CUET Accountancy Question Paper 2024 SET B (Available) : Download Solutions and Answer Key pdf

Updated 3+ months ago

CUET Accountancy Question Paper 2024 (Set B) 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.

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CUET Accountancy Question Paper 2024 (Set B) PDF Download

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Note: The CUET 2025 Accountancy paper will now include an option to the student (to choose between questions from 'Unit V' or 'optional to Unit V'). The rest of the question paper will continue to cover content from Units 1 to 4 as per the notified syllabus. Check details here

CUET Accountancy Question Paper With Solution

Question 1:

Libraries run by charitable trusts are an example of:

(1) Partnership
(2) Not for profit organisation
(3) Companies
(4) Cooperatives

Correct Answer: (2) Not for profit organisation
View Solution

Question 2:

The main source of revenue for a 'not for profit' organisation is:

(1) Sale of goods
(2) Sale of periodicals
(3) Subscription from members
(4) Sale of assets

Correct Answer: (3) Subscription from members
View Solution

Question 3:

Match List-I with List-II:

List-I
(A) Share capital
(B) Reserves and surplus
(C) Reserve capital
(D) Current liabilities

List-II
(I) Will be called at the time of winding up
(II) Calls in advance
(III) Subscribed but not fully paid
(IV) Sinking fund

(1) (A) - (I), (B) - (II), (C) - (III), (D) - (IV)
(2) (A) - (I), (B) - (III), (C) - (II), (D) - (IV)
(3) (A) - (I), (B) - (II), (C) - (IV), (D) - (III)
(4) (A) - (III), (B) - (IV), (C) - (I), (D) - (II)

Correct Answer: (2) (A) - (I), (B) - (III), (C) - (II), (D) - (IV)
View Solution

Question 4:

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

Correct Answer: (1) Increase in assets
View Solution

Question 5:

Identify the correct sequence to be followed while preparing the final account of a partnership firm:

(1) Profit and Loss Appropriation Account
(2) Profit and Loss Account
(3) Trading Account
(4) Balance Sheet

Correct Answer: (1) (C), (B), (A), (D)
View Solution

Question 6:

A company can accept calls in advance, if authorised by:

(1) Shareholders
(2) Board of Directors
(3) Articles of Association
(4) Memorandum of Association

Correct Answer: (3) Articles of Association
View Solution

Question 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 ₹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.

Correct Answer: (2) Profit and Loss Appropriation Account will be debited
View Solution

Question 8:

On the date of admission of a partner there was a balance of ₹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) ₹49,500
(2) ₹50,000
(3) ₹40,000
(4) ₹40,500

Correct Answer: (1) ₹49,500
View Solution

Question 9:

Dividend received is:

(1) Operating activity
(2) Financing activity
(3) Investing activity
(4) Cash and cash equivalents

Correct Answer: (3) Investing activity
View Solution

Question 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

Correct Answer: (1) Indian Partnership Act, 1932
View Solution

Question 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”.

Correct Answer: (2) Using Code “100-199” for “Dealers of Small Pumps”
View Solution

Question 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.

Correct Answer: (3) credited to old partners' capital accounts.
View Solution

Question 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

Correct Answer: (3) A sacrifices 1/30; B gains 3/30; C sacrifices 2/30
View Solution

Question 14:

Match List-I with List-II.

List-I
(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

List-II
(I) 4.5 months
(II) 6.5 months
(III) 7.5 months
(IV) 3 months

(1) (A) - (I), (B) - (II), (C) - (III), (D) - (IV)
(2) (A) - (I), (B) - (III), (C) - (II), (D) - (IV)
(3) (A) - (IV), (B) - (II), (C) - (I), (D) - (III)
(4) (A) - (IV), (B) - (III), (C) - (II), (D) - (I)

Correct Answer: (3) (A) - (IV), (B) - (II), (C) - (I), (D) - (III)
View Solution

Question 15:

Kavita and Lalita are partners, sharing profits in the ratio of 2:1. They decide to admit Mohan for 1/4th share in future profits with a guaranteed amount of ₹25,000. Both Kavita and Lalita undertake to meet the liability arising due to the guaranteed amount to Mohan in their respective profit-sharing ratio. The firm earned profits of ₹76,000 for the year 2022–23. The deficiency borne by Kavita is:

