CPT Question Paper June 2024 for Online Practice
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CPT Online Test is Designed for ICAI Entrance Exam that is called Common proficiency Test, This test is very relevant for all Upcoming CPT Exams.. CPT Online Test 2024, CPT Mock Test 2024, online test 2024: Take our free CPT Online Test 2024 In Hindi, English languages. CPT Question & Answers 2024. Online Test Series for CPT Exam 2024 in Hindi, CPT Online Test in English. The Institute of chartered accountant of india taken Exam Every Year and Here we Provide CPT Various Test Series in English and In Hindi. CPT online test is very useful for all student who want to appearing in CPT Exams. CPT Online test is free for all candidates.
Here we provide CPT June 2024 Paper for Practice CPT December 2024 Exams
This paper has 200 questions.
Time allowed is 200 minutes.
There are 4 sections:
- Section 1 Accounts Subject 60 questions
- Section 2 Laws Subject 40 questions
- Section 3 Economics Subject 50 questions
- Section 4 Maths Subject 50 questions
There are no negative marking, because this is only for practice
The CPT online Mock Test Exam is Very helpful for all students who are appearing in CPT exams and onwards…
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- Answered
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Question 1 of 178
1. Question
Financial position of a business concern is ascertained on the basis of _____:
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Question 2 of 178
2. Question
On March 31, 2015 after sale of goods worth Rs.50,000, he is left with the closing inventory of Rs.20,000. This is
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Question 3 of 178
3. Question
Inventory is valued either at cost or market price whichever is lower, according to the principle of ____:
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Question 4 of 178
4. Question
Purchases = Rs. 25,00,000
70% of the goods are sold
Closing inventory is valued at Rs. 5,00,000 instead of at Rs. 7,50,000. Which concept has been followed?Correct
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Question 5 of 178
5. Question
Total assets = Rs. 3,06,000
Secured loans = Rs. 3,06,000
Unsecured loans = Rs. 3,06,000
Total assets = Rs. 3,06,000
Capital = ?Correct
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Question 6 of 178
6. Question
Insurance claim received on machinery destroyed by fire is a ____
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Question 7 of 178
7. Question
In Journal & ledger transactions are recorded in ______ order respectively:
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Question 8 of 178
8. Question
If repair cost is Rs.30,000, whitewash expenses are Rs.6,000, cost of extension of building is Rs.3,00,000 and cost of improvement in electrical wiring system is Rs.22,800; the amount to be expensed is:
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Question 9 of 178
9. Question
Errors can be detected ____:
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Question 10 of 178
10. Question
Which of the following statements is not true?
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Question 11 of 178
11. Question
Sunset Tours has a Rs.70,000 account receivable from Mohan. On January 20, the latter makes a partial payment of Rs.50,000 to Sunset Tours. The journal entry made on January 20 by Sunset Tours to record this transaction includes:
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Question 12 of 178
12. Question
From the following balances find out the total of trial balance:
Capital = Rs. 4,00,000
Computer = Rs. 25,000
AC & Furniture = Rs. 1,00,000
Fixed deposits = Rs. 2,00,000
Salaries = Rs. 8,00,000
Fees Received = Rs. 12,00,000
Traveling expenses = Rs. 1,50,000
Rent & office expenses = Rs. 2,40,000
Cash = Rs. 1,80,000
Bank O.D = Rs. 95,000Correct
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Question 13 of 178
13. Question
Sohan purchased goods for Rs.18,00,000 and sold 4/5th of the goods for Rs.21,60,000 and met expenses amounting to Rs.3,00,000 during the year, 2015. He counted net profit as Rs.4,20,000. Which of the accounting concepts was followed by him?
