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CA-CPT Question Paper June - 2014(Session 1)


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100 Questions MCQ Test | CA-CPT Question Paper June - 2014(Session 1)

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CA-CPT Question Paper June - 2014(Session 1) - Question 1

Which of the following is wrong?

CA-CPT Question Paper June - 2014(Session 1) - Question 2

In Journal Entries which pertain to outstanding entries, prepaid entries, depreciation entries are called

CA-CPT Question Paper June - 2014(Session 1) - Question 3

In a three column cash book the discount columns are

CA-CPT Question Paper June - 2014(Session 1) - Question 4

Cash Book O.D. Balance Rs. 2,000. It was found that cheques of Rs. 100, Rs. 150, Rs. 175 which are issued but not presented till the date and the cheque of Rs. 600 deposited but have not been cleared, then O.D. Balance as per pass book is :

CA-CPT Question Paper June - 2014(Session 1) - Question 5

Bank Balance O.D. as per pass book Rs. 26,500. Calculate balance as per cash book is

1) Cheques deposited for Rs. 4700 but not collected

2) Cheques issued for Rs. 11,000 but not presented

3) Bill discounted and dishonoured Rs. 4000, and Bank paid noting charges Rs. 200

CA-CPT Question Paper June - 2014(Session 1) - Question 6

Agreement of Trial balance is not a ___ proof of accuracy

CA-CPT Question Paper June - 2014(Session 1) - Question 7

Capital- Rs. 2,00,000    Interest paid- Rs. 2310

Debtors- Rs. 15,200  Discount allowed- Rs. 820

Creditors-Rs.12,960 Discount received-Rs. 1030

Purchases- Rs. 92,670  Rent - Rs. 14,670

Sales- Rs. 1,16,850  Loan - Rs. 12,060

Opening stock – Rs. 56,000

Sales returns – Rs. 27,430

Debit Total of Trial Balance  will be

CA-CPT Question Paper June - 2014(Session 1) - Question 8

From the following information find the amount to be debited to P & L A/c for the period ending 31-03-2014. Provision for doubtful debts - Rs. 800 (on 01-04-2013)

Debtors on 31-03-2014 - Rs. 40,000

Bad debts - Rs. 2,000

Bad debts to be written off and provision for doubtful debts is to be created @ 5% on debtors

CA-CPT Question Paper June - 2014(Session 1) - Question 9

Opening Stock Rs.30,000, Cost of goods available for sale Rs. 1,60,000, Sales were Rs. 1,60,000. Gross profit on sales is 30% Calculate closing stock.

CA-CPT Question Paper June - 2014(Session 1) - Question 10

By products are generally valued at __ when the cost of by products is not directly traceable.

CA-CPT Question Paper June - 2014(Session 1) - Question 11

The purpose of Accommodation bill

CA-CPT Question Paper June - 2014(Session 1) - Question 12

A draws a bill for Rs. 20,000 on ‘B’. ‘B’ Accepts for 2 months. After 1 month ‘B’ paid the bill amount @9%. Journal entry in the Books of ‘B’ will be

CA-CPT Question Paper June - 2014(Session 1) - Question 13

Promissory note features

1) Must be stamped

2) Payee must sign

3) Conditional undertaking

4) Certain amount

5) Not transferable to bearer

CA-CPT Question Paper June - 2014(Session 1) - Question 14

In the absence of agreement, the loss of goods in consignee godown is borne by

CA-CPT Question Paper June - 2014(Session 1) - Question 15

Goods sent on consignment for Rs.50,000. During transit 1/10th of goods were destroyed by fire. Again 1/9th 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 Rs.2,500 and Rs.1500 respectively. Calculate closing Stock.

CA-CPT Question Paper June - 2014(Session 1) - Question 16

Yogam consigned cost of goods of Rs. 1,00,000 at an invoice price of 20% above cost. Consignee is entitled to 5% commission on sales up to Invoice price, 20% on sales which exceeds invoice price, 2% delcredre commission on credit sales. He sold 25% of goods for cash for Rs. 40,000 and 50% of goods on credit for Rs. 70,000, 10% of goods taken by consignee. Calculate commission?

CA-CPT Question Paper June - 2014(Session 1) - Question 17

In case of Joint Venture business, method of Accounting to be followed and decided by

CA-CPT Question Paper June - 2014(Session 1) - Question 18

In case of purchase of machinery in joint venture through joint bank A/c, while separate set of books is maintained. Which of the following is the correct entry.

