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Click Here File Provided to you by : www.carocks.wordpress.com Website for CA, CS, IC(W)AI Pursuing Students Downloaded from http://www.cacracker.com To get such more stuff, kindly visit our site. 1st session Marks: 100 Marks Time: 2 hrs. Part A Fundamentals of Accounting 1. Which of the following is not a Nominal A/c? a) Outstanding salaries A/c b) Salaries A/c c) Interest paid A/c d) Commission received A/c 2. Amount recovered from Rahul, which was earlier written off as bad debt is debited to Cash A/c and credited to A/c a) Bad Debts b) Bad debts recovered c) Rahul d) Sales 3. A furniture dealer sold furniture for Rs 25000/to Sunil for cash. In the books of the dealer A/c is debited and A/c is credited a) Cash, Fixed Asset b) Cash, Furniture c) Cash, Sales d) Cash, Sunil 4. Mr. X is a dealer in electronic goods (such as refrigerators, air conditioners, washing machines, televisions etc) He purchased 2 air conditioners and installed in his showroom. In the books of X the cost of these 2 air conditioners will be debited to a) Drawing A/c b) Capital A/c c) Fixed Asset A/c d) Purchases A/c 5. Starting with over draft balance of cash book in B.R.S, a cheque of Rs. 5,500 deposited in bank and duly credited in pass book, but not recorded in cash book in B.R.S a) Rs. 5500 will be added b) Rs. 5500 will be subtracted c) Rs. 11000 will be added d) Rs. 11000 will be subtracted 6. X sold goods to Y at cost + 10 % profit. Y sold goods to Z at 20 % profit on sales. If cost of the goods to X is Rs. 50,000. What is the cost of the goods to Z ? a) Rs. 66,000 b) Rs. 68,750 c) Rs. 65,000 d) Rs. 69,450 7. Debit balance as per cash book is Cheque deposited, but not cleared Cheque issued, but not presented Dividend collected by bank Interest allowed by bank Balance as per pass book? a) Rs. 1550 b) Rs. 1650 c) Rs. 1600 d) Rs. 1950 Rs. 1500 Rs. 100 Rs. 150 Rs. 50 Rs. 50 8. Calculate the closing stock on 31.03.2011 Particulars 31.03.2010 31.03.2011 Opening stock Rs. 30,000 Rs. 35,000 Purchases Rs. 3,25,000 Rs. 4,20,000 Sales Rs. 4,00,000 Rs. 5,00,000 The profit margin remains unchanged a) Rs. 35,000 b) Rs. 50,000 c) Rs. 55,000 d) Rs. 60,000 9. Rent paid for the period from 1-10-2010 to 30-09-2011 was Rs. 12,000/Rent paid for the period from 1-10-2011 to 30-09-2012 was Rs. 18,000/Rent to be debited to the P/L A/C for the year ended 31-03-2012 =? a) Rs. 15,000 b) Rs. 13,000 c) Rs. 12,000 d) Rs. 20,000 10. What is the effect on Gross profit, if closing stock is undervalued by Rs.10,000 and opening stock is overvalued by Rs.10,000? a) G.P. will increase by Rs.10,000 b) G.P. will decrease by Rs.10,000 c) G.P. will decrease by Rs.20,000 d) No change in G.P. 11. Debtors as per trial balance = Rs. 80,000 Further information i) Bad debts Rs. 2,000 ii) Provision for discount on debtors @ 5% will be a) Rs. 4,100 b) Rs. 4,000 c) Rs. 3,900 d) Rs. 4,200 Downloaded From : www.carocks.wordpress.com 12. Calculate G.P. when Opening stock Closing stock Sales Cost of goods sold a) Rs. 1,30,000 c) Rs. 1,54,000 13. Opening stock Closing Stock Sales Purchases G.P. on sales =? a) 35% b) 40% Rs. 24,000 Rs. 15,000 Rs 6,00,000 Rs. 4,55,000 b) Rs. 1,45,000 d) Rs. 1,06,000 Rs. 69,500 Rs. 83,500 Rs. 1,60,000 Rs. 1,10,000 c) 45% d) 30% 14. A diamond ring worth Rs.1,00,000 was stolen from the shop of M/s Shine Jewelers on 2503-2012. Insurance claim of Rs. 60,000 was admitted, but not paid by the insurance company till 31-03-2012. In this regard, no entry was passed in the books of A/c. The correct journal entry to be passed while preparing the final accounts on 31-03-2012 is _ a) P&L A/c Dr. 1,00,000 To Purchases A/c 1,00,000 b) Insurance claim Receivable A/c Dr. 40,000 Loss by theft A/c Dr. 60,000 To Purchases A/c 1,00,000 c) P & L A/c Dr. 40,000 Insurance claim Receivable A/c Dr. 60,000 To Purchases A/c 1,00,000 d) None of the above 15. From the following information find out the credit sales Opening Debtors Rs. 12,000 Closing Debtors Rs. 14,000 B/R accepted by Debtors Rs. 13,000 Cash received from Debtors Rs. 38,400 a) Rs. 39,400 b) Rs. 27,000 c) Rs. 65,400 d) Rs. 53,400 16. Opening Capital Interest on Capital Drawings Interest on Drawings Closing Capital Rs. 1,00,000 Rs. 10,000 Rs. 20,000 Rs. 2,000 Rs. 2,00,000 Net Profit a) 1, 00,000 c) 1, 22,000 ? b) 1, 20,000 d) 1,12,000 17. A draws an accommodation bill on B for 3 months. Proceeds are to be shared equally. A