CA-CPT Question Paper December - 2016 (Session 1)


100 Questions MCQ Test CA CPT - Mock Test Series and Previous Year Question Papers | CA-CPT Question Paper December - 2016 (Session 1)


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This mock test of CA-CPT Question Paper December - 2016 (Session 1) for CA CPT helps you for every CA CPT entrance exam. This contains 100 Multiple Choice Questions for CA CPT CA-CPT Question Paper December - 2016 (Session 1) (mcq) to study with solutions a complete question bank. The solved questions answers in this CA-CPT Question Paper December - 2016 (Session 1) quiz give you a good mix of easy questions and tough questions. CA CPT students definitely take this CA-CPT Question Paper December - 2016 (Session 1) exercise for a better result in the exam. You can find other CA-CPT Question Paper December - 2016 (Session 1) extra questions, long questions & short questions for CA CPT on EduRev as well by searching above.
QUESTION: 1

The long term assets that have no physical existence but are rights that have value is known as

Solution:
QUESTION: 2

 A Machinery was purchased by X Ltd. on 01- 01-13. Depreciation was charged at 15% p.a. under SLM. With effect from the 2nd year depreciation was charged under WDV method at the same rate. The WDV of the machinery on 01-01-15 was Rs.3,68,475. Find the original cost of the machinery?

Solution:
QUESTION: 3

A dealer sends his goods on sale or return basis. He sends goods for Rs.10,000 and records as normal sale. The profit on sale is 20%. The value of physical inventory taken is Rs.50,000. Then the value of closing inventory appearing in the Balance Sheet will be:

Solution:
QUESTION: 4

A and B are partners in a firm with capitals of Rs.5,00,000 each. They admit C as a partner with 1/4th share in the profits of the firm. C brings in. Rs.8,00,000 as his share of capital. The Profit and Loss account showed a credit balance of Rs.4,00,000 as on the date of his admission. The value oh hidden good will be.

Solution:
QUESTION: 5

A, 8 and c are partners in a firm, sharing profits & losses in the ratio of 5:3:2 respectively. The balance of capital is Rs.50,000 each for A & Band Rs.40,000 for ‘C’. ‘B’ decides to retire from the firm. The goodwill of the firm is valued at Rs.30,000 and profit on revaluation of assets and liabilities was Rs.5,000. The firm also has a balance in the Reserve A/c at Rs.15,000 on that date. What amount will be payable to ‘B’?

Solution:
QUESTION: 6

The subscribed share capital of S Ltd. is Rs.80,00,000, divided into shares of Rs.100 each. There were no calls in arrears till the final call was made. The final call made was paid on 77,500 shares. The calls in arrears amounted to Rs.67,500. The final call money per share = ?

Solution:
QUESTION: 7

The party to contract believes a particular thing to be true but it is not true. It falls under ____.

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QUESTION: 8

A company’s merchandise, raw materials, and finished and unfinished products which have not yet been sold are known as:

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QUESTION: 9

Rs. 2,500 spent on the overhaul of machines purchased second-hand is         

Solution:

Expenses incurred on fixed assets, before the assets are put to use, are added to the cost of asset and hence are capital expenditure.

QUESTION: 10

When the two aspects of a transaction are posted in the Cash Book itself, such an entry is called as _______

Solution:
QUESTION: 11

OD balance as per pass book is Rs. 2175/- Cheques of Rs.100, Rs.175 and Rs.150 are issued, but not yet presented for payment. A Cheque of Rs.600 is deposited in bank but not yet cleared. Find out the OD balance as per cash book.

Solution:
QUESTION: 12

Trial Balance shows arithmetical accuracy of ledger accounts, but it is not a _____ proof of accuracy.

Solution:
QUESTION: 13

Which of the following errors are not revealed by the trial balance?

Solution:
QUESTION: 14

Trade Receivables as per Trial Balance = Rs.80,000.

