ICAI Commerce Wizard Sample Questions

by MOTACHASHMA

ICAI Commerce Wizard Sample Questions are very helpful for the students preparing for ICAI Commerce Wizard examination 2018. ICAI Commerce Wizard examination conducted in total 2 levels and the main purpose of the ICAI Commerce Wizard examination is to educate and motivate the commerce stream students across the country. Last year’s ICAI Commerce Wizard Sample Questions are given here is level 1 examination and the level 1 examination to be held on 7 January 2018. The aspirants can get help with the Question of ICAI Commerce Wizard for better preparation of the exam.

ICAI Commerce Wizard 2017

ICAI Commerce Wizard Exam Pattern- There are total 4 sections in the level 1 Question of ICAI Commerce Wizard. Each section has total 25 question and the candidates have to attempt minimum 5 questions from each section. There are only multiple choice questions in each section of Questions of ICAI Commerce Wizard. The candidates can check last year’s Level 1 Question Paper of ICAI Commerce Wizard below.

Questions of ICAI Commerce Wizard

ICAI Commerce Wizard Sample Questions for Section 1


Question 1: Interest for full year is calculated on the______ balance of capital.

  • Closing
  • Additional
  • Opening
  • None of the above

Question 2: Purchase return account always show a_______ balance.

  • Debit
  • Credit
  • Either a or b
  • None

Question 3: In the purchase of good amounting Rs 500 has been wrongly posted to the credit side of purchase account. The difference in trial balance would be:

  • Rs 500
  • Rs 250
  • Rs 1,000
  • Rs 1,500

Question 4: Return inwards are deducted from:

  • Purchase
  • Sales
  • Return outwards
  • Closing stock

Question 5: The trial balance is prepared for:

  • Locating clerical errors
  • Locating error of principle
  • Locating error of omission
  • All of the above

Question 6: If profits is 25% as cost price then the profit on sale price will be:

  • 20%
  • 30%
  • 33½%
  • 40%

Question 7: Prepaid expenses Rs 1,000, shown in trial balance, will appear in ______.

  • Liability side of balance sheet
  • Dr side of profit and loss account
  • Dr side of profit and loss appropriation
  • Asset side of balance sheet

Question 8: Which of the following will not be included in the acquisition of plant?

  • Purchase price of plant
  • Installation expenses
  • Annual maintenance charge
  • Delivery charge of the plant

Question 9: A provision of depreciation is created by debating_____.

  • Machinery account
  • Profit and loss account
  • Profit and lost appropriation account
  • None of the above

Question 10: Proprietor’s account is ______ account.

  • Real
  • Nominal
  • Personal
  • None of these

Question 11: Rs 1,000 received as interest is shown as interest paid in cash book. Due to this error, the cash balance will be effected by:

  • Rs 2,000
  • Rs 1,000
  • Rs 4,000
  • Rs None of the above

Question 12: The manager of a firm is entitled to a commission of 105 on net profit after his commission. If the net profit of the firm before charging commission is Rs 4,40,000, the amount of manger’s commission will be:

  • Rs 44,000
  • Rs 40,000
  • Rs 37,000
  • Rs 33,000

Question 13: A decrease in provision for doubtful debts would result in:

  • An increase in liabilities
  • A decrease in working capital
  • A decrease in net profit
  • An increase in net profit

Question 14: Rs 10,000 received from Smith whose account was written off as a bad debt should be credited to:

  • Bad debts recovered account
  • Smith account
  • Cash account
  • Bad-debts accounts

Question 15: Good purchased of Rs 100 from N was not recorded at all. What will be its effect on the trial balance?

