| Updated On - Nov 25, 2024
CUET Accountancy Question Paper 2024 (Set C) is available here for Download. NTA is going to conduct 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 C) PDF Download
| CUET 2024 Accountancy Question Paper Set C with Answer Key |  Download |
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CUET Accountancy Answer Key
| Serial No. | Questions | Answers | Detailed Solution |
| 1 | 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 | Anshu sacrifices 2/10, Nitu sacrifices 1/10, so: Anshu's new share = 3/5 - 2/10 = 4/10, Nitu's new share = 2/5 - 1/10 = 3/10, Jyoti's share = 3/10. New ratio: 4:3:3. |
| 2 | The journal entry for the 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. | (4) (B), (C), (D) only | When a new partner brings goodwill in cash, Premium for Goodwill Account is debited, the Sacrificing Partner’s Capital Account is credited for the gain in goodwill, and the cash received is credited. Gaining Partner’s Capital Account is not debited in this case. |
| 3 | Match List-I with List-II (Equal amount of drawings made) and (Number of months 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 | (2) (A)-I, (B)-III, (C)-II, (D)-IV | (A) Interest for half-yearly drawings: 6 months divided by 2 gives an average of 4.5 months. (B) Drawings at the beginning of each quarter give an average period of 7.5 months. (C) Drawings at the beginning of each month give an average period of 6.5 months. (D) Drawings at the end of each quarter give an average period of 3 months. |
| 4 | Kavita and Lalita are partners, sharing profits in the ratio of 2:1. They admit Mohan for 1/4th share in future profits with a guaranteed amount of ₹25,000. The firm earned profits of ₹76,000 for the year. The deficiency borne by Kavita is: | (1) ₹4,000 | Mohan's share: 1/4th of ₹76,000 = ₹19,000. He is guaranteed ₹25,000, so the deficiency = ₹25,000 - ₹19,000 = ₹6,000. Kavita and Lalita will share this deficiency in the ratio of 2:1. Kavita's share of deficiency = 2/3 * ₹6,000 = ₹4,000. |
| 5 | While preparing Cash Flow Statement, purchase of goodwill is treated as: | (3) Investing activity | Purchase of goodwill is considered as an investing activity which represents the acquisition of an intangible asset, which is classified under the investment section of a cash flow statement. |
| 6 | The components of a Computerised Accounting System are: | (2) Data, People, Procedure, Hardware, Software | The correct components of a Computerised Accounting System include: Data (the raw information), People (users of the system), Procedures (methods used to collect and process data), Hardware (physical devices), and Software (applications and systems used for accounting). |
| 7 | The Sales and Accounts Receivable Subsystem deals with: | (1) Recording Sales, maintaining Sales Ledger, and Receivables | This subsystem is primarily concerned with the recording of sales, managing sales ledgers, and handling accounts receivables. |
| 8 | The common fields used in a relationship between tables are called: | (4) Key fields | Key fields (also called primary keys) are used to create relationships between tables in a database. They uniquely identify each record in a table and are used to link related tables together. |
| 9 | On dissolution of a firm, bank overdraft is transferred to: | (2) Realisation Account | On the dissolution of a firm, the bank overdraft (a liability) is transferred to the Realisation Account, where all assets and liabilities are adjusted for realization. |
| 10 | 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) (C), (B), (D), (A) | The life of a company follows this order: (C) Promotion: Initial planning and setting up. (B) Incorporation: Legal process of registration. (D) Floatation: Raising capital through the issue of shares. (A) Commencement of Business: Starting operations. |
| 11 | 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) | The sequence is: (C) Authorised Capital: Maximum capital a company can issue. (B) Issued Capital: Capital actually offered to the public. (A) Subscribed Capital: Portion of issued capital that has been subscribed. (D) Paid-up Capital: Amount paid by shareholders. (E) Called-up Capital: Amount called from shareholders. |
| 12 | The Deceased Partner's Capital Account includes the following amount/balances: | (4) (A), (B), (C) and (E) only | The Deceased Partner's Capital Account includes: (A) Opening balance of his capital, (B) His share of profit/loss till the date of death, (C) His share of General Reserve, (E) Amount paid to his executors. Drawings till the date of death are not included in this account. |
| 13 | Identify the correct sequence of the 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) (A), (B), (C), (D), (E) | The correct sequence is: (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 (adjustment under non-cash items). |
