CPT Question Paper December 2016 With Answer Key PDF

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We have compiled of CPT December 2016 Question paper, based on


the memory of students who have appeared for CPT exam.
Questions asked in the examination may have inadequate/wrong
information and/or ambiguous language. In that case the answers
provided by the institute may differ from these ideal answers. Vidya
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THIS QUESTION PAPER. Every effort has been made taken to give
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CPT – December 2016 Question Paper (Compiled By :- VSI, Jaipur. Based on Memory)
Marks 100 Time : 2 Hours
Session 1st
Part A – Fundamentals of Accounting

01. Which of the following financial statements will be provided to the outsiders?
1. Balance sheet 2. Cash flow statement
3. P & L A/C 4. Trial balance
(a) 1,2,4 (b) 1,3
(c) 2,3,4 (d) All 1,2,3,4

02. The procedural aspects of accounting include____________


(a) Generating & using the financial information
(b) Generating & classifying the financial information
(c) Generating & communicating the financial information
(d) None of the above

03. The concept of conservatism when applied to the Balance Sheet results in
(a) Understatement of assets (b) Overstatement of assets
(c) Overstatement of capital (d) None of the above

04. Identify the accounting standard which deals with provisions, contingents liabilities and
contingents assets.
(a) AS 28 (b) AS 29
(c) AS 30 (d) AS 32

05. AS 22 deals with___________


(a) Accounting for tax on income (b) Intangible assets
(c) Impairment of assets (d) Accounting for investments

06. Match the following

GROUP-1 GROUP-2
1) AS 25 a) Intangible Assets
2) AS 26 b) Interim Financial Reporting
3) AS 27 c) Impairment of Assets
4) AS 28 d) Financial Reporting of interests Joint
Ventures

(a) 1-c, 2-a, 3-b, 4-d (b) 1-a, 2-b, 3-c, 4-d
(c) 1-b, 2-a,3-d, 4-c (d) 1-d, 2-c, 3-b, 4-a

07. Out of the following statements, identify the wrong statement.


(a) Real & personal A/c’s are transferred to balance sheet.
(b) Nominal A/c’s are transferred to profit and loss A/c
(c) Cash A/c is not opened separately in the ledger
(d) Rent A/c is a personal A/c and outstanding Rent A/c is a nominal A/c

08. Trial Balance shows arithmetical accuracy of ledger accounts, but it is not a______________ proof
of accuracy.
(a) Conclusive (b) Exclusive
(c) Submissive (d) Inclusive

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09. Which of the following errors are not received by the trial balance?
(a) Wrong amount entered in the book of original entry
(b) Wrong amount entered in the sales bill.
(c) Complete omission of a transaction in the book of original entry
(d) All of the above

10. List price of the goods purchased =Rs. 60,000 cash paid = Rs. 45,000 (After receiving a cash
discount of Rs. 9,000)
Trade discount = ?
(a) 10% (b) 7.5%
(c) 15% (d) 25%

11. When the two aspects of a transaction are posted in the cash book itself, such an entry is
called as_____________
(a) Double Entry (b) Debit Entry
(c) Single Entry (d) Contra Entry

12. Insurance Claim received for the damage of machinery due to fire is considered as____________
(a) Revenue receipt (b) Casual receipt
(c) Deferred Revenue receipt (d) None of these

13. Errors are rectified by using Suspense A/c


(a) Before the preparation of Trial Balance
(b) After the preparation of Trial Balance
(c) Before and after the preparation of Trial Balance
(d) None of these

14. After the rectification of following errors, the net profit will be
(i) A cheque of `3,100 was dishonoured and debited to discount A/c
(ii) Goods of the value of ` 1,200 were returned by a customer and included in stock but
not recorded in the books.
(iii) Sales book was under cast by `23,000.
(a) Increases by `24,900 (b) Decreased by 24,900
(c) Increased by ` 23,700 (d) No change

15. OD balance as per pass book is Rs. 2,175 Cheques of Rs. 100, Rs. 150 are issued, but not yet
presented for payment. A Cheque of `600 is deposited in bank but not yet cleared. find out
the OD balance as per cash book.
(a) `2,000 (b) ` 2,150
(c) `1,475 (d) ` 1,925

16. Average inventory is `28,000 closing inventory is ` 6,000 more than opening inventory.
Then find the value of closing inventory.
(a) `31,000 (b) `28,000
(c) ` 27,000 (d) ` 34,000

17. Value of physical inventory on 15-04-2016 was ` 3,00,00. Sales amounting to ` 1,00,000 and
purchases worth ` 50,000 were held between 31-03-2016 to 15-4-2016. Goods are sold at
20% profit on sales. Value of Inventory as on 31-03-2016 is
(a) `3,50,000 (b) `2,70,000
(c) ` 3,00,000 (d) ` 3,30,000

18. Which method is an exception to non-historical cost methods


(a) Adjusted selling price (b) Latest purchase price
(c) Standard cost (d) Weighted average price

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19. Opening Inventory=1,000 units at `4 per unit
purchases=1,200 units at `5 per unit
sales at the end=2,000 units at `8 per unit
find out the profit under weighted average price method
(a) ` 6,000 (b) `6,909
(c) ` 6,900 (d) ` 7,000

20. The assets which were earlier revalued upward and now revalued downward, to the extent
of earlier upward revaluation amount should be.
(a) Credited to Revaluation reserve A/c (b) Debited to Revaluation reserve A/c
(c) Credited to P & L A/c (d) Debited to P & L A/c

21. A Machinery was purchased by X Ltd on 01-01-13. Depreciation was charged at 15% p.a.
under SLM. with effect from the 2nd year depreciation was charged under WDV method at the
same rate. The WDV of the machinery on 01-01-15 was `3,68,475. Find the original cost of
the machinery?
(a) `4,33,500 (b) `5,10,000
(c) ` 6,00,000 (d) ` 4,23,500