  • Trial balance will tally
  • Trial balance will not tally
  • Will have no effect on trial balance
  • None of these

Question 16: Insurance claim received on account of machinery damaged by fire:

  • Capital receipt
  • Revenue receipt
  • Capital expenditure
  • Business expenditure

Question 17: The credit balance of a personal account shows:

  • Cash in hand
  • The amount payable
  • Income
  • Amount relievable

Question 18: Purchase of second hand computer on credit by a cloth merchant will be recorded in:

  • Journal
  • Cash book
  • Purchase book
  • None of the above

Question 19: Goods purchase from Keshav Rs 13,500 has been recorded as Rs 13,000 in purchase book. The error in this entry is:

  • Error of principle
  • Compensating Error
  • Error of commission
  • Error of omission

Question 20: Wages Rs 500 paid for installation of a new machine was wrongly posted to wages account instead of machinery account. It is an error of:

  • Commission
  • Principle
  • Omission
  • Clerical nature

Question 21: Bad debt recovered of Rs 2000 which were previously written off as bad debt will be credited to ____ A/c

  • Bad debt A/c
  • Debtor A/c
  • Bad debt recovered A/c
  • Suspense A/c

Question 22: A bank reconciliation statement is a part of:

  • Bank account
  • Cash book
  • Part of accounting reports
  • None of the above

Question 23: Goods worth Rs 12,000 taken by proprietor for personal use should be credited to:

  • Sales account
  • Drawing account
  • Expenses account
  • Expenses account
  • Purchase account

Question 24: Rectification entries are first recorded in_______

  • Ledger
  • Subsidiary books
  • Journal proper
  • Trial balance

Question 25: In case of debt becoming bad and doubtful, the amount is credited to________?

  • Bad debts
  • Creditors
  • Debtors A/c
  • Capital A/c

Now, the candidates have to close the section 1. The candidates have to attempt minimum 5 questions in section 1 to move the next section.

ICAI Commerce Wizard Sample Questions for Section 2


Question 1: If ‘eye’ is called ‘hand’, ‘hand’ is called ‘mouth’, ‘mouth’ is called ‘ear’, ‘ear’ is called ‘nose’ and ‘nose’ is called ‘tongue’, with which of the following would a person hear?

  • Eye
  • Mouth
  • Nose
  • Ear

Question 2: BZA, DYC, FXE, (?), JVI

  • HUG
  • UGH
  • WHG
  • HWG

Question 3: Lake 2. Sea 3. River 4. Pool 5

  • 4, 1, 2, 3, 5
  • 4, 3, 2, 1, 5
  • 4, 5, 1, 3, 2
  • 4, 5, 2, 1, 3

Question 4: Rajesh ranked 25th in the class forty-one student. What is the rank of Rajesh from the end?

  • 15th
  • 17th
  • 16th
  • 18th

Question 5: A man is facing north-east. He turns 90 degree in the clockwise direction and then 135 degree in anticlockwise direction. Which direction is he facing now?

  • East
  • West
  • North
  • South

Question 6: 4, 9, 19, 34, 54, ....

  • 9
  • 74
  • 89
  • 83

Question 7: Pointing to a photograph, a woman says, ‘this man’s son’s sister is my mother’s. how is the woman is related to the man in the photography?

  • Daughter
  • Mother
  • Grandmother
  • Mother-in-law

Question 8: 5, 9, 17, 29, 25, …..

  • 60
  • 65
  • 68
  • 86

Question 9: 3, 7, 15, 31,….

  • 63
  • 53
  • 43
  • 73

Question 10: How many 8 are there in the following number sequence which are immediately followed by 5 but not immediately preceded by 3? 3 8 5 6 8 5 7 3 8 5 2 8 5 6 3 85 7 8 5 3 2 5 8 5

  • Five
  • Six
  • Seven
  • Four

Question 11: In a row of children facing north. Seema is shifted to her right by four places become eighteen from the right end of the row. Sudhakar, who is fifteen from the end of the row, is fifth to Seema. How many children are there in the row?

  • 42
  • 38
  • 41
  • 39

Question 12: How many 7s are there in the following sequence which are preceded by 5 as well as followed by 3?

7 7 5 3 7 5 7 3 7 7 3 3 5 7 3 7 5 7 3

  • One
  • Two
  • Three
  • Four

Question 13: In the following question, there are three words. The first two words to the left or (: :) are related in some way. The same relationship holds between the third words to the right of the signs (: :) and one of the responses (a), (b), (c), (d). identify the correct related word.