got the bill discounted at 12 % per annum and remitted the proceeds of Rs. 48,500/- to B. The amount of the bill is a) Rs. 1,00,000 b) 97,000 c) Rs. 1,10,000 d) Rs. 98,000 18. When an endorsed bill is dishonoured, the journal entry in the books of the drawer will be a) Drawee A/c Dr. To B/R A/c b) Drawee A/c Dr. To Creditor A/c c) B/R A/c Dr. To Creditor A/c d) None of these 19. A drew a bill on B. A endorsed the bill to C in full settlement of his debt of Rs. 35,000 at 2% discount and paid cash Rs. 5000. What will be the amount of the bill? a) Rs. 30,000 b) Rs. 29,700 c) Rs. 29,300 d) Rs. 30,700 20. Tinku & Bunty entered into Joint Venture to share profits and losses in the ratio of 2 :1. Tinku supplied 200 refrigerators costing Rs.2,00,000 to Bunty, incurring freight charges of Rs.10,000. Bunty sold 190 refrigerators for Rs.2,40,000 and took over the remaining 10 refrigerators for himself. The result of Joint venture =? a) Loss Rs. 40,000 b) Profit Rs. 30,000 c) Profit Rs. 40,000 d) Profit Rs. 40,500 21. If the goods worth Rs. 20,000 were taken by a co-venture for Rs. 15,000, the Joint Venture A/c will be credited by a) Rs. 20,000 b) Rs. 15,000 c) Rs. 25,000 d) Rs. 5,000 22. The cost of the furniture lost by fire is Rs. 18,000 Provision for depreciation on the date of fire is Rs. 2,700 Insurance claim accepted Rs. 12,000 Amount of loss to be debited to P & L A/c is _ a) Rs. 6,000 b) Rs. 15,300 c) Rs. 3,300 d) Rs. 18,000 23. A machine was purchased on 1-4-2010 for Rs. 14,400 and installation charges amounted to Rs.1,600. Expected lifetime is 8000 hours. During the year 2010-11, the machine worked for 2500 hours. The depreciation for the year will be a) Rs. 4,500 b) Rs. 5,000 c) Rs. 3,200 d) Rs. 6,250 24. If the rate of depreciation under W.D.V. method is 15% p.a., the original cost of the machine is Rs. 10,00,000, Scrap value at the end of its useful life is Rs. 2,00,000, then the depreciation for the first year will be a) Rs. 1,50,000 b) Rs. 1,20,000 c) Rs. 1,00,000 d) Rs. 80,000 25. A machine was purchased at the beginning of the year at Rs.5,30,000. The machine was wrongly depreciated by 10 % instead of 25 %. What will be the rectification entry? a) P & L A/c Dr. 79,500 To Prov. for Depr. A/c 79,500 b) P & L A/c Dr. 26,500 To Prov. for Depr. A/c 26,500 c) Prov. for Depr. A/c Dr. 26,500 To P & L A/C 26,500 d) Prov. for Depr. A/c Dr. 79,500 To P & L A/C 79,500 26. If a purchase of goods for Rs. 500 was wrongly posted to the credit side of Purchases A/c, the difference in trial balance will be a) Rs. 500 b) Rs. 250 c) Rs. 1000 d) Rs. 1500 27. Which of the following errors will not be revealed in Trial balance? a) Purchases book was overcast by Rs. 100 b) Purchase of goods for Rs. 100 for cash was debited to Purchases A/c, but omitted to be entered in cash book. c) Sales book was undercast by Rs.500 d) Purchase of material for Rs. 300 used for installation of machinery was debited to Purchases A/c 28. Ravi Shankar, a sole trader gifted a car to his son-in-law on the occasion of his daughter s marriage. The following entry was passed in this regard. Car A/c To Cash A/c Dr. 5,00,000 5,00,000 What is the rectification entry? a) Drawings A/c To Cash A/c Dr. 5,00,000 b) Drawings A/c To Car A/c Dr.5,00,000 5,00,000 5,00,000 c) Car A/c Dr. 5,00,000 To Drawings A/c 5,00,000 d) Cash A/c To Car A/c 5,00,000 Dr. 5,00,000 29. A Trader has calculated a net profit of Rs. 56,750. Later he found that discounted received of Rs. 580/- and discount allowed of Rs. 665 have been recorded on the wrong sides of these accounts. What would be the correct profit? a) Rs. 56,580 b) Rs. 56,665 c) Rs. 56,835 d) Rs. 56,920 30. Sacrificing ratio is calculated in the case of a) Admission of a partner b) Retirement of a partner c) Death of a partner d) Insolvency of a partner 31. Average capital employed Rs. 5,00,000 Normal rate of return 10% Goodwill at 5 years purchase of super profit Rs. 98,000 Calculate the average profit a) Rs. 69,600 b) Rs. 1,48,000 c) Rs. 4,40,000 d) Rs. 48,000 32. Rahul and Bajaj are partners in the ratio of 1 : 2. They admitted Birla as a new partner. The new profit sharing ratio is 1:2:3. Find out the sacrificing ratio? a) 1:2 b) 2:1 c) 2:3 d) 3:2 33. Called up capital Calls in advance Calls in arrears Paid up capital a) Rs. 3,60,000 c) Rs. 4,15,000 Rs. 4,00,000 Rs. 25,000 Rs. 40,000 ? b) Rs. 3,85,000 d) Rs. 4,25,000 Downloaded From : www.carocks.wordpress.com 34. When