22. The cost of machinery is `60,000 Depreciation is charged at 20% p.a. under SLM. In the 2 nd
year it is decided to change the method and adopt WDV method @ 20% p.a. If the machine
was sold for `30,000 at the end of the 3rd year, calculate the amount loss:
(a) Loss 4,720 (b) Loss 4,560
(c) Loss 720 (d) Loss 560

23. Trade receivables as per trial Balance = ` 40,000.


Bad debts `2,000
Existing provision `800
New provision is to be made @ 5% on debtors.
The amount to be debited to P & L A/c is _____________
(a) `3,200 (b) `4,000
(c) `3,100 (d) ` 4,600

24. Accrued Income appease on the___________


(a) Credit side of P & L A/c (b) Debit side of P & L A/c
(c) Assets side of balance sheet (d) Liabilities side of balance sheet

25. The Fixed Assets of a company is double of the current assets and half of capital. If the
current assets are ` 3,00,000 and investments ` 4,00,000 calculate the current liabilities
assuming that there are no other items in the balance sheet.
(a) `2,00,000 (b) `1,00,000
(c) ` 3,00,000 (d) ` 4,00,000

26. Entries for prepaid expenses, outstanding expenses and depreciation arte called as___________.
(a) Adjustments Entries (b) Transfer Entries
(c) Closing Entries (d) Rectification Entries

27. The Nature of consignment A/c and consignee’s A/c will be_____________
(a) Nominal, personal (b) Real, Nominal
(c) Personal, Real (d) Nominal, Real

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28. Goods sent on consignment for `50,000. During transit 1/10th of goods were destroyed by
fire. Again 1/9th of goods received by consignee were destroyed by fire in godown. Half of the
remaining goods were sold for `30,000. Freight & insurance paid by consignor were `2,500
and `1500 respectively. calculate closing inventory
(a) `24,000 (b) `21,600
(c) ` 20,000 (d) None

29. If del-credere commission is allowed for bed debts, consignee will debit the bad debts
amount to:
(a) Commission Earned A/c (b) Consignor’s A/c
(c) Trade receivables (Customers) A/c (d) General Trading A/c

30. X sold goods to Y at cost + 10%. Y sold the goods to Z at cost + 20% profit on sales. cost of the
goods to X is ` 50,000. Find out the cost of the goods to Z.
(a) `66,000 (b) `68,750
(c) ` 55,000 (d) ` 70,000

Answer the Questions (31 & 32)


A & B entered into a joint venture sharing profits and losses in the ratio of 2:3. A bought
goods worth `36,000 and sent half of the goods to B. B purchased goods worth `22,500 and
sent goods worth `9,000 to A. Goods worth `3,000 were destroyed by fire in the premises of
A and the insurance claim was received at 50%. All the goods were sold at a mark-up of 25%
on cost. Expenses incurred by both were ` 5,000.

31. The sales made by A & B were


(a) `30,000 & `39,375 (b) `40,500 & `39,375
(c) ` 40,500 & `35,625 (d) `41,250 & `24,375

32. The profit on joint venture is____________


(a) `7,000 (b) `7,375
(c) ` 8,875 (d) Loss `1,500

33. Out of the following, which is not related to joint ventures


(a) Account Sales (b) Account Current
(c) Delcredere commission (d) All of the above

34. A Bill of Exchange, before its acceptance is called as_______________________


(a) Draft (b) Bills Receivable
(c) Bills payable (d) None of these

35. If an accommodation bill of `50,000 is discounted for `49,000 and the proceeds are shared
by X & Y in the ratio of 1:4, the discount to be borne by Y is _________________
(a) `800 (b) `600
(c) ` 1,000 (d) ` 400

36. A dealer sends his goods on sale or return basis He sends goods for `10,000 and records as
normal sale. The profit on sale is 20%. the value of physical inventory taken is `50,000.
Then the value of closing inventory appearing in the balance sheet will be:
(a) `50,000 (b) `60,000
(c) ` 57,500 (d) ` 58,000

37. A,B,C &D are equal partners in a firm. They Changed the profit sharing ratio as 2:2:1:1.
(a) 1/24 (b) 1/12
(c) 1/10 (d) 1/6

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38. A and B are partners in a firm in the profit sharing ratio of 2:3. C is admitted as a new
partner. A sacrificed 1/3rd of his share and B 1/4th of his share in favour of C. Find the new
profit sharing ratio of A,B & C .
(a) 17:27:37 (b) 16:27:17
(c) 17:21:27 (d) None of these

39. A and B are partners in a firm with capitals of `5,00,000 each. They admit C as a partner
with 1/4th share in the profits of the firm . C brings in `8,00,000 as his share of capital. The
profits and loss account showed a credit balance of `4,00,000 as on the date of his
admission. The value of hidden goodwill will be
(a) `14,00,000 (b) `18,00,000
(c) `10,00,000 (d) None of these

40. A,B, and C are partners in a firm, sharing profits & losses in the ratio of 5:3:2 repectively. The
balance of capital is `50,000 each for A & B and `40,000 for ‘C’ ‘B’decides to retire from the
firm. The goodwill of the firm is valued at `30,000 and profit on revaluation of assets and
liabilities was ` 5,000. The firm also has a balance in the reserve A/c at `15,000 on that
date. What amount will be payable to ‘B’?
(a) `45,000 (b) `55,000
(c) `65,000 (d) `75,000

41. Amount received in excess of surrender value of a joint life policy is shared by the partners
in
(a) Profit sacrificing ratio (b) Capitals ratio
(c) Equal ratio (d) None

42. A,B and C are partners in a firm sharing profits and losses in the ratio of 7:5:4 The profit of
the firm for the year ended 31-03-2016 was `2,40,000. C died on 30-06-15. What is the share
of ‘C’ in the profit ?
(a) `15,000 (b) `18,000
(c) `24,000 (d) `20,000

43. A,B & C are partners in a firm sharing profits and losses in the ratio of 2:2:1. B retired The
goodwill of the firm is valued at `30,000. In what ratio A & C will compensate to B.
(a) 8,000 : 4,000 (b) 4,000 : 8,000
(c) 20,000 : 10,000 (d) 10,000 : 20,000