| 14 | Calculate Trade Receivables Turnover Ratio. Given: Revenue from Operations = ₹8,75,000 Bills Receivable = ₹48,000 Trade Debtors = ₹59,000 | (1) 8.18 times | Trade Receivables Turnover Ratio = Revenue from Operations / Average Trade Receivables Average Trade Receivables = (Bills Receivable + Trade Debtors) = ₹48,000 + ₹59,000 = ₹1,07,000 Trade Receivables Turnover Ratio = ₹8,75,000 / ₹1,07,000 = 8.18 times. |
| 15 | Calculate Average Collection Period. | (2) 60 days | Average Collection Period = 365 / Trade Receivables Turnover Ratio = 365 / 8.18 = 60 days. |
| 16 | Calculate Trade Payables Turnover Ratio. Given: Purchases = ₹4,20,000 Creditors = ₹90,000 Bills Payable = ₹52,000 | (2) 2.96 times | Trade Payables Turnover Ratio = Purchases / Average Trade Payables Average Trade Payables = (Creditors + Bills Payable) = ₹90,000 + ₹52,000 = ₹1,42,000 Trade Payables Turnover Ratio = ₹4,20,000 / ₹1,42,000 = 2.96 times. |
| 17 | Calculate Average Payment Period. | (2) 121 days | Average Payment Period = 365 / Trade Payables Turnover Ratio = 365 / 2.96 = 121 days. |
| 18 | Trade Receivables Turnover Ratio and Trade Payables Turnover Ratio are categorised as: | (3) Activity Ratio | Both ratios measure how effectively a company manages its receivables and payables, which are related to operational activities. Therefore, they fall under the category of Activity Ratios. |
| 19 | What is the mode of dissolution of the firm followed by G, K, and B? | (1) Dissolution by Agreement | This is a mutual dissolution agreed upon by all partners involved in the firm. |
| 20 | Determine the amount of Profit and Loss Account. | (2) (Dr.) ₹90,000 | If the Profit and Loss Account shows a debit balance, it represents a loss amounting to ₹90,000. |
| 21 | Determine Gain/Loss on Realisation. | (4) Loss ₹2,10,000 | The loss on realisation is calculated after all assets have been sold and liabilities have been settled, leading to a loss of ₹2,10,000. |
| 22 | The entry for realisation expenses in the above case study will be: | (3) G’s Capital A/c Dr. To Realisation A/c | When a partner bears the realisation expenses, the partner’s capital account is debited, and the Realisation Account is credited. |
| 23 | Existing Profit and Loss Account in the books of the firm will be shared/borne by partners in the ratio: | (4) Ratio of closing capital claims | The Profit and Loss balance is shared by partners in the ratio of their closing capital balances, reflecting their respective ownership proportions in the firm. |
| 24 | Libraries run by charitable trusts are an example of: | (2) Not for profit organisation | Charitable trusts running libraries operate as non-profit organisations since their objective is not to make a profit but to provide public services. |
| 25 | The main source of revenue for 'not for profit' organisation is: | (3) Subscription from members | The primary source of revenue for non-profit organisations is subscription fees or membership fees paid by individuals who support or use the services of the organisation. |
| 26 | Match List-I with List-II: (A) Share capital (B) Reserves and surplus (C) Reserve capital (D) Current liabilities | (4) (A) - (III), (B) - (IV), (C) - (I), (D) - (II) | (A) Share capital is subscribed but not fully paid. (B) Reserves and surplus are sinking funds used for specific purposes. (C) Reserve capital is called only during winding up. (D) Current liabilities include calls in advance. |
| 27 | Which of the following would affect the Revaluation Account at the time of reconstitution of a partnership firm? | (1) Increase in assets | Increase in assets leads to a gain, which is reflected in the Revaluation Account. |
| 28 | Identify the correct sequence to be followed while preparing the final account of a partnership firm: | (1) (C), (B), (A), (D) | The correct order for preparing the final accounts is: (C) Trading Account, (B) Profit and Loss Account, (A) Profit and Loss Appropriation Account, (D) Balance Sheet. |
| 29 | Window dressing is a practice: | (1) to manipulate the accounts to show a better picture of the financial position than the actual one. | Window dressing is the manipulation of accounts to make a company's financial position appear more favorable than it actually is. |
| 30 | Match List-I with List-II: (A) Salary to partner (B) Interest on partner's loan (C) Interest on partner's drawings (D) Additional capital introduced | (2) (A) - (I), (B) - (III), (C) - (II), (D) - (IV) | (A) Salary to a partner is credited to the Partner's Capital Account. (B) Interest on a partner's loan is debited in the Profit and Loss Account. (C) Interest on drawings is debited to the Partner's Current Account. (D) Additional capital is credited to the Partner's Current Account. |
| 31 | Which of the following would affect the Revaluation Account at the time of admission of a partner? | (3) (A), (C) and (D) only | Increase in assets, recording unrecorded assets, and decrease in liabilities all affect the Revaluation Account. |
