CSEET Business Economics & Fundamentals of Accounting and Auditing PYQ June 2013: Question Paper and Available Answers
CS CSEET
Business Economics & Fundamentals of Accounting and Auditing
PYQS Series
June 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 (June 2013). Open the source paper and available answers. Older sessions follow the syllabus and statutory provisions applicable to their examination year.
Indexed questions
- During the year 2013, the real gross domestic product of a country increased by 8% over the preceding year. During this year population of the country also got increased by 1.6%. I
- Match the following: X. Growth oriented definition of Economics (i) Normative statement Y. Government should reduce taxes to promote growth (ii) India Z. Supply of a commodity is l
- New advances in technology result in more output of Commodity-Y from given inputs. Which one of the ABOVE figures is best describing this situation? Correct options is
- 'Government should increase expenditure on social services to benefit the poor'. Which one of the following represent the correct reason that establishes that the above given state
- Laissez faire refers to ______ with no or little intervention by the government in economic activities. Which one of the following is the correct option to fill in the blank space
- The concept of indifference curve to explain consumer's equilibrium was propounded among others by
- Total utility derived from consumption of a commodity will begin to fall ______
- Match the following: X. Fall in quantity demanded of a commodity with increase in income (i) Complementary goods Y. A rise in quantity demanded of a commodity due to a fall in its
- The price of a commodity rises by 5%, its quantity demanded falls by 10%; it implies that a 10% fall in the price of the commodity will result in ______
- Long-run average cost curve falls due to the application of ______
- Which of the following statements is not true?
- Which one of the following graphs is the correct presentation of the relationship between average product and marginal product? (Q is quantity of output and N is unit of variable f
- In the product schedule as given above, the marginal product of the 4 th unit of input would be ______ Unit of variable factors Total Product units 1 30 2 70 3 120
- Which of the following tables represents diminishing returns to scale? (In the tables - K stands for Capital, L for Labour and TP for Total Production) Table 1 Table 2 Table 3 Tabl
- Laws of returns to scale are based on the assumption of ______
- Which of the following expressions is not correct? A. MC = TC N - TC N-1 B. MC = ΔTC/ΔN C. MC = ΔTVC/ΔN D. MC = ΔTFC/ΔN
- In India, at present 100 per cent Foreign Direct investment (FDI) is allowed in ______
- Match the following: X. U-shaped curve (i) AC=MC Y. Rectangular Hyperbola (ii) TC Z. Continuously rising curve (iii) AFC W. Optimum output (iv) AC The correct option is
- Marginal Revenue (MR) curve is a straight horizontal line in ______
- Which of the following figures correctly represents the revenue curves of a monopolistic competitive firm?
- Marshall's views on the nature of economics were supported by ______
- Which of the following features make a monopolistic competitive firm different from a perfectly competitive firm ?
- A perfectly competitive firm attains equilibrium at a point where
- A kinked revenue curve best represents ______
- In the given figure below, a firm ______
- A primary function of money is to ______
- Among the following assets the most liquid asset is ______
- An increase in bank rate results in ______
- In which state or union territory is the literacy rate highest in the country?
- Which one of the following is correct? Over the years the ______
- The fastest rate of growth in terms of income generated has been recorded in the past couple of decades, in the ______
- Demographic dividend refers to a phenomenon in which ______
- Which one of the following is the regulating authority for governing the Insurance companies in India?
- Under Production Theory, the expression Q x = f(L,K) represents ______
- Depreciation of rupee would normally result in ______
- Which of the following statements can be ranked as statistics ?
- The technique of estimating the probable value of phenomenon at a future date is called
- Find the odd one out ______
- In ______ method, sample is selected on a basis other than on probability considerations. Which one of the following is the correct option to fill in the blank space ?
- Match the following: (1) Simple Bar Diagram (i) One single bar is drawn (2) Multiple Bar Chart (ii) More than one bar is used to represent two or more variables (3) Pie Chart (iii)
- Two distributions with 100 and 200 items have a mean of 20 and 10 respectively. The combined mean of two distributions will be —
- A histogram can be used to estimate graphically the value of —
- A Lorenz Curve is used to measure ______
- In a given distribution the value of coefficient of variation is 80%, the value of arithmetic mean is 20. The value of standard deviation would be —
- The square root of the arithmetic mean of the squared deviations of items taken from arithmetic mean is called —
- An annuity is a fixed sum paid on regular intervals. An annuity which continues for a number of years is called —
- This test of adequacy of index number requires that the formulae for calculating an index number should give consistent results in both the directions. This test is known as —
- In moderately symmetrical distribution, the mode is 40 and median is 44. The value of mean will be —
- If a card is drawn at random from a pack of 52 cards, the chance that it will be a king of hearts is —
- The total number of all possible outcomes of a random experiment constitutes —
- A businessman purchased goods for ₹25,00,000 and sold 70% of such goods during the accounting year ended on 31 st March, 2013. The market value of the remaining goods was ₹5,00,000
- Match List I with List II and select the correct answer using the codes given below the lists. List I (Types of Accounts) X. Real account Y. Nominal Account Z. Personal Account Lis
- Which of the following is not a capital expenditure?