44. Interest on partners’ capitals is allowed out of


(a) Profits (b) Capitals
(c) Goodwill (d) None of the above

45. Akash and Vikas are partners in a firm with capital of `60,000 each. Srikanth is admitted as
a new partners for 1/5th share, who brings in `80,000 as capital. Find the value of inferred
goodwill.
(a) `2,00,000 (b) `2,20,000
(c) `4,00,000 (d) `3,00,000

46. 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 money per share=?
(a) Rs. 27 (b) Rs. 25
(c) Rs. 7.80 (d) Rs. 20

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47. 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) Un called capital may be converted into reserve capital
(d) Paid up capital is equal to called up capital less calls in arrears

48. Reserve capital means:


(a) The part of subscribe uncalled capital (b) Accumulated Profits
(c) The part of Capital Reserve (d) The part of Capital Redemption Reserve

49. Zebra Ltd. Invites applications for 50,000 shares for which Rs.2 per share is payable on
application. Applications were received for 80,000 shares and 50,000 shares are allotted on
pro-rata basis to the applications for 70,000 shares. Calculate the excess application money
from X, who was allotted 200 shares.
(a) Rs. 160 (b) Rs. 100
(c) Rs. 300 (d) Rs. None of the above

50. Maximum number of partners in a firm is mentioned in the


(a) Companies Act (b) Partnership Act
(c) Income Tax Act (d) None of these

51. Debenture holders are _____________ of a company:


(a) Vendors (b) Debtors
(c) Creditors (d) Owners

52. When debentures are issued as collateral security against any loan, then the holder of such
debentures is entitled to
(a) Interest only on the amount of loan
(b) Interest only the face value of debentures
(c) Interest both on the amount of the loan and on the debentures
(d) None of the above

53. If fresh equity shares are issued for the redemption of preference shares, which A/C will be
credited?
(a) Capital Reserve A/C (b) Capital redemption reserve A/C
(c) Prefrence share Capital A/C (d) Equity share capital A/C

54. P Ltd. Issued 20,000, 12% debentures of Rs.10 each, which are redeemable after 5 years at a
premium of 20%.The amount of loss on redemption of debentures to be written off every
year=?
(a) Rs. 80,000 (b) Rs. 40,000
(c) Rs. 10,000 (d) Rs. 8,000

55. Preference shares of Rs. 10each, which were issued at per are eligible for redemption if they
are
(a) Paid application and allotment money at Rs. 5 per share.
(b) Fully paid up to at Rs. 10 per share
(c) Paid up at Rs. 7.50 per share
(d) All of the above

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56. BOD, Investors, Suppliers, Partners, Customers, Managers, Lenders. Which of the following
statements is correct?
(a) (i) Internal Users : BOD, partners, managers
(ii) External users: Investors, Lenders, Suppliers, Customers
(b) (i) Internal Users : BOD, Investors, managers
(ii) External Users : Partners, lenders, Suppliers, Customers
(c) (i) Internal Users : BOD, partners, lenders
(ii) External Users : Investors, managers, suppliers, Customers
(d) (i) Internal Users : BOD, partners
(ii) External Users : Investors, lenders, Managers

57. E Ltd. Had allotted 10,000 shares to the applicants of 14,000 shares on pro basis. The amount
payable on application is Rs. 2. F applied for 420 shares. The number of shares allotted and
the amount carried forward for adjustment against allotment money due from F=?
(a) 60 share; ` 120 (b) 340 shares; ` 160
(c) 320 shares; ` 200 (d) 300 shares; ` 240

58. Balance of outstanding salary at 31 March 2015 is ` 25,000 and balance of outstanding
salary at 31 March 2016 is ` 10,000. Salary paid during the year is ` 3,00,000. Pre paid
salary is ` 10,000. Balance of salary A/c transferred to P & L A/c will be:
(a) ` 3,05,000 (b) ` 2,65,000
(c) ` 3,15,000 (d) None of the above

59.

60.

61. Which of the following is not the legal requirement of a valid offer:
(a) it must be communicated to the offeree
(b) it must be made with a view to obtain offeree’s assent
(c) it must express offeror’s final willingness
(d) it must be made to specific person but not to public at large

62. Exchange of identical offers in ignorance of each other offers are known as:
(a) counter offer (b) cross offer
(c) general offer (d) special offer

63. Amount with drawn from ATM is


(a) Quasi contract (b) Express contract
(c) Tacit contract (d) None of the above

64. Which of the following is valid offer ?


(a) Advertisement in news paper (b) Price list
(c) Advertisement including reward (d) All of the above

65. R an optical surgeon, employs S as the assistant for a term of 3 yrs. and S agrees not to
practice as a surgeon during this period. this contract is:
(a) valid contract (b) void contract
(c) voidable contract (d) illegal contract

66. If the aggrieved party does not face any loss ______________damages can be claimed.
(a) General (b) Special
(c) Nominal (d) Vindictive

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67. Ashok owes Lakshmi Rs.25,000/-. Lakshmi said that she will accept Rs. 15,000/- towards
final settlement. It is ____________contact.
(a) Voidable (b) Valid
(c) Illegal (d) Unenforceable

68. When both the parties have decided to cancel the contract. It is known as_____________
(a) Remission (b) Novation
(c) Rescission (d) None of the above

69. Voidable contract is one which :


(a) can be enforced by aggrieved party (b) can be enforced by both the parties
(c) cannot be enforced by both parties (d) None of the above

70. It is the duty of finder to return the goods to true owner. Otherwise the finder is guilty of
(a) Criminal Misappropriation of goods (b) Theft
(c) Extortion (d) None of the above

71. Which contract depends upon happening or non-happening of future uncertain event ?
(a) Contingent contract (b) Wagering agreement
(c) Void agreement (d) Voidable contact

72. Novation means:


(a) Alteration of contract (b) Substitution of a new contract
(c) Cancellation of contract (d) None of the above

73. A wants to go to his home at Delhi from his place of employment. He is travels by bus as there
is an air bus belonging to Chandra travels Pvt. Ltd. Which is standing at bus stand waiting for
passengers. Here is
(a) Internal offer (b) External offer
(c) Implied offer (d) Express offer

74. Communication of acceptance is said to be completed as against the offeree :


(a) when it comes to the knowledge of proposer
(b) when acceptance is posted
(c) when letter of acceptance is in transit
(d) None of the above

75. ________________does not affect the free consent of the parties.


