CA - CPT ICAI Model Test Paper - 11 - CA Foundation MCQ

The total of the sales book is posted periodically to the credit of

The amount of the dishonoured bill has been wrongly debited to general expenses account, which type of error has been committed?

Bank account is _____

Cost of tour abroad by the sales manager to develop markets (tour was successful) is ____

‘Advance received from customers is not taken as sale’ is based on

Income includes

Mohan Stationers will debit purchase of stationery in ____

Amount spent on advertisement is _____

Cost of goods sold can be calculated by ____

Rs. 5,000 spent on repairs of a newly purchased old motor car is debited to _____

Suspense account debit balance Rs. 200 in trial balance, will be recorded in the _____

Liability for bill discounted is a ______

In valuation of consignment inventory only _______ expenses of the consignee are added

Premium on issue of shares is recorded in _______

Interest is calculated on _______  of  securities

Income tax in case of a sole trader is treated as ________

Expenditure includes

A businessman purchased goods for Rs. 25,00,000 and sold 70% of such goods during the accounting year ended 31^st March, 2010. The market value of the remaining goods was Rs. 5,00,000. He valued the closing inventory at Rs. 5,00,000 and not at Rs. 7,50,000 due to

XY LTD. issued 25,000 equity shares of Rs. 100 each at a premium of Rs. 15 each payable as Rs. 25 on application, Rs. 40 on allotment and balance in the first call. Applications received for 75,000 equity shares but the company issued to them only 25,000 shares. Excess money was refunded to them after adjustment for further calls. Last call on 500 shares were not received and were forfeited after due notice. The above is the case of _____

Opening inventory Rs. 3,700, Purchases Rs. 20,800, Closing inventory Rs. 2,500. Cost of goods sold will be _______

Original cost Rs. 25,000, salvage value Rs. 1,000, useful life 10 years. Annual depreciation under SLM will be

When preparing a Bank Reconciliation Statement if you start with balance as per Pass Book, then cheques paid by bank recorded twice in Pass Book Rs. 1050 will be ______

Net profit of the firm will be 

A started business with Rs. 20,000 cash and Rs. 11,000 inventory. Cash sales & cash purchases were Rs. 10,000 & Rs. 5,000. Total sales and purchases amounted to Rs. 70,000 & Rs. 50,000. Outstanding Trade Payables were Rs. 15,000 and Trade Receivables Rs. 25,000. Expenses paid Rs. 17,000. Machine was purchased for Rs. 10,000 out of which Rs. 8000 has been paid. Cash in hand at the end of the year was Rs. 5,000. Total of Trial Balance at the end of the year will be ___________

Both the discount columns of the Cash Book were omitted to be posted in the ledger.This error............................?

Goods purchased Rs. 1,00,000, sales Rs. 90,000 Margin 20% on sales. Closing inventory is _____

Mohan paid Rs. 500 towards a debit of Rs. 2,500, which was written off as bad debt in the previous year. Mohan’s account will be credited with