CUET UG Accountancy Previous Year Question Paper 2024: Check Previous Years Question Papers

CUET UG Accountancy Exam

TheCommon University Entrance Test (CUET) Undergraduate (UG) Accountancy Exam is a standardized assessment designed to evaluate a candidate's knowledge and understanding of accounting principles and practices. This exam is essential for students aspiring to pursue undergraduate courses in accountancy or related fields across various universities in India.

CUET UG Accountancy Exam 2024 Overview

• Exam Structure: The CUET UG Accountancy exam consisted of 50 multiple-choice questions (MCQs), out of which candidates were required to attempt 40. Each question carried 5 marks, leading to a total of 200 marks for this section.
• Difficulty Level: The overall difficulty of the Accountancy paper was rated as moderate to hard.
• Topics Covered: The exam encompassed various topics within the accountancy curriculum, with a significant emphasis on:
• Cash Flow Statements
• Reconstitution of Partnership

These topics were highlighted as having higher weightage in the exam.

Student Feedback:

Candidates found the paper challenging, particularly due to the complexity of questions from the aforementioned topics. However, those with a strong grasp of fundamental accounting concepts and thorough preparation were able to manage within the allotted time.

Conclusion:

The CUET UG 2024 Accountancy exam was designed to assess candidates' understanding of fundamental and advanced accounting concepts. A thorough study of the curriculum, with particular focus on cash flow statements and partnership reconstitution, was crucial for performing well in this section.

CUET UG Accountancy Previous Year Question Paper 2024

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

(2) 3 : 4 : 3

(3) 3 : 3 : 4

(4) 3 : 2 : 1

Answer- (1) 4 : 3 : 3

2. 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

Answer- (B) Premium for Goodwill Account is debited

3. Match List-I with List-II.

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)

Answer- (4) (A) - (IV), (B) - (III), (C) - (II), (D) - (I)

4. 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 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

Answer- (1) Rs 4,000

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

(1) Operating activity

(2) Financing activity

(3) Investing activity

(4) Extraordinary item

Answer- (3) Investing activity

6. 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

Answer- (2) Data, People, Procedure, Hardware, Software

7. 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

Answer- (1) The recording of Sales, maintaining of Sales Ledger and Receivables

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

(1) Joint fields

(2) Main fields

(3) Table fields

(4) Key fields

Answer- (4) Key fields

9. On dissolution of a firm, bank overdraft is transferred to:

(1) Bank Account

(2) Realisation Account

(3) Partners’ Capital Account

(4) Partners’ Loan Account

Answer- (1) Bank Account

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

Choose the correct answer from the options given below :

(1) (A), (B), (C), (D)

(2) (A), (C), (B), (D)

(3) (B), (A), (D), (C)

(4) (C), (B), (D), (A)

Answer- (4) (C), (B), (D), (A)

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

Choose the correct answer from the options given below :

(1) (C), (B), (A), (D), (E)

(2) (B), (C), (A), (D), (E)

(3) (C), (B), (A), (E), (D)

(4) (B), (C), (A), (E), (D)

Answer- (3) (C), (B), (A), (E), (D)

12. 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 from the options given below :

(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

Answer- (2) (A), (B), (C) and (D) only

13. 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)

Answer- (3) (E), (A), (B), (C), (D)

Read the following information carefully and answer the next five questions :

14. Calculate Trade Receivables Turnover Ratio.

(1) 8.18 times

(2)8.23 : 1

(3) 8.18%

(4)8.81 : 1

Answer- (1) 8.18 times

15. Calculate Average Collection Period.

(1)30 days

(2)60 days

(3)45 days

(4)15 days

Answer- (1) 8.18 times

16. Calculate Trade Payables Turnover Ratio.

(1)29.6 times

(2) 2.96 times

(3)29.6%

(4)2.69 : 1

Answer- (2) 2.96 times

17. Calculate Average Payment Period.

(1)123 days

(2)121 days

(3)132 days

(4)133 days

Answer- (1)123 days

18. Trade Receivables Turnover Ratio and Trade Payables Turnover Ratio are categorised as:

(1)Liquidity Ratio

(2)Solvency Ratio

(3)Activity Ratio

(4)Profitability Ratio

Answer- (3)Activity Ratio

Read the following carefully and answer the next five questions :