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Question 14 of 178
14. Question
Rent received from a tenant Rs. 18,000 was correctly entered in the cash book and posted to the debit of Rent a/c. The effect of this error on the trial balance will be
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Question 15 of 178
15. Question
BRS is a part of _____:
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Question 16 of 178
16. Question
Credit balance of bank pass book will be ___ to the account holder:
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Question 17 of 178
17. Question
Overdraft balance as per Cash book Rs. 4,500 Cheques issued, but not presented Rs. 300,Rs. 150, Rs. 375 Cheques paid into bank account, but not cleared Rs. 1,200 Find the balance as per Pass Book
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Question 18 of 178
18. Question
Opening inventory = Rs. 4,00,000
Cash sales = Rs. 2,00,000
Cash sales = Rs. 17,00,000
Selling price = 125% of purchase price
What is the cost of goods sold?Correct
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Question 19 of 178
19. Question
Opening inventory = Rs. 23,200
Cost of goods sold = Rs. 3,22,800
Closing inventory = Rs. 24,000
Purchases =?Correct
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Question 20 of 178
20. Question
The books of T Ltd. revealed the following information:
Particulars Rs.
Opening inventory 7,50,000
Purchases during the year 2014-15 22,50,000
Sales during the year 2014-2015 25,00,000
On March 31, 2015, the value of inventory as per physical Inventory-taking was
Rs. 10,45,000. The company’s gross profit on sales has remained constant at 25%. The
management of the company suspects that some inventory might have been pilfered by a
new employee. What is the cost of goods sold & estimated cost of missing inventory?Correct
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Question 21 of 178
21. Question
Product A B C D E Cost (Rs.) 45,000 57,500 1,37,500 50,000 1,05,000 NRV (Rs.) 47,600 77,500 1,32,500 62,500 1,00,000 What is the value of inventory at the end of the year as per conservatism principle?
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Question 22 of 178
22. Question
On 09-01-2018, the physical inventory of a business concern is taken at Rs.70,000. The following transaction took place between 01-01-2018 and 09-01-2018. Goods sold Rs.48,000, at a profit of 25% on cost which includes goods of the sale value of is Rs.5,000 not delivered to customer and of Rs.3,000 delivered on 29-12-2015. Calculate the value of physical inventory as on 31-12-2015.
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Question 23 of 178
23. Question
From the following data, find out the gross profit on the inventory sold under weighted average price method
1st Jan – opening inventory – 1000 units @ Rs. 4 per unit
15th Jan Purchase – 1100 units @ Rs. 5 per unit
30th Jan Purchase – 1300 units @ Rs. 6 per unit
Sales during the month – 3000 units @ Rs. 10 per unit
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Question 24 of 178
24. Question
Study the following table and answer:
Particulars Rs.
Opening Inventory 15,000
Closing Inventory 20,000
Purchases 2,80,000
Return outward 7,500
Return inward 10,000
Carriage inward 2,500
If gross profit is 20% of sales, the gross sales will be:
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Question 25 of 178
25. Question
A plant was purchased on 01-04-2010 for Rs.3,50,000. The useful life was estimated to be 5 years and scrap value as Rs.50,000. Calculate the rate of depreciation under Straight line method.
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Question 26 of 178
26. Question
Which of the following statements is/are false?
I. The terms ‘depreciation’, ‘depletion’ and ‘amortization’ convey the same meaning.
II. Provision for depreciation A/c is debited when provision for depreciation A/c is created.
III. The main purpose of charging the profit and loss A/c with the amount of depreciation is to spread the cost of an asset over its useful life for the purpose of income determination.
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Question 27 of 178
27. Question
A machine was purchased on 01-04-2012 for Rs.15,00,000. The scrap value is estimated at Rs.50,000. Depreciation is charged at 15% p.a. under WDV method. The machine was sold on 01-07-2015 for Rs.9,04,115. Calculate the profit.
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Question 28 of 178
28. Question
A decrease in the provision for doubtful debts would result in _____:
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Question 29 of 178
29. Question
Stock worth Rs. 50,000 was destroyed by fire. The claim was fully accepted by the insurance company. The journal entry is
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Question 30 of 178
30. Question
Discount received = Rs. 1,000 Provision for discount on creditors = Rs. 1,600 It is desired to make a provision of Rs. 1,100 on creditors. Find out the amount to be transferred to Profit & Loss A/c:
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Question 31 of 178
31. Question
Opening capital = Rs. 45,000
Interest on capital = Rs. 2,000
Interest on drawings = Rs. 5,000
Drawings = Rs. 14,000
Profit = Rs. 15,000
Closing Capital = ?
