ca foundation daily test
Dear CA Foundation Students,
We are excited to announce that we are conducting daily revision tests for the CA Foundation June 2024 batch.
This is a great opportunity for you to evaluate your CA Foundation exam preparation level. Daily we will upload a new ca foundation question paper, you have to answer the same and send it to us on our students whatsapp group. We will check your answers and mark areas for improvements for you. This CA Foundation question paper and checking is provided by koncept education to all students for FREE.
Details of CA Foundation Daily Test Program:
CA Foundation Students WhatsApp Group Link: Join here
We encourage you to make the most of this opportunity to enhance your preparation. Regular practice through these CA Foundation question papers will help you identify your strengths and areas that need more focus.
Stay committed, stay focused, and let's aim for success together!
Best regards,
Koncept Education Team
Paper 1: Accounting
1. Ram carried on business as retail merchant. He has not maintained regular account books. However, he always maintained ₹. 10,000 in cash and deposited the balance into the bank account. He informs you that he has sold goods at profit of 25% on sales.
The following information is given to you:
|
Assets and Liabilities |
As on 1.4.20X1 |
As on 31.3.20X2 |
|
Cash in Hand |
10,000 |
10,000 |
|
Sundry Credito |
40,000 |
90,000 |
|
Cash at Bank |
50,000 (Cr.) |
80,000 (Dr.) |
|
Sundry Debtors |
1,00,000 |
3,50,000 |
|
Stock in Trade |
2,80,000 |
? |
|
Ram’s capital |
3,00,000 |
|
Analysis of his bank passbook reveals the following information:
(a) Payment to credito₹ 7,00,000
(b) Payment for business expenses ₹ 1,20,000
(c) Receipts from debto₹ ₹ 7,50,000
(d) Loan from Laxman ₹1,00,000 taken on 1.10.2016 at 10% per annum
(e) Cash deposited in the bank ₹1,00,000
He informs you that he paid credito₹ for goods ₹ 20,000 in cash and salaries ₹ 40,000 in cash. He has drawn ₹ 80,000 in cash for pe₹onal expenses. During the year Ram had not introduced any additional capital. Surplus cash if any, to be taken as cash sales.
You are required to prepare:
(i) Trading and Profit and Loss Account for the year ended 31.3.20X2.
(ii) Balance Sheet as at 31s t March, 20X2.
(MARKS 10)
Paper 2: Business Laws
2. Define and explain `Promissory Note’. What are its essential features?
(Marks 6)
Paper 3: Quantitative Aptitude
1) 4, 7, 20, 79, 394, 2363, ?
(A) 16540
(B) 15682
(C) 16583
(D) 14582
2) 120, 80, 40, 45, ? ,15
(A) 15
(B) 20
(C) 25
(D) 30
3) 4, 9, 25, 49, ?, 169, 289, 361
(A) 81
(B) 121
(C) 122
(D) 164
4) 7, 26, 63, 124, 215, ?, 511
(A) 342
(B) 343
(C) 441
(D) 421
5) ?, 41, 83, 167, 335, 671, 1343
(A) 18
(B) 17
(C) 20
(D) 22
6) 7, 10.5, 21, ?, 157.5, 551.25
(A) 42.5
(B) 52
(C) 63
(D) 52.5
7) 5, 7.5, 15, 37.5, 112.5, ?
(A) 340
(B) 395.5
(C) 393.75
(D) 397.25
(Marks 7)
Paper 4: Business Economics
1. The precautionary money balances people want to hold
(A) as income elastic and not very sensitive to rate of interest
(B) as income inelastic and very sensitive to rate of interest
(C) are determined primarily by the level of transactions they expect to make in the future.
(D) The precautionary money balances that people want to hold are generally considered to be income elastic and not very sensitive to the rate of interest
2. ___________ considered demand for money is as an application of a more general theory of demand for capital assets
(A) Baumol
(B) James Tobin
(C) J M Keynes
(D) Milton Friedman
3. Banks in the country are required to maintain deposits with the central bank
(A) to provide the necessary reserves for the functioning of the central bank
(B) to meet the demand for money by the banking system
(C) to meet the central bank prescribed reserve requirements and to meet settlement obligations
(D) to meet the money needs for the day to day working of the commercial banks
4. _____________tells us how much new money will be created by the banking system for a given increase in the high-powered money
(A) The currency ratio
(B) The excess reserve ratio (e)
(C) The credit multiplier
(D) The currency ratio (c)
5. Which of the following is an example of market failure?
(A) Prices of goods tend to rise because of shortages
(B) Merit goods are not sufficiently produced and supplied
(C) Prices fall leading to fall in profits and closure of firms
(D) None of the above
6. In India, the term ‘Policy rate’ refers to
(A) The bank rate prescribed by the RBI in its half yearly monetary policy statement
(B) The CRR and SLR prescribed by RBI in its monetary policy statement
(C) the fixed repo rate quoted for sovereign securities in the overnight segment of Liquidity Adjustment Facility (LAF)
(D) the fixed repo rate quoted for sovereign securities in the overnight segment of Marginal Standing Facility (MSF)