(1) ₹4,000
(2) ₹2,000
(3) ₹6,000
(4) ₹4,500

Correct Answer: (2) ₹2,000
View Solution

Question 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, which she acquired 2/10 from Anshu and 1/10 from Nitu. 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

Correct Answer: (3) 3:3:4
View Solution

Question 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

(1) (A), (B) and (D) only
(2) (A), (B) and (C) only
(3) (A), (B), (C) and (D)
(4) (B), (C) and (D) only

Correct Answer: (3) (A), (B), (C) and (D)
View Solution

Question 18:

While preparing Cash Flow Statement, purchase of goodwill is treated as:

(1) Operating activity
(2) Financing activity
(3) Investing activity
(4) Extraordinary item

Correct Answer: (3) Investing activity
View Solution

Question 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

Correct Answer: (2) Data, People, Procedure, Hardware, Software
View Solution

Question 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

Correct Answer: (1) The recording of Sales, maintaining of Sales Ledger and Receivables
View Solution

Question 21:

The common fields used in a relationship between tables are called:

(1) Joint fields
(2) Main fields
(3) Table fields
(4) Key fields

Correct Answer: (4) Key fields
View Solution

Question 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

Correct Answer: (2) Realisation Account
View Solution

Question 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

(1) (A), (B), (C), (D)
(2) (A), (C), (B), (D)
(3) (B), (A), (D), (C)
(4) (C), (B), (D), (A)

Correct Answer: (4) (C), (B), (D), (A)
View Solution

Question 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

(1) (C), (B), (A), (D), (E)
(2) (B), (C), (A), (D), (E)
(3) (C), (B), (A), (E), (D)
(4) (B), (C), (A), (E), (D)

Correct Answer: (1) (C), (B), (A), (D), (E)
View Solution

Question 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

(1) (A), (B), (D) and (E) only
(2) (A), (B), (C) and (D) only
(3) (A), (B) and (C) only
(4) (A), (B), (C) and (E) only

Correct Answer: (1) (A), (B), (D) and (E) only
View Solution

Question 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

(1) (E), (C), (D), (A), (B)
(2) (E), (A), (D), (B), (C)
(3) (E), (A), (B), (C), (D)
(4) (A), (B), (C), (D), (E)

Correct Answer: (4) (A), (B), (C), (D), (E)
View Solution

Question 27:

Calculate Trade Receivables Turnover Ratio.

Particulars: Revenue from Operations = ₹8,75,000 Trade Debtors = ₹59,000

(1) 8.18 times
(2) 8.23 : 1
(3) 8.18%
(4) 8.81 : 1

Correct Answer: (2) 8.23 : 1
View Solution

Question 28:

Calculate Average Collection Period.

Particulars: Revenue from Operations = ₹8,75,000 Trade Debtors = ₹59,000

(1) 30 days
(2) 60 days
(3) 45 days
(4) 15 days

Correct Answer: (3) 45 days
View Solution

Question 29:

Calculate Trade Payables Turnover Ratio.

Particulars: Purchases = ₹4,20,000 Creditors = ₹90,000

(1) 29.6 times
(2) 2.96 times
(3) 29.6%
(4) 2.69 : 1

Correct Answer: (2) 2.96 times
View Solution

Question 30:

Calculate Average Payment Period.

Particulars: Purchases = ₹4,20,000 Creditors = ₹90,000

(1) 123 days
(2) 121 days
(3) 132 days
(4) 133 days

Correct Answer: (1) 123 days
View Solution

Question 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

Correct Answer: (3) Activity Ratio
View Solution

Question 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

Correct Answer: (1) Dissolution by Agreement
View Solution

Question 33:

Determine the amount of Profit and Loss Account.

(1) (Cr.) ₹ 90,000
(2) (Dr.) ₹ 90,000
(3) (Cr.) ₹ 1,30,000
(4) (Dr.) ₹ 1,30,000

Correct Answer: (2) (Dr.) ₹ 90,000
View Solution

Question 34:

Determine Gain/Loss on Realisation.

