| Updated On - Nov 25, 2024
CUET Accountancy Question Paper 2024 is available here. NTA conducted CUET 2024 Accountancy paper on 17 May in Shift 2B from 5 PM to 6 PM. CUET Accountancy Question Paper 2024 is based on objective-type questions (MCQs). Candidates get 60 minutes to solve 40 MCQs out of 50 in CUET 2024 question paper for Accountancy.
The CUET 2024 Accountancy paper was moderately difficult, with many students finding it both lengthy and conceptually challenging. Important topics like Cash Flow Statements and Reconstitution of Partnership were give good weightage in the paper. Additionally, some of the questions were repeated from the previous year, which eased the difficulty for a few students. The exam followed the same exam pattern of MCQs, where candidates had to attempt 40 questions in 60 minutes, with a marking scheme of +5 for correct answers and -1 for wrong answers.
CUET Accountancy Question Paper 2024 PDF Download
| CUET Paper Code | CUET Question Paper PDF | CUET Answer Key PDF | CUET Solution PDF |
|---|---|---|---|
| CUET Accountancy Question Paper 2024 Set A | Download PDF | Download PDF | Download PDF |
| CUET Accountancy Question Paper 2024 Set B | Download PDF | Download PDF | Download PDF |
| CUET Accountancy Question Paper 2024 Set C | Download PDF | Download PDF | Download PDF |
| CUET Accountancy Question Paper 2024 Set D | Download PDF | Download PDF | Download PDF |
| CUET Accountancy Question Paper 2024 Online | Download PDF | Download PDF | Download PDF |
CUET Accountancy Answer Key 2024
| Question No. | Question | Correct Answer | Solution |
|---|---|---|---|
| 1 | Match List-I with List-II. List-I (Name of account to be debited or credited, when shares are forfeited) List-II (Amount to be debited or credited) (A) Share Capital Account (B) Share Forfeited Account (C) Calls-in-arrears Account (D) Securities Premium Account Choose the correct answer from the options given below: 1. (A) - (I), (B) - (II), (C) - (III), (D) - (IV) 2. (A) - (IV), (B) - (III), (C) - (II), (D) - (I) 3. (A) - (I), (B) - (II), (C) - (IV), (D) - (III) 4. (A) - (III), (B) - (IV), (C) - (I), (D) - (II) |
(3) | Each account aligns with typical entries for share forfeiture: Share Capital is debited for the amount called up but unpaid; Share Forfeited Account credits received amounts; Calls-in-arrears Account represents unpaid amounts credited; Securities Premium Account is debited for called-up premiums. |
| 2 | 400 shares of Rs. 50 each issued at par were forfeited for non-payment of final call of Rs. 10 per share. These shares were reissued at Rs. 45 per share as fully paid-up. The amount transferred to capital reserve is: 1. Rs. 15,000 2. Rs. 14,000 3. Rs. 16,000 4. Rs. 13,000 |
(1) | Total Share Capital: Each share was issued at a face value of Rs. 50, so for 400 shares, the total capital is Rs. 20,000. The paid-up amount for 400 shares is Rs. 16,000, and the amount received from reissue is Rs. 18,000. The capital reserve is Rs. 18,000 - Rs. 16,000 = Rs. 15,000. |
| 3 | When debentures are issued at premium and redeemed at premium, the journal entry will have the following combination: (A) Discount on issue of debentures account is credited (B) Loss on issue of debentures account is debited (C) Security premium account is credited (D) Premium on redemption of debentures account is credited Choose the correct answer: 1. (A), (B) and (D) only 2. (A), (B) and (C) only 3. (A), (B), (C) and (D) 4. (B), (C) and (D) only |
(4) | When debentures are issued and redeemed at a premium, the entries involve: debit the Premium on Redemption of Debentures Account, credit the Securities Premium Account, and debit the Loss on Issue of Debentures Account. |
| 4 | Arrange the following in the correct sequence in the context of debenture. (A) Payment to debenture-holders (B) Creation of DRR (C) Issue of debentures (D) Redemption becomes due Choose the correct answer: |
