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CA - CPT ICAI Model Test Paper - 12 (Session - 1)


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100 Questions MCQ Test | CA - CPT ICAI Model Test Paper - 12 (Session - 1)

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CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 1

Rent paid on 1st October, 2015 for the year to 30th September, 2016 was Rs. 1,200 and rent paid on 1st October, 2016 for the year to 30th September, 2017 was Rs. 1,600. Rent paid, as shown in the profit and loss account for the year ended 31st December 2016, would be:

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 2

A company purchased a machinery on April 01, 2012, for Rs. 15,00,000. It is estimated that the machinery will have a useful life of 5 years after which it will have no salvage value. The depreciation charged during the year 2016-17 was

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 3

The cost of a machine is Rs. 20,00,000. Two years later the book value is Rs.10,00,000. The Straight-line percentage depreciation is

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 4

While finalizing the current year’s profit, the company realized that there was an error in the valuation of closing Inventory of the previous year. In the previous year, closing Inventory was valued more by Rs. 50,000. As a result,

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 5

Which of the following assets does not depreciate?

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 6

Premium on redemption of debentures account appearing in the balance sheet is _______.

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 7

If the equipment account has a balance of Rs. 22,50,000 and the accumulated depreciation accounthas a balance of Rs. 14,00,000, the book value of the equipment is

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 8

Debenture interest

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 9

When debentures are issued as collateral security, the final entry for recording the collateraldebentures in the books is __________.

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 10

If cost of goods sold is Rs. 80,700, Opening stock Rs. 5,800 and Closing stock Rs. 6,000. Then the amount of purchase will be

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 11

Writing of transaction in the ledger is called

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 12

When debentures are redeemable at different dates, the total amount of discount on issue of debentures should be written off

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 13

The excess price received over the par value of shares, should be credited to __________.

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 14

The Securities Premium amount may be utilized by a company for __________.

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 15

When shares are forfeited, the share capital account is debited with ________ and the share forfeiture account is credited with __________.

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 16

T Ltd. proposed to issue 6,000 equity shares of Rs.100 each at a premium of 40%. The minimum amount of application money to be collected per share as per the Companies Act, 2013

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 17

Dividends are usually paid as a percentage of ______.

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 18

As per the SEBI guidelines, on issue of shares, the application money should not be less than

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 19

G Ltd. acquired assets worth Rs.7,50,000 from H Ltd. by issue of shares of Rs.100 at a premium of 25%. The number of shares to be issued by G Ltd. to settle the purchase consideration = ?

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 20

The date of maturity of bill is 10th October, 2016. The Government of India suddenly declared 10th October, 2016 as the holiday under the Negotiable Instruments Act, then the bill will mature on _________

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 21

Mr. A sent 250 units costing Rs. 10,000 each to Mr. B. Mr. B sold 150 units @ Rs. 14,200 per unit on credit and 75 units @ Rs. 14,000 for cash. Mr. B is entitled to a commission Rs.500 per unit. The amount of commission will be:

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 22

If bank balance as per cash book differs from that appearing in the current account statement, then the balance considered for finalizing the accounts is of

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 23

He, She and Me are partners in a firm sharing profits and losses in the ratio of 5:3:2. Firm took Separate Life Policy of Rs. 50,000, Rs.1,00,000 and Rs.1,50,000 for He, She and Me respectively. The share of Me in the policy will be:

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 24

It is essential to standardize the accounting principles and policies in order to ensure

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 25

It is essential to standardize the accounting principles and policies in order to ensure

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 26

The total of debit and credit side of Mr. Raja Ram’s Trial balance as on 31st March, 2016 were Rs. 20,000 and Rs. 10,000 respectively. The difference was transferred to suspense A/c. On 4th April 2016, it was found that the total of sales book was carried forward as 5,000 instead of 4,000. The balance of suspense A/c after rectification of this error will be -

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 27

A Bank Reconciliation Statement is prepared with the help of:

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 28

The main objective of providing depreciation is to

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 29

M/s Bhaskaran & Co. drew a three months’ bill of Rs. 6,000 on M/s Patel & Co. on 1.1.2014 payable to M/s Surendran & Co. or bearer. Here the payee will be _____

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 30

F Ltd. purchased Machinery from G Company for a book value of Rs. 4,00,000. The consideration was paid by issue of 10% debentures of Rs. 100 each at a premium of 25%. The debenture account was credited with ______.

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 31

Which of the following is not a characteristic of Bearer Debentures?

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 32

Original cost Rs.13,00,000, Salvage value Rs. 40,000, Useful life 6 years. Depreciation for the first year under sum-of-years digit methods will be

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 33

In journal, the entries which pertain to outstanding expenses, prepaid expenses or depreciation are called:-

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 34

X sent some goods costing Rs. 3500 at a Profit of 25% on sale on return basis to Y. Y returned goods costing Rs. 800. At the end of accounting year, remaining goods were neither returned nor approved by him. The stock on approval will be shown in the Balance sheet at:

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 35

When separate set of books is maintained, expenses paid by venturer will be credited to

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 36

Bank overdraft as per cash book on 31st Dec. 2017 Rs. 10,500
Cheque sent for collection but not collected Rs. 8,250
Cheque issued but not presented for payment Rs. 12,000
Balance as per pass book overdraft will be

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 37

“Bill payable discounted in cash by creditor.” This transaction will be recorded in

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 38

Purposes of an accounting system include all the following except

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 39

Book-keeping is mainly concerned with

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 40

All of the following are functions of Accounting except

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 41

Amount received from IDBI as a medium term loan for augmenting working capital is

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 42

Revenue from sale of products, ordinarily, is reported as part of the earning in the period in which

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 43

The total of discount column on the debit side of the cash book, recording cash discount deducted by customers when paying their accounts, is posted to the

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 44

Cash book is a type of __________ but treated as a ____________ of accounts.