Plough: Farmer: : Sword:?

  • Soldier
  • Surgeon
  • Tailor
  • Carpenter

Question 14: In a row of plants, a plant is 16th from either end of the row. How many tress are there in the row?

  • 32
  • 30
  • 31
  • 16

Question 15: Q1F, S2E, U6D, W21C, (?)

  • Y44B
  • Y66B
  • Y88B
  • Z88B

Question 17: Ashish walks 40m toward north. He then turns left and walks 40m. He again turns left and walks 40m. Further, he moves 40m after turning to the right. How far is he from his original position?

  • 20
  • 30
  • 50
  • 80

Question 18: Monkey business

  • An intelligent behaviour
  • A mischievous behaviour
  • An illegal behaviour
  • A focused behaviour

Question 19: In the following question, there are three words. The first two words to the left or (: :) are related in some way. Some relationship held between the third words to the right of the sign (: :) and one of the responses (a), (b), (c), (d). Identify the correct related word.

Wax: candle:: Pulp:?

  • Fruit
  • Sand
  • Paper
  • Transport

Question 20: Ruby leaves her home and walks 30m in the north-west direction and then 30m in the south-west direction. Finally, she turns toward her house. In which direction is she moving?

  • North-east
  • North-west
  • South-east
  • South-west

Question 21: How many such 4s are there in the following number series which are immediately preceded by an odd number and immediately followed by an even number? 1 2 3 4 2 3 4 1 3 4 4 2 4 2 3 1 2 3 4 1 3 2 4 1 2 3 4 1 2 4 1

  • Nil
  • One
  • Two
  • Three

Question 22: Engineer is related to machine in the same way as doctor is related to….

  • Hospital
  • Body
  • Disease
  • Medicine

Question 23: Pointing to a woman in a photograph, a man says, “She is the mother-in-law of the sister-in-law of the only sister of my son”. How is the woman related to man?

  • Sister
  • Sister-in-law
  • Mother
  • Wife

Question 24: Pointing toward a girl, teacher said, “She is the only daughter of the only son of the wife of the father-in-law of my wife”. How is the girl related to the teacher?

  • Daughter
  • Niece
  • Sister
  • Daughter-in-law

Question 25: In the following question, there are three words. The first two words to the left or (: :) are related in some way. The same relationship held between the third words to the right of the sign (: :) and one of the response (a0, (b), (c), (d0. Identify the correct related word.

Calendar: Dates: : Dictionary: ?

  • Language
  • Sentence
  • Words
  • Vocabulary

The candidates have to attempt minimum 5 questions in section 2 to move the section 3. Now, the candidates have to close the section 2 window.

ICAI Commerce Wizard Sample Questions for Section 3


Question 1: Which of the following is an example of ‘injection’ into the circular flow of income?

  • Investment
  • Exports
  • Taxes
  • Consumption expenditure

Question 2: Marginal cost is related to

  • Implicit cost
  • Variable cost
  • Opportunity cost
  • Fixed cost

Question 3: Which of the following is the real investment?

  • Purchasing of old factory
  • Opening deposit account in the bank
  • Accumulation of inventories
  • Purchase of shares

Question 4: What is the percentage share of nuclear power in India?

  • 1.6%
  • 3.6%
  • 4.2%
  • 5.9%

Question 5: Normal profit is a part of

  • Explicit cost
  • Fixed cost
  • Implicit cost
  • All of the above

Question 6: Average fixed cost (AFC) curve

  • Straight line parallel to Y-axis
  • U-shaped curve
  • Downward slopping but never touches x axis
  • Straight line parallel to X-axis

Question 7: Which of the following is NOT an assumption of the PPC curve?