the debentures are issued at discount and are redeemable at premium, which of the following accounts is debited at the time of issue? a) Debentures A/c b) Premium on redemption of debentures A/c c) Loss on issue of debentures A/c d) Capital reserve A/c 35. When debentures are issued as collateral security a) No interest is paid on debentures b) Interest is paid on face value c) Interest is paid on issue price d) Interest paid on market price 36. When shares are issued to the promoters for A/c is debited their services a) Preliminary Expenses b) Promoters c) Goodwill d) Share Capital 37. When shares are forfeited Share Capital A/c is debited by a) Nominal value of shares b) Paid up value of shares c) Called up value of shares d) Forfeited amount 38. Which of the following statements is false? a) Issued capital can never be more than authorized capital b) In case of under subscription, issued capital will be less than the subscribed capital c) Uncalled capital may be converted into reserve capital d) Paid up capital is equal to called up capital less calls in arrears 39. The power of forfeiture of shares is exercised by: a) Promoters b) Directors as per the provisions of Articles of Association c) The Government d) Shareholders 40. Which of the following statements is true? a) Fully paid preference shares can only be redeemed b) A company can issue irredeemable preference shares c) A company cannot redeem preference shares at premium d) Preference shares can be redeemed after 20 years from the date of their issue 41. Z Ltd. purchased an asset from D Ltd. for Rs.4,00,000 by issuing the debentures of Rs. 100 each at discount of 20%. What is the amount to be credited to Debentures A/c? a) Rs. 4,00,000 b) Rs.4,50,000 c) Rs. 5,00,000 d) Rs. 5,75,000 42. If debentures of Rs.4,70,000 are issued in consideration of net assets of Rs. 5,00,000, the balance of Rs. 30,000 will be credited to a) P & L A/c b) Goodwill A/c c) General reserve A/c d) Capital Reserve A/c 43. A company issued 10,000 equity shares of Rs. 10 each at a premium of 20% for the redemption of 15,000 preference shares of Rs. 10 each. If the company has sufficient profits, the amount to be transferred to Capital Redemption Reserve A/c will be a) Rs. 50,000 b) Rs. 1,00,000 c) Rs. 1,50,000 d) Rs. 30,000 44. X Ltd. issued shares of Rs. 20 each at discount of 10%. Mr. Ram, a holder of 100 shares could not pay the final call of Rs. 5 per share and his shares were forfeited. If these shares are reissued, what is the maximum amount of discount to be allowed on re-issue? a) Rs. 8 b) Rs. 2 c) Rs. 15 d) Rs. 13 45. If debentures are issued at a discount of 20%, the discount on issue of debentures is shown as: a) Current asset b) Interest asset c) Current liabilities d) Miscellaneous expenses 46. Mr. A sends goods to B for Rs. 1,50,000 on sale or return basis for which no confirmation was yet received. What is the amount to be added to the closing stock, if the goods were sent at profit of 33 1 % on cost Rs.? 3 a) 1,12,500 b) 1,37,500 c) 1,50,000 d) 1,28,000 47. A trader calculated his profit at Rs. 38,750 on 31-03-2012. It is a) A transaction b) An event c) Transaction as well as event d) Neither transaction nor event 48. For every debit there will be an equal credit according to concept a) Matching b) Cost c) Money Measurement d) Dual aspect 49. Historical cost concept requires the valuation of an asset at a) Original cost b) Replacement value c) Net realisable value d) Market value 50. The comparison of financial statements of one year with that of another year is possible only concept is followed when a) Going concern b) Accrual c) Consistency d) Materiality 51. Profit / Loss is calculated at the stage of a) Recording b) Classifying c) Interpretation d) Summarising 52. Which of the following is not the main objective of accounting? a) Systematic recording of transactions b) Ascertainment of profit or loss c) Ascertainment of a financial position d) Solving tax disputes with tax authorities 53. An asset was purchased for Rs. 10,00,000, with a down payment of Rs.2,00,000 and acceptance of a bill payable for Rs.8,00,000. What would be the effect on total assets and total liabilities in the balance sheet? a) Assets increased by Rs.8,00,000 and liabilities decrease by Rs. 8,00,000 b) Assets decreased by Rs.8,00,000 and liabilities increased by Rs. 8,00,000 c) Assets increased by Rs. 10,00,000 and liabilities increased by