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


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100 Questions MCQ Test | CA-CPT Question Paper December - 2016 (Session 1)

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

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

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

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

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

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

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 7

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 8

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 9

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

Detailed Solution for CA-CPT Question Paper December - 2016 (Session 1) - Question 9

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 10

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

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 12

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 13

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

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 15

Accrued Income appears on the _______

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

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 18

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 19

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

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 21

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

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 23

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

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

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 26

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

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 28

Errors are rectified by using Suspense A/c

CA-CPT Question Paper December - 2016 (Session 1) - Question 29

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

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

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 32

Which method is an exception to non-historical cost methods

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 34

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 35

In the financial statement, contingent liability is

Detailed Solution for CA-CPT Question Paper December - 2016 (Session 1) - Question 35

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 36

A Low Return on Investment Ratio (ROI) indicates

CA-CPT Question Paper December - 2016 (Session 1) - Question 37

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

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

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

Detailed Solution for CA-CPT Question Paper December - 2016 (Session 1) - Question 39

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

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 40

Interest on partners’ capitals is allowed out of

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 42

Which of the following statements is false?

CA-CPT Question Paper December - 2016 (Session 1) - Question 43

Reserve capital means:

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 45

Maximum number of partners in a firm is mentioned in the

CA-CPT Question Paper December - 2016 (Session 1) - Question 46

Debenture holders are ____ of a company.

CA-CPT Question Paper December - 2016 (Session 1) - Question 47

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 48

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

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 50

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 51

AS 22 deals with ______

CA-CPT Question Paper December - 2016 (Session 1) - Question 52

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 53

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

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

Detailed Solution for CA-CPT Question Paper December - 2016 (Session 1) - Question 54

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

Total Depreciation ® 250 + 250 = Rs. 500

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 56

The procedural aspects of accounting include

CA-CPT Question Paper December - 2016 (Session 1) - Question 57

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

Which of the following statements is correct?

CA-CPT Question Paper December - 2016 (Session 1) - Question 58

Dumy Question

CA-CPT Question Paper December - 2016 (Session 1) - Question 59

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 60

Dumy Question

CA-CPT Question Paper December - 2016 (Session 1) - Question 61

Dumy Question

CA-CPT Question Paper December - 2016 (Session 1) - Question 62

Amount withdrawn from ATM is

CA-CPT Question Paper December - 2016 (Session 1) - Question 63

Voidable contract is one which :

CA-CPT Question Paper December - 2016 (Session 1) - Question 64

_____ contract is made without any intention of parties

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 66

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 67

Which of the following is valid offer?

CA-CPT Question Paper December - 2016 (Session 1) - Question 68

 _____ does not effect the free consent of the parties.

CA-CPT Question Paper December - 2016 (Session 1) - Question 69

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 70

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 71

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 72

Novation means:

CA-CPT Question Paper December - 2016 (Session 1) - Question 73

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 74

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 75

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 76

Partnership deed is also called as:

CA-CPT Question Paper December - 2016 (Session 1) - Question 77

Public notice is not needed in case of

CA-CPT Question Paper December - 2016 (Session 1) - Question 78

True test of partnership is

CA-CPT Question Paper December - 2016 (Session 1) - Question 79

A partner can be expelled by

CA-CPT Question Paper December - 2016 (Session 1) - Question 80

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 81

The reconstitution of the firm takes place in case of

CA-CPT Question Paper December - 2016 (Session 1) - Question 82

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 83

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 84

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 85

Which of the following is essential of partnership deed?

CA-CPT Question Paper December - 2016 (Session 1) - Question 86

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 87

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 88

Caveat emptor means:

CA-CPT Question Paper December - 2016 (Session 1) - Question 89

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 90

Giving keys of godown to buyer is _____ delivery.

CA-CPT Question Paper December - 2016 (Session 1) - Question 91

Right of lien can be exercised by seller when ____

CA-CPT Question Paper December - 2016 (Session 1) - Question 92

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 93

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

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 95

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 96

Where the goods are of perishable nature, unpaid seller can

CA-CPT Question Paper December - 2016 (Session 1) - Question 97

A partner can be expelled by

CA-CPT Question Paper December - 2016 (Session 1) - Question 98

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

CA-CPT Question Paper December - 2016 (Session 1) - Question 99

Dumy Question

CA-CPT Question Paper December - 2016 (Session 1) - Question 100

Dumy Question

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