  • The amount of the resources in the economy is fixed
  • The resources are fully and efficiently used
  • The resources are equally efficient in production of the two goods
  • The state of technology is constant

Question 8: Price elasticity of demand with easily available subtitle goods is-

  • Unity
  • Less than unity
  • Infinity
  • Greater than infinity

Question 9: The marginal utility of a particular commodity at the point of ‘saturation’ is-

  • Unity
  • Less than unity
  • Zero
  • More than unity

Question 10: Which of the following agency is responsible for issuing Rs 1 currency note in India?

  • Reserve bank of India
  • Ministry of Commerce
  • Ministry of finance
  • NitiAayog

Question 11: In case of ‘consumer’s equilibrium’ with two commodities, when the price of x rises-

  • Consumer buys less of x
  • Consumer does not change his consumption pattern
  • Consumer buys more of x
  • Consumer buys less of y

Question 12: TR>TC is a situation indicating

  • Abnormal profits
  • Normal profits
  • Normal loses
  • Abnormal loses

Question 13: What is not true about the term national income?

  • National income excludes NFIA
  • National income excludes depreciation
  • National income excludes transfer income
  • National income is equal to Net National Product at factor Cost

Question 14: If MPC is 0, then the value of multiplier will be

  • 1
  • 0
  • Infinity
  • Greater than one

Question 15: The CPI-based inflation was introduced in

  • 2010
  • 2012
  • 2011
  • 2013

Question 16: Average fixed cost (AFC) curve is

  • Concave and upward rising
  • Convex and upward sloping
  • Convex and downward sloping
  • Concave and downward sloping

Question 17: Under monopoly, MR can be negative only when

  • AR is decreasing
  • AR=0
  • AR is increasing
  • AR is constant

Question 18: Variable proportions type production functions exist:

  • When scale of production changes with changes in the level of output
  • When it is possible to increase output by increasing the application of the variable factor
  • When withchange in the level of output there is change in the factor ratio
  • Both a & b

Question 19: What will be condition of TU (total unity), when MU (marginal unity) stays positive?

  • Maximum
  • Increasing
  • Diminishing
  • Minimum

Question 20: Credit money is increased when CRR

  • Rises
  • Fails
  • Both a & b
  • None of the above

Question 21: Under the Bretton woods system all currencies were linked to-

  • Euro
  • Japanese Yen
  • British Pound
  • US Dollar

Question 22: Consumer surplus is based on-

  • Law of demand
  • Diminishing marginal utility
  • Indifference curve approach
  • None of these

Question 23: An ‘inverse relation’ between price and total expenditure implies-

  • Price elasticity of demand is infinity
  • Inelastic demand
  • A case of inferior goods
  • Elastic demand

Question 24: A convex to origin PPC (production possibility curve) implies that the MR is-

  • Diminishing
  • Constant
  • Increasing
  • None of the above

Question 25: Which of the following statement is appropriate in case of monopoly?

  • AR and MR curves are downward slopping and MR curve is below AR curve
  • AR curve slopes upwards while MR curve slopes downwards
  • Slope of both AR and MR curve is upward sloping.
  • Slope of both AR and MR curve is downward sloping and MR curve is above MR curve

The candidates have to attempt minimum 5 questions in the section 3 to move to the next section. Now, the candidates have to close the section 3 window.

ICAI Commerce Wizard Sample Questions for Section 4


Question 1: An aeroplane flies from A to B at the rate of 500 km/hr and comes back from B to A at the rate of 700km/hr. the average speed of aeroplane is;

  • 600 km/hr
  • 583.33 km/hr
  • 620 km/hr
  • 100√35 km/hr

Question 2: The value of k for which the point (K,1), (5,5) and 10,7) may be collinear is:

  • K = -5
  • K = 7
  • K = 1
  • K = 9

Question 3: Lim x → 2 x xn -2n/x-2=80 and n∈, then:

  • N=5
  • n = 0
  • None
  • n = 4

Question 4: If A be the A.M. of two positive unequal quantities X and Y and G be their G.M, then:

  • A>G
  • A<G
  • A ≥ G
  • A ≤ G

Question 5: Which of the following result hold for a set of distinct positive observations?