Rs. 8,00,000 d) Assets increased by Rs. 8,00,000 and liabilities increased by Rs. 8,00,000 PartB MercantileLaws 54. X threats to kill y s son if y does not sell his house to him. Y enters into an agreement to sell the house. Such an agreement will be treated as an agreement entered into under. a) fraud c) coercion 55. situation. a) law d) implied b) undue influence d) misrepresentation Agreements are created by b) written c) void 56. legal obligations means a duty enforceable by: a) law b) society c) custom d) court 57. Every partner is an agent of firm as well as of the firm a) debtor c) creditor b) principal d) employee 58. If A paid price to car, but he said to deliver the car in future. It is a contract a) executory b) executed c) future d) completed 59. If a person promises to marry but refuses to do so, then damages has to be paid a) Special b) exemplary c) nominal d) none of these 60. A key of warehouse, where the goods are placed, is given to Buyer is type of delivery. a) b) symbolic constructive c) actual d) conditional 61. Auction sale will be completed by a) delivery of goods b) price paid to goods c) fall of hammer d) None of these 62. Match fixing between a player and broker is a) Valid b) Void c) Illegal d) Unenforceable 63. ABC are partners. A takes a house on rental basis for the firm purpose and failed to pay the rent. House owner can recover rent from a) A only b) B&C Only c) A & C Only d) All partners 64. Which of the following is not true in case of minor? a) Rule of estoppel b) Ratification of terms on attaining majority c) Contract with minor is valid d) All of the above 65. Holiday packages advertised by touring operators is a) Cross offer b) Counter offer c) Invitation to offer d) All of the above 66. In case of partnership, unless otherwise agreed, in the event of losses the loss of the firm has to be born by all the partners in ratio. a) equal b) profit sharing c) capital d) by draw of lots 67. In order to sustain a action for deceit, there must be a proof of a) misrepresentation b) coercion c) Undue influence d) Fraud Downloaded From : www.carocks.wordpress.com 68. Change in the constitution of the firm takes place in the following cases except in a) change in profit sharing ratio b) Admission of a partner c) Retirement of a partner d) Insolvency of a partner 69. In case of a breach of contract, remedies available to aggrieved party are a) Suit for damages b) suit for recession c) suit for specific performance d) All of the above. 70. Passing of property constitutes most important element in deciding legal rights and liabilities lies with a) seller b) buyer c) both d) None 71. R supplies gold to S , a Jeweler shop owner, to make an ornament. S charged Rs. 500. The contract is a) Agreement to sell b) Hire Purchase c) Contract of labour d) Future Sale 72. A student agreed, under pressure, to gift his entire property to his educational guru. Such agreement can be set aside on the ground of: a) Undue influence b) Fraud c) Mistake d) Misrepresentation 73. Non fulfillment of obligation by offeree preceeding to acceptance. The offer is a) Revoked b) Lapsed c) Communicated d) Completed 74. For admitting the partner in partnership, consent should be given by a) one or more partners b) majority of partners c) All the partners d) None of these 75. Doctrine of caveat emptor does not apply when a) goods are purchased by sample. b) goods are purchased by description. c) goods are purchased by sample as well as description. d) All of the above. 76. When a book seller sells a book on cash, it is known as contract a) Executed b) Executory c) Unilateral d) Bilateral 77. A sold a gold chain to B on sale or return basis and B sold the same to C on sale or return basis C lost the chain. Who should born the loss? a) A b) B c) C d) None of these 78. X , a coolie taken the luggage of Y . X took the luggage upto the taxi, Y didn t stop X to take to pay the luggage. In this case Y is the amount. a) bound b) not bound c) Free d) None of these 79. Only those agreement which a) Contain a promise b) Are not legally enforceable c) Are legally enforceable d) Are not valid are contracts 80. Reserve price is considered / awarded in a) Sale by sample b) Sale by description c) Sale by auction d) All of the above 81. A minor can become the partner, with the consent of a) guardian b) Parents c) All Partners d) Majority of partners 82. When the property on goods is transferred