 2.1 (b) 4.41
(c) 2.32 (d) 2.47
86. The probability that a person travels by a plane is 1/5 and that he travels by train is 2/3. Find the
probability of his traveling neither by plane nor by train?
(a) 13/15 (b) 2/15
(c) 1/15 (d) None of these
87. What is the no. of trials of a binomial distribution having mean and SD as 3 and 1.5 respectively :
(a) 2 (b) 4
(c) 8 (d) 12
88. In Binomial Distribution if n is infinitely large, the probability p of occurrence of event' is close to
______and q is close to_____.
(a) 0,1 (b) 1,0
(c) 1, 1 (d) none
89. In a binomial distribution with 6 independent trials, the probability of 3 and 4 successes is found to
be 0.2457 and 0.0819 respectively. Find the parameters p and q of the binomial distribution
(a) , (b) ,
(c) , (d) None of these
90. If the mean of a Poisson variable X is 1, what is P (x = at least one)
(a) 0.456 (b) 0.821
(c) 0.632 (d) 0.254
33. 91. A renowned hospital usually admits 200 patients every day. One per cent patients, on an average,
require special room facilities. On one particular morning, it was found that only one special room is
available. What is the probability that more than 3 patients would require special room facilities :
(a) 0.1428 (b) 0.1732
(c) 0.2235 (d) 0.3450
92. It is given that a family of 2 children has a girl, what is the probability that the other child is also a
girl :
(a) 0.50 (b) 0.75
(c) 1/3 (d) 2/3
93. The probability of getting a sum of 17 or more when three dice are thrown is:
(a) 5/2 16 (b) 1/36
(c) 1/54 (d) 1/45
94. 5 letters are placed in 5 addressed envelops. The probability that all the letters are placed wrongly
is.......
(a) (b)
(c) (d) None of these
95. If the difference between the mean and variance of a Binomial distribution of 5 trails is 5/9, then
the distribution is __________ :
(a) (b)
(c) (d)
96. In a poisson distribution p(x = 0) = p(x = 1) = K then the value of K is ___________ :
(a) e (b) 1 / e
(c) e² (d) 1/√e
97. The number of calls arriving at an internal switch board of an office is 96 per hour. Find the
probability that there will be:
(i) Not more than 3 calls on the board in a minute,
(ii) At least four calls in minute on the board. [Given : e- 1.6
= 0.2019]
(a) 0.08 and 0.92 respectively (b) 0.19 and 0.92 respectively
(c) 0.92 and 0.13 respectively (d) 0.92 & 0.08 respectively
98. An urn contains 2 red and 1 green balls, another urn contains 2 red and 2 green balls. An urn was
selected at random and then a ball was drawn from it. If it was found to be red then the
probability that it has been drawn from first urn is:
(a) (b)
(c) (d)
99. A random variable X takes three values -1,2,3 with the respective probabilities P(-1)= 1/3, P(2)=1/3, P(3)=1/3,
then E (|X|) is
(a) 3/2 (b) -5/2
(c) 2 (d) 9/2
34. 100. One number is selected from first 50 natural numbers and other number is selected from next 50
natural numbers. Expected value of their product is :
(a) 5075.25 (b) 1925.25
(c) 1875.25 (d) None of these
35. Minor Test 3 Dt 17.05.2018
Part A
1 D 21 B 41 A 61 C 81 B
2 B 22 A 42 B 62 B 82 C
3 D 23 C 43 C 63 B 83 D
4 D 24 D 44 B 64 D 84 D
5 A 25 B 45 D 65 D 85 C
6 B 26 B 46 D 66 C 86 B
7 A 27 A 47 C 67 D 87 C
8 A 28 B 48 C 68 C 88 D
9 A 29 D 49 B 69 D 89 B
10 D 30 A 50 A 70 B 90 D
11 D 31 A 51 D 71 B 91 B
12 B 32 C 52 D 72 C 92 B
13 B 33 A 53 D 73 B 93 A
14 D 34 A 54 C 74 B 94 D
15 C 35 B 55 C 75 A 95 A
16 A 36 A 56 C 76 B 96 D
17 A 37 D 57 D 77 C 97 C
18 B 38 B 58 A 78 B 98 A
19 D 39 A 59 C 79 D 99 B
20 A 40 C 60 C 80 A 100 A
36. Part B
1 A 21 B 41 D 61 C 81 A
2 C 22 B 42 A 62 A 82 B
3 D 23 D 43 C 63 A 83 C
4 A 24 B 44 B 64 A 84 A
5 B 25 A 45 D 65 A 85 B
6 B 26 B 46 A 66 A 86 B
7 D 27 C 47 A 67 A 87 D
8 A 28 B 48 D 68 C 88 A
9 C 29 C 49 C 69 D 89 B
10 C 30 C 50 B 70 D 90 C
11 C 31 B 51 A 71 D 91 A
12 D 32 A 52 C 72 C 92 C
13 C 33 B 53 A 73 B 93 C
14 C 34 C 54 A 74 A 94 A
15 B 35 A 55 C 75 A 95 B
16 A 36 B 56 C 76 D 96 B
17 A 37 C 57 B 77 B 97 D
18 D 38 A 58 A 78 D 98 A
19 D 39 A 59 C 79 A 99 C
20 C 40 C 60 B 80 A 100 B