(4) | The correct sequence is (C) Issue of debentures, (B) Creation of DRR, (D) Redemption becomes due, (A) Payment to Debenture-Holders. |
| 5 | If a delay occurs beyond 8 days in refunding the subscription amount, failing to gather the minimum subscription, from the date of closure of the subscription list, the company shall be liable for interest at the rate of: 1. 15% 2. 12% 3. 6% 4. Prevailing rate in State Bank of India |
(1) | The company is liable to pay interest at a rate of 15% per annum for delayed refunds after failing to meet the minimum subscription. |
| 6 | A company can accept calls in advance, if authorized by: 1. Shareholders 2. Board of Directors 3. Articles of Association 4. Memorandum of Association |
(3) | A company’s Articles of Association outline the conditions under which it can accept calls in advance from shareholders. |
| 7 | A, B, and C are partners sharing profits in the ratio of 3:2:1. C died on 1st July, 2023. On this date, final accounts were prepared to ascertain profits for the period. It resulted in a profit of Rs 1,75,000 to the firm. To give effect to the above: 1. Profit and Loss Account will be debited. 2. Profit and Loss Appropriation Account will be debited. 3. Profit and Loss Account will be credited. 4. Profit and Loss Appropriation Account will be credited. |
(4) | Since this profit will be shared in the old profit-sharing ratio, it is necessary to credit the Profit and Loss Appropriation Account. |
| 8 | On the date of admission of a partner, there was a balance of Rs 45,000 in the account of machinery. It was found undervalued by 10%. The value of machinery will appear in the new Balance Sheet at: 1. Rs 49,500 2. Rs 50,000 3. Rs 40,000 4. Rs 40,500 |
(1) | The adjusted value of machinery is Rs 45,000 + Rs 4,500 (10% of Rs 45,000) = Rs 49,500. |
| 9 | Dividend received is: 1. Operating activity 2. Financing activity 3. Investing activity 4. Cash and cash equivalents |
(3) | Dividend income is classified as an investing activity in the Cash Flow Statement. |
| 10 | A partnership can have a maximum of 50 partners. This limit has been set by the: 1. Indian Partnership Act, 1932 2. State Government 3. Indian Contract Act, 1872 4. Central Government |
(4) | The maximum limit of 50 partners in a partnership is imposed by the Central Government regulations. |
| 11 | Which of the following is an example of sequential code? 1. Using Code “CL001” for “Accounts of XYZ Ltd”. 2. Using Code “100-199” for “Dealers of Small Pumps”. 3. Using Code “SJ” for “Sales Journals”. 4. Using Code “HQ” for “Headquarters”. |
(2) | Option (2) “100-199” for “Dealers of Small Pumps” represents a range, making it a sequential code. |
| 12 | If there is no claim against Workmen Compensation Reserve, it is at the time of admission of a partner. 1. debited to old partners’ capital account. 2. credited to all partners’ capital accounts. 3. credited to old partners’ capital accounts. 4. debited to all partners’ capital accounts. |
(3) | If there’s no claim against the Workmen Compensation Reserve, it is credited to the capital accounts of the existing partners. |
| 13 | A, B, and C are partners sharing profits in the ratio of 3:3:4. They decide to share the future profits equally. The sacrifice or gain of partners are: 1. A gains 1/30; B gains 1/30; C sacrifices 2/30 2. A gains 2/30; B gains 1/30; C sacrifices 3/30 3. A sacrifices 1/30; B gains 3/30; C sacrifices 2/30 4. A gains 2/30; B gains 3/30; C sacrifices 5/30 |
(4) | A gains 1/30, B gains 1/30, and C sacrifices 2/30, making Option (1) correct. |
| 14 | Match List-I with List-II. List-I (Equal amount of drawings made) List-II (Number of month for which interest calculated) (A) At the end of each half year (B) At the beginning of each quarter (C) At the beginning of each month (D) At the end of each quarter Choose the correct answer from the options given below: |
