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.

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CUET 2024 Accountancy Questions with Solutions


Question 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. (1) 4 : 3 : 3
  2. (2) 3 : 4 : 3
  3. (3) 3 : 3 : 4
  4. (4) 3 : 2 : 1
Correct Answer: (3) 3 : 3 : 4
View Solution
Question 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

  1. (1) (A), (B) and (D) only
  2. (2) (A), (B) and (C) only
  3. (3) (A), (B), (C) and (D)
  4. (4) (B), (C) and (D) only
Correct Answer: (3) (A), (B), (C) and (D)
View Solution
Question 3:

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. (1) (A) - (I), (B) - (II), (C) - (III), (D) - (IV)
  2. (2) (A) - (I), (B) - (III), (C) - (II), (D) - (IV)
  3. (3) (A) - (IV), (B) - (II), (C) - (I), (D) - (III)
  4. (4) (A) - (IV), (B) - (III), (C) - (II), (D) - (I)
Correct Answer: (1) (A) - (I), (B) - (II), (C) - (III), (D) - (IV)
View Solution
Question 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 ₹ 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. (1) ₹ 4,000
  2. (2) ₹ 2,000
  3. (3) ₹ 6,000
  4. (4) ₹ 4,500
Correct Answer: (2) ₹ 2,000
View Solution
Question 5:

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

  1. (1) Operating activity
  2. (2) Financing activity
  3. (3) Investing activity
  4. (4) Extraordinary item
Correct Answer: (3) Investing activity
View Solution
Question 6:

The components of a Computerized Accounting System are:

  1. (1) Data, Report, Ledger, Hardware, Software
  2. (2) Data, People, Procedure, Hardware, Software
  3. (3) People, Procedure, Ledger, Data, Chart of Accounts
  4. (4) Data, Coding, Procedure, Rules, Output
Correct Answer: (2) Data, People, Procedure, Hardware, Software
View Solution
Question 7:

The Sales and Accounts Receivable Subsystem deals with:

  1. (1) The recording of Sales, maintaining of Sales Ledger and Receivables
  2. (2) The preparation of Budget for the coming financial year
  3. (3) The preparation of Profit and Loss Account, Balance Sheet, and Cash Flow Statement
  4. (4) The purchase and payment to creditors
Correct Answer: (1) The recording of Sales, maintaining of Sales Ledger and Receivables
View Solution
Question 8:

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

  1. (1) Joint fields
  2. (2) Main fields
  3. (3) Table fields
  4. (4) Key fields
Correct Answer: (4) Key fields
View Solution
Question 9:

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

  1. (1) Bank Account
  2. (2) Realisation Account
  3. (3) Partners’ Capital Account
  4. (4) Partners’ Loan Account
Correct Answer: (2) Realisation Account
View Solution
Question 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

  1. (1) (A), (B), (C), (D)
  2. (2) (A), (C), (B), (D)
  3. (3) (B), (A), (D), (C)
  4. (4) (C), (B), (D), (A)
Correct Answer: (2) (A), (C), (B), (D)
View Solution
Question 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. (1) (C), (B), (A), (D), (E)
  2. (2) (B), (C), (A), (D), (E)
  3. (3) (C), (B), (A), (E), (D)
  4. (4) (B), (C), (A), (E), (D)
Correct Answer: (1) (C), (B), (A), (D), (E)
View Solution
Question 12:

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. (1) (A), (B), (D) and (E) only
  2. (2) (A), (B), (C) and (D) only
  3. (3) (A), (B) and (C) only
  4. (4) (A), (B), (C) and (E) only
Correct Answer: (1) (A), (B), (D) and (E) only
View Solution
Question 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

  1. (1) (E), (C), (D), (A), (B)
  2. (2) (E), (A), (D), (B), (C)
  3. (3) (E), (A), (B), (C), (D)
  4. (4) (A), (B), (C), (D), (E)
Correct Answer: (4) (A), (B), (C), (D), (E)
View Solution
Question 14:

Calculate Trade Receivables Turnover Ratio.

