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

| Updated On - Nov 25, 2024

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.

CUET Accountancy Question Paper 2024 (Set B) PDF Download

CUET 2024 Accountancy Question Paper Set B with Answer Key download iconDownload Check Solution

CUET Accountancy Answer Key (Set B)

Ques No. Question and Options Correct Answer Solution
1 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.
2 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, as they rely on member support rather than commercial sales.
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
Choose the correct answer from the options given below:
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)
2 (A) Share Capital - (I) Will be called at the time of winding up; (B) Reserves and Surplus - (II) Calls in advance; (C) Reserve Capital - (III) Subscribed but not fully paid; (D) Current Liabilities - (IV) Sinking Fund.
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
1 Revaluation Account reflects changes in asset values. An increase in assets affects the account directly.
5 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
Choose the correct answer from the options given below:
1. (C), (B), (A), (D)
2. (A), (C), (B), (D)
3. (B), (A), (D), (C)
4. (C), (B), (D), (A)
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.
6 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.
7 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
Choose the correct answer from the options given below:
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)
2 To correctly match each item with its corresponding accounting treatment, consider the nature of each transaction.
8 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
Choose the correct answer from the options given below:
1. (A), (B), and (C) only
2. (A), (B), and (D) only
3. (A), (C), and (D) only
4. (B), (C), and (D) only
3 The Revaluation Account is affected by changes in the values of assets and liabilities at the time of admission of a partner.
9 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
List-II (Type of activity): (I) Operating activity, (II) Cash and cash equivalents, (III) Investing activity, (IV) Financing activity
Choose the correct answer from the options given below:
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)
4 To correctly match each item with its corresponding cash flow activity type, consider the nature of each transaction.
10 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
Choose the correct answer from the options given below:
1. (A), (B), and (D) only
2. (A), (B), and (C) only
3. (A), (C), and (D) only
4. (B), (C), and (D) only
3 The correct options regarding a Common Size Statement are expressed as a percentage of total revenue or total assets.
11 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 nature of the cash flow is an investing activity with an outflow of Rs.3,50,000.
12 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
Choose the correct answer from the options given below:
1. (A), (B), (C), (D)
2. (D), (A), (C), (B)
3. (B), (A), (D), (C)
4. (C), (B), (D), (A)
2 The correct sequence is (D), (A), (C), (B) for preparing the Cash Flow Statement.
13 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.
Choose the correct answer from the options given below:
1. (A), (B), and (D) only
2. (A) and (C) only
3. (A) and (D) only
4. (B), (C), and (D) only
3 Overvaluation of closing stock inflates profit for that year. It should be reduced from that year's profit and added to the previous year’s profit.
14 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 being issued.
15 400 shares of Rs. 50 each issued at par were forfeited for non-payment of the 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 The amount transferred to the capital reserve is Rs. 15,000 after calculations based on amounts paid and received during the reissue process.
16 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 The correct combination involves debiting the Loss on issue of debentures account, crediting the Securities premium account, and crediting the Premium on redemption of debentures account.
17 Match List-I with List-II.
List-I (Name of account to be debited or credited, when shares are forfeited):
(A) Share Capital Account
(B) Share Forfeited Account
(C) Calls-in-arrears Account
(D) Securities Premium Account
List-II (Amount to be debited or credited):
(I) Debited with amount not received
(II) Credited with amount not received
(III) Credited with amount received towards share capital
(IV) Debited with amount called up
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 based on amounts called and received.
18 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:
1. (A), (B), (C), (D)
2. (A), (C), (B), (D)
3. (B), (A), (D), (C)
4. (C), (B), (D), (A)
4 The correct sequence is (C), (B), (D), (A) indicating the process of managing debentures.
19 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 to the subscribers for delays beyond 8 days in refunding subscription amounts.
20 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.
21 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.
22 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 correct value of machinery that should appear in the new Balance Sheet is Rs. 49,500 after adjusting for undervaluation.
23 Dividend received is:
1. Operating activity
2. Financing activity
3. Investing activity
4. Cash and cash equivalents
3 Dividend income is generally classified as an investing activity in the Cash Flow Statement.
24 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.
25 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 Sequential codes represent a range, making it a sequential code, as each subsequent dealer can receive a unique code incrementally within this range.
26 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.
27 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 2/30, B gains 3/30, and C sacrifices 5/30 due to the change in the profit-sharing ratio.
28 Match List-I with List-II.
List-I (Equal amount of drawings made):
(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 (Number of month for which interest calculated):
(I) 4.5 months
(II) 6.5 months
(III) 7.5 months
(IV) 3 months
Choose the correct answer from the options given below:
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)
4 The correct answer is Option (4) based on the average time for interest calculation for the drawings made.
29 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. 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 Rs 76,000 for the year 2022–23. The deficiency borne by Kavita is:
1. Rs 4,000
2. Rs 2,000
3. Rs 6,000
4. Rs 4,500
1 The deficiency borne by Kavita is Rs. 4,000 based on the profit-sharing ratio and the guaranteed amount to Mohan.
30 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
1 The new profit-sharing ratio for Anshu, Nitu, and Jyoti is 4 : 3 : 3 after Jyoti's admission.
31 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:
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 The correct entries involve debiting the Premium for Goodwill Account and crediting the Gaining Partner’s Capital Account.
32 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 classified as an investing activity in the Cash Flow Statement.
33 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.
34 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.
35 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.
36 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.
37 Arrange the following steps in the correct sequence of the life of a company:
(A) Commencement of Business
(B) Incorporation
(C) Promotion
(D) Floatation
Choose the correct answer:
1. (A), (B), (C), (D)
2. (A), (C), (B), (D)
3. (B), (A), (D), (C)
4. (C), (B), (D), (A)
4 The correct sequence is Promotion, Incorporation, Floatation, and then Commencement of Business.
38 Arrange the following in the correct order:
(A) Subscribed Capital
(B) Issued Capital
(C) Authorised Capital
(D) Paid-up Capital
(E) Called-up Capital
Choose the correct answer:
1. (C), (B), (A), (D), (E)
2. (B), (C), (A), (D), (E)
3. (C), (B), (A), (E), (D)
4. (B), (C), (A), (E), (D)
3 Capital progression follows Authorised, Issued, Subscribed, Called-up, then Paid-up Capital.
39 The Deceased Partner’s Capital Account includes the following amount/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:
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
4 The correct items in the Deceased Partner’s Capital Account include the opening balance, share of profit/loss, share of General Reserve, and amount paid to executors.
40 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
Choose the correct answer from the options given below:
1. (E), (C), (D), (A), (B)
2. (E), (A), (D), (B), (C)
3. (E), (A), (B), (C), (D)
4. (A), (B), (C), (D), (E)
4 The correct sequence for calculating cash flows from operating activities is Operating profit before working capital changes, Cash generated from operations, Income tax paid, Net cash flow from operating activities, Goodwill amortised.
41 Calculate Trade Receivables Turnover Ratio:
Revenue from Operations Rs. 8,75,000
Trade Debtors Rs. 59,000
Bills Receivable Rs. 48,000
1 The Trade Receivables Turnover Ratio is calculated as Revenue from Operations divided by total trade receivables, resulting in a ratio of 8.18 times.
42 Calculate Average Collection Period.
Trade Receivables Turnover Ratio is 8.18 times.
1 The Average Collection Period is calculated as 365 days divided by the Trade Receivables Turnover Ratio, resulting in 30 days.
43 Calculate Trade Payables Turnover Ratio:
Purchases Rs. 4,20,000
Creditors Rs. 90,000
Bills Payable Rs. 52,000
2 The Trade Payables Turnover Ratio is calculated as Purchases divided by total trade payables, resulting in 2.96 times.
44 Calculate Average Payment Period:
Trade Payables Turnover Ratio is 2.96 times.
1 The Average Payment Period is calculated as 365 days divided by the Trade Payables Turnover Ratio, resulting in 123 days.
45 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 classified as Activity Ratios.
46 G, K, and B were partners running a partnership for the last 10 years, sharing profit and loss in the ratio of 5 : 3 : 2. Post Covid, their firm was affected badly and started incurring losses. On 31st March, 2023 they all decided to dissolve the firm due to continuous losses. The mode of dissolution of the firm followed by G, K and B is:
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, which qualifies as dissolution on the happening of certain contingencies.
47 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 in the Profit and Loss Account is on the debit side, indicating a loss of Rs. 90,000.
48 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 To calculate the gain or loss on realization, the loss on realization is Rs. 1,70,000.
49 The entry for realisation expenses in the 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
2 The entry should reflect that expense being borne by the partner, G’s payment is recorded as Realisation A/c Dr. To G’s Capital A/c.
50 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 The existing Profit and Loss Account will be shared in the profit-sharing ratio of the partners, which is 5 : 3 : 2.