CA-CPT Question Paper June - 2014(Session 1) - Question 19

‘A’ and ‘B’ enter into a joint venture business ‘A’ purchased goods worth Rs. 30,000 and ‘B’ sold for Rs. 40,000. ‘A’ is entitled to 1% commission on purchases and ‘B’ is entitled to 5% commission on sales. The profit on venture to be shared by A & B is (The profit sharing ratio is 2:1)

CA-CPT Question Paper June - 2014(Session 1) - Question 20

Rohan Ltd is in the business of extracting coal from mines. It should charge depreciation as per _____ method.

CA-CPT Question Paper June - 2014(Session 1) - Question 21

Cost of machine is Rs.1,00,000 Scrap value Rs. 10,000 and life is 4 years. What will be the amount of depreciation in 3rd year according to sum of years digits method

CA-CPT Question Paper June - 2014(Session 1) - Question 22

A Trader followed WDV method of depreciation, the book value of Asset after 4 years is 24% of original cost. Find rate of depreciation.

CA-CPT Question Paper June - 2014(Session 1) - Question 23

Loss on sale of machinery is credited to __ account.

CA-CPT Question Paper June - 2014(Session 1) - Question 24

A machine purchased for Rs. 2,50,000 on 1.1.2010. It can produce 30,000 units during its useful life, its estimated scrap value is Rs. 10,000. The pattern of production over the next 4 years is as follows 2010 – 6250 units, 2011-2275 units, 2012-12,000 units, 2013-3452 units, the WDV of the machine after 3rd year will be

CA-CPT Question Paper June - 2014(Session 1) - Question 25

After rectification of the following errors, effect on Net profit will be

i) A cheque dishonoured Rs.3,100 debited to discount A/c

ii) Sales book (undercast) short by Rs.23,000

iii) A customer returned goods of value of Rs.1,200, included in stock but not recorded  

CA-CPT Question Paper June - 2014(Session 1) - Question 26

The following are the errors committed while the entries are posted in ledger.

1) Errors of Principle

2) Errors of commission.

3) Errors of Partial omission

4) Errors of complete omission.

CA-CPT Question Paper June - 2014(Session 1) - Question 27

InCase of insufficient profits i.e., profits less than interest on capital then the profits are distributed in :

CA-CPT Question Paper June - 2014(Session 1) - Question 28

The assets which were earlier revalued upward and now revalued downward, to the extent of earlier upward revaluation amount should be.

CA-CPT Question Paper June - 2014(Session 1) - Question 29

The sales income (Credit and Cash) of a business during a given period is called

CA-CPT Question Paper June - 2014(Session 1) - Question 30

At the time of admission the unrecorded investments Rs. 30,000 should be treated, the adjustment entry will be

CA-CPT Question Paper June - 2014(Session 1) - Question 31

Kapur and sharma are partners in partnership firm. Calculate the interest on drawings of kapur and sharma @ 10% p.a. for the year ending on 31st December 2013. Kapur withdrew Rs. 2,000/- per month in the beginning where as sharma withdrew same amount at the end of every month

CA-CPT Question Paper June - 2014(Session 1) - Question 32

Neeraj & Gopi are partners with Rs.5,00,000 capital each. They admitted champak for 1/4th share with Rs.8,00,000 capital. The P & L A/c credit balance is Rs.4,00,000. Find the amount of hidden goodwill

CA-CPT Question Paper June - 2014(Session 1) - Question 33

Angola & Bangola sharing profits 2 : 3, Mangola joined the firm. Angola gave 1/3rd of his share, Bangola gave 1/4th of his share. what is new profit sharing ratio?

CA-CPT Question Paper June - 2014(Session 1) - Question 34

When goodwill is withdrawn by the partners ___ account is credited.

CA-CPT Question Paper June - 2014(Session 1) - Question 35

A & B are in partnership sharing profits & losses in the proportion of 3:1 respectively. On 1-4-2013, they admitted ‘c’ into partnership on the following terms.

i) ‘C’ is to purchase 1/3rd of the goodwill for Rs.2000/- by paying cash

ii) future profits & losses are to be shared by A, B & C equally

 Set out the entry to the above arrangement in the firm journal

CA-CPT Question Paper June - 2014(Session 1) - Question 36

The maximum number of partners is mentioned in

CA-CPT Question Paper June - 2014(Session 1) - Question 37

As per companies Act 1956 application money more than___ % of nominal value of the share and as per SEBI guidelines application money atleast __ % of issue price

CA-CPT Question Paper June - 2014(Session 1) - Question 38

MAR Ltd forfeited 300 shares of Rs. 10/- each fully called up for non payment of final call money of Rs.4/- per share. These shares are subsequently reissued for Rs.12 per share as fully paid up. What amount should be transferred to capital reserve account.

