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


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

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

Correct sequence as per the order of permanency? (i) Trade Receivables (ii) Patents (iii) Machinery (iv) Cash in hand

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

A firm has reported a profit of Rs.1,47,000 for the year ended 31-3-2014 after taking into consideration the following items.
(i) The cost of an asset Rs.23,000 has been taken as an expense
(ii) The firm anticipated a profit of Rs.12,000 on the sale of an old furniture
(iii) Salary of Rs.7,000 outstanding for the year has not been taken into account.
(iv) An asset of Rs.85,000 was purchased for Rs.75,000 and was recorded in the books at Rs.85,000.
What is the correct amount of profit to be reported in the books?

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

 Deewali advance given to an employee is ___

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

The amount of depreciation charged under Annuity method _______

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

Manu’s acceptance to Rishi of Rs.12,000 is retired two months before the due date at discount of 10% p.a. In the books of Rishi the journal entry will be _______

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

The debit balance in the bank columns of cash book indicates _______

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

Securities premium account cannot be utilized for _______

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

At the end of the accounting year nominal accounts are _______

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

Which accounting concept satisfy the valuation criteria _______

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

Mukesh sold goods to Suresh at an invoice price of Rs. 6,00,000 at cost plus 25%. 1/4 th of the goods are lost in transit. Insurance claim of Rs.72,000 is received. What is the amount of abnormal loss to be debited to P & L a/c?

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

 _____ is a non-historical cost method and is also called as Retail inventory method.

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

In the absence of agreement between the partners, on the death of a partner, his legal representatives are entitled to ________.

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

The cost of an Asset is Rs.1,20,000. The scrap value will be 25% at end of 10 years. If straight line method of depreciation is followed, the rate of depreciation is ______

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

Trial balance is a statement which shows ___________ of all accounts.

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

Premium on redemption of debentures is _____ a/c.

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

A & B are partners in a firm in the ratio of 5:3. C is admitted as a new partner. He gets 1/4 th of A’s share and 1/5 th of B’s share. The new profit sharing ratio is ______ 

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

If the shares are forfeited, the share capital account is debited by ______

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

 If the goods are sent on Sale or Return basis frequently, the trader prepares ______

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

 A, B and C are partners in a firm in the ratio of 3:2:1. A retired and the firm received Rs.1,52,500 towards JLP, which is appearing in the balance sheet at Rs.1,80,000. Cash a/c is debited and JLP a/c is credited with Rs.1,52,500. What will be the treatment for the balance left in JLP a/c?

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

The subscribed share capital of X Ltd. is Rs.90,00,000 divided in to shares of Rs.100 each. There were no calls in arrears till the final call was made. The final call was paid on 85,000 shares. The calls in arrears was Rs.1,25,000. The final call money per share is Rs. _______

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

Preference shares of Rs.9,00,000 are redeemable by issuing 3000 shares of Rs.100 each at Rs.140. The amount to be transferred to CRR is _________

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

Which of the following is not a foreign bill?

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

A contingent asset is ________

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

All the following statements are correct except

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

When the record of transactions relating to Joint Venture are made in books of one coventurer, then the venturer records his share of investment in the joint venture by ________ 

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

In case of ______ the period of bill commences from the date of acceptance of the bill.

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

A & B are partners in the ratio of 3:2. They admitted C as a new partner with Rs.35,000 against his capital and Rs.15,000 against goodwill. C could bring in Rs.45,000 only. What is the treatment, if the new profit sharing ratio is 1:1:1?

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

The directors of K Ltd. made the final call of Rs.20 per share on 15-Sep-2014, indicating the due date of payment as 30-Sep-2014. Mr. F, a holder of 8,000 shares paid the call money on 15-Nov-2014. Calculate the interest on calls in arrears.

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

Any, Tom & Bob are partners in the ratio of 2:2:1. Tom dies in Feb, 2014. They have taken life insurance policies, the premiums of which are debited to P & L a/c.

How much amount is paid to the legal representatives of Tom? 

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

A trader has made a sale of Rs.75,500 out of which cash sales amounted to Rs.25,500. He showed trade receivables on 31-3-2014 at Rs.25,500. Which concept is followed by him?

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

M/S Daga & Co. installed a machinery on 01- 01-2007 at a cost of Rs.5,00,000. Useful life of the machine is estimated at 10 years.Depreciation is charged under straight line method. In December, 2013, they found that the machine became obsolete and could not be used. It was sold for Rs.50,000. There will be _______

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

The balances of M/s Nagarjuna Traders are as follows: Capital Rs. 9,00,000; Computers Rs. 1,30,000; Machinery Rs.4,50,000; Furniture Rs.1,50,000; Investments Rs.3,00,000; Salaries Rs.2,10,000; Sales Rs.16,00,000; Patents Rs.1,20,000; Freight Rs.1,21,000; Purchases Rs.9,15,000; Rent Rs.28,000; Cash in hand Rs.48,000; Bank overdraft Rs.20,000; Creditors Rs.1,00,000; Debtors Rs.1,48,000; the total of trial balance is _______