(a) Fraud (b) Coercion
(c) Incompetency of parties (d) Undue influence

76. The party to contract believes a particular things to be true but it is not true. It falls
under____________
(a) Fraud (b) Undue influence
(c) Misrepresentation (d) Coercion

77. A buyer bought some Jewellery thinking that it is real where as it is not so. The seller did not
correct the opinion of buyer. Can the buyer make any claim on the ground of fraud?
(a) Yes (b) No
(c) Both (a) & (b) (d) None of these

78. Giving keys of godown to buyer is ______ delivery.


(a) Constructive (b) Symbolic
(c) Actual (d) None of the above

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79. Right of lien can be exercised by seller when___
(a) Goods are under possession of seller (b) Goods are delivered to carrier
(c) Goods are delivered to buyer (d) Goods are not under possession of seller

80. Which of the following is not the right of an unpaid seller?


(a) To resell the goods (b) To stop the goods in Transit
(c) To retain the goods (d) To demand back the goods

81. Which of the following is not a document of title to goods?


(a) Bill of lading (b) Railway receipt
(c) Dock warrant (d) Performa invoice

82. In case of non separable goods performance of contract becomes impossible due to
operation of law, remedy available to buyer is:
(a) Repudiation of contract (b) can claim damages
(c) no remedy to buyer (d) none of the above

83 Caveat emptor means:


(a) Let the seller beware (b) Let the buyer beware
(c) Let the creditor beware (d) None of the above

84. In a concluded sale, If goods are destroyed, loss is to be faced by_________________


(a) Seller (b) Buyer
(c) Carrier (d) Seller’s agent

85. When there is contract for sale of specific goods, the agreement is ________ , if the goods,
without the knowledge of seller, have been perished or have no longer in accordance with
description before the contract.
(a) Void (b) Voidable
(c) Valid and enforceable (d) Illegal

86. Goods sold by description but not identified or agreed upon at the time of contract of sale are
(a) Specific goods (b) Future goods
(c) Existing goods (d) Unascertained goods

87. Rasheed sends gold to Adam for making an ornaments. This is a__________________
(a) Contract of sale (b) Contract of work and labour
(c) Hire purchase agreement (d) Sale on approval basis

88. The buyer of pesticide tin, the lid of which is broken, gets injured by inhaling the powder.
The seller has failed in disclosing the same. Here , buyer can claim:
(a) Damages for breach of warranty as to disclose of dangerous nature
(b) Repudiation of contract
(c) Both (a) & (b)
(d) None of these

89. Where the goods are of perishable nature, unpaid seller can
(a) Sue for price (b) Repudiate the contract before due date
(c) Resell the goods (d) Sue for damages

90. In a partnership firm difference of opinion over ‘routine matters’ can be settled by:
(a) Senior partner (b) Majority of partners
(c) All the partners (d) Managing partner

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91. Public notice is not needed in case of
(a) Dissolution of firm (b) Admission of partner
(c) Retirement of partner (d) Expulsion of partner

92. Reconstitution of firm takes place except in case of


(a) Admission of partner (b) Retirement of partner
(c) Change in profit sharing ratio (d) Insolvency of partner

93. Unregistered firm cannot file a suit against:


(a) Incoming partner (b) Outgoing partner
(c) Minor partner (d) Third party

94. True test of partnership is


(a) Sharing of profits (b) Mutual agency
(c) Both (a) and (b) (d) None of the above

95. A partner can be expelled by


(a) Majority of partners (b) Express contract
(c) Good faith (d) All of the above

96. Which of the following essential of partnership deed?


(a) It should be made Legally
(b) It should be enforceable
(c) It should be a written agreement between two or more persons
(d) It should be forbidden by law

97. A partner can retire:


(a) On reaching the age of superannuation
(b) On the balance in the capital account reaching a certain amount
(c) In accordance with the partnership deed
(d) On the condition of his nominee becoming a partner

98. Who does not actually take part in business and gives his name to the firm ?
(a) Actual partner (b) Sleeping partner
(c) Nominal partner (d) None of the above

99. The maximum number of partners in partnership firm is determined by ______________


(a) Companies Act (b) Partnership Act
(c) Limitation Act (d) None of the above

100. Where in a partnership firm, the partners are entitled to interest on their capitals, such
interest is payable_________
(a) Only out of capital
(b) Only out of cash brought in by incoming partner towards goodwill
(c) Only out of profits of the firm
(d) None of the above

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(c) Only out of profits of the firm


(d) None of the above

VIDYA SAGAR INSTITUTE


VSI Result Analysis – IPCC May 2016
IPCC Results
CPT
S. No. Name Marks IPCC IPCC All India
Roll No Marks Ranks
1 AMIT DADHICH 161 188005 521 5
2 ARPIT CHITTORA 184 188044 517 7
3 AJAY AGARWAL 187 188940 497 17
4 SRISHTI KHANDELWAL 171 188257 493 20
5 RHYTHM AGARWAL 163 188294 492 21
6 SHEFALI AGARWAL 171 188423 479 30
7 ANUJ KUMAR GUPTA 164 292987 477 32
8 LAKSHAY AGARWAL 182 188813 476 33
9 KRATIKA AGARWAL 174 188752 470 39
10 ABHISHEK KHANDELWAL 157 188614 460 49