CA-CPT Question Paper June - 2014(Session 1) - Question 39

A company has a subscribed capital of Rs. 80,00,000 in shares of Rs. 100 each. There are no calls in arrears till the final call. The payment on final call was received for 77,500 shares. The amount of calls in arrears Rs. 67,500. Then the amount of final call is

CA-CPT Question Paper June - 2014(Session 1) - Question 40

Zebra Ltd invites applications for 50,000 shares for which 2/- per share is payable on application. Applications received for 80,000 shares and 70,000 shares are allotted on prorata basis. How much application money will be adjusted to allotment, when Mr.Lion who has allotted 200 shares.

CA-CPT Question Paper June - 2014(Session 1) - Question 41

Ajay Ltd decides to redeem 10,000 preference shares of Rs. 10/- each at 10% premium. Balance in P & L A/c is Rs. 65,000 and securities premium A/c is Rs. 5,000. You are required to calculate the minimum number of equity shares at the rate of Rs. 10/- each at 20% discount

CA-CPT Question Paper June - 2014(Session 1) - Question 42

Unless otherwise stated preference shares always deemed to

CA-CPT Question Paper June - 2014(Session 1) - Question 43

When the debentures are issued as collateral security for a loan then such debenture holders are entitled to

CA-CPT Question Paper June - 2014(Session 1) - Question 44

Which method is exception to non-historical cost methods

CA-CPT Question Paper June - 2014(Session 1) - Question 45

Cost of physical inventory on 15-04-2014 was Rs.3,00,000. Sales amounting to Rs.1,00,000 and purchases worth Rs.50,000 were made between 31-03-2014 to 15-4-2014. Goods are sold at 20% profit on sales. Value of Inventory as on 31-3-2014 is

CA-CPT Question Paper June - 2014(Session 1) - Question 46

Average stock Rs. 14,000, closing stock is Rs. 3,000 more than the opening stock, then closing stock is ___

CA-CPT Question Paper June - 2014(Session 1) - Question 47

Which method of valuation is adopted in above table 

CA-CPT Question Paper June - 2014(Session 1) - Question 48

Closing stock from above adopted method is

CA-CPT Question Paper June - 2014(Session 1) - Question 49

When goods sent on approval, buyer become owner of goods when

CA-CPT Question Paper June - 2014(Session 1) - Question 50

‘A’ sent some goods costing Rs.3500 at a profit of 25% on sale to ‘B’ on sale or return basis. ‘B’ returned goods costing Rs. 800. At the end of accounting period on 31st December 2011 the remaining goods were neither returned nor approved by him. Closing stock on approval basis to be shown in the balance sheet will be

CA-CPT Question Paper June - 2014(Session 1) - Question 51

In Income measurement & recognisation of assets & liabilities which of the following concepts goes together?

CA-CPT Question Paper June - 2014(Session 1) - Question 52

____ is root cause for financial accounting?

CA-CPT Question Paper June - 2014(Session 1) - Question 53

Gyan received Rs.5,000 in advance but he credited to sale account. Which of the following concept he did not follow?

CA-CPT Question Paper June - 2014(Session 1) - Question 54

Change in Accounting estimate means :

CA-CPT Question Paper June - 2014(Session 1) - Question 55

Interpretation means

CA-CPT Question Paper June - 2014(Session 1) - Question 56

A trader purchased goods for Rs. 25,00,000, of these 70% of goods were sold during the year. At the end of 31st December 2009, the market value of such goods were Rs.5,00,000. But the trader recorded in his books for Rs.7,50,000. Which of the following concept is violated.

CA-CPT Question Paper June - 2014(Session 1) - Question 57

Matching the following :

a) As 26  i) Impairment of assets

b) As 10  ii) Discontinued operations

c) As 28  iii) Intangible assets

d) As 24  iv) Accounting for fixed assets

CA-CPT Question Paper June - 2014(Session 1) - Question 58

A building worth Rs.35 lakhs was purchased and it was dismantled with Rs.1 lakh and it was decided to build as shopping mall. The cost of construction of building was Rs.50,00,000 and other expenses of Rs.50,000. The amount of capital expenditure is

CA-CPT Question Paper June - 2014(Session 1) - Question 59

Which of the following is not a difference between provision & contingent liability

CA-CPT Question Paper June - 2014(Session 1) - Question 60

The value of an asset after reducing depreciation from the historical cost is known as

CA-CPT Question Paper June - 2014(Session 1) - Question 61

A Void Contract is ___

CA-CPT Question Paper June - 2014(Session 1) - Question 62

Which of the following is not correct?

CA-CPT Question Paper June - 2014(Session 1) - Question 63

Original offer is rejected when there is ___

CA-CPT Question Paper June - 2014(Session 1) - Question 64

A person advertised in newspaper to sell his old car. Then the offer is ____

CA-CPT Question Paper June - 2014(Session 1) - Question 65

Which of the following is true?