(4) | When equal amounts are drawn at regular intervals, interest on drawings is calculated based on the timing of these drawings. |
| 15 | Kavita and Lalita are partners, sharing profits in the ratio of 2:1. They decide to admit Mohan for 1/4 share in future profits with a guaranteed amount of Rs 25,000. The deficiency borne by Kavita is: 1. Rs 4,000 2. Rs 2,000 3. Rs 6,000 4. Rs 4,500 |
(1) | Kavita’s share of the deficiency is Rs 4,000, calculated based on Mohan’s guaranteed amount. |
| 16 | Anshu and Nitu are partners, sharing profits in the ratio of 3:2. They admitted Jyoti as a new partner for 3/10 share. Calculate the new profit sharing ratio of Anshu, Nitu, and Jyoti: 1. 4:3:3 2. 3:4:3 3. 3:3:4 4. 3:2:1 |
(1) | The new profit-sharing ratio for Anshu, Nitu, and Jyoti is 4:3:3 after Jyoti’s admission. |
| 17 | The journal entry for treatment of goodwill, when a new partner brings his share of goodwill in cash and one of the old partners gains, involves the following: (A) Gaining Partner’s Capital Account is debited (B) Premium for Goodwill Account is debited (C) Sacrificing Partner’s Capital Account is credited (D) Gaining Partner’s Capital Account is credited Choose the correct answer from the options given below: |
(4) | Goodwill adjustments ensure fair compensation for sacrificed shares, involving the debiting and crediting of capital accounts appropriately. |
| 18 | While preparing Cash Flow Statement, purchase of goodwill is treated as: 1. Operating activity 2. Financing activity 3. Investing activity 4. Extraordinary item |
(3) | Goodwill purchase is an investment, hence classified as an investing activity. |
| 19 | The components of Computerised Accounting System are: 1. Data, Report, Ledger, Hardware, Software 2. Data, People, Procedure, Hardware, Software 3. People, Procedure, Ledger, Data, Chart of Accounts 4. Data, Coding, Procedure, Rules, Output |
(2) | A computerized accounting system integrates data, people, procedures, hardware, and software. |
| 20 | The Sales and Accounts Receivable Subsystem deals with: 1. the recording of Sales, maintaining of Sales Ledger and Receivables 2. the preparation of Budget for the coming financial year 3. the preparation of Profit and Loss Account, Balance Sheet and Cash Flow Statement 4. the purchase and payment to creditors |
(1) | This subsystem focuses on managing sales transactions and accounts receivables. |
| 21 | The common fields used in a relationship between tables are called: 1. Joint fields 2. Main fields 3. Table fields 4. Key fields |
(4) | Key fields are used to uniquely identify and link records between tables in a database. |
| 22 | On dissolution of a firm, bank overdraft is transferred to: 1. Bank Account 2. Realisation Account 3. Partners’ Capital Account 4. Partners’ Loan Account |
(2) | On dissolution, bank overdraft is settled through the Realisation Account. |
| 23 | Arrange the following steps in the correct sequence of the life of a company: (A) Commencement of Business (B) Incorporation (C) Promotion (D) Floatation |
(4) | The correct sequence is Promotion, Incorporation, Floatation, then Commencement of Business. |
| 24 | Arrange the following in the correct order: (A) Subscribed Capital (B) Issued Capital (C) Authorised Capital (D) Paid-up Capital (E) Called-up Capital |
(3) | Capital progression follows Authorised, Issued, Subscribed, Called-up, then Paid-up Capital. |
| 25 | The Deceased Partner’s Capital Account includes the following amounts/balances: (A) Opening balance of his capital (B) His share of profit/loss till the date of death (C) His share of General Reserve (D) His drawings till the date of death (E) Amount paid to his executors Choose the correct answer from the options given below: |
(4) | Items typically included in a deceased partner’s capital account are: Opening Balance of Capital (A), Share of Profit/Loss Till Date of Death (B), Share of General Reserve (C), Amount Paid to Executors (E). |