7. Which of the following is included in M2, a broader measure of money supply compared to M1?
(A) Currency in circulation
(B) Savings deposits
(C) Demand deposits
(D) Travellers’ checks
(Marks 7)
Paper 1: Accounting
1. The following is the Receipts and Payments Account of a charitable hospital for the year ended 31st March 20X2.
|
Receipts |
Amount (₹) |
Payment |
Amount (₹) |
|
To Balance b/f: |
|
By Medicines |
1,500 |
|
Cash in hand |
50 |
By Honorarium to doctors |
500 |
|
Cash at bank |
300 |
By Salaries |
1,375 |
|
To Subscriptions |
2,500 |
By Sundry expenses |
25 |
|
To Donations |
725 |
By Equipments purchases |
750 |
|
To Interest for full year on Investments @ 7% per annum |
350 |
By Charity show expenses |
50 |
|
To Charity show receipts |
500 |
By Balance c/f: |
|
|
|
|
Cash in hand |
25 |
|
|
|
Cash at bank |
200 |
|
|
4,425 |
|
4,425 |
Additional Information :
|
Liabilities |
on 31.03.20X1 ₹('000) |
On 31.03.20X2 ₹('000) |
|
Subscriptions outstanding |
25 |
50 |
|
Subscriptions received in advance |
50 |
25 |
|
Stock of medicines |
500 |
750 |
|
Amounts due to suppliers of medicines |
400 |
600 |
|
Value of equipments |
1,050 |
1,500 |
|
Value of buildings |
2,000 |
1,900 |
You are required to prepare Income and Expenditure account for the year ended 31st March, 20X2 and the Balance sheet as on data.
(MARKS 10)
Paper 2: Business Laws
2. Explain the concept of 'Corporate Veil'. Briefly state the circumstances when the corporate veil can be lifted as per the provisions of the Companies Act, 2013.(Marks 6)
Paper 3: Quantitative Aptitude
1. State whether the following sets are finite, infinite or empty: – (i) X = {1, 2, 3, …..500} (ii) Y = {y: y = a2 ; a is an integer } (iii) A = {x:x is a positive integer multiple of 2} (iv) B = {x:x is an integer which is a perfect root of 26<x<35}
(A) finite infinite infinite empty
(B) infinite infinite finite empty
(C) infinite finite infinite empty
(D) none of these
2. If A ={a, b, c, d, e, f} B = {a, e, i, o, u} and C = {m, n, o, p, q, r, s, t, u} then A U B is -
(A) {a, b, c, d, e, f, i, o, u}
(B) {a, b, c, i, o, u}
(C) {d, e, f, i, o, u}
(D) None
3. If A ={a, b, c, d, e, f} B = {a, e, i, o, u} and C = {m, n, o, p, q, r, s, t, u} then A - B is -
(A) {b, c, d, f}
(B) {a, e, i, o}
(C) {m, n, p, q}
(D) None
4. If A ={a, b, c, d, e, f} B = {a, e, i, o, u} and C = {m, n, o, p, q, r, s, t, u} then (A ∩ B ∩ C) is -
(A) Φ
(B) {a, e}
(C) {m, n}
(D) None
5. If A = {1, 2, …9}, B = {2, 4, 6, 8} C = {1, 3, 5, 7, 9}, D = {3, 4, 5} and E = {3, 5} what is set S if it is also given that S ⊂ D and S ⊄B
(A) {3, 5}
(B) {2, 4}
(C) {7, 9}
(D) None
6. If P has three elements Q four and R two how many elements does the Cartesian product set P × Q × R will have
(A) 24
(B) 9
(C) 29
(D) None of these
7. Out 2000 staff 48% preferred coffee 54% tea and 64% cocoa. Of the total 28% used coffee and tea 32% tea and cocoa and 30% coffee and cocoa. Only 6% did none of these. Find the number having all the three.
(A) 360
(B) 280
(C) 160
(D) None of these
(Marks 7)
Paper 4: Business Economics
1. Which function does the government perform when it provides transfer payments to offer support to the underprivileged
(A) Allocation
(B) Efficiency
(C) Distribution
(D) None of the above
2. The percentage of share of states in central taxes for the period 2021-26 recommended by the Fifteenth Finance Commission is
(A) 38 percent
(B) 41 percent
(C) 42 percent
(D) The commission has not submitted its report
3. Fiscal Federalism refers to ______________.
(A) Organizing and implementing development plans
(B) Sharing of political power between centers and states
(C) The management of fiscal policy by a nation
(D) Division of economic functions and resources among different layers of the government
4. Which of the following is not a criterion for determining distribution of central taxes among states for 2021-26 period
(A) Demographic performance
(B) Forest and ecology
(C) Infrastructure performance
(D) Tax and fiscal efforts
5. Which of the following is an example of market failure?
(A) Prices of goods tend to rise because of shortages
(B) Merit goods are not sufficiently produced and supplied
(C) Prices fall leading to fall in profits and closure of firms
(D) None of the above
6. If an individual tends to drive his car in a dangerously high speed because he has a comprehensive insurance cover, it is a case of
(A) free riding
(B) moral hazard
(C) poor upbringing
(D) Inefficiency
7. Which one of the following would you suggest for reducing negative externality?
(A) Production subsidies
(B) Excise duty
(C) Pigouvian taxes
(D) All of the above
(Marks 7)
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