Note 1 : Tk;iqj ls dqy 14 All India Ranks gS ftlesa ls çFke 8 Ranks lfgr dqy 10 All India Ranks VSI ls gSA ;g VSI
dh Result Quality crkrk gSA
ABHISHEK KHANDELWAL ds CPT June 2015 esa 157 Marks Fksa ftlus IPCC May 2016 esa 49 All India Rank çkIr
th
Note 2 :
dh tcfd CPT esa 157 Marks ls Åij dsa lSdM+ksa fon~;kFkhZ FksA

Result Comparison : India V/S VSI


VSI Result Comparison in India
IPCC May 2016 India VSI Percentage Times
No. of Students appear 170393 323 0.19%
No. of Students passed 20652 191 0.92% 4.84 Times
No. of Students in Top 10 Rank 10 2 20.00% 105.26 Times
No. of Students in Top 25 Rank 29 5 17.24% 90.74 Times
No. of Students in Top 40 Rank 71 9 12.68% 66.74 Times
No. of Students in Top 50 Rank 122 10 08.20% 43.16 Times

Note 1 : All India esa Both Group dk Result jgk 4.72%, tcfd All India ds 8.20% Ranker VSI ls gSA

Note 2 : CPT June 2015 esa t;iqj ls 6 All India Ranks vkbZ Fkh ftlesa ls rhu us IPCC ds fy, VSI Tokabu fd;k] mudh
rks IPCC May 2016 esa All India Rank vk xbZ tcfd ckdh rhu tks vU; txg Tokbau fd;k ftlesa ls ,d us rks
Exam gh ugha nh] nwljk 1 Group Pass rFkk 2 Group Fail gks x;k rFkk rhljs us Both Group Pass dj fy;k]
st nd

ysfdu IPCC eSfjV ds vkl ikl Hkh ugha gSA

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CPT – December 2016 Question Paper (Compiled By :- VSI, Jaipur. Based on Memory)
Marks 100 Time : 2 Hours

Session 2nd
Part A – General Economics

01. Which of the following is another name of production possibilities Curve?


(a) Demand curve (b) Indifference curve
(c) Transformation curve (d) Supply curve

02. Freedom of choice is an advantage of :


(a) Capitalist economy (b) Mixed economy
(c) Socialist economy (d) Communist economy

03. Who among the following gave the definition of Economics as “ Science which deals with
wealth”?
(a) Frachild (b) A.C Pigou
(c) Adam smith (d) J.B. Say

04. Lionel Robbins said the following except :


(a) Scarce means (b) Limited ends
(c) Alternative Uses (d) Economics is science

05. In which economic system all the means of production are owned and controlled by private
individuals for profit?
(a) Capitalist (b) Socialist
(c) Mixed (d) None of these

06. Supply is a __________concept.


(a) Flow (b) Stock
(c) Both flow & stock (d) Qualitative

07. Elasticity of supply refers to the percentage change in supply divided by ________
(a) Percentage change in income (b) Percentage change in price
(c) Percentage change in demand (d) Percentage change in cost

08. Conspicuous goods are also called as:


(a) Veblen (b) Snob
(c) Prestigious (d) All of the above

09. A relative price is _______:


(a) Price expressed in terms of money
(b) What you get paid for baby-sitting your cousin
(c) The rate of one money price to another
(d) Equal to a money price

10. Concept of consumer surplus is based on :


(a) Law of Diminishing Marginal Utility (b) Law of Equi - Marginal Utility
(c) Law of Diminishing returns (d) Engel’s law

11. In case of a straight line demand curve meeting the two axes, the price elasticity of demand
at the Y – axis of the line would be :
(a) Infinity (b) Equal to 1
(c) Zero (d) Less than 1

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12. If income increases by 10% and demand increases by 5%, than income elasticity of demand :
(a) +0.5 (b) -0.5
(c) +0.05 (d) -0.05

13. Average product raises due to an increase in variable input, then Marginal product is:
(a) More than AP (b) Less than AP
(c) Equal to AP (d) None

14. Suppose the first units of a variable input generate corresponding total outputs of 150, 200,
350, and 550 . The marginal product of the third unit of inputs is :
(a) 50 (b) 100
(c) 150 (d) 200

15. Which among the following is not a characteristic of land ?


(a) Land is an active factor (b) Its power is indestructible
(c) Variety of uses (d) Its supply is limited

16. Which is not a characteristic of labour ?


(a) Labour is not separable from labourer (b) Labour is perishable
(c) Labour is not a mobile factor (d) Labour is an active factor

17. A firm’s average fixed cost is Rs. 20 at 6 units of output .What will it be at 4 units of output?
(a) ` 60 (b) ` 30
(c) ` 40 (d) ` 20

18. If TVC = 1000, TFC = 400, , then calculate ATC at 5 units.


(a) 280 (b) 250
(c) 150 (d) 300

19. Average Cost of producing 50 unites of a commodity is Rs.250 and total fixed cost is 1,000.
Calculate AFC of producing 100 units of the commodity?
(a) 10 (b) 30
(c) 20 (d) 5

20. Which one of the following is incorrect:


(a) Price Discrimination in perfect competition is beneficial for seller
(b) Price Discrimination in imperfect competition is beneficial for seller
(c) Price Discrimination in monopoly is beneficial for seller
(d) None of the above.