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

  1. (1) 8.18 times
  2. (2) 8.23 : 1
  3. (3) 8.18%
  4. (4) 8.81 : 1
Correct Answer: (2) 8.23 : 1
View Solution
Question 15:

Calculate Average Collection Period.

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

  1. (1) 30 days
  2. (2) 60 days
  3. (3) 45 days
  4. (4) 15 days
Correct Answer: (3) 45 days
View Solution
Question 16:

Calculate Trade Payables Turnover Ratio.

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

  1. (1) 29.6 times
  2. (2) 2.96 times
  3. (3) 29.6%
  4. (4) 2.69 : 1
Correct Answer: (2) 2.96 times
View Solution
Question 17:

Calculate Average Payment Period.

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

  1. (1) 123 days
  2. (2) 121 days
  3. (3) 132 days
  4. (4) 133 days
Correct Answer: (1) 123 days
View Solution
Question 18:

Trade Receivables Turnover Ratio and Trade Payables Turnover Ratio are categorized as:

  1. (1) Liquidity Ratio
  2. (2) Solvency Ratio
  3. (3) Activity Ratio
  4. (4) Profitability Ratio
Correct Answer: (3) Activity Ratio
View Solution
Question 19:

What is the mode of dissolution of the firm followed by G, K and B?

  1. (1) Dissolution by Agreement
  2. (2) On the happening of certain contingencies
  3. (3) Dissolution by Notice
  4. (4) Compulsory Dissolution
Correct Answer: (1) Dissolution by Agreement
View Solution
Question 20:

Determine the amount of Profit and Loss Account.

  1. (1) (Cr.) ₹ 90,000
  2. (2) (Dr.) ₹ 90,000
  3. (3) (Cr.) ₹ 1,30,000
  4. (4) (Dr.) ₹ 1,30,000
Correct Answer: (2) (Dr.) ₹ 90,000
View Solution
Question 21:

Determine Gain/Loss on Realisation.

  1. (1) Loss ₹ 2,40,000
  2. (2) Gain ₹ 24,000
  3. (3) Loss ₹ 1,70,000
  4. (4) Loss ₹ 2,10,000
Correct Answer: (3) Loss ₹ 1,70,000
View Solution
Question 22:

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

  1. (1) Realisation A/c Dr. To Cash A/c
  2. (2) Realisation A/c Dr. To G’s Capital A/c
  3. (3) G’s Capital A/c Dr. To Realisation A/c
  4. (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 23:

Existing Profit and Loss Account in the books of the firm will be shared/borne by partners in the ratio:

  1. (1) 5 : 3 : 2
  2. (2) Equal Ratio
  3. (3) 4 : 3 : 2
  4. (4) Ratio of closing capital claims
Correct Answer: (1) 5 : 3 : 2
View Solution
Question 24:

Libraries run by charitable trusts are an example of:

  1. (1) Partnership
  2. (2) Not for profit organisation
  3. (3) Companies
  4. (4) Cooperatives
Correct Answer: (2) Not for profit organisation
View Solution
Question 25:

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

  1. (1) Sale of goods
  2. (2) Sale of periodicals
  3. (3) Subscription from members
  4. (4) Sale of assets
Correct Answer: (3) Subscription from members
View Solution
Question 26:

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. (1) (A) - (I), (B) - (II), (C) - (III), (D) - (IV)
  2. (2) (A) - (I), (B) - (III), (C) - (II), (D) - (IV)
  3. (3) (A) - (I), (B) - (II), (C) - (IV), (D) - (III)
  4. (4) (A) - (III), (B) - (IV), (C) - (I), (D) - (II)
Correct Answer: (2) (A) - (I), (B) - (III), (C) - (II), (D) - (IV)
View Solution
Question 27:

Which of the following would affect the Revaluation Account at the time of reconstitution of a partnership firm?