  • A.M ≥ G.M ≥ H.M
  • G.M > A.M > H.M
  • A.M > G.M > H.M
  • G.M ≥ A.M ≥ H.M

Question 6: For a moderately skewed distribution, which of following relationship holds?

  • Mean – Median = 3 (Median-Mode)
  • Median-Mode-3 (Mean-Median)
  • Mean – Median = 3 (Mean-Mode)
  • Mean-Mode= 3 (Mean-Median)

Question 7: If A: B = 2:5, then (10A+3B): (5A+2B) is equal to

  • 7: 4
  • 7: 3
  • 7: 9
  • 7: 5

Question 8: If A, B and C started a business by investing Rs 1,26,000 Rs 84,000 and Rs 2,10,000, if at the end of the year year profit is Rs 2,42,000 then the share of each is:

  • 72,600, 48,400, 1,21,000
  • 48,400, 1,21,000, 72,600
  • 48,000, 1,21,400, 72,600
  • 72,600, 49,000, 1,21,000

Question 9: If f(x)= x2 25/x-5, then f(5) is

  • 0
  • 1
  • Not to defined
  • 10

Question 10: In a class of 50 students, 35 opted for mathematics and 37 opted for commerce. The number of such students who opted for both mathematics and commerce are:

  • 13
  • 15
  • 28
  • 22

Question 11: In 40 litres mixture of glycerine and water, the ratio of glycerine and water is 3:1. The quantity of water added in the mixture in order to make this ratio 2:1:

  • 15 litres
  • 10 litres
  • 5 litres
  • 8 litres

Question 12: Out of 20 members in a family, 11 like to take tea and 14 like to take coffee. Assume that each one likes at least one of the two drinks. Find how many like both coffee and tea

  • 2
  • 3
  • 5
  • 4

Question 13: The income of A and B are in the ratio 3:2 and their expenditure in the ratio 5:3. If each saves Rs 15,000, then B’s income is:

  • Rs 60,000
  • Rs 4,500
  • Rs 7,500
  • Rs 3,000

Question 14: When mean is 2.57 and mode is 2.13 then the value of median is____

  • 3.09
  • 5.01
  • None of these
  • 4.01

Question 15: The slope of the tangent at the point (2,-2) to the curve x2 +xy+y2 -4+=0 is given by:

  • 0
  • 1
  • None
  • -1

Question 16: Which of the numbers are not proportions?

  • 6, 8, 5, 7
  • 7,14,6
  • 6, 8, 12, 9
  • 18, 27, 12, 18

Question 17: If f(x)=x2 + x – 1 and 4f (x) = f (2x) then find x.

  • 4/3
  • 3/2
  • None of these
  • -3/4

Question 18: The sum of squares of deviation from mean of 10 observations is 250. Mean of the data is 10. Find the co-efficient of variation.

  • 10%
  • 25%
  • 0%
  • 50%

Question 19: In a class of 50 students, 35 opted for mathematics and 37 opted for commerce. The number of such students who opted for both mathematics and commerce are:

  • 13
  • 15
  • 28
  • 22

Question 20: Extreme value have____ effect on mode:

  • High
  • Low
  • None of these
  • No

Question 21

X+ at2 y = 2 at, dy/dx=?

  • 1/t
  • -1/t
  • None of these
  • t

Question 22: Measures of dispersion are called averages of the ____ orders:

  • 1st
  • 2nd
  • None
  • 3rd

Question 23

A man travels at a speed of 20 km/hr and then returns at a speed of 30 km/hr. His average speed of the whole journey is:

  • 25 km/he
  • 24.5 km/hr
  • None
  • 24 lm/hr

Question 24: If some of the values= 3390, N=30 and standard deviation =, find out the mean.

  • 113
  • 210
  • None of these
  • 8

Question 25:  ____ are used for measuring central tendency, dispersion and skewness:

  • Median
  • Deciles
  • Quartiles
  • Percentiles

After giving minimum 5 answers from the section 4, the candidates can now close the window and thereafter the candidates have to click the option to End the Test.

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