21. The market for ultimate consumers in known as _________________


(a) Whole sale market (b) Retail market
(c) Unregulated market (d) Regulated market

22. In a perfect competition , who set the prices:


(a) Buyers (b) Sellers
(c) Both buyers and seller (d) Government

23. Which of the following markers has the concept is group equilibrium in long – run ?
(a) Monopoly (b) Perfect competition
(c) Monopolistic competitive (d) Oligopoly

24. Which is the first order condition for the profit of a firm to be maximum ?
(a) AC= MR (b) MC= MR
(c) MR= AR (d) AC= AR

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25. Which of following is false regarding Monopoly ?
(a) Firm is a price taker (b) Unique product
(c) Single Seller (d) None of above

26. Average revenue is also known as ________________


(a) Supply curve (b) Demand curve
(c) Marginal revenue (d) Average cost

27. The price discrimination under monopoly will be possible under which of the following
conditions ?
(a) The seller has no control over the supply of his product
(b) The market has the same conditions all over
(c) The price elasticity of demand is different
(d) The price elasticity of demand is uniform

28. Which of the following is not a cause of under – developed country?


(a) Unemployment & poverty (b) Over population
(c) Income inequalities (d) Dominance of Mass consumption

29. __________________ is the apex bank for agriculture credit in India:


(a) RBI (b) SIDBI
(c) NABARD (d) ICICI

30. Which committee recommended simplification and rationalization of tax system in India:
(a) Chelliah (b) Booth lingam
(c) Both (a) & (b) (d) Urjit Patel

31. BPO stands for__________________:


(a) Bharat Petroleum Organization (b) Business Process Outsourcing
(c) Big Portfolio Outstanding (d) Business Profit Organization

32. One the basis of end use, industries are classified into:
(a) Consumer Goods, Free Goods, Large scale industries
(b) Intermediate Goods, Consumer goods, Small scale industries
(c) Capital Goods, Basic Goods, Intermediate Goods, Consumer Goods
(d) Consumer Goods, Large Scale industries

33. ___________ Unemployment is caused by decline in demand.


(a) Structural (b) Technological
(c) Disguised (d) Chronic

34. Work force refers to that part of :


(a) Labour force which is employed (b) Population which is unemployed
(c) Population which is forced to work (d) Labour force which is unemployed

35. In the theory of demographic transition in the last stage :


(a) Birth rate rise, death rate rises (b) Birth rate rise, death rate falls
(c) Birth rate falls, death rate rises (d) Birth rate falls, death rate falls

36. Right of children to free and compulsory education Act ( RTE Act ) 2009, has free education
for all children between the age of ________ a fundamental right.
(a) 5 and 14 years (b) 6and 14 years
(c) 7and 14 years (d) 8 and 14 years

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37. Inflation can be controlled by:
(a) Fiscal measures (b) Monetary measures
(c) Control of investments (d) All of the above

38. __________________ is the different between total receipts and total expenditure:
(a) Fiscal deficit (b) Budget deficit
(c) Revenue deficit (d) Capital deficit

39. Which of the following is not included in domestic territory?


(a) Ships and aircrafts operated by the residents of the country between two or more countries
(b) Fishing vessels, oil and natural gas rigs, and floating platforms operated by the residents of
the country.
(c) Embassies, consulates and military establishments of the country located abroad.
(d) Corporate offices of residents outside India.

40. ________________ is a systematic record of all the economic transactions between one country
and rest of the world:
(a) Balance of trade (b) Balance of transactions
(c) Budget (d) Balance of payments

41. Which of the following is not a direct tax:


(a) Gift tax (b) Corporate income tax
(c) VAT (d) Wealth tax

42. Government has permitted up to ………………….. % Foreign Direct Investment (FDI) by foreign
airlines in Indian airline companies:
(a) 26 (b) 49
(c) 51 (d) 74

43. Per capita income = _________________:


(a) NNP is divided by total population (b) Population is divided by NNP
(c) Total capital divided by population (d) None of these

44. Which of the following is not correctly matched:


(a) Liberalisation – relaxation of previous government restrictions usually in areas of social and
economic policies.
(b) Privatisation – the transfer of assets or service functions from public to private ownership
(c) Disinvestment – disposal of private sector’s unit to public sector
(d) Globalisation – integrating the domestic economy with the world economy

45. __________________ refers to that portion of total deposits of a commercial bank which it has to
keep with RBI in the form of cash reserves.
(a) CRR (b) SLR
(c) Bank Rate (d) Repo Rate

46. Who is called the ‘Bank of Issue’?


(a) RBI (b) SBI
(c) IDBI (d) ICICI

47. Money includes:


(a) Currencies and demand deposits (b) Bonds, government securities
(c) Equity shares (d) All of the above

48. _________is the official minimum rate at which central bank of a country is prepared to
rediscount approved bills held by commercial banks :
(a) Repo Rate (b) Reverse repo rate
(c) Bank Rate (d) CRR
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49. Commercial Banks in India in 1969 were nationalized due to:
(a) Urban Bias (b) Concentration of economic power
(c) Agricultural sector was neglected (d) All of the above

50. Profitability ratio of commercial banks has not improved much due to ______________:
(a) Low interest on Government borrowings from banks
(b) Subsidization of credit of priority sector
(c) Increasing expenditure due to over staffing
(d) All of the above

51. A bag contain 23 number of coins in the form of 1 rupee, 2 rupee and 5 rupee coin. The total
sum of the coins is ` 43. The ratio between 1 rupee and 2 rupees coins is 3 : 2, then the
number of 1 rupee coins:
(a) 12 (b) 8
(c) 10 (d) 16

52. If 3x = 5y = (75)z then:


(a) + = (b) + =

(c) + = (d) None of these

53. If abc = 2 then the value of


+ + =

(a) 1 (b) 2
(c) (d)

54. Given log 2 = 0.3010 and log 3 = 0.4771 than the value of log 24:
(a) 1.3081 (b) 1.1038
(c) 1.3801 (d) 1.8301

55. Particular company produces some articles on a day. The cost of production per article is ` 2
more than thrice the number of articles and the total cost of production is ` 800 on a day
then the number of articles is:
(a) 16 (b) 14
(c) 18 (d) 15

56. A triangle formed by the lines y = 0, x + 2y = 3, 2x – y = 1:


(a) Isosceles triangle (b) Equilateral triangle
(c) Right angled triangle (d) None of these

57. The inequalities:


x1 + 2x2 ≤ 5, x1 + x2 ≥ 1, , x1 ≥ 0, x2 ≥ 0 represents the region:
(a) (b)
x2 x2

(0,5/2) (0,5/2)