Further information:

1. Bad debts Rs.2,000

2. Provision for discount on Trade Receivables @ 5% will be _____

Solution:
QUESTION: 15

Accrued Income appears on the _______

Solution:
QUESTION: 16

The Fixed Assets of a company is double of the current assets and half of capital. If the current assets are Rs.3,00,000 and investments Rs.4,oo,ooo, calculate the current liabilities assuming that there are no other items in the balance sheet.

Solution:
QUESTION: 17

X sold goods to Y at cost+ 10%. Y sold the goods to Z at cost+ 20% profit on sales. Cost of the goods to Xis Rs.50,000. Find out the cost of the goods to z.

Solution:
QUESTION: 18

Entries for prepaid expenses, outstanding expenses and depreciation are called as _____

Solution:
QUESTION: 19

 A Bill of Exchange, before its acceptance is called as _____

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QUESTION: 20

 If an accommodation bill of Rs.50,000 is discounted for Rs.49,000 and the proceeds are shared by X & Y m the ratio of 1: 4, the discount to be borneby Y is _____

Solution:
QUESTION: 21

The nature of Consignment A/c and Consignee’s A/c will be _____

Solution:
QUESTION: 22

Goods sent on consignment for Rs.50,000. During transit 1/lOth of goods were destroyed by fire. Again 1/91h of goods received by consignee were destroyed by fire in godown. Half of the remaining goods were sold for Rs.30,000. Freight & insurance paid by consignor were Rs.2,500 and Rs.1500 respectively. Calculate closing inventory.

Solution:
QUESTION: 23

If del-credere commission is allowed for bad debts, consignee will debit the bad debts amount to:

Solution:
QUESTION: 24

A & B entered into a joint venture sharing profits and losses in the ratio of 2 : 3. A bought goods worth Rs. 36,000 and sent half of the goods to B. B purchased goods worth Rs. 22,500 and sent goods worth Rs.9,000 to A. Goods worth Rs.3,000 were destroyed by fire in the premises of A and the the insurance claim was received at 50%. All the goods were sold at a mark-up of 25% on cost. Expenses incurred by both were Rs.5,000.

Q.

The sales made by A & B were

Solution:
QUESTION: 25

A & B entered into a joint venture sharing profits and losses in the ratio of 2 : 3. A bought goods worth Rs. 36,000 and sent half of the goods to B. B purchased goods worth Rs. 22,500 and sent goods worth Rs.9,000 to A. Goods worth Rs.3,000 were destroyed by fire in the premises of A and the the insurance claim was received at 50%. All the goods were sold at a mark-up of 25% on cost. Expenses incurred by both were Rs.5,000.

Q.

The profit on joint venture is _____

Solution:
QUESTION: 26

Out of the following, which is not related to joint ventures

Solution:
QUESTION: 27

The cost of machinery is Rs.60,000. Descreciation is charged at 20% p.a. under SLM. In the 2nd year it is decided to change the method and adopt WDV method@ 20% p.a. If the meachine was sold for Rs.30,000 at the end of the 3rd year, calculate the amount of loss.

Solution:
QUESTION: 28

Errors are rectified by using Suspense A/c

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QUESTION: 29

The process of entering all transactions from the journal to ledger is called

Solution:
QUESTION: 30

Average inventory is Rs.28,000. Closing inventory is Rs.6,000 more than opening inventory. Then find the value of closing inventory.

Solution:
QUESTION: 31

Value of physical inventory on 15-04-2016 was Rs.3,00,000. Sales amounting to Rs.1,00,000 and purchases worth Rs.50,000 were held between 31-03-2016 to 15-4-2016. Goods are sold at 20% profit on sales. Value of inventory as on 31-3-2016 is

Solution:
QUESTION: 32

Which method is an exception to non-historical cost methods

Solution:
QUESTION: 33

Opening Inventory= 1,000 units at Rs.4 per unit Purchases= 1,200 units at Rs.5 per unit Sales at the end= 2,000 units at Rs.8 per unit Find out the profit under Weighted Average Price method

Solution:
QUESTION: 34

Insurance Claim received for the damage of machinery due to fire is considered as _____

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QUESTION: 35

In the financial statement, contingent liability is

Solution:

Financial statement include trading A/c, P&L A/c and Balance sheet. Contingent Liability is not recorded in above statements.

