CA CPT Exam > CA CPT Tests > CPT Accounting Mock Test - 1 - CA CPT MCQ
CPT Accounting Mock Test - 1 - CA CPT MCQ
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30 Questions MCQ Test - CPT Accounting Mock Test - 1
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CPT Accounting Mock Test - 1 - Question 1
The balance of memorandum revaluation account (second part), is transferred to the capital accounts of the partners in :
CPT Accounting Mock Test - 1 - Question 2
X and Y are partners sharing profits in the ratio 5 : 3. They admitted Z for 1/5th share of profits, for which he paid Rs. 1,20,000 against capital and Rs. 60,000 as goodwill. Find the capital balances for each partner taking Z's capital as base capital :
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CPT Accounting Mock Test - 1 - Question 3
A and B are partners sharing profits and losses in the ratio 5 : 3. On admission C beings Rs. 70,000 and Rs. 48,000 against goodwill. New profit sharing ratio between A, B and C are 7 : 5 : 4. Find the sacrificing ratio as A : B.
CPT Accounting Mock Test - 1 - Question 4
Sigma limited received its bank statement showing a favorable balance of Rs. 11,050 for the period ended June 30, this did not agree with the balance in the cash book. An examination of the cash book and the bank statement disclosed the following points:
A standing order for payment of annual subscription amounting to Rs. 20 had not been entered in the cash book.
One june 25th the managing director had given the cashier a cheque of Rs. 200 to pay into his personal account at the bank. The cashier had paid it into the company’s account by mistake
Cheques amounting to Rs. 9,344 had not been presented to the bank for payment until after June 30.
The balance as per cash book on June 30 is-
A standing order for payment of annual subscription amounting to Rs. 20 had not been entered in the cash book.
One june 25th the managing director had given the cashier a cheque of Rs. 200 to pay into his personal account at the bank. The cashier had paid it into the company’s account by mistake
Cheques amounting to Rs. 9,344 had not been presented to the bank for payment until after June 30.
The balance as per cash book on June 30 is-
CPT Accounting Mock Test - 1 - Question 5
Chose the expenditure from the followings which can be termed as capital expenditure
CPT Accounting Mock Test - 1 - Question 6
Advance received of Rs. 5000 in connection with the contract to supply goods which was later on forfeited for breach of contract, what type of receipt this can be considered?
CPT Accounting Mock Test - 1 - Question 7
Which of the followings may be deducted when starting point is overdraft as per cash book?
CPT Accounting Mock Test - 1 - Question 9
The Pass Book showed an overdraft of Rs. 4,000, but the cash book made up to the same date showed that cheques of Rs. 400, Rs. 300 and Rs. 350 respectively had not been presented for payments; and the cheque of Rs. 1,200 paid into account had not been cleared. The balance as per cash book will be-
CPT Accounting Mock Test - 1 - Question 10
Under section 98 of the Negotiable Instruments Act, 1881 no notice of dishonour is necessary:
CPT Accounting Mock Test - 1 - Question 12
Under the Capital of the Memorandum of Association of the Company, it is must to state
CPT Accounting Mock Test - 1 - Question 16
Contingent assets usually arise from unplanned or other unexpected events :
CPT Accounting Mock Test - 1 - Question 17
A purchased a mine for Rs. 2,50,000 minerals in the mine were expected to be 5,00,000 tonnes. In the first year, 50,000 tonnes of minerals were used. What is the depreciation for the first year ?
CPT Accounting Mock Test - 1 - Question 18
When the balance as per cash book is the starting point, direct deposits by customers are :
CPT Accounting Mock Test - 1 - Question 19
A machine was purchased for Rs. 50,000. Installation expenses amounted to Rs. 2,000 wages of Rs. 4,000 were paid on installation. The scrap value at the end of its useful life of 10 years is Rs. 6,000.Repairs of Rs. 6,000 was made after 6 moths from the date of purchase. Calculate depreciation
CPT Accounting Mock Test - 1 - Question 20
A machinery depreciated by Rs.2000 every year. Which method is being used to calculate depreciation ?
CPT Accounting Mock Test - 1 - Question 21
A transport company purchases a truck for Rs. 5,00,000 on 1st January 2008. It charges 20% depreciation P.A. according to WDV method. The truck was sold on 1st July 2009 for a sum of Rs. 4,00,000. The profit and loss on sale of truck is (Assume the annual accounts are made on 31st December each year)-
CPT Accounting Mock Test - 1 - Question 22
Narrations are mentioned at the end of each transaction of_______________
CPT Accounting Mock Test - 1 - Question 23
Which one of the following is not considered as a function of accounting
CPT Accounting Mock Test - 1 - Question 25
Ram is a partner. He made drawings as follows :
July 1 Rs. 200
August 1 Rs. 200
September 1 Rs. 300
November 1 Rs. 50
February 1 Rs. 100
If the rate of interest on drawings is 6% and accounts are closed on March 31 the interest on drawing is :
CPT Accounting Mock Test - 1 - Question 26
While finalizing the current year’s profit, the company realized that there was an error in the valuation of closing stock of the previous year. In the previous year, closing stock was valued more by Rs. 2,50,000. As a result-
CPT Accounting Mock Test - 1 - Question 28
Under inflationary conditions, which of the methods will not show greatest value of COGS?
CPT Accounting Mock Test - 1 - Question 29
Which Accounting Standard is specifically meant for The inventory valuation?
CPT Accounting Mock Test - 1 - Question 30
Where the cost of by-product can be separately determined, it should be valued at-
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