from seller to buyer at once. This contract is called. a) Sale b) future Sale c) Agreement to Sell d) All of the above 83. X paid to Y 1Lakh for purchase of a flat. Y promises to give possession of flat after one year. Y s promise to give possession of flat is consideration a) Executed b) Executory c) Past d) Future 84. A partner may be expelled from the firm on fulfillment of the condition that power of expulsion is exercised a) As given by express contract b) In good faith c) Majority of partners d) All of the above 85. According to Sale of Goods Act, the term deliverable state means a state in which buyer to take delivery of goods a) is bound b) is not bound c) may bound or may not bound d) All of the above 86. The amount earned for the contract as much as performed a) Recession b) Injuction c) Quantum meruit d) None of these 87. The main aim of Sale of goods Act, 1930 is to transfer a) Possession of goods b) Property c) ownership d) None of these 88. M/S Law book company made an offer to sell a new book only for the members of Bar council. This is a offer. a) General b) Specific c) implied d) invitation to offer 89. Ram agrees to sell to Mohan, all the mangoes which will be produced next year in his garden. This is an agreement of goods. a) Ascertained b) unascertained c) Contingent d) Future 90. A partner who does not contribute capital in the firm and does not participate actively in the business but allows the firm to use his name along with goodwill is called as _ partner a) Active partner b) Sleeping partner c) Nominal partner d) Limited partner 91. Which of the following is not a disability of unregistered firm a) it cannot file a suit against the third party. b) Its partners cannot file a fait against the firm c) It cannot claim a set off exceeding Rs. 100 d) It cannot be sued by third party. 92. If both parties are mistaken as to essential matter, then the contract is a) Void b) Valid c) Illegal d) Voidable 93. Y sold some goods to X which X believes to be of the best quality. But the goods are of inferior quality it is a case of: a) Misrepresentation b) Coercion c) Mistake d) Fraud. Key - Part A FUNDAMENTALS OF ACCOUNTING 1. 6. 11. 16. 21. 26. 31. 36. 41. 46. 51. A B C D B C A C C A D 2. 7. 12. 17. 22. 27. 32. 37. 42. 47. 52. B B B A C D A C D B D 3. 8. 13. 18. 23. 28. 33. 38. 43. 48. 53. C C B B B B A B A D D 4. 9. 14. 19. 24. 29. 34. 39. 44. 49. C A C C A A C B C A 5. 10. 15. 20. 25. 30. 35. 40. 45. 50. B C D D A A A A D C B B D A B A B A 58. 63. 68. 73. 78. 83. 88. 93. A D A B A B B C Part B MERCANTILE LAWS 54. 59. 64. 69. 74. 79. 84. 89. C B D D C C D D 55. 60. 65. 70. 75. 80. 85. 90. D B C C D C A C 56. 61. 66. 71. 76. 81. 86. 91. A C B C A C C D THE END 57. 62. 67. 72. 77. 82. 87. 92. Downloaded From : www.carocks.wordpress.com CA - CPT June 2012 Question Paper (Based on Memory) 2nd session Marks: 100 Marks Time: 2 hrs. Part A General Economics 1. A fall in the price of normal good leads to a) Shift in demand curve b) Fall in demand c) Rise in consumer s real income d) A fall in consumer s real income 2. Expansion and contraction in demand are caused by a) Changes in the income of the buyer b) Changes in the taste and preferences of the buyer c) Changes in the price of the commodity d) Changes in the prices of related goods 3. Which of the following elasticity of demand measures the movement along the demand curve rather than shift in demand curve a) Income elasticity of demand b) Price elasticity of demand c) Cross elasticity of demand d) None of the above 8. Marginal utility from the consumption of a commodity would be zero where a) Total utility is zero b) Total utility is rising c) Total utility is highest d) Total utility is falling 9. If the total utility of a commodity is 5 and marginal utility is 1, a person consumes 3 units. What is the consumer s surplus? a) 2 b) 4 c) 6.5 d) 3.5 10. The function of an entrepreneur is a) Initiating an enterprise and resource coordination b) Risk bearing c) Introducing innovations d) All of the above 11. The concept of returns to scale is related with a) Very short period b) Short period c) Long period d) None 4. If 20% fall in price of commodity brings 40% increase in its demand, then the demand for commodity will be treated as a) inelastic b) elastic c) highly elastic d) Perfectly elastic 12. Law of diminishing returns is applicable in a) Agriculture b) Manufacturing industry c) Neither (a) nor (b) d) All