(1) Loss ₹ 2,40,000
(2) Gain ₹ 24,000
(3) Loss ₹ 1,70,000
(4) Loss ₹ 2,10,000

Correct Answer: (3) Loss ₹ 1,70,000
View Solution

Question 35:

The entry for realisation expenses in above case study will be:

(1) Realisation A/c Dr. To Cash A/c
(2) Realisation A/c Dr. To G’s Capital A/c
(3) G’s Capital A/c Dr. To Realisation A/c
(4) Cash A/c Dr. To Realisation A/c

Correct Answer: (2) Realisation A/c Dr. To G’s Capital A/c
View Solution

Question 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

Correct Answer: (1) 5 : 3 : 2
View Solution

Question 37:

Libraries run by charitable trusts are an example of:

(1) Partnership
(2) Not for profit organisation
(3) Companies
(4) Cooperatives

Correct Answer: (2) Not for profit organisation
View Solution

Question 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

Correct Answer: (3) Subscription from members
View Solution

Question 39:

Match List-I with List-II.

List-I
(A) Share capital
(B) Reserves and surplus
(C) Reserve capital
(D) Current liabilities

List-II
(I) Will be called at the time of winding up
(II) Calls in advance
(III) Subscribed but not fully paid
(IV) Sinking fund

(1) (A) - (I), (B) - (II), (C) - (III), (D) - (IV)
(2) (A) - (I), (B) - (III), (C) - (II), (D) - (IV)
(3) (A) - (I), (B) - (II), (C) - (IV), (D) - (III)
(4) (A) - (III), (B) - (IV), (C) - (I), (D) - (II)

Correct Answer: (2) (A) - (I), (B) - (III), (C) - (II), (D) - (IV)
View Solution

Question 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

Correct Answer: (1) Increase in assets
View Solution

Question 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) (C), (B), (A), (D)
(2) (A), (C), (B), (D)
(3) (B), (A), (D), (C)
(4) (C), (B), (D), (A)

Correct Answer: (1) (C), (B), (A), (D)
View Solution

Question 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.

Correct Answer: (1) To manipulate the accounts to show a better picture of the financial position than the actual one.
View Solution

Question 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

List-II
(I) Credit side of Partner's Capital Account
(II) Debit side of Partner's Current Account
(III) Debit side of Profit and Loss Account
(IV) Credit side of Partner's Current Account

(1) (A) - (I), (B) - (II), (C) - (III), (D) - (IV)
(2) (A) - (I), (B) - (III), (C) - (II), (D) - (IV)
(3) (A) - (IV), (B) - (III), (C) - (II), (D) - (I)
(4) (A) - (III), (B) - (IV), (C) - (I), (D) - (II)

Correct Answer: (2) (A) - (I), (B) - (III), (C) - (II), (D) - (IV)
View Solution

Question 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

(1) (A), (B) and (C) only
(2) (A), (B) and (D) only
(3) (A), (C) and (D) only
(4) (B), (C) and (D) only

Correct Answer: (2) (A), (B) and (D) only
View Solution

Question 45:

Match List-I with List-II.

List-I
(A) Purchase of tangible assets
(B) Issue of shares
(C) Increase in current assets
(D) Marketable securities

List-II
(I) Operating activity
(II) Cash and cash equivalents
(III) Investing activity
(IV) Financing activity

(1) (A) - (I), (B) - (II), (C) - (III), (D) - (IV)
(2) (A) - (I), (B) - (III), (C) - (II), (D) - (IV)
(3) (A) - (I), (B) - (II), (C) - (IV), (D) - (III)
(4) (A) - (III), (B) - (IV), (C) - (I), (D) - (II)

Correct Answer: (4) (A) - (III), (B) - (IV), (C) - (I), (D) - (II)
View Solution

Question 46:

Which one of the following are correct in connection with the Common Size Statement?

