CSEET Business Economics & Fundamentals of Accounting and Auditing PYQ December 2013: Question Paper and Available Answers
CS CSEET
Business Economics & Fundamentals of Accounting and Auditing
PYQS Series
December 2013
100 Questions Indexed
ICSI Examination Archive & Suggested Answers: This directory contains indexed questions from the paper for CS CSEET Business Economics & Fundamentals of Accounting and Auditing PYQS (December 2013). Open the source paper and available answers. Older sessions follow the syllabus and statutory provisions applicable to their examination year.
Indexed questions
- Among the following, which of the statement is reflecting both positive and normative economics
- An economic problem arises primarily due to scarcity of resources. Scarcity of resources is best reflected in the market supply of — W. Wheat and rice X. Sand at sea shore Y. High-
- Indian economy, at present juncture can be best represented as a —
- With a fall in the price of a commodity-X demand for commodity-Y also falls. This best represents —
- A functional relationship is given as follows: Q N = f (P N ) Where Q N stands for quantity demanded of commodity-N and P N stands for the price of commodity-N. The law of demand s
- If consumption of each additional unit of a commodity is expected to give an increasing marginal utility, total utility derived by consumer will —
- In case of a commodity for which no price is to be paid, a consumer will reach equilibrium —
- Which of the following is not correct ? Normally, an indifference curve —
- In figure above (referring to the provided image with indifference curves IC1, IC2, IC3 and points A, B, C, D), the highest desired level of satisfaction is being represented by —
- If the income elasticity co-efficient for demand of a Commodity-X is +0.5; with an increase in the consumer's income, share of income spent on this commodity will —
- Cross elasticity of demand for Commodity-X and Commodity-Y is (-) 0.5. It means that —
- Study the three tables given below — Table-1 Table-2 Table-3 Input-X Input-Y Input-X Input-Y Input-X Input-Y 1 20 1 10 1 20 2 10 2 10 2 16 3 4 3 10 3 8 Which of the above tables is
- Which of the following figures is showing correct relationship between average product and marginal product under production theory ? (Refer to Figures 1, 2, 3, 4 in the original d
- With an increase in the units of a variable input, total product keeps rising at a constant rate, marginal product curve will be best represented as a —
- In the production theory, the optimum level of output is represented at a point where —
- Increasing returns to scale are obtained when —
- Which of the following type of commodities, normally, do not operate in an oligopoly market structure ?
- Market for mobile phone-sets in India demonstrates the characteristics of a —
- Given below is the short-run cost-sheet of a perfectly competitive firm, at equilibrium level of output: Average variable cost = ₹9 per unit Average fixed cost = ₹2 per unit The fi
- Which of the following figures best represents the profit being earned by a perfectly competitive firm ? (Refer to Figures 1, 2, 3 in the original document, showing different cost/
- Which one of the following is not true about the Indian economy ?
- In terms of contribution made to the GDP, the predominant sector in the Indian economy is —
- A good measure of economic welfare in an economy is —
- Demographic dividend accrues to an economy due to a change in —
- Current account deficit of a country measures the excess of —
- A distinguishing feature of unemployment in India is largely the presence of —
- If the rate of inflation falls down from current 8% to 6%, the price of your favourite ice-cream may —
- The current economic crises in the Euro-zone and the USA have led to —
- An important monetary policy tool among the following is —
- Fiscal deficit in India, currently, is financed by —
- Which of the following does not have a fixed tenure ?
- Which of the following is classified as a development bank in India ?
- If the target of the Central Bank is to reduce the rate of inflation in the economy, it should not —
- Which of the following is the regulator for telecommunication sector in India?
- Arrange the following poverty alleviation programmes in the ascending order of the year of launch/implementation : (I) Employment Assurance Scheme (II) Prime Minister Rozgar Yojana
- Arrange the following stages of a statistical enquiry in proper order : (I) Organisation and presentation of data (II) Interpretation of data (III) Collection of data (IV) Analysis
- Which of the following statements qualifies to be called 'statistics'?
- The quote about the nature of statistics, "Statistics are like the clay from which you can make a God or a devil as you please", is attributed to —
- One of the following is a secondary source of data —
- An 'ogive' can be used to estimate the value of —
- In a moderately asymmetrical distribution, Arithmetic mean = 50, and Mode = 37.5. The value of median will be —
- The sum of deviations of a set of observations is zero when the deviations are taken from their —
- The mean and standard deviations of 10 observations are 35 and 2 respectively. If each observation is increased by 4, the changed mean and standard deviation respectively will be —
- An index number is a —
- Test of adequacy requires that the formulae for calculating an index number should give consistent results in both the directions. This test is satisfied by —
- What is the probability of getting a sum of 9 from two throws of a dice ?