| 26 | Identify the correct sequence of the following steps involved in calculating cash flows from operating activities of a company: (A) Operating profit before working capital changes (B) Cash generated from operations (C) Income tax paid (D) Net cash flow from operating activities (E) Goodwill amortised |
(4) | The correct order is (E) Amortisation Adjustments, (A) Operating Profit Before Working Capital Changes, (B) Cash Generated from Operations, (C) Income Tax Paid, (D) Net Cash Flow from Operating Activities. |
| 27 | Calculate Trade Receivables Turnover Ratio. 1. 8.18 times 2. 8.23 : 1 3. 8.18% 4. 8.81 : 1 |
(1) | Trade Receivables Turnover Ratio = Revenue from Operations / Total Trade Receivables = Rs. 8,75,000 / (Rs. 59,000 + Rs. 48,000) = 8.18. |
| 28 | Calculate Average Collection Period. 1. 30 days 2. 60 days 3. 45 days 4. 15 days |
(1) | Average Collection Period = 365 / Trade Receivables Turnover Ratio = 365 / 8.18 = 30 days. |
| 29 | Calculate Trade Payables Turnover Ratio. 1. 29.6 times 2. 2.96 times 3. 29.6% 4. 2.69 : 1 |
(2) | Trade Payables Turnover Ratio = Purchases / Total Trade Payables = Rs. 4,20,000 / (Rs. 90,000 + Rs. 52,000) = 2.96. |
| 30 | Calculate Average Payment Period. 1. 123 days 2. 121 days 3. 132 days 4. 133 days |
(1) | Average Payment Period = 365 / Trade Payables Turnover Ratio = 365 / 2.96 = 123 days. |
| 31 | Trade Receivables Turnover Ratio and Trade Payables Turnover Ratio are categorised as: 1. Liquidity Ratio 2. Solvency Ratio 3. Activity Ratio 4. Profitability Ratio |
(3) | These ratios measure the efficiency of asset usage and are thus classified as Activity Ratios. |
| 32 | What is the mode of dissolution of the firm followed by G, K and B? 1. Dissolution by Agreement 2. On the happening of certain contingencies 3. Dissolution by Notice 4. Compulsory Dissolution |
(2) | The firm was dissolved due to continuous losses, qualifying as dissolution on the happening of certain contingencies. |
| 33 | Determine the amount of Profit and Loss Account. 1. (Cr.) Rs. 90,000 2. (Dr.) Rs. 90,000 3. (Cr.) Rs. 1,30,000 4. (Dr.) Rs. 1,30,000 |
(4) | The balance of Rs. 90,000 in the Profit and Loss Account is a debit balance, reflecting a loss. |
| 34 | Determine Gain/Loss on Realisation. 1. Loss Rs. 2,40,000 2. Gain Rs. 24,000 3. Loss Rs. 1,70,000 4. Loss Rs. 2,10,000 |
(1) | Loss on realisation is calculated as the difference between the realized value of assets and the liabilities, resulting in a loss of Rs. 2,40,000. |
| 35 | The entry for realisation expenses in the above case study will be: 1. Realisation A/c Dr. 2. Realisation A/c Dr. 3. G’s Capital A/c Dr. 4. Cash A/c Dr. |
(2) | The entry should be Realisation A/c Dr. To G’s Capital A/c to reflect the expenses incurred by G on behalf of the firm. |
| 36 | Existing Profit and Loss Account in the books of the firm will be shared/borne by partners in the ratio: 1. 5 : 3 : 2 2. Equal Ratio 3. 4 : 3 : 2 4. Ratio of closing capital claims |
(1) | Profit or loss balances are distributed based on the agreed profit-sharing ratio unless specified otherwise. |
| 37 | Libraries run by charitable trusts are an example of: 1. Partnership 2. Not-for-profit organisation 3. Companies 4. Cooperatives |
(2) | Charitable trusts operate as not-for-profit organisations to provide public services without the goal of earning profits. |
| 38 | The main source of revenue for ’not for profit’ organisation is: 1. Sale of goods 2. Sale of periodicals 3. Subscription from members 4. Sale of assets |
(3) | The primary revenue source for a not-for-profit organisation is member subscriptions. |
| 39 | Match List-I with List-II. List-I (A) Share capital (B) Reserves and surplus (C) Reserve capital (D) Current liabilities Choose the correct answer from the options given below: |
(2) | The correct matches are (A) - (I), (B) - (III), (C) - (II), (D) - (IV). |