CA-CPT Question Paper June - 2014(Session 1) - Question 66

If in a Contract both legal and illegal part exists, the legal part is separable from illegal part, then the legal part is ____

CA-CPT Question Paper June - 2014(Session 1) - Question 67

A promise to pay time barred debt must be _

CA-CPT Question Paper June - 2014(Session 1) - Question 68

Maheswari promises to give Raman 1kg of opium if he destroys property of Nikhil. In this case ____

CA-CPT Question Paper June - 2014(Session 1) - Question 69

For the necessaries supplied to a minor, the amount can be recovered from___

CA-CPT Question Paper June - 2014(Session 1) - Question 70

Which of the following statements is not correct?

CA-CPT Question Paper June - 2014(Session 1) - Question 71

A told B that he gives Rs. 500 if it rains and B told to give like amount if it does not rain. The agreement is ___

CA-CPT Question Paper June - 2014(Session 1) - Question 72

Quasi Contractual liabilities lead to ____

CA-CPT Question Paper June - 2014(Session 1) - Question 73

A person finds goods belonging to another person in a public place. In such a case, the finder ___

CA-CPT Question Paper June - 2014(Session 1) - Question 74

Amar promises to paint a picture for Rambabu. Here, the promise must be performed by Amar himself, because

CA-CPT Question Paper June - 2014(Session 1) - Question 75

If no time is specified for performance of a Contract, it must be performed with in a reasonable time. “ Reasonable time” means __

CA-CPT Question Paper June - 2014(Session 1) - Question 76

If the time is the essence  of Contract and it is not performed with in specified time, then___

CA-CPT Question Paper June - 2014(Session 1) - Question 77

Ram, Lal and Shyam  jointly promise to pay Mohan Rs. 30,000. Shyam paid the whole amount to Mohan. If Ram and Lal are solvent, Sham can recover___

CA-CPT Question Paper June - 2014(Session 1) - Question 78

In case of reciprocal promises, which is not applicable?

CA-CPT Question Paper June - 2014(Session 1) - Question 79

Novation means

CA-CPT Question Paper June - 2014(Session 1) - Question 80

In case of Anticipatory breach of Contract, remedies to the aggrieved party are ___

CA-CPT Question Paper June - 2014(Session 1) - Question 81

Which of the following is incorrect?

CA-CPT Question Paper June - 2014(Session 1) - Question 82

The compulsory dissolution of a firm will arise in case of ___

CA-CPT Question Paper June - 2014(Session 1) - Question 83

When a new partner is admitted into the firm, the consent should be obtained by ____

CA-CPT Question Paper June - 2014(Session 1) - Question 84

When there are no sufficient profits to provide interest on capital, then profits are to be shared in ___

CA-CPT Question Paper June - 2014(Session 1) - Question 85

Which of the following is not effected due to Non-registration of a firm?

CA-CPT Question Paper June - 2014(Session 1) - Question 86

Which of the following is not applicable in relation to an agreement by minor?

CA-CPT Question Paper June - 2014(Session 1) - Question 87

The partner can be expelled by ___

CA-CPT Question Paper June - 2014(Session 1) - Question 88

Which of the following is beyond the implied authority of the partner?

CA-CPT Question Paper June - 2014(Session 1) - Question 89

Sharing of profits is not____ evidence

CA-CPT Question Paper June - 2014(Session 1) - Question 90

On which of the following grounds, court may dissolve a firm at the suit of a partner?

CA-CPT Question Paper June - 2014(Session 1) - Question 91

When a partnership is not registered, a partnership firm is ____

CA-CPT Question Paper June - 2014(Session 1) - Question 92

Partnership arises by the way of ____

CA-CPT Question Paper June - 2014(Session 1) - Question 93

Which of the following delivery is valid in delivery of goods?

CA-CPT Question Paper June - 2014(Session 1) - Question 94

Which of the following is not an essential element of a Contract of sale?

CA-CPT Question Paper June - 2014(Session 1) - Question 95

In case of sale of specific goods in a deliverable state, the property in goods passes to the buyer when____

CA-CPT Question Paper June - 2014(Session 1) - Question 96

When the seller delivers goods to buyer on sale on approval basis, the property in goods transfer to buyer, when_____

CA-CPT Question Paper June - 2014(Session 1) - Question 97

Which of the following statements is correct in relation to ascertainment of price of goods?

CA-CPT Question Paper June - 2014(Session 1) - Question 98

The doctrine of caveat emptor is applicable where ____

CA-CPT Question Paper June - 2014(Session 1) - Question 99

Which of the following is not correct in relation to hire purchase?

CA-CPT Question Paper June - 2014(Session 1) - Question 100

Right of lien is lost for the seller, when _____

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