- Mutually exclusive events mean —
- In what period, the compound interest on ₹30,000 at 7% per annum amounts to ₹4,347 —
- A bag contains 6 black and 8 white balls. One ball is drawn at random. The probability that the ball drawn is white will be
- Given are the Country-X's exports (in ₹ crores) to different regions between April, 2012 and February, 2013 : Region Europe Asia America Africa Exports 31,516 42,516 23,495 5,133 W
- Atul purchased a car for ₹5,00,000, by making a down payment of ₹1,00,000 and signing a ₹4,00,000 bill payable due in 60 days. As a result of this transaction —
- Gauri paid ₹1,000 towards a debt of ₹1,050, which was written-off as bad debt in the previous year. Which of the following account will be credited for this amount —
- While finalising the current year's profit, the company realised that there was an error in the valuation of closing stock of the previous year. In the previous year, closing stock
- ₹1,000 was paid as rent to the landlord, Krishna. This amount was debited to Krishna's personal account. This error will —
- Dinesh Garments purchased a machine for ₹50,000 and spent ₹6,000 on its erection. On the date of purchase it was estimated that the effective life of the machine will be ten years
- An equipment was purchased on 1 st January, 2012 for ₹25,000 and is to be depreciated at 30% based on reducing balance method. If the company closes its books of account on 31 st M
- A firm earns a profit of ₹1,10,000. The normal rate of return in a similar type of business is 10%. The value of total assets (excluding goodwill) and total outside liabilities are
- Which of the following is true about a partnership —
- At the time of retirement of a partner from a partnership firm, the adjustment of goodwill is done in —
- A, B and C share profits and losses of a firm on 1:1:1 basis. B retired from business and his share is purchased by A and C in 40:60 ratio. New profit and loss sharing ratio betwee
- G Ltd. purchased land and building from H Ltd. at a book value of ₹2,00,000. The consideration was paid by issue of 12% debentures of ₹100 each at a discount of 20%. For this trans
- Solid Ltd. issued 2,000, 10% preference shares of ₹100 each at par, which are redeemable at a premium of 10%. For the purpose of redemption, the company issued 1,500 equity shares
- A company forfeited 1,000 shares of ₹10 each (which were issued at par) held by Saurabh for non-payment of allotment money of ₹4 per share. The called-up value per share was ₹8. On
- In a partnership firm, in the beginning of the year, capital of one partner is ₹80,000. During the year, he introduced ₹7,000 as additional capital. In addition to this, he withdra
- The rule 'every transaction affects two or more ledger accounts' is based on the concept of —
- Expenses incurred for obtaining a license for starting a factory are —
- Which of the following is correct about 'Accounting Concept' —
- Madhur and Company purchases a machine for a certain sum. The company has a policy of charging 8% depreciation on written down value. The depreciated value of the machine after thr
- Which of the following accounting equation is correct —
- X Limited is in the business of trading. It is to receive ₹7,000 from Vinod and to pay ₹8,000 to Vinod. Similarly, it is to pay ₹8,000 to Sudhir and to receive ₹9,000 from Sudhir.
- The value of a fixed asset after deducting depreciation is known as its —
- Which of the following is true about bank reconciliation statement —
- M and N are partners sharing profit and loss in equal ratio. Their capital balances stood at ₹23,000 and ₹27,000 respectively. They wanted to grow their business and admitted P as
- The imprest system pertains to —
- The statement showing balance of all the ledger accounts is known as —
- General reserve is created on the basis of convention of —
- Which of the following errors is an error of omission —
- The maximum amount beyond which a company is not allowed to raise funds by issue of its shares, is called —
- Which of the following errors are revealed by the trial balance —
- Revaluation account is a —
- If the insurance premium paid is ₹1,000 and prepaid insurance is ₹300, the amount of insurance premium shown in profit and loss account will be —
- Pious Limited purchases a machine worth ₹1,15,000 from Indigo Traders. Payment was made as ₹10,000 by cheque and the remaining by issue of equity shares of the face value of ₹10 ea
- The expired cost of a deferred revenue expense is known as —
- Which of the following errors will result into non-agreement of the trial balance ?
- If prepaid rent appears in the trial balance, while preparing the final accounts it will be shown in —
- The statutory auditor of a company can act as —
- Statutory audit report of a company is addressed to —
- Which of the following are techniques of gathering audit evidence ? X. Inspection Y. Enquiry Z. Observation Correct option is —
- In general, what is the period covered in a statutory audit ?
- Who is the custodian authority for audit working papers ?
- As per the Companies Act, 1956, which of the following audit is voluntary for all companies in India: X. Secretarial Audit Y. Statutory Audit Z. Cost Audit W. Internal Audit Correc
- Which of the following are the rights of a Statutory Auditor ? X. To receive remuneration Y. To attend Board of Directors' meeting Z. To attend the general meeting W. To visit the
- The nature, time and extent of audit procedure are covered under —
- Which of the following technique is used to ascertain the correctness of debtors balance in books ?
- In general, the scope of management audit is —
- For auditors, which of the following document generally contains the scope of work —
- The form and basic contents of statutory audit report are —
- Detection and prevention of fraud is the _________ objective of auditing activity.
- Which of the following is necessarily to be included in an auditor's report —
- 'Disclaimer of Opinion' means —
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