| 32 | Match List-I with List-II: (A) Purchase of tangible assets (B) Issue of shares (C) Increase in current assets (D) Marketable securities | (4) (A) - (III), (B) - (IV), (C) - (I), (D) - (II) | (A) Purchase of tangible assets is an investing activity. (B) Issue of shares is a financing activity. (C) Increase in current assets is an operating activity. (D) Marketable securities are cash equivalents. |
| 33 | Which one of the following are correct in connection with the Common Size Statement? | (3) (A), (C) and (D) only | The Common Size Statement is expressed as a percentage of revenue from operations, involves vertical analysis, and is expressed as a percentage of total assets. |
| 34 | Calculate the resulting cash flow and state the nature of cash flow from the following information: Acquired machinery for ₹3,50,000 by issuing cheque. | (1) Investing activity and outflow ₹3,50,000 | The purchase of machinery is an investing activity, and since cash is spent, it's recorded as an outflow of ₹3,50,000. |
| 35 | Arrange the following in proper sequence while preparing a Cash Flow Statement: | (2) (D), (A), (C), (B) | The correct sequence is: (D) Calculate net profit before tax, (A) Net cash flow from operating activities, (C) Cash flow from investing activities, (B) Cash flow from financing activities. |
| 36 | The adjustment required for overvaluation of closing stock, while calculating adjusted profit for calculating goodwill is: | (3) (A) and (D) only | Overvaluation of closing stock should be reduced from the concerned year's profit and added to the previous year's profit to calculate the adjusted profit. |
| 37 | Oversubscription is a situation where the: | (2) number of shares applied for is more than the number of shares issued. | Oversubscription occurs when investors apply for more shares than the company has issued. |
| 38 | 400 shares of ₹50 each issued at par were forfeited for non-payment of the final call of ₹10 per share. These shares were reissued at ₹45 per share as fully paid-up. The amount transferred to capital reserve is: | (1) ₹15,000 | 400 shares × ₹10 unpaid = ₹4,000 loss on forfeiture. Since they were reissued at ₹45, the company gains ₹15 per share. 400 shares × ₹15 = ₹6,000, so the total amount transferred to the capital reserve is ₹15,000. |
| 39 | When debentures are issued at a premium and redeemed at a premium, the journal entry will have the following combination: | (4) (B), (C) and (D) only | In the case of debentures issued and redeemed at a premium, Loss on Issue of Debentures is debited, Security Premium Account is credited, and Premium on Redemption of Debentures is credited. |
| 40 | Match List-I with List-II: (A) Share Capital Account (B) Share Forfeited Account (C) Calls-in-arrears Account (D) Securities Premium Account | (2) (A) - (IV), (B) - (III), (C) - (II), (D) - (I) | (A) Share Capital is debited with the called-up amount, (B) Share Forfeited is credited with the amount received toward share capital, (C) Calls-in-arrears is credited with the unpaid amount, and (D) Securities Premium is debited with the amount of the premium. |
CUET Previous Year Question Paper PDF
| CUET Accountancy Previous Year Question Papers | CUET Question Paper 2023 |
| CUET Question Paper 2022 | CUET Question Paper 2021 |
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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:
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. 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. Formaldehyde undergoes Cannizzaro reaction because
(A) It has alpha-hydrogen atom.
(B) It does not have alpha-hydrogen atom.
(C) It does not undergo self-oxidation and reduction on heating with concentrated alkali.
(D) It undergoes self-oxidation and reduction on heating with concentrated alkali.
Formaldehyde undergoes Cannizzaro reaction because
(A) It has alpha-hydrogen atom.
(B) It does not have alpha-hydrogen atom.
(C) It does not undergo self-oxidation and reduction on heating with concentrated alkali.
(D) It undergoes self-oxidation and reduction on heating with concentrated alkali.
(A) It has alpha-hydrogen atom.
(B) It does not have alpha-hydrogen atom.
(C) It does not undergo self-oxidation and reduction on heating with concentrated alkali.
(D) It undergoes self-oxidation and reduction on heating with concentrated alkali.
- (A) It has alpha-hydrogen atom
- (B) It does not have alpha-hydrogen atom
- (C) It does not undergo self-oxidation and reduction on heating with concentrated alkali
- (D) It undergoes self-oxidation and reduction on heating with concentrated alkali
4.
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 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
5. 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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