economic activities at a point of time 5. When the price elasticity of demand is zero, the slope of the demand curve will be a) Horizontal b) Vertical c) Sloping downwards d) None 13. Find TFC at 3 units of output 6. As price falls by 20% the quantity supplied also falls by 10%. Measure price elasticity of supply? a) 0.2 b) 0.5 c) 2 d) 0.4 7. Total utility starts decreasing when a) Marginal utility is positive b) Marginal utility is negative c) Marginal utility is zero d) None of the above Output 0 1 2 3 4 5 Total 620 650 720 850 920 990 cost a) 150 b) 230 c) 620 d) 520 14. Cost in terms of pain, discomforts, disabilities involved in supply of factors of production by their owner are termed as a) Real cost b) Explicit cost c) Social cost d) Implicit cost 15. Which curve is also called Envelop curve? a) Long Run MC curve b) MC curve c) Long Run Average cost curve 16. In market, the price output equilibrium is determined by a) Total cost curve and total revenue curve b) Total cost curve and marginal revenue curve c) Marginal cost curve and marginal revenue curve d) Only MC curve 17. Average revenue curve is also known as a) Profit curve b) Demand Curve c) Supply curve d) Average cost curve 18. For a discriminating monopolist the condition for equilibrium is a) MR > mc b) MR1= MR2 c) MRa = MRb = MC d) All of the above 19. Selling costs have to be incurred in case of a) Perfect competition b) Monopolistic Competition c) Monopoly d) None of these 26. Increase in population can occur by a) High birth rate b) Low death rate c) immigration d) All of these 27. IRDP and allied programs and Million Wells Scheme were integrated into one in 1999 and since then it is known as a) Swarnajayanthi Gram Swarozgar Yozana b) Sampoorna Gram Swarozgar Yozana c) National Food for Work Programe d) None of these 28. Identify the correct statement a) The problem of unemployment and poverty are not inter - related b) The birth rate in India is high because of low incidence of poverty c) The problem of poverty has been solved in d) None of the above India 20. In the short run the firm leaves the market when AR is less than a) MC b) Total cost c) AVC d) LMC 29. TRAI is the regulatory authority for in India a) Railways b) Transport c) Taxes d) Telecommunications 21. In capitalist economy allocation of resources is performed by a) Government b) Producers c) Planners d) Price mechanism 30. Indian Railways network is the world a) largest b) smallest c) second largest d) second smallest 22. Normative economics is based on a) Ethical considerations b) Facts and generalization c) What is d) All of the above 31. 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 23. Dual system of pricing exists in a) Free market economy b) Socialistic Economy c) Mixed economy d) None of these 24. Under inductive method, the logic proceeds from a) General to particular b) Particular to general c) Both (a) and (b) d) None of these 25. The density of population in India according to 2001 census is a) 324 persons per square km b) 320 persons per square km c) 350 persons per square km d) 360 persons per square km in the 32. Central Bank of a country does not deal with a) State Government b) public c) Central Government d) Commercial Banks 33. Which of the following is a tool of monetary policy that a nations Central Bank could use to stabilize the economy during an inflationary period? a) Lowering Bank Reserve requirements b) Lowering discount rate c) Selling Government securities d) None of the above Downloaded From : www.carocks.wordpress.com 34. Purchasing power of money falls when a) Price level increases b) Income level decreases c) Price level decreases d) Money supply falls 43. A change in the exchange rate from $1 = Rs. 46 to $1 = Rs. 39, implies a) Devaluation of Rupee b) Appreciation of Rupee c) Depreciation of Rupee d) None of these 35. In India, inflation is measured by a) Consumer price index b) Agriculture index c) Industrial price index d) Wholesale price index 44. The reason behind implementation of economic reforms in 1991 in India was a) Direction from world Bank b) Failure of Economic Policies of existing government c) Low foreign exchange reserves d) None of the above 36. The combined phenomenon of stagnation and inflation is called a) Demand Pull inflation b) Cost push inflation c) Money inflation d) Stagflation 37. Which of the following constitutes M3 a) M1 + post office saving deposits b) Demand