G, K and B were partners running a partnership for 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. Their capital balances were ₹ 4,00,000, ₹ 3,00,000 and ₹ 2,00,000 respectively. Firm had liabilities ₹ 80,000, Cash balance ₹ 40,000, other Sundry Assets ₹ 8,50,000 and P&L A/c constituted the rest. Assets realised at 80% and liabilities were paid in full. There was unrecorded liability of ₹ 50,000 which was settled at ₹ 40,000. Realisation expenses amounted to ₹ 30,000, being paid by G on behalf of the firm.

19. 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

Answer- (1) Dissolution by Agreement

20. 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

Answer- (2)(Dr.) Rs. 90,000

21. 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

Answer- (1)Loss Rs. 2,40,000

22. The entry for realization 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 13

(4)Cash A/c Dr. To Realisation A/c

Answer- (2)Realisation A/c Dr. To G’s Capital A/c

23. 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

Answer- (1)5 : 3 : 2

24. Libraries run by charitable trusts are an example of:

(1)Partnership

(2)Not-for-profit organisation

(3)Companies

(4)Cooperatives

Answer- (2)Not-for-profit organisation

25. 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

Answer- (3)Subscription from members

26. Match List-I with List-II:

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)

Answer- 4. (A) - (III), (B) - (IV), (C) - (I), (D) - (II)

27. 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

Answer- (1)Increase in assets

28. 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)

Answer- 1. (C), (B), (A), (D)

29. 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.

Answer- (1)to manipulate the accounts to show a better picture of the financial position than the actual one.

30. Match List-I with List-II.

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)

Answer- (3) (A) - (IV), (B) - (III), (C) - (II), (D) - (I)

31. 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

Answer- (3) (A), (C) and (D) only

32. Match List-I with List-II.

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)

Answer- (4) (A) - (III), (B) - (IV), (C) - (I), (D) - (II)

33. 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

Answer- (3) (A), (C) and (D) only

34. 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

Answer- 1. Investing activity and outflow Rs. 3,50,000

35. 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)

Answer- (2) (D), (A), (C), (B)

36. 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

Answer- (2) (A) and (C) only

37. 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.

Answer- 2. number of shares applied for is more than the number of shares issued.

38. 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

Answer- (2)Rs. 14,000

39. 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 is debited

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

Answer- (4) (B), (C) and (D) only

40. Match List-I with List-II.

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)

Answer- (2) (A) - (IV), (B) - (III), (C) - (II), (D) - (I)

41. 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 from the options given below :

(1) (A), (B), (C), (D)

(2) (A), (C), (B), (D)

(3) (B), (A), (D), (C)

(4) (C), (B), (D), (A)

Answer- (4) (C), (B), (D), (A)

42. 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

Answer- (1) 15%

43. A company can accept calls in advance, if authorized by:

1. Shareholders

2. Board of Directors

3. Articles of Association

4. Memorandum of Association

Answer- 3. Articles of Association

44. 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.

Answer- 2. Profit and Loss Appropriation Account will be debited.

45. 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

Answer- 2. Rs 50,000

46. Dividend received is:

1. Operating activity

2. Financing activity

3. Investing activity

4. Cash and cash equivalents

Answer- 3. Investing activity

47. 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

Answer- 4. Central Government

48. 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”.

Answer- 1. Using Code “CL001” for “Accounts of XYZ Ltd”.

49. 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.

Answer- 3. credited to old partners’ capital accounts.

50. 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

Answer- 1. A gains 1/30; B gains 1/30; C sacrifices 2/30