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Question 32 of 178
32. Question
Amount recovered from debtor, which was earlier written off as bad debt is debited to Cash A/c and credited to _______________ A/c:
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Question 33 of 178
33. Question
The net profit of X & Co. was Rs.7,02,000, before charging Mehta’s (Manager) salary and commission. Mehta was entitled to a salary of Rs. 6,000 per month plus a commission of 5% on net profit after charging his salary and commission. Calculate the amount payable to Mehta
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Question 34 of 178
34. Question
When Del-credere commission is paid, bad debts will be debited to ____ A/c in the books of consignee:
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Question 35 of 178
35. Question
Goods sent on consignment = Rs. 2,00,000
Consignor’s expenses = Rs. 5,000
Consignee’s expenses = Rs. 2,000
Cash sales = Rs. 1,00,000
Credit sales = Rs. 1,10,000
Closing Inventory = Rs. 40,000
Ordinary Commission = Rs. 3,000
Del-credere commission = Rs. 2,000
Bad Debts = Rs. 2,000
Find the profit on consignment.
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Question 36 of 178
36. Question
Mr. X consigned goods costing Rs. 1,50,000 to Mr. Y at cost + 25%. 1/10 of the goods were lost in transit. Mr. Y sold 3/5th of the remaining goods at 10% above the invoice price. Calculate the amount of sales:
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Question 37 of 178
37. Question
Aar and Bar were partners in a joint venture sharing profits and losses in the proportion of 4/5th and 1/5th respectively. Aar supplies goods to the value of Rs.50,000 and incurs expenses amounting to Rs.5,400. Bar supplies goods to the value of Rs.14,000 and his expense amount to Rs.800. Bar sells goods on behalf of the joint venture and realizes Rs.92,000. Bar is entitled to a commission of 5 percent on sales. Bar settles his account by bank draft. What will be the final remittance?
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Question 38 of 178
38. Question
Can a minor be admitted into a joint venture?
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Question 39 of 178
39. Question
X sends out goods costing Rs.2,00,000 to Y. 3/5th of the goods were sold by consignee for Rs.1,40,000.Commission 2% on sales plus 20% of gross sales less all commission exceeds cost price. The amount of commission will be:
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Question 40 of 178
40. Question
A bill drawn and accepted for mutual help is known as ____ bill:
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Question 41 of 178
41. Question
On 05-01-16, Mr. A draws a bill on Mr. B for 30 days after sight. The bill was accepted on 08-01-16. Then the date of maturity of the bill will be___________ :
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Question 42 of 178
42. Question
Mr. Sobby draws a two months bill of Rs. 50,000 on Mr. Dobby. Dobby accepts it on 01-02-16. Sobby discounts it on 15-02-16 at 18% per annum. On the due date of bill Dobby became insolvent and 50 paise in a rupee could only be recovered from his estate. Calculate the amount of bad debt:
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Question 43 of 178
43. Question
Sales for the year ended 31st March, 2010 amounted to Rs.10,00,000. Sales included goods sold to Mr. A for Rs.50,000 at a profit of 20% on cost. Such goods are still lying in the godown at the buyer’s risk. Therefore, such goods should be treated as part of:
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Question 44 of 178
44. Question
If goods are sent on sale or return basis, it will be treated as _____:
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Question 45 of 178
45. Question
A sent some goods costing Rs.3,500 at a profit of 25% on sale to B on sale or return basis. B returned goods costing Rs.800. At the end of the accounting period i.e. on 31st December, 2014, the remaining goods were neither returned nor were approved by him. The Inventories on approval will be shown in the balance sheet at Rs.