deposits + coins + currency notes c) M1 + Time deposits of the public with Banks d) None of the above 38. Invisible items are part of a) Balance of Trade Account b) Balance of Payments Account c) Official Reserve Account d) Reserve Bank of India Account 39. In Balance of payments, which of the following does not constitute the Balance of Current Account a) Balance of Trade b) Balance of Services c) Balance of Unilateral Transfers d) Balance of Private Direct Investment 40. International body which deals with rules of trade between nations is a) UNO b) WTO c) OPEC d) IBRD 41. Which institution is known as the soft lending arm of the World Bank? a) IFC b) IMF c) WTO d) IDA 42. Privatisation refers to a) Encouraging private Industries b) Transfer of Assets from public to Private ownership c) Both (a) & (b) d) None of the above 45. The FERA has been replaced by a) MRTP Act b) FEMA c) IDRA d) None 46. Fiscal policy means a) Policy Relating to Money & Banking in country b) Policy Relating to Public Revenue and Public Expenditure c) Policy Relating to Non Banking Financial d) None of these Institutions 47. Net Domestic Production = Gross Domestic Product minus a) NFIA b) Indirect Taxes c) Depreciation d) Transfer payments 48. As per the value added method of measuring national income identify which of the following item will be excluded a) Production for Self Consumption b) Imputed Rent of owner occupied houses c) Brokerage earned by selling second hand goods d) Sale proceeds of second hand goods 49. If logx y = 100 and log2 x = 10 then the value of y b) 2100 c) 21000 d) 210000 a) 210 50. The value of a) 1/3 3n +1 + 3n = 3n + 3 3n +1 b) 1/6 c) 1/4 d) 1/9 51. The number of proper sub sets of the set {3, 4, 5, 6, 7} is a) 32 b) 31 c) 30 d) 25 52. On the set of lines in a plane the Relation is perpendicular to is a) Reflexive b) Symmetric c) Transitive d) None of these 53. The range of the function f : N N defined by f(x) = ( 1)x 1 is a) {0 , -1} b) { 1 , -1} c) {1 , 0} d) {1, 0, -1} 61. If the A.M between the roots of a Quadratic equation is 8 and G.M is 5 then the equation is a) x2 + 16x 25 = 0 b) x2 16x + 25 = 0 c) x 2 16x + 5 = 0 d) None of these 62. The minimum value of the function f(x) = x 2 6x + 10 is a) 1 b) 2 c) 3 d) 10 2 + 8 + 18 + .... + 2.n 2 = n n3 b) 2/3 c) 4/3 d) 1 63. Evaluate lim a) 1/3 th 54. In an A.P if the 4 term is 3 times the first term and 7th term exceeds the 3rd term by 1 then the values of a and d are a) 3,2 b) 4,3 c) 5,4 d) 6,5 55. If the 8th term of an A.P is 15 then the sum of first 15 terms is a) 15 b) 0 c) 225 d) 225/2 56. Find the point which divides the line segment joining the points ( 2 , -2) and ( -4, 1) in the ratio 5:2 externally is a) (-5,8) b) (-8,3) c) (-5,4) d) (-8,5) 64. If g(x) = 25 x 2 then lim x 1 a) 0 2y y 2 3y c) y 2 b) 4y 3y 2 d) None of these 58. The equation of the straight line passing through the point of intersection of the lines 4x 3y 1 = 0 and 2x 5y + 3 = 0 and parallel to 4x + 5y = 6 is a) 4x + 5y 12 = 0 b) 4x + 5y 16 = 0 c) 4x + 5y 9 = 0 d) 4x + 5y 11 = 0 59. The range of real values of x satisfying the inequality 3x 2 > 7 and 4x-13 > 15 is a) x > 3 b) x >7 c) x<7 d) x<3 60. If 2 + 3 is one root of x 2 + px + q = 0 Then p and q are a) -4,-1 b) 4,-1 c) -4,1 d) 4,1 1 24 65. If x = ct ; y = c/t then b) t.e t a) 1/t c) 24 d) None dy = dx c) 66. If Y = ea.logx + ex.loga then 1 t2 d) None dy = dx a) xa + a x 67. b) a.xa 1 + a x .loga c) a.x a 1 + x.a x 1 57. Find the sum of the series 4 8 16 2, , 2 , 3 ,........... given that y > 2 is y y y a) b) g(x) g(1) = x 1 d) x x + aa 1 dx = 2 [ax + b(1 x)] 0 a) a/b b) b/a c) ab d) 1/ab 68. If np4 = 20 . np2 then n = a) -2 c) both (a) & (b) b) 7 d) None of these 69. In a company there are 7 CA s ; 6 M.B.A s and 3 engineers. How many ways can they form a committee, If there two members from each field is a) 900 b) 1000 c) 787 d) 945 70. The letters of the word VIOLENT are arranged so that vowels occupy even places only. The number of permutations is a) 144 b) 120 c) 24 d) 72 Downloaded From : www.carocks.wordpress.com 71. Which of the following are not in proportion a) 6,8,5,7 b) 7,3,14,6 c) 18,27,12,18 d) 8,6,12,9 72. The S.I on Rs. 2000 for 5 months at the rate of 16% per annum is a) 133.33 b) 133.26 c) 134.00 d) 132.09 73. The S.I on a sum of money is 4/9 of the principal and the no. of years is equal to the rate of interest per annum. Find the rate of interest per annum a) 