- If capital at the end of the year is ₹7,000, capital introduced during the year is ₹5,000, drawings during the year are ₹8,000, loss incurred during the year is ₹10,000, then capit
- The correct sequence of the following in the preparation of periodical final statements would be 1. Preparation of Balance Sheet 2. Preparation of Cash Flow Statement 3. Preparatio
- Total capital employed in the firm is ₹8,00,000, reasonable rate of return is 15% and Profit for the year is ₹12,00,000. The value of goodwill of the firm as per capitalization met
- A and B are partners in a business sharing profits and losses in the ratio of 7:3 respectively. They admit C as a new partner. A sacrificed 1/7 th share of his profit and B sacrifi
- Match list I with list II and select the correct answer using the codes given below the list List I X. Discount on Debentures Y. Forfeited Capital Z. Income tax payable W. Debtors
- A company cannot issue redeemable preference shares for a period exceeding —
- A company sends cars to dealers on 'sale or return' basis. All such transactions are however treated like actual sales and are passed through the sales day book. Just before the en
- The total cost of goods available for sale with a company during the current year is ₹12,00,000 and the total sales during the period are ₹13,00,000. Gross profit margin of the com
- On 1 st April, 2012 in Sethi's Ledger, furniture account showed a balance of ₹2,00,000. On 1 st October, 2012 Sethi purchased new furniture by paying ₹5,000 and giving old furnitur
- Which of the following errors will not cause the disagreement of Trial Balance?
- The three columns on each side of a three columnar cash book represent
- A chronological record of transaction may be found in —
- How does an overcasting of purchases day book affect the cost of sales and profit?
- Error of principle will not permit —
- Bank balance as per cash book of ABC Enterprises as on 31 st March, 2013 is ₹1,500. Cheques deposited with bank but not cleared amount to ₹100 and cheques issued but not presented
- The written down value of machine on 31 st March, 2013 is ₹72,900. The machine was purchased on 1 st April, 2010. Depreciation is being charged @ 10% p.a. by diminishing balance me
- If outstanding wages appear in the trial balance, while preparing the final accounts, it will be shown in —
- XY Limited issued 2,50,000 equity shares of ₹10 each at a premium of ₹1 each payable as ₹2.5 on application, ₹4 on allotment and balance on the first and final call. Applications w
- E Ltd, a dealer in second-hand machinery has the following five machines of different models and makes in their stock at the end of the financial year 2012-13 Machine A B C D E Cos
- Fire Insurance premium paid on 1 st October, 2011 for the year ended on 30 th September, 2012 was ₹2,400 and Fire Insurance premium paid on 1 st October, 2012 for the year ending o
- Z Limited forfeited 200 fully called up shares of ₹10 each on which ₹1,300 had been received; later on these shares were reissued as fully paid up @ ₹9 per share. The amount to be
- Income earned which is yet to be collected results in —
- The cost of supplying uniform to employees is a —
- Which one of the following statements is correct?
- Ramesh and Suresh are partners sharing profits in the ratio of 2:1 respectively. (Ramesh Capital is ₹1,02,000 and Suresh Capital is ₹73,000). They admit Mahesh and agree to give hi
- A purchased an old computer costing ₹10,000 and incurred ₹1,000 on its repairs and ₹500 on its packing. He sold the computer at 20% margin on selling price. The sales value will be
- Omega Limited, a listed company acquires assets worth ₹7,50,000 from Alpha Limited and issue shares of ₹10 each at a premium of 25%. The number of shares to be issued by Omega Ltd.
- X, Y and Z are partners sharing profits and losses equally. Their capital balances on March. 31. 2012 are ₹80,000, ₹60,000 and ₹40,000 respectively. Their personal assets are worth
- E Ltd. had allotted 10,000 shares to the applicants of 14,000 shares on pro-rata basis. The amount payable on application was ₹2. F applied for 420 shares. The number of shares all
- A concern proposes to discontinue its business from March 2013 and decides to dispose of all its assets within a period of 4 months. The Balance Sheet as on 31 st March, 2013 shoul
- The convention of conservatism is likely to lead to an ______ in the balance sheet :
- A company purchased plant for ₹50,000. The useful life of the plant is 10 years and the residual value is ₹5,000. The management wants to depreciate it by straight line method. Rat
- Verification of assets is done to ascertain (X) Existence of asset (Y) Ownership of asset (Z) Possession of asset The correct option is —
- Which of the following is not correct about investigation?
- In audit assignment, who among the following set the level of materiality?
- Principal aspects to be covered in an audit involves: (X) Review of system and procedures (Y) Review of internal control system (Z) Ensuring statutory compliance The correct option
- In which section of The Companies Act, 1956, the provisions relating to an Auditor's Report are covered ?
- The board of directors shall appoint first auditor of a company
- Audit working papers are the property of —
- Ram is a chartered accountant working as proprietor. His gross receipts are ₹50 Lakhs for the year. Which type of audit will necessarily be applicable for him ?
- Primary responsibility for the adequacy of financial statement disclosures rest with the —
- In comparison to the independent auditor, an internal auditor is more likely to be concerned with —
- Which of the following is not an advantage of the preparation of audit working paper?
- The client changed method of depreciation from straight line to written down value method. This has been disclosed as a note to the financial statements. It has an immaterial effec
- Which of the following is primarily carried out to ascertain the cases of improper, avoidable and infructuous expenditure?
- Which of the following is not true about audit plan?
- If a casual vacancy in the office of auditor arises by his resignation it should only be filled by the company in a —
How to Prepare for CS CSEET Business Economics & Fundamentals of Accounting and Auditing
Use past questions to practise the paper format and review available answers. Check the current syllabus, applicable law and examination duration before attempting a timed paper.