  1. (1) Increase in assets
  2. (2) Drawings against capital
  3. (3) Interest on capital
  4. (4) Partner's salary
Correct Answer: (1) Increase in assets
View Solution
Question 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

  1. (1) (C), (B), (A), (D)
  2. (2) (A), (C), (B), (D)
  3. (3) (B), (A), (D), (C)
  4. (4) (C), (B), (D), (A)
Correct Answer: (1) (C), (B), (A), (D)
View Solution
Question 29:

Window dressing is a practice:

  1. (1) To manipulate the accounts to show a better picture of the financial position than the actual one.
  2. (2) To show excessive depreciation.
  3. (3) To avoid tax.
  4. (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 30:

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. (1) (A) - (I), (B) - (II), (C) - (III), (D) - (IV)
  2. (2) (A) - (I), (B) - (III), (C) - (II), (D) - (IV)
  3. (3) (A) - (IV), (B) - (III), (C) - (II), (D) - (I)
  4. (4) (A) - (III), (B) - (IV), (C) - (I), (D) - (II)
Correct Answer: (2) (A) - (I), (B) - (III), (C) - (II), (D) - (IV)
View Solution
Question 31:

Which of the following would affect the Revaluation Account at the time of admission of a partner?

  1. (1) (A), (B) and (C) only
  2. (2) (A), (B) and (D) only
  3. (3) (A), (C) and (D) only
  4. (4) (B), (C) and (D) only
Correct Answer: (3) (A), (C) and (D) only
View Solution
Question 32:

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. (1) (A) - (I), (B) - (II), (C) - (III), (D) - (IV)
  2. (2) (A) - (I), (B) - (III), (C) - (II), (D) - (IV)
  3. (3) (A) - (I), (B) - (II), (C) - (IV), (D) - (III)
  4. (4) (A) - (III), (B) - (IV), (C) - (I), (D) - (II)
Correct Answer: (2) (A) - (I), (B) - (III), (C) - (II), (D) - (IV)
View Solution
Question 33:

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

  1. (1) (A), (B) and (D) only
  2. (2) (A), (B) and (C) only
  3. (3) (A), (C) and (D) only
  4. (4) (B), (C) and (D) only
Correct Answer: (3) (A), (C) and (D) only
View Solution
Question 34:

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. (1) Investing activity and outflow ₹ 3,50,000
  2. (2) Investing activity and inflow ₹ 3,50,000
  3. (3) Investing activity and no flow
  4. (4) Operating activity and outflow ₹ 3,50,000
Correct Answer: (1) Investing activity and outflow ₹ 3,50,000
View Solution
Question 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

  1. (1) (A), (B), (C), (D)
  2. (2) (D), (A), (C), (B)
  3. (3) (B), (A), (D), (C)
  4. (4) (C), (B), (D), (A)
Correct Answer: (2) (D), (A), (C), (B)
View Solution
Question 36:

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

  1. (1) (A), (B) and (D) only
  2. (2) (A) and (C) only
  3. (3) (A) and (D) only
  4. (4) (B), (C) and (D) only
Correct Answer: (3) (A) and (D) only
View Solution
Question 37:

Oversubscription is a situation where the:

  1. (1) Number of shares applied for is equal to the number of shares issued.
  2. (2) Number of shares applied for is more than the number of shares issued.
  3. (3) Number of shares applied for is less than the number of shares issued.
  4. (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
Question 38:

400 shares of ₹50 each issued at par were forfeited for non-payment of 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. (1) ₹15,000
  2. (2) ₹14,000
  3. (3) ₹16,000
  4. (4) ₹13,000
Correct Answer: (2) ₹14,000
View Solution
Question 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 account is credited