(0,1) (0,1)

o (1,0) (5,0) x1 o (1,0) (5,0) x1

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(c) (d)

x2 x2

(0,5/2) (0,5/2)

(0,1) (0,1)

o (1,0) (5,0) x1 o (1,0) (5,0) x1

58. If a person lends ` 6,000 for 4 year and ` 8,000 for 3 years at S.I. The total interest earned is
` 2,400 then the rate of interest is:
(a) 5% (b) 6%
(c) 7% (d) 8%

59. A sum of money amounts ` 7,803 for one year at the rate of 4% compounded semiannually
then the sum invested is:
(a) 7,000 (b) 7,500
(c) 7,750 (d) 8,000

60. The difference between the simple interest and compound interest on a certain sum of
money invested for 2 years at 5% p.a. is ` 30. Then the sum:
(a) 10,000 (b) 12,000
(c) 13,000 (d) None of these

61. In how many ways 4 members can occupy 9 vacant seats in a row:
(a) 3204 (b) 3024
(c) 4 9 (d) 94

62. If : ncr : = 8 : 3 : 1 then find the value of n:


(a) 14 (b) 15
(c) 16 (d) 17

63. How many numbers between 1000 and 10,000 can be formed with the digits 1,2,3,4,5,6:
(a) 720 (b) 360
(c) 120 (d) 60

64. A person received the salary for the 1st year is ` 5,00,000 per year and he received an
increment of ` 15,000 per year then the sum of the salary he taken in 10 years:
(a) ` 56,75,000 (b) ` 72,75,000
(c) ` 63,75,000 (d) None of these

65. The number of terms of the series needed for the sum of the series 50 + 45 + 40 + ………..
becomes zero:
(a) 22 (b) 21
(c) 20 (d) None of these

66. 2.353535…………………… =
(a) (b)

(c) (d)

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67. The number of subsets formed from the letters of the word “ALLAHABAD”:
(a) 128 (b) 16
(c) 32 (d) None of these

68. f = R R is defined by f (x) = 2x then f is:


(a) One – one and onto (b) One – one and into
(c) Many to one (d) One to many

69. If f(x) = 100x then f-1 (x) :


(a) (b)

(c) (d) None of these

70. =

(a) (b)

(c) - (d)

71. (0.7 + 0.07 + 0.007 + ……………… n terms) =

(a) (b)

(c) (d)

72. If (x) = for x -a


= K for x = -a
Is continuous at x = - a then the value of K is:
(a) -3a2 (b) -2a2
(c) 3a2 (d) 2a2

73. (log( + )) :
(a) (b)

(c) (d) None of these

74. f (x) = loge and f ’ (x) = 1 then the value of x =


(a) 1 (b) 0
(c) ± (d) ±

75. dx :
(a) e-1 (b) ee - 1
(c) ee (d) None the there

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76. Different modes of presentation of data are:
(a) Textual (b) Tabular
(c) Both (a) & (b) (d) None of these

77. Profit made by XYZ bank in different years refers to ……………………:


(a) Attribute (b) Discrete variable
(c) Continuous variable (d) None of these

78. For construction of Histogram the class intervals of frequency distribution is:
(a) Equal (b) Unequal
(c) Either Equal or Unequal (d) None of these

79. In _________________ method(s) information can be gathered by the researcher himself by


contacting the interviewee:
(a) Personal Interview (b) Telephone Interview
(c) Both (a) & (b) (d) Indirect oral

80. The G.M. of observation 40, 50 and x is 10, then find the value of x:
(a) 1 (b) 5
(c) 2 (d) 1/2

81. The mean of 10 observations is 14.4. Out of these mean of 4 observations is 16.5, then find
the mean of remaining observations:
(a) 13.6 (b) 13
(c) 13.8 (d) 12

82. If the mean of data is 55.6 and the mode is 46, then the median is:
(a) 50.4 (b) 40.7
(c) 52.4 (d) None of these

83. _____________ is used for ordering the size of designed cloths:


(a) Mean (b) Median
(c) Mode (d) None of these

84. The mean of 6,4,1,5,6,10 and 3 is 5. If each number is added with 2, then the new mean is…….:
(a) 7 (b) 5
(c) 6 (d) 10

85. Regression coefficients are affected by………………….:


(a) Change of origin (b) Change of Scale
(c) Both origin & Scale (d) Neither origin nor scale

86. If the sum of the squares of rank differences in the marks of 10 students in two subject is 44,
then the coefficient of rank correlation is …………….:
(a) 0.78 (b) 0.73
(c) 0.87 (d) None of these

87. If the regression line of x on y is 3x + 2y = 100, then find the value of bxy?
(a) (b)

(c) (d)

88. Regression lines are passes through the ………………….. points:


(a) Mean (b) Standard deviation
(c) Both (a) & (b) (d) None of these
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89. If P (A) = , P(B) = , P (A B) = , then the P (A B)?


(a) (b)

(c) (d)

90. If P (A) = , P(B) = , P (A B) = , then events A & B are…………….


(a) Independent and mutually exclusive
(b) Independent but not mutually exclusive
(c) Mutually exclusive but not independent
(d) Neither independent nor exclusive

91. A bag contains 6 green and 5 red balls. One ball is drawn at random. The probability of
getting a red ball is?
(a) (b)

(c) (d) None of these

92. The Second & third moments of observations (-6, -4, -2, 0, 2, 4, 6) are:
(a) (12, 0) (b) (0, 12)
(c) (16, 0) (d) (0, 16)

93. In ______________ distribution mean = variance:


(a) Binomial (b) Normal
(c) Poisson (d) t

94. _________________ is / are Bi-parametric distribution (s):


(a) Binomial (b) Poisson
(c) Normal (d) Both (a) & (c)

95. In Poisson distribution µ4 = 2, then find µ2:


(a) 2 (b) 4
(c) 2/3 (d) ½

96. If X & Y are two independent normal variates with means µ1 & µ2 and standard deviations 1

& 2 respectively, then X + Y follows………….. :