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Question 46 of 178
46. Question
P & Q are partners in a firm sharing profits and losses in the ratio of 5 : 3. R is admitted as a new partner for 1/5th share. Then the sacrificing ratio will be ____:
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Question 47 of 178
47. Question
A & B are partners in a firm with capitals of Rs.5,00,000 each. C joined as a new partner for 1/4th share in profits with a capital of Rs.8,00,000. The credit balance of Profit & Loss a/c is Rs.4,00,000. Find the value of hidden goodwill:
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Question 48 of 178
48. Question
Profit of the year = Rs. 6,00,000 Capital employed = Rs. 4,00,000 Normal rate of return = 15%
Calculate the value of goodwill under capitalization method
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Question 49 of 178
49. Question
A & B are partners in a firm sharing profits and losses in the ratio of 5 : 3 with capitals of Rs.2,50,000 and Rs.2,00,000 respectively. C is admitted as a new partner who brings Rs.50,000 as capital and Rs.16,000 as goodwill for his 1/5th share. The closing capitals of all the partners will be
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Question 50 of 178
50. Question
Rohit, Suman and Rohan are partners sharing profits & losses in the ratio of 2 : 1 : 1. They took a JLP for Rs. 1,00,000. Besides they took a JLP for Rs. 1,00,000. they took policies severally amounting to Rs.50,000 each. Rohit died on 30th September, 2015. The surrender values of the policies will be 30% of the policy values. What is the share of Rohit in the life policies?
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Question 51 of 178
51. Question
According to SEBI guidelines, the minimum share application money is ____:
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Question 52 of 178
52. Question
The subscribed share capital of S Ltd. is Rs.80,00,000 divided into shares of Rs.100 each. There were no calls in arrears till the final call was made. The final call made was paid on 77,500 shares. The calls in arrears amounted to Rs.67,500. The final call per share=?
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Question 53 of 178
53. Question
Reserve capital means:
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Question 54 of 178
54. Question
Oye Ltd. Issued 10,000 equity shares of Rs. 100 each at a premium of 20%. The money is payable as Rs.30 (including premium) on application, Rs.50 on allotment, Rs.20 on First call & Rs.20 on Final call. The company received applications for 15,000 shares and allotment was made on prorata. H, the holder of 400 shares failed to pay allotment money and on his subsequent failure to pay the 1st call money, the company forfeited his shares. The amount to be transferred to Share Forfeiture A/c at the time of forfeiting his shares will be:
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Question 55 of 178
55. Question
A holder of 100 shares of Rs. 10 each, failed to pay the final call money of Rs. 4 per share. These shares were forfeited and reissued at Rs. 7 per share as fully paid up. The entry on reissue will be:
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Question 56 of 178
56. Question
WYE ltd redeemed 1,000, 10% preference shares of Rs.100 each at a premium of Rs.10 per share. The company had a balance of Rs.50,000 in general reserve and Rs.27,000 in Profit & Loss a/c. For the purpose of redemption the company issued 5,000 equity shares of Rs. 10 each at a premium of 20%. The amount to be transferred to Capital Redemption Reserve will be:
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Question 57 of 178
57. Question
Which of the following can be utilized for redemption of preference shares?
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Question 58 of 178
58. Question
Debentures can be _________.
I. Mortgage Debentures or Simple Debentures
II. Registered Debentures or Bearer Debentures.
III. Redeemable Debentures or Irredeemable Debentures.
IV. Convertible Debentures or Non-convertible Debentures.
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Question 59 of 178
59. Question
Debenture interest:
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Question 60 of 178
60. Question
If preference shares are redeemed out of divisible profits, the nominal value of preference shares should be transferred to ___:
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Question 61 of 178
61. Question
The subsequent change in law leads to _____________:
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Question 62 of 178
62. Question
A telegraphed to B “will you sell me your house? Let me know the lowest price” B replied “Lowest price is Rs.900.” A agreed to uy and asked for title deeds. There is no reply from B. Is B under obligation to sell?
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Question 63 of 178
63. Question
Doctrine of privity of contract means:
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Question 64 of 178
64. Question
Which is false regarding consideration?