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 45

Which of the following is not a column of a three-column cash book?

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 46

The preparation of a trial balance is for:

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 47

Rs. 20,000 received from Smith whose account, was written off as a bad debt should be credited to :

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 48

Abnormal loss on consignment is credited to ______

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 49

De-credere commission is fixed in terms of percentage say, 10%. The Credit Sales is of Rs. 1,00,000 and Cash Sales is of Rs. 50,000; amount of _____________commission will be allowed.

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 50

Average Inventory = Rs. 12,000. Closing Inventory is Rs. 3,000 more than opening Inventory. The value of closing Inventory = ______.

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 51

Goods costing Rs. 7,500 were sold at 25% profit on selling price. The sales will be of

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 52

P shows a profit of Rs. 7,00,000 for the year ended 31.3.2018. The figure has been arrived at after charging following against revenue:
(i) Purchase of Car on 28.3.2018 for use in business Rs. 3,00,000 and treated as vehicle expenses.
(ii) Omitted to record unpaid electricity bills for February and March, 2018 of Rs. 15,000 per month. The correct profit for the year ended 31st March, 2018 will be

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 53

Goodwill is to be calculated at one year’s purchase of the average of the last 3 years profit. The profit of the first year was Rs.6,000,second year twice the profit of the first year and the third year one and half times of the profit of the second year goodwill amount will be -

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 54

Fluctuating capital account is credited with

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 55

Consider the following for Alpha Co. for the year 2016-17:
Cost of goods available for sale - Rs.1,00,000
Total sales - Rs. 80,000
Opening inventory of goods  - Rs. 20,000
Gross profit margin 25%
Closing inventory of goods for the year 2016-17 was

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 56

Ramesh, an employee gets a salary of Rs. 10,000, he withdrew goods of Rs. 7,000 (cost price Rs. 6,000) for personal use and got salary Rs. 6,000. The excess payment will be

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 57

Sona of Kanpur sent 400 chairs @ Rs. 300 per chair to Tom of Delhi. Sona paid freight of Rs. 1,000 and Rs. 400 as insurance in transit. Tom paid Rs. 200 as cartage and Rs. 600 as godown rent. At the end of the year, 300 chairs were sold. The selling price of each chair in Delhi was Rs. 350. Value of stock unsold will be

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 58

If opening equity of a business is Rs. 90,000, profit for the year is Rs. 20,000 and liabilities at the end of year are of Rs. 60,000, total of assets side of the business will be

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 59

Goods costing Rs. 1000 supplied to Ramesh at the invoice price of 10% above cost and a Trade Discount for 5%. The amount of Sales will be

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 60

The purpose of accommodation bill is

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 61

Communication of offer is complete when-

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 62

Which of the following do not constitute ground for dissolution of partnership by Court?

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 63

The Sale of Goods Act, 1930 governs the transfer of property in

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 64

All contracts

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 65

‘Goods’ as defined in Sale of Goods Act, will include

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 66

‘Goods’ as defined in Sale of Goods Act, will include

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 67

Where a person is in a position to dominate the will of another person and uses that position to obtain an unfair advantage it is called:

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 68

A contract without consideration is void. There are exceptions. Which one of the following exceptions is correct?

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 69

The general principle regarding transfer of title in case of sale of goods is that-

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 70

A makes a contract with B to buy his house for Rs. 5,00,000 if he able to secure to bank loan for that amount. The contract is

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 71

A wagering agreement in India is declared by the Contract Act as

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 72

The authority of a partner to bind the firm for his acts as contained in section 19 of the Partnership Act is known as:

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 73

Acceptance is to offer what a lighted match is to a train of gun powder. This statement indicates-

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 74

A bid at an auction sale is

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 75

In case of ____________ goods, property passes to the Buyer, only when the goods are ascertained.

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 76

A promises B to pay Rs. 10,000 if it rains on Monday, and B promises A to pay Rs.10,000 if it does not rain on Monday. This agreement is

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 77

Which of the following is not included in the term Unpaid Seller?

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 78

If a partner commits fraud in the conduct of the business of the firm:

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 79

A finder of goods can:

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 80

Which of the following types of persons are not disqualified from contracting?

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 81

Which are the matters that require unanimous consent of all the partners:

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 82

A contingent contract is

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 83

An agreement which restricts a person’s freedom to marry or to marry any person of his choice is against public policy and is

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 84

The latin term "quid pro quo' refers to:

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 85

A partner may not be expelled from the firm by any majority of partners unless

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 86

In a sale by sample and description, there is an implied condition

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 87

Past consideration means

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 88

Which of the following transactions cannot be described as Quasi-contracts

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 89

A firm is compulsory dissolved

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 90

The definition of “Documents of title to goods” given in the Sale of Goods Act, is-

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 91

According to Indian Contract Act, a promise is

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 92

A wagering agreement is:

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 93

Upon dissolution of firm, losses, including deficiencies of capital, shall be paid first-

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 94

The right of lien is available to the Unpaid Seller, only when-

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 95

‘A’ threatened to commit suicide if his wife did not execute a sale deed in favour of this brother. The wife executed the sale deed. This transaction is:

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 96

A and B contract to marry each other. Before the time fixed for the marriage A goes mad. The contract is:

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 97

Non-registration of the firm does not affect the right of the firm to institute a suit or claim of set-off not exceeding-

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 98

In case of contract for the sale of specific or ascertained goods the property in goods passes to the buyer:

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 99

What among the following is not an essential element of partnership:

CA - CPT ICAI Model Test Paper - 12 (Session - 1) - Question 100

In the Indian Contract Act, Novation means

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