(a) Mean = µ1 + µ2, standard deviations = 0
(b) Mean = µ1 + µ2, standard deviations = +
(c) Mean = 0, standard deviations = +
(d) Mean = µ1 + µ2, standard deviations =

97. According to Neyman’s allocation, in stratified sampling:


(a) Sample size is proportional to the population size
(b) Sample size is proportional to the sample SD
(c) Sample size is proportional to the sample variance
(d) Population size is proportional to the sample variance

98. From the following data:

Commodity A B C D
Price 3 5 4 1
1992 Base Year
Quantity 18 6 20 14
Price 4 5 6 3
1993 Current Year
Quantity 15 9 26 15
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The Paasche’s price index number is:


(a) 146.41 (b) 148.25
(c) 144.25 (d) None of these

99. The time reversal test is satisfied by ______________ index number:


(a) Laspeyre’s (b) Paasche’s
(c) Fisher’s (d) None of these

100. Index numbers are used in:


(a) Economics (b) Statistics
(c) Both (a) & (b) (d) None of these

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PART A : FUNDAMENTALS OF ACCOUNTING & MERCANTILE LAW

1 B 11 D 21 C 31 A 41 C 51 C 61 D 71 A 81 D 91 B

2 A 12 D 22 C 32 B 42 A 52 A 62 B 72 B 82 B 92 C

3 A 13 B 23 A 33 D 43 A 53 D 63 C 73 C 83 B 93 D

4 B 14 A 24 C 34 A 44 A 54 D 64 C 74 A 84 B 94 B

5 A 15 A 25 B 35 A 45 A 55 B 65 A 75 C 85 A 95 D

6 C 16 A 26 A 36 D 46 A 56 A 66 C 76 C 86 D 96 C

7 D 17 D 27 A 37 B 47 B 57 D 67 B 77 B 87 B 97 C

8 A 18 D 28 B 38 B 48 A 58 A 68 C 78 B 88 A 98 C

9 D 19 B 29 A 39 C 49 A 59 69 A 79 A 89 C 99 A

10 A 20 B 30 B 40 C 50 A 60 70 A 80 D 90 B 100 C

PART B : GENERAL ECONOMICS & QUANTITATIVE APTITUDE

1 C 11 A 21 B 31 B 41 C 51 A 61 B 71 C 81 B 91 A

2 A 12 A 22 C 32 C 42 B 52 A 62 B 72 C 82 C 92 C

3 D 13 A 23 C 33 A 43 A 53 A 63 B 73 A 83 C 93 C

4 B 14 C 24 B 34 A 44 C 54 C 64 A 74 C 84 A 94 D

5 A 15 A 25 A 35 D 45 A 55 A 65 B 75 C 85 B 95 C

6 A 16 C 26 B 36 B 46 A 56 C 66 A 76 C 86 B 96 D

7 B 17 B 27 C 37 D 47 D 57 A 67 C 77 C 87 A 97 A

8 D 18 A 28 D 38 B 48 C 58 A 68 B 78 C 88 A 98 A

9 C 19 A 29 C 39 D 49 D 59 B 69 A 79 C 89 B 99 C

10 A 20 A 30 C 40 D 50 D 60 B 70 B 80 D 90 B 100 C

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Dear Students,

After appearing in CPT examination your next object is to pass the CA IPCC examination in first attempt, As you
know generally CA IPCC results remains 4-5% only .Such a lower percentage of result may create fear among
the students ,whether they would or wouldn’t be able to pass the CA IPCC examination. But this is not so if
students have proper guidance, to pass CA IPCC examination is as easy to pass the 12th standard examination.

To pass CA–IPCC examination student require two things first hard and regular study secondly proper
guidance. Generally students go for hard and regular study but lack of proper guidance creates problem to
pass the CA-IPCC examination.

After intensive research of various dimensions to be considered to pass CA examination, VSI has developed
strong system, which enable students to pass the CA examination easily.

Though CA-IPCC examination is considered toughest examination of CA syllabus, but the system developed by
the VSI has credited. VSI securing AIR 1, 2, 10, 16, 23, 24, 45 in all 7 ALL INDIA RANKS in CA-IPCC May 2015
examination and in IPCC MAY-2016 , AIR 5, 7,17,20,21,30,32,33,39,49 in all 10 All India Ranks. Such a result is
considered a record in itself. This result is attracting students to come over Jaipur instead of going to Mumbai,
Delhi and Indore.

In CA-IPCC examination, May-2015 our student TANU GARG stood at All India First Rank with 559 Marks. The
students who stood at 50th Rank had secured 493 marks, thus there was difference of 66 marks between the
two Rankers. It reveals that the VSI students have secured 66 more marks than the student of other Institutes,
which did not give any Rank.

In CA-IPCC examination May-2016 our student AMIT DADHICH stood at All India 5th Rank with 521 marks and
the other student who was studying in Jaipur stood at 36th All India Rank with 473 marks. Thus this student
secured 48 marks less than the VSI student . The student who stood at 50th Rank secured 459 marks. Thus
there was difference of 62 marks between our Topper and other students of other institute, which did not give
any rank. Analysis of these data concludes that generally there is a difference of 50 to 70 marks between the
students studying in VSI and other Institutes. And among the failure students 90 percent students fail because
they get 50 to 60 marks less. If these students might have studied in VSI, could pass the examination securing
50-60 more marks .

If you are willing to go for CA and searching a Institute for IPCC-Coaching, Please first check the result of the
Institute to which you are going to join. Generally the Institute which has given good results in the past
maintains record in the future. Choice of a Right Institute may build your career or choice of a wrong Institute
may cause failure in your career.

To know more about VSI, please visit VSI at least once, You may call us, may see the enclosed Brochure or visit
us on www.vsijaipur.com

Thanks

R.C. SHARMA

CHAIRMAN VSI
M ore a t ht t p://c a k now le dge .in/dow nloa d-c pt -que st ion-pa pe rs/

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