| 40 | Which of the following would affect the Revaluation Account at the time of reconstitution of a partnership firm? 1. Increase in assets 2. Drawings against capital 3. Interest on capital 4. Partner’s salary |
(1) | Revaluation Account reflects changes in asset values. An increase in assets affects the account directly. |
| 41 | Identify the correct sequence to be followed while preparing the final account of a partnership firm: (A) Profit and Loss Appropriation Account (B) Profit and Loss Account (C) Trading Account (D) Balance Sheet |
(1) | The sequence typically starts with the Trading Account, followed by Profit and Loss Account, Profit and Loss Appropriation Account, and finally, the Balance Sheet. |
| 42 | Window dressing is a practice 1. to manipulate the accounts to show a better picture of the financial position than the actual one. 2. to show excessive depreciation. 3. to avoid tax. 4. to reduce tax. |
(1) | Window dressing involves presenting financial statements in a way that may enhance the perceived financial position. |
| 43 | Match List-I with List-II. List-I (A) Salary to partner (B) Interest on partner’s loan (C) Interest on partner’s drawings (D) Additional capital introduced |
(2) | To correctly match each item with its corresponding accounting treatment, the correct matches are (A) - (I), (B) - (III), (C) - (II), (D) - (IV). |
| 44 | Which of the following would affect the Revaluation Account at the time of admission of a partner? (A) Increase in assets (B) Drawings against capital (C) Recording of unrecorded assets (D) Decrease in liabilities |
(3) | The Revaluation Account is affected by changes in the values of assets and liabilities, including the recording of unrecorded assets and decrease in liabilities. |
| 45 | Match List-I with List-II. List-I (Items of cash flow) (A) Purchase of tangible assets (B) Issue of shares (C) Increase in current assets (D) Marketable securities |
(4) | The correct matches are (A) - (III), (B) - (IV), (C) - (I), (D) - (II). |
| 46 | Which of the following are correct in connection with the Common Size Statement? (A) Expressed as a percentage on revenue from operation (B) Horizontal analysis (C) Vertical analysis (D) Expressed as a percentage on total assets |
(3) | The correct answer is (A), (C), and (D). Common Size Statements express items as percentages of a base value, mainly using vertical analysis. |
| 47 | Calculate the resulting cash flow and state the nature of cash flow from the following information: Acquired machinery for Rs. 3,50,000 by issuing cheque. 1. Investing activity and outflow Rs. 3,50,000 2. Investing activity and inflow Rs. 3,50,000 3. Investing activity and no flow 4. Operating activity and outflow Rs. 3,50,000 |
(1) | The acquisition of machinery is classified as an investing activity with an outflow of Rs. 3,50,000. |
| 48 | Arrange the following in proper sequence while preparing Cash Flow Statement: (A) Net cash flow from operating activities (B) Cash flow from financing activities (C) Cash flow from investing activities (D) Calculate net profit before tax and extraordinary items in working note |
(2) | The correct sequence is (D), (A), (C), (B) for preparing a Cash Flow Statement. |
| 49 | The adjustment required for overvaluation of closing stock, while calculating adjusted profit for calculating goodwill is: (A) reduction from concerned year’s profit. (B) reduction from next year’s profit. (C) addition to next year’s profit. (D) addition to previous year’s profit. |
(3) | To adjust for overvaluation, reduce the profit of the year where the overvaluation occurred (A) and add the overvalued amount to the previous year’s profit (D). |
| 50 | Oversubscription is a situation where the: 1. number of shares applied for is equal to the number of shares issued. 2. number of shares applied for is more than the number of shares issued. 3. number of shares applied for is less than the number of shares issued. 4. face value of the share is less than the issue price of the share. |