QUESTION: 36

A Low Return on Investment Ratio (ROI) indicates

Solution:
QUESTION: 37

Amount received in excess of surrender value of a joint life policy is shared by the partners in

Solution:
QUESTION: 38

A, Band Care partners in a firm sharing profits and losses in the ratio of 7: 5: 4. The profit of the firm for the year ended 31-03-16 was Rs.2,40,000. C died on 30-06-15. What is the share of ‘C’ in the profit?

Solution:
QUESTION: 39

Ravi Ltd. issued 1,40,00,000, 9% debentures of Rs. 100 each at a discount of 6%, redeemable at a premium of 5% after 3 years payable as Rs. 50 on application and Rs. 44 on allotment. Total amount of loss on issue of debentures will be :

Solution:

Loss per debenture = 100 × (6% + 5%) = Rs. 11

       Total loss = 1,40,00,000 × 11 = Rs. 15,40,00,000

QUESTION: 40

Interest on partners’ capitals is allowed out of

Solution:
QUESTION: 41

Akash and Vikas are partners in a firm with capitals of Rs.60,000 each. Srikanth is admitted as a new partner for 1/5th share, who brings in Rs.80,000 as capital. Find the value of inferred goodwill.

Solution:
QUESTION: 42

Which of the following statements is false?

Solution:
QUESTION: 43

Reserve capital means:

Solution:
QUESTION: 44

Zebra Ltd invites applications for 50,000 shares for which Rs. 2 per share is payable on application. Applications are received for 80,000 shares and 50,000 shares are alloted on pro-rata basis to the applicants for 70,000 shares. Calculate the excess application money from X, who was alloted 200 shares.

Solution:
QUESTION: 45

Maximum number of partners in a firm is mentioned in the

Solution:
QUESTION: 46

Debenture holders are ____ of a company.

Solution:
QUESTION: 47

When debentures are issued as collateral security against any loan, then the holder of such debentures is entitled to

Solution:
QUESTION: 48

If fresh equity shares are issued for the redemption of preference shares which A/c will be credited?

Solution:
QUESTION: 49

P Ltd. issued 20,000, 12% debentures of Rs.10 each, which are redeemable after 5 years at a premium of 20%. The amount of loss on redemption of debentures to be written off every year= ?

Solution:
QUESTION: 50

Preference shares of Rs.10 each, which were issued at pa rare eligible for redemption if they are

Solution:
QUESTION: 51

AS 22 deals with ______

Solution:
QUESTION: 52

The concept of conservatism when applied to the Balance Sheet results in

Solution:
QUESTION: 53

Identify the accounting standard which deals with provisions, contingent liabilities and contingent assets.

Solution:
QUESTION: 54

On 1.1.2005, a machine costing Rs.10,000 and a piece of furniture costing Rs.20,000 was purchased. Depreciation is provided @ 5% p.a. on furniture and 10% p.a. on machine. The depreciation for the year ended 31st March, 2005 should be:

Solution:

Depreciation on machinery = 10,000
Depreciation on furniture = 20,000 x 5% x 3/12= 250

Total Depreciation ® 250 + 250 = Rs. 500

QUESTION: 55

Which of the following financial statements will be provided to the outsiders?

1. Balance sheet
2. Cash Flow Statement
3. P & L A/c
4. Trial Balance

Solution:
QUESTION: 56

The procedural aspects of accounting include

Solution:
QUESTION: 57

BOD, Investors, Suppliers, Partners, Customers, Managers, Lenders.