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Question 65 of 178
65. Question
If a creditor does not file a suit against buyer for recovery of price with is 3 years, the debt becomes :
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Question 66 of 178
66. Question
In case of sale of shares :
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Question 67 of 178
67. Question
The agreement is void with _____________:
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Question 68 of 178
68. Question
In case of misrepresentation, parties have option to:
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Question 69 of 178
69. Question
An agreement in which consideration is unlawful becomes _____________:
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Question 70 of 178
70. Question
A and B entered into a contract where first part is legal and the second is illegal. Here former part is ____ and later part is ______ :
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Question 71 of 178
71. Question
A buys a lottery ticket of Rs. 500/-. It comes under ____ agreement/contract:
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Question 72 of 178
72. Question
An agreement in restraint of marriage is _____:
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Question 73 of 178
73. Question
In case of wagering agreement, the event is _________________:
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Question 74 of 178
74. Question
Wagering agreement is of _______ nature:
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Question 75 of 178
75. Question
_______ of contract can take place without consideration:
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Question 76 of 178
76. Question
A promise can be performed by:
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Question 77 of 178
77. Question
In an agreement to sell, transfer of property takes pace in _____:
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Question 78 of 178
78. Question
Auctioneer is ____ of owner of goods:
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Question 79 of 178
79. Question
X agrees to deliver 100 kgs. Of wheat in exchange of 10 liters of milk. It is:
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Question 80 of 178
80. Question
In an agreement to sell where goods are under the possession of seller and buyer breaches the contract, the remedy available to seller is :
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Question 81 of 178
81. Question
In a contract of sale, consideration can be :
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Question 82 of 178
82. Question
A document becomes document of title to goods if _______ undertaking to deliver the goods to holder exists:
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Question 83 of 178
83. Question
A Contracts with B to sell a new Car. But A delivers an old Car. Here is:
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Question 84 of 178
84. Question
Caveat emptor means:
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Question 85 of 178
85. Question
In a contract of Sale, Condition is ____ to main purpose of contract:
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Question 86 of 178
86. Question
A horse is sold on sale or return basis where trial period is 3 days. Horse dies on second day with out fault of either party. Who has to bear the loss?
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Question 87 of 178
87. Question
The buyer of goods gets good title, if the seller had acquired goods under:
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Question 88 of 178
88. Question
When agent sells goods on behalf of principal, the buyer gets good title where the agent is:
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Question 89 of 178
89. Question
In which of the following cases, the seller can exercise right of stoppage of goods in transit:
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Question 90 of 178
90. Question
Some persons formed a group to collect money for the purpose of giving financial assistance to widows. Here is:
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Question 91 of 178
91. Question
Which of the following is/ are partnership/s?
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Question 92 of 178
92. Question
The partner who gets share its profits:
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Question 93 of 178
93. Question
In case of partnership, dissolution can be done by notice in case of:
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Question 94 of 178
94. Question
A partner can retire form the firm:
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Question 95 of 178
95. Question
Which of the following is incorrect?
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Question 96 of 178
96. Question
A,B and C are partners in a financial firm. X a customer of firm deposits certain securities with the firm for safe custody. A & B sell away the securities without the knowledge of C. who will be liable for damages?
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Question 97 of 178
97. Question
Right of a partner to open a bank account on behalf of the firm in his own name is not with in the scope of ____ authority:
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Question 98 of 178
98. Question
Non registration of the firm will not effect the following:
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Question 99 of 178
99. Question
On which of the following grounds, a partner need not apply to the court for dissolution of the firm:
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Question 100 of 178
100. Question
In case of no agreement among partners insolvency of partner leads to:
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Question 101 of 178
101. Question
Micro Economics is the study of ________:
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Question 102 of 178
102. Question
India is a _____ economy:
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Question 103 of 178
103. Question
An economy achieves “productive efficiency” when:
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Question 104 of 178
104. Question
Law of demand explains inverse relationship between _______:
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Question 105 of 178
105. Question
Which of the following would cause the demand curve for auto mobiles shift to the left?
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Question 106 of 178
106. Question
The second glass of lemonade gives lesser satisfaction to a thirsty boy. This is clear case of
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Question 107 of 178
107. Question
The price elasticity at mid point of a straight line on demand curve is”
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Question 108 of 178
108. Question
Which of the following is not a property of indifference curve?
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Question 109 of 178
109. Question
Find out value of X?
No. of units MU TU
1 30 30
2 27 X
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Question 110 of 178
110. Question
As the price of commodity increases, normally its supply:
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Question 111 of 178
111. Question
Price elasticity of demand for a product is infinite under:
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Question 112 of 178
112. Question
The marginal rate of substitution ____ as a consumer moves on indifference curve:
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Question 113 of 178
113. Question
An indifference curve slopes down towards right since more of one commodity and less of another result in:
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Question 114 of 178
114. Question
The law of variable proportions is associated with ________________:
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Question 115 of 178
115. Question
Iso-Quant is also known as:
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Question 116 of 178
116. Question
The market price of a good is more than opportunity cost of producing it, then _____:
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Question 117 of 178
117. Question
Human capital refers to:
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Question 118 of 178
118. Question
Which of the following statement is false ?