(2) | Oversubscription occurs when the number of shares applied for exceeds the number of shares the company is issuing. |
CUET Questions
1. A sample size of \(x\) is considered to be sufficient to hold the Central Limit Theorem (CLT). The value of \(x\) should be:
A sample size of \(x\) is considered to be sufficient to hold the Central Limit Theorem (CLT). The value of \(x\) should be:
- less than 20
- greater than or equal to 30
- less than 30
- sample size does not affect the CLT
2. David can row a boat in still water at the rate of 5 km/hr. He rowed in a river downstream to meet his friend. After returning back, he observed that the duration of the upstream journey was three times that of the downstream journey. The speed of the stream was:
David can row a boat in still water at the rate of 5 km/hr. He rowed in a river downstream to meet his friend. After returning back, he observed that the duration of the upstream journey was three times that of the downstream journey. The speed of the stream was:
- 2 km/hr
- 2.5 km/hr
- 3 km/hr
- 3.5 km/hr
3. In a 600 m race, the ratio of the speeds of two participants A and B is 4:5. If A has a head start of 200 m, then the distance by which A wins is:
In a 600 m race, the ratio of the speeds of two participants A and B is 4:5. If A has a head start of 200 m, then the distance by which A wins is:
- 500 m
- 200 m
- 100 m
- 120 m
4. For predicting the straight-line trend in the sales of washing machines (in thousands) on the basis of 8 consecutive years' data, the company calculates 4-year moving averages. If the sales of washing machines for respective years are \( a, b, c, d, e, f, g, \) and \( h \), then which of the following averages will be computed?
(A) \( \frac{a + b + c + d}{4} \)
(B) \( \frac{a + c + d + e}{4} \)
(C) \( \frac{c + d + f + h}{4} \)
(D) \( \frac{b + c + d + e}{4} \)
Choose the correct answer from the options given below:
For predicting the straight-line trend in the sales of washing machines (in thousands) on the basis of 8 consecutive years' data, the company calculates 4-year moving averages. If the sales of washing machines for respective years are \( a, b, c, d, e, f, g, \) and \( h \), then which of the following averages will be computed?
(A) \( \frac{a + b + c + d}{4} \)
(B) \( \frac{a + c + d + e}{4} \)
(C) \( \frac{c + d + f + h}{4} \)
(D) \( \frac{b + c + d + e}{4} \)
Choose the correct answer from the options given below:
(A) \( \frac{a + b + c + d}{4} \)
(B) \( \frac{a + c + d + e}{4} \)
(C) \( \frac{c + d + f + h}{4} \)
(D) \( \frac{b + c + d + e}{4} \)
Choose the correct answer from the options given below:
- (A), (B), and (D) only
- (A) and (D) only
- (C) and (D) only
- (B), (C), and (D) only
5. The cost of a machinery is ₹8,00,000. Its scrap value will be one-tenth of its original cost in 15 years. Using the linear method of depreciation, the book value of the machine at the end of the 10th year will be:
The cost of a machinery is ₹8,00,000. Its scrap value will be one-tenth of its original cost in 15 years. Using the linear method of depreciation, the book value of the machine at the end of the 10th year will be:
- ₹4,80,000
- ₹3,20,000
- ₹3,68,000
- ₹4,32,000
6. If \( A = \begin{bmatrix} 5 & 1 \\ -2 & 0 \end{bmatrix} \) and \( B^T = \begin{bmatrix} 1 & 10 \\ -2 & -1 \end{bmatrix} \), then the matrix \( AB \) is:
If \( A = \begin{bmatrix} 5 & 1 \\ -2 & 0 \end{bmatrix} \) and \( B^T = \begin{bmatrix} 1 & 10 \\ -2 & -1 \end{bmatrix} \), then the matrix \( AB \) is:
- \( \begin{bmatrix} 1 & 10 \\ -1 & 0 \end{bmatrix} \)
- \( \begin{bmatrix} 15 & -11 \\ -2 & 4 \end{bmatrix} \)
- \( \begin{bmatrix} 3 & 49 \\ -2 & -20 \end{bmatrix} \)
- \( \begin{bmatrix} 1 & 9 \\ -2 & -20 \end{bmatrix} \)
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