5% b) 6% c) 20/3% d) 22/7% 74. The mean of first 3 terms is 14 and the mean of next 2 terms is 18. The mean of 5 numbers is a) 14.5 b) 15 c) 14 d) 15.6 75. G.M of three observations 40, 50, and x is 10 the value of x is a) 2 b) 4 c) 1/2 d) None 76. Which of the following statement is true? a) Q.D < M.D < S.D b) Q.D > M.D > S.D c) Q.D < S.D < M.D d) Q.D > S.D > M.D 77. S.D of 1st n natural numbers is 2 then n = a) 12 b) 7 c) 9 d) 5 78. The S.D is independent of change of a) Origin b) Scale c) Both d) None 79. Covariance of two variables x & y is 25 V(x) = 36 & V(y) = 25 then r = a) 0.409 b) 0.419 c) 0.833 d) 0.027 80. If x& y are the A.M s, x & y are the S.D s, 83. If 2 variables are uncorrelated then regression lines are a) Parallel b) Perpendicular c) Coincident d) Inclined at 450 84. Calculate the Fisher index number from the following data p 0 q 0 = 116 ; p 0 q1 = 140 ; p1q 0 = 97 ; p1q1 = 117 a) 83.59 c) 120.02 85. Calculate the cost of living index number for the year 1975 is Commodity A B C a) 260.37 C.F 82. If regression lines are 8x 10y + 66 = 0 and 40x 18y = 214 then correlation coefficient between x & y is a) -1 b) 0.6 c) -0.6 d) 1 b) 265.48 c) 274.32 d) 282 88. Data given below refers to marks gained by a group of students x & y respectively. The point of Intersection of regression lines x on y & y on x is 81. The coefficient of correlation between two variables x and y is the simple of the regression coefficients. a) A.M b) G.M c) M.M d) None 1975 price Qty 3 5 8 5 10 6 87. Which of the following graph is used to calculate the partition values a) Lorenz Curve b) Ogive Curve c) Histogram d) None Class b) x , y c) ( b yx , b xy ) d) ( 2 x , 2 y ) 1970 price Qty 1 6 3 5 4 8 86. Cost of sugar in a month under the heads Raw Materials, labour, direct production and others were 12, 20, 35 and 23 units respectively. What is the difference between the central angles for the largest and the smallest components of the cost of sugar? a) 72 b) 48 c) 56 d) 92 b yx , b xy are regression coefficients of variables a) (x, y) b) 184.09 d) None of these Below 10 15 Below 20 38 Below 30 65 Below 40 84 Below 50 100 Find the no of students getting more than 30 marks. a) 50 b) 53 c) 35 d) 52 89. Arun & Tarun appear for an interview for 2 vacancies. The Probability of Arun s selection is 1/3 and that of Tarun s selection is 1/5. Find the probability that only one of them will be selected. a) 2/5 b) 4/5 c) 6/5 d) 8/15 90. Let A and B are two events in a sample space _ 1 3 5 p(A B) = such that p(A) = p(B) = 2 8 4 Find P(A B) . a) 3/4 b) 1/4 c) 3/16 95. The mean and variance of a random variable x having the following P.D.F P(X=x) = exp[ (x 4) ] a) 4, 1 2 d) None 91. A card is drawn out of standard pack of 52 cards. What is the probability that it is a king or red colour? a) 1/4 b) 4/13 c) 7/13 d) 1/2 92. If a coin is tossed twice we get, Rs 5 if two heads appear, Rs 2 if one head appear, Rs 1 if no head appear. Then the expected income is a) 3.5 b) 2.5 c) 4 .5 d) 5.5 93. For Binomial Distribution a) Variance < Mean b) Variance > Mean c) Variance = Mean d) None of these 94. If x is a Poission variate and E (x) = 1 then P(x>1) is 5 e 1 b) 1 e 1 c) 1 2e 1 d) 1 e 1 a) 1 2 2 b) 4, 1 2 , < x < c) 2, 2 d) 2 , 1 96. A Statistic T is said to be a consistent estimator of the population Parameter is a) E(T) = b) V(T) 0 as n c) both of these d) None of these 97. In order to test the quality of chalks the following method should be adopted. a) Complete Enumeration b) Simple Random Sampling c) Stratified Random Sampling d) Systematic Random Sampling 98. In Systematic Sampling every 6th sampling unit is picked from a sampling frame of workers is 1 to 48. Then the size of sample is a) 6 b) 8 c) 10 d) None Key - Part A GENERAL ECONOMICS 1. 6. 11. 16. 21. 26. 31. 36. 41. 46. C B C C D D A D D B 2. 7. 12. 17. 22. 27. 32. 37. 42. 47. C B D B D A B C B C 3. 8. 13. 18. 23. 28. 33. 38. 43. 48. B C C C C D C B B D 4. 9. 14. 19. 24. 29. 34. 39. 44. B A A B B D A D C 5. 10. 15. 20. 25. 30. 35. 40. 45. B D C C A C D B B B A A D A B B B B B 53. 58. 63. 68. 73. 78. 83. 88. 93. 98. B C B B C A B C A B Part B - QUANTITATIVE APTITUDE 49. 54. 59. 64. 69. 74. 79. 84. 89. 94. C A B B D D C A A C 50. 55. 60. 65. 70. 75. 80. 85. 90. 95. B C C C A C A A B A 51. 56. 61. 66. 71. 76. 81. 86. 91. 96. 2 B B B B A A B D C C THE END 52. 57. 62. 67. 72. 77. 82. 87. 92. 97.

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