(1) (A), (B) and (D) only
(2) (A), (B) and (C) only
(3) (A), (C) and (D) only
(4) (B), (C) and (D) only

Correct Answer: (3) (A), (C) and (D) only
View Solution

Question 47:

Calculate the resulting cash flow and state the nature of the cash flow from the following information:

Acquired machinery for ₹ 3,50,000 by issuing a cheque.

(1) Investing activity and outflow ₹ 3,50,000
(2) Investing activity and inflow ₹ 3,50,000
(3) Investing activity and no flow
(4) Operating activity and outflow ₹ 3,50,000

Correct Answer: (1) Investing activity and outflow ₹ 3,50,000
View Solution

Question 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

(1) (A), (B), (C), (D)
(2) (D), (A), (C), (B)
(3) (B), (A), (D), (C)
(4) (C), (B), (D), (A)

Correct Answer: (2) (D), (A), (C), (B)
View Solution

Question 49:

The adjustment required for overvaluation of closing stock, while calculating adjusted profit for calculating goodwill is:

(1) (A) reduction from concerned year's profit.
(2) (B) reduction from next year's profit.
(3) (C) addition to next year's profit.
(4) (D) addition to previous year's profit.

Correct Answer: (3) (A) and (D) only
View Solution

Question 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.

Correct Answer: (2) number of shares applied for is more than the number of shares issued.
View Solution

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CUET Accountancy Question Paper 2024 SET B (Available) : Download Solutions and Answer Key pdf

CUET Accountancy Question Paper 2024 (Set B) PDF Download

CUET Accountancy Question Paper With Solution

CUET Questions

1.
Identify the correct statements:
(A) Depreciation is a flow concept
(B) Money supply is a stock concept
(C) Investment is a stock concept
(D) Depreciation is an annual allowance for wear and tear of a consumer good
Choose the correct answer from the options given below:

2.
Nominal Interest Rate =__________

3.
A sofa set costing Rupees 36000 has a useful life of 10 years. If the annual depreciation is Rupees 3000, then the scrap value by linear method is:

4.
Identify the correct formula:

5.
If the domestic income of an economy is 2500 crores, the factor income from abroad is 300 crores, the consumption of fixed capital is 150 crores and Net National Product at factor cost is 2400 crores, then the Factor income paid to abroad will be:

6.
A machinery worth ₹75,000 was undervalued by 10%. What will be its new value in the Balance Sheet?

Fees Structure

Structure based on different categories

Comments

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CUET Accountancy Question Paper 2024 (Set B) PDF Download

CUET Accountancy Question Paper With Solution

CUET Questions

1.Identify the correct statements:(A) Depreciation is a flow concept(B) Money supply is a stock concept(C) Investment is a stock concept(D) Depreciation is an annual allowance for wear and tear of a consumer goodChoose the correct answer from the options given below:

2.Nominal Interest Rate =__________

3.A sofa set costing Rupees 36000 has a useful life of 10 years. If the annual depreciation is Rupees 3000, then the scrap value by linear method is:

4.Identify the correct formula:

5.If the domestic income of an economy is 2500 crores, the factor income from abroad is 300 crores, the consumption of fixed capital is 150 crores and Net National Product at factor cost is 2400 crores, then the Factor income paid to abroad will be:

6.A machinery worth ₹75,000 was undervalued by 10%. What will be its new value in the Balance Sheet?

Fees Structure

Structure based on different categories

Comments

SUBSCRIBE TO OUR NEWS LETTER

1.
Identify the correct statements:
(A) Depreciation is a flow concept
(B) Money supply is a stock concept
(C) Investment is a stock concept
(D) Depreciation is an annual allowance for wear and tear of a consumer good
Choose the correct answer from the options given below:

2.
Nominal Interest Rate =__________

3.
A sofa set costing Rupees 36000 has a useful life of 10 years. If the annual depreciation is Rupees 3000, then the scrap value by linear method is:

4.
Identify the correct formula:

5.
If the domestic income of an economy is 2500 crores, the factor income from abroad is 300 crores, the consumption of fixed capital is 150 crores and Net National Product at factor cost is 2400 crores, then the Factor income paid to abroad will be:

6.
A machinery worth ₹75,000 was undervalued by 10%. What will be its new value in the Balance Sheet?