Which of the following statements is correct?

Solution:
QUESTION: 58

Dumy Question

Solution:
QUESTION: 59

The long term assets that have no physical existence but are rights that have value is known as

Solution:
QUESTION: 60

Dumy Question

Solution:
QUESTION: 61

Dumy Question

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QUESTION: 62

Amount withdrawn from ATM is

Solution:
QUESTION: 63

Voidable contract is one which :

Solution:
QUESTION: 64

_____ contract is made without any intention of parties

Solution:
QUESTION: 65

A wants to go to his home at Delhi from his place of employment. He travels by bus as there is an air bus belonging to Chandra travels pvt. Ltd. which is standing at bus stand waiting for passengers. Here is

Solution:
QUESTION: 66

Communication of acceptance is said to be completed as against the offeree

Solution:
QUESTION: 67

Which of the following is valid offer?

Solution:
QUESTION: 68

 _____ does not effect the free consent of the parties.

Solution:
QUESTION: 69

The person who represents himself as a partner in a partnership firm is called ….

Solution:
QUESTION: 70

It is the duty of finder to return the goods to true owner. Otherwise the finder is guilty of

Solution:
QUESTION: 71

Which contract depends upon happening or non – happening of future uncertain event?

Solution:
QUESTION: 72

Novation means:

Solution:
QUESTION: 73

Ashok owes Lakshmi Rs.25,000/-. Lakshmi said that she will accept Rs.15,000/- towards final settlement. It is _____ contract.

Solution:
QUESTION: 74

When both the parties have decided to cancel the contract, It is known as ____

Solution:
QUESTION: 75

If the aggrieved party does not face any loss _____ damages can be claimed.

Solution:
QUESTION: 76

Partnership deed is also called as:

Solution:
QUESTION: 77

Public notice is not needed in case of

Solution:
QUESTION: 78

True test of partnership is

Solution:
QUESTION: 79

A partner can be expelled by

Solution:
QUESTION: 80

Who does not actually take part in business and gives his name to the firm?

Solution:
QUESTION: 81

The reconstitution of the firm takes place in case of

Solution:
QUESTION: 82

 In a partnership consent of all partners is needed in case of

Solution:
QUESTION: 83

The maximum number of partners in partnership firm rs determined by _____

Solution:
QUESTION: 84

Where in a partnership firm, the partners are entitled to interest on their capitals, such interest is payable ____

Solution:
QUESTION: 85

Which of the following is essential of partnership deed?

Solution:
QUESTION: 86

Which of the following is not the right of an unpaid seller?

Solution:
QUESTION: 87

Which of the following is not a document of title to goods?

Solution:
QUESTION: 88

Caveat emptor means:

Solution:
QUESTION: 89

 In a concluded sale, if goods are destroyed, loss is to be faced by _____

Solution:
QUESTION: 90

Giving keys of godown to buyer is _____ delivery.

Solution:
QUESTION: 91

Right of lien can be exercised by seller when ____

Solution:
QUESTION: 92

Goods sold by description but not identified or agreed upon at the time of contract of sale are

Solution:
QUESTION: 93

Rasheed sends gold to Adam for making an ornament. This is a _____

Solution:
QUESTION: 94

When there is contract for sale of specific goods, the agreement is ______, if the goods, without th knowledge  of seller, have been perished or have no longer in accordance been perished or have no longer in accordance with description before the contract.

Solution:
QUESTION: 95

When the breach of condition is treated as breach of warranty, buyer has right to:

Solution:
QUESTION: 96

Where the goods are of perishable nature, unpaid seller can

Solution:
QUESTION: 97

A partner can be expelled by

Solution:
QUESTION: 98

Which of the following is not disability of an unregistered firm?

Solution:
QUESTION: 99

Dumy Question

Solution:
QUESTION: 100

Dumy Question

Solution:

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