  1. (1) (A), (B) and (D) only
  2. (2) (A), (B) and (C) only
  3. (3) (A), (B), (C) and (D)
  4. (4) (B), (C) and (D) only
Correct Answer: (3) (A), (B), (C) and (D)
View Solution
Question 40:

Match List-I with List-II:

List-I
(A) Share Capital Account
(B) Share Forfeited Account
(C) Calls-in-arrears Account
(D) Securities Premium Account

List-II
(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

  1. (1) (A) - (I), (B) - (II), (C) - (III), (D) - (IV)
  2. (2) (A) - (IV), (B) - (III), (C) - (II), (D) - (I)
  3. (3) (A) - (I), (B) - (II), (C) - (IV), (D) - (III)
  4. (4) (A) - (III), (B) - (IV), (C) - (I), (D) - (II)
Correct Answer: (3) (A) - (I), (B) - (II), (C) - (IV), (D) - (III)
View Solution
Question 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

  1. (1) (A), (B), (C), (D)
  2. (2) (A), (C), (B), (D)
  3. (3) (B), (A), (D), (C)
  4. (4) (C), (B), (D), (A)
Correct Answer: (4) (C), (B), (D), (A)
View Solution
Question 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. (1) 15%
  2. (2) 12%
  3. (3) 6%
  4. (4) Prevailing in State Bank of India
Correct Answer: (3) 6%
View Solution
Question 43:

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

  1. (1) Shareholders
  2. (2) Board of Directors
  3. (3) Articles of Association
  4. (4) Memorandum of Association
Correct Answer: (3) Articles of Association
View Solution
Question 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 ₹1,75,000 to the firm. To give effect to the above:

  1. (1) Profit and Loss Account will be debited.
  2. (2) Profit and Loss Appropriation Account will be debited.
  3. (3) Profit and Loss Account will be credited.
  4. (4) Profit and Loss Appropriation Account will be credited.
Correct Answer: (2) Profit and Loss Appropriation Account will be debited.
View Solution
Question 45:

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. (1) ₹49,500
  2. (2) ₹50,000
  3. (3) ₹40,000
  4. (4) ₹40,500
Correct Answer: (1) ₹49,500
View Solution
Question 46:

Dividend received is:

  1. (1) Operating activity
  2. (2) Financing activity
  3. (3) Investing activity
  4. (4) Cash and cash equivalents
Correct Answer: (3) Investing activity
View Solution
Question 47:

A partnership can have a maximum of 50 partners. This limit has been set by the:

  1. (1) Indian Partnership Act, 1932
  2. (2) State Government
  3. (3) Indian Contract Act, 1872
  4. (4) Central Government
Correct Answer: (1) Indian Partnership Act, 1932
View Solution
Question 48:

Which of the following is an example of sequential code?

  1. (1) Using Code “CL001” for “Accounts of XYZ Ltd”.
  2. (2) Using Code “100-199” for “Dealers of Small Pumps”.
  3. (3) Using Code “SJ” for “Sales Journals”.
  4. (4) Using Code “HQ” for “Headquarters”.
Correct Answer: (2) Using Code “100-199” for “Dealers of Small Pumps”.
View Solution
Question 49:

If there is no claim against Workmen Compensation Reserve, it is _________________ at the time of admission of a partner.

  1. (1) debited to old partners' capital account
  2. (2) credited to all partners' capital accounts
  3. (3) credited to old partners' capital accounts
  4. (4) debited to all partners' capital accounts
Correct Answer: (3) credited to old partners' capital accounts
View Solution
Question 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. (1) A gains 1/30; B gains 1/30; C sacrifices 2/30
  2. (2) A gains 2/30; B gains 1/30; C sacrifices 3/30
  3. (3) A sacrifices 1/30; B gains 3/30; C sacrifices 2/30
  4. (4) A gains 2/30; B gains 3/30; C sacrifices 5/30
Correct Answer: (2) A gains 2/30; B gains 1/30; C sacrifices 3/30
View Solution

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