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Question 119 of 178
119. Question
The vertical difference between TVC and TC is equal to ________:
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Question 120 of 178
120. Question
What happens to marginal cost when average cost increases?
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Question 121 of 178
121. Question
Fixed cost curve is normally:
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Question 122 of 178
122. Question
A rational producer will produce in the stage in which marginal product is positive and
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Question 123 of 178
123. Question
Comparing a monopoly and competitive firm the monopolist will ________:
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Question 124 of 178
124. Question
If equilibrium is present in a market, then:
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Question 125 of 178
125. Question
If the price of a commodity is fixed, then every increase in its sold quantity the total revenue will ______ and the marginal revenue will ____:
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Question 126 of 178
126. Question
A discriminating monopolist will charge a higher price in the market in which the demand for its product is:
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Question 127 of 178
127. Question
The reason for the kinked demand curve is that:
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Question 128 of 178
128. Question
If a firm under monopoly wants to sell more, its average revenue curve will be a _____ line:
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Question 129 of 178
129. Question
What is Net National Product?
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Question 130 of 178
130. Question
Which of the following is not a Khariff crop?
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Question 131 of 178
131. Question
The concept of ‘entitlements’ was introduced by ______ :
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Question 132 of 178
132. Question
Which of the following is not correct?
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Question 133 of 178
133. Question
Over the years in India cost of tax collection is:
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Question 134 of 178
134. Question
The ratio of dependents to working age population is called ______:
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Question 135 of 178
135. Question
Which of the following is a direct tax?
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Question 136 of 178
136. Question
______ is the best indicator of economic development of any country:
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Question 137 of 178
137. Question
The share of which one of the following sectors has increased rapidly in recent years in the GDP of India:
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Question 138 of 178
138. Question
Balance of payments _____:
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Question 139 of 178
139. Question
The Philips curve describe the relationship between:
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Question 140 of 178
140. Question
Among all the states of India _____ has the lowest birth rate:
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Question 141 of 178
141. Question
What is the average calories required in rural areas for measuring poverty?
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Question 142 of 178
142. Question
Multi Dimensional Poverty index is used by ______ to measure poverty:
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Question 143 of 178
143. Question
Which of the following statements defines the density of population?
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Question 144 of 178
144. Question
Inflation is _______:
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Question 145 of 178
145. Question
Special Drawing Rights was created by ______:
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Question 146 of 178
146. Question
Which of the following statement is not correct about the WTO?
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Question 147 of 178
147. Question
What does devaluation of a currency mean?
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Question 148 of 178
148. Question
Which of the following statements about repo rate is not correct?
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Question 149 of 178
149. Question
x, y, z together starts a business. If x invests 3 times as much as y invests and y invests two third of what z invests, then the ratio of capitals of x, y, z is _______:
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Question 150 of 178
150. Question
The integral part of a logarithm is called ____, and the decimal part of a logarithm is called _____.
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Question 151 of 178
151. Question
If a line passes through the midpoint of the line segment joining the points (-3,-4) & (-5,6) and its slope is 4/5 then the equation of the line is:
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Question 152 of 178
152. Question
If an amount is kept at Simple Interest, it earns Rs.600 in first 2 years but when kept at Compound Interest it earns at interest of Rs.660 for the same period; then the rate of interest and principle amount respectively are:
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Question 153 of 178
153. Question
Mr. X bought an electronic item for Rs.1000. What would be the future value of the item after two years, if the value is compounded semiannually at the rate of 22% per annum?
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Question 154 of 178
154. Question
In how many ways can a selection of 6 out of 4 teachers and 8 students be done so as to include atleast two teachers?
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Question 155 of 178
155. Question
The maximum number of points of intersection of 10 circles will be:
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Question 156 of 178
156. Question
If set A = {x: x/2 Z, 0 ≤ x ≤ 10}, B = {x : x is one digit prime number} and C = {x : x/3 N, x ≤ 12} then A ⋂ (B ⋂ C) :