CUET Questions

1.
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

    2.
    For the curve \( y(1 + x^2) = 2 - x \), if \(\frac{dy}{dx} = \frac{1}{A}\) at the point where the curve crosses the x-axis, then the value of \( A \) is:

      • 5
      • -5
      • -1
      • 0

      3.

      A furniture trader deals in tables and chairs. He has Rs. 75,000 to invest and a space to store at most 60 items. A table costs him Rs. 1,500 and a chair costs him Rs. 1,000. The trader earns a profit of Rs. 400 and Rs. 250 on a table and chair, respectively. Assuming that he can sell all the items that he can buy, which of the following is/are true for the above problem:

      (A) Let the trader buy \( x \) tables and \( y \) chairs. Let \( Z \) denote the total profit. Thus, the mathematical formulation of the given problem is:

      \[ Z = 400x + 250y, \]

      subject to constraints:

      \[ x + y \leq 60, \quad 3x + 2y \leq 150, \quad x \geq 0, \quad y \geq 0. \]

      (B) The corner points of the feasible region are (0, 0), (50, 0), (30, 30), and (0, 60).

      (C) Maximum profit is Rs. 19,500 when trader purchases 60 chairs only.

      (D) Maximum profit is Rs. 20,000 when trader purchases 50 tables only.

      Choose the correct answer from the options given below:

        • (A), (B), and (C) only
        • (A), (B), and (D) only
        • (B) and (C) only
        • (B), (C), and (D) only

        4.
        In a series of 4 trials, the probability of getting two successes is equal to the probability of getting three successes. The probability of getting at least one success is:

          • \(\frac{609}{625}\)
          • \(\frac{16}{625}\)
          • \(\frac{513}{625}\)
          • \(\frac{112}{625}\)

          5.
          Which option figure will complete the pattern in the given figure?
          Box Pattern

            • 1
            • 2
            • C
            • D

            6.
            The correct solution of \(-22 < 8x - 6 \leq 26\) is the interval:

              • \([-2, 4]\)
              • \((-2, 4]\)
              • \((-2, 4)\)
              • \([-2, 4)\)

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