CA - CPT ICAI Model Test Paper - 5 - CA Foundation MCQ

Recording of a transaction in a journal is called

Narrations are given at the end of

The concerned account debited in the journal should be

The basic consideration(s) in distinction between capital and revenue expenditures is/are

Unintentional omission or commission of amounts and accounts in the process of recording transactions are known as

“Treating a revenue expense as a capital expenditure” is an example of

Under bank reconciliation statement, while adjusting the cash book

In ledger, there are _______ columns

In journal, transactions are recorded on __________.

If an effect of an error is cancelled by the effect of some other error, it is commonly known as ___________

When opening inventory is overstated, net income for the accounting period will be ___.

Inventories should be generally valued at lower of cost or ________

Joint venture account is a ________

At the time of admission of a new partner, if the value of goodwill is shown in the books, it is written back by ________

Commission provided by the consignor to the consignee to promote credit sale is known as _____________

_________ is unavoidable and should be spread over the entire consignment while valuing consignment inventory.

Generally, when the size of the venture is ________, the co-venturers keep separate set of books of account for the joint venture.

Mohit, the acceptor of the bill has to honour a bill on 31^st March 2010. Due to financial crisis, he is unable to pay the amount of bill of Rs. 20,000. Therefore, he approaches Rohit on 20^th March 2010 for extension of bill for further 3 months. Rohit agrees to extend the credit period by drawing a new bill for Rs. 20,500 together with interest of Rs. 1,000 in cash. In this case, old bill of Rs. 20,000 will be considered as

Sujal consigned goods costing Rs. 2,50,000 to Mridul on 1^st January 2010 by incurring Rs. 20,000 on freight. Some goods were lost in transit. For remaining goods Mridul spend Rs. 15,000 to take the delivery including storage charges. During the quarter, Mridul sold 3/4 of the goods received by him for Rs. 3,00,000 and charged commission @10% on it to Sujal. At the end of the quarter, Sujal asked the details of goods lost, sold, expenses commission and balance due to him alongwith the consignment inventory from Mridul. As desired, Mridul sent the periodical detail statement commonly known as

The following information pertains to X Ltd.

Q. The amount of dividend payable = ?

E Ltd. had allotted 10,000 shares to the applicants of 14,000 shares on pro rata basis. The amount payable on application is Rs.2. F applied for 420 shares. The number of shares allotted and the amount carried forward for adjustment against allotment money due from F

X of Kolkata sent out 2,000 boxes costing 100 each with the instruction that sales are to be made at cost + 45%.  X draws a bill on Y for an amount equivalent to 60% of sales value. The amount of bill will be

A purchase of Rs. 1,870 by cheques has been wrongly posted in the cashbook as Rs. 1,780. This has the effect of

M/s Delhi Statio ners purchase 1,000 pcs of cover file @ Rs. 275 per 100 pcs. The wholesaler charged 5% sales tax on cost price. Transport charges were Rs. 50. The purchase price per piece of cover file will be

A consignee sold goods costing Rs. 50,000 at a profit of Rs. 10,000.  Out of total sales, 30% was credit sale. As per the agreement the consignee will get 5% ordinary commission, 2% del-credere commission on credit sale and 3% over-riding commission on amount in excess of cost price.The amount of commission will be

In a Joint venture between A and B, A, on purchase of goods, spend Rs.2,000 on freight, Rs.1,000 as godown rent, and also raised a loan from bank of Rs.50,000 at 18% p.a. repayable after 1 month. B spend Rs. 5,000 as selling expenses and he also raised a loan from bank of Rs.1,50,000 at 18% repayable after 2 months. The total expenses of Joint venture other than purchases will be

The bill of Rs. 10,000 accepted by Ritesh on 1 July 2009, was discounted by Hitesh on 15 July 2009 for Rs. 9,600. On 4^th October 2009, the bill was dishonoured and bank notified it for Rs. 200.  The amount to be received from Ritesh would be