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

Kiran, Bittoo and Shravan are partners in a firm. Kiran withdrew Rs.5,000 in beginning of every month, where as Bittoo and Shravan withdrew Rs.2,000 and Rs.3,000 respectively at the end of every month. Calculate interest on drawings at 10% p.a. for the year ended 31stMarch, 2014.Kiran Bittoo Shravan

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

A company took a loan of Rs.10,00,000 from ICICI bank at an interest of 15% p.a. 14% debentures of Rs.15,00,000 were issued as collateral security. The bank is entitled to get interest on _________

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

Neelam sold goods for Rs.40,000 on 1-5-14 on a credit of 3 months to Kamala. Out of that 40% only could be received from her estate as she became insolvent. What is the amount of bad debt?

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

The credit balance as per cash book is Rs.15,000. Cheques amounting to Rs.2,750 were deposited in bank but not yet collected. Cheques of Rs.4,000 were issued, but not yet presented for payment. A dividend of Rs.250 was collected and a premium of Rs.1,500 was paid by bank under standing instructions. The balance as per Pass Book will be ________ 

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

Goods costing Rs.50,000 were stolen. Insurance company accepted a claim of Rs.40,000. The appropriate journal entry is ___

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

Depreciation fund given in the balance sheet is _________

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

In which of the following cases, accounting estimates are needed?

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

The process of recording financial data upto trial balance is_______

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

Average profit = Rs.3,72,000 Normal rate of return = 12% Total assets = Rs.68,00,000 Outside liabilities = Rs.42,00,000 Calculate the value of goodwill under capitalisation method.

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

M/s Ghulati & Sons made the following sales Sold to M/s Guptha & Co. on credit 30 shirts @ Rs.180 per shirt 20 trousers @ Rs.100 per trouser Sold furniture to M/s Shewag & Co. on credit Rs.8,000 Sold to M/s Jain & Co. 50 shirts @ Rs.190 per shirt for cash Sold to M/s Cheap stores 13 overcoats @ Rs.490 per overcoat Trade discount 10%, Cash discount 2%, Sales tax 10% . The total of sales book is _____

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

X.Ltd issued 15% , 50,000 debentures of Rs.100 each at 10% premium, which are redeemable at 20% premium after 10 years. The loss on issue of debentures to be written off every year will be ______

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

A & B entered into a joint venture. A contributed Rs.2,00,000 for goods and Rs.15,000 expenses. B supplied goods of Rs.56,000 and paid expenses of Rs.2,000. B sold the goods for Rs.4,00,000. B is allowed a commission of 10%. Profit sharing is 3:2. How much amount B has to remit to A in full settlement of account?

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

On 01-04-2005, 5% cumulative preference share capital is Rs.2,00,000 Equity share capital is Rs.5,00,000. During the years 2004-05 and 2005-06 the dividend declarations totaled Rs.8,000 and Rs.16,000 respectively. What is the amount of dividend paid to the equity share holders for the year 2005-06?

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

Rohit carrying on real estate business sold a piece of land for Rs.4,00,00,000 (cost Rs.3,50,00,000) then the type of receipt is ______ nature and profit on sale is _______

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

A bill receivable of Rs.2,500 is received from a customer in full settlement of Rs.2,700. On dishonor of this bill, the entry will be passed in ______

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

A trader has credited certain items of sales on approval aggregating Rs.60,000 to Sales Account. Of these, goods of the value of Rs. 16,000 have been returned and taken into Inventories at cost Rs.8,000 though the record of return was omitted in the accounts. In respect of another parcel of Rs.12,000 cost being Rs.6,000 the period of approval did not expire on the closing date. Cost of goods lying with customers should be

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

Physical verification of inventory was done on 23rd June. The value of inventory was Rs.4,80,000. Following transactions took place between 23rd June and 30th June:

1. Out of goods sent on consignment, goods costing Rs. 24,000 were unsold

.2. Purchases of Rs.40,000 were made, out of which goods worth Rs.16,000 were delivered on 5th July.

3. Sales were Rs.1,36,000, which include goods worth Rs.32,000 sent on approval. Half of these goods were returned before 30th June, but no intimation is available regarding the remaining goods. Goods are sold at cost plus 25%. However, goods costing Rs.24,000 had been sold for Rs.12,000. You want to determine the value of inventory on 30th June. You start with physical inventory on 23rd June.Cost of Normal Sales = _______.

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

Which of the following statements is/are false? I. The term ‘depreciation’, ‘depletion’ and ‘amortization’ convey the same meaning.II. Provision for depreciation A/c is debited when provision for depreciation A/c is created.III. The main purpose of charging the profit and loss A/c with the amount of depreciation is to spread the cost of an asset over its useful life for the purpose of income determination.

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

On 27-03-14 four cheques of Rs.16,000, Rs.14,000, Rs.32,000, and Rs.23,000 were deposited in bank, out of which cheque of Rs.16,000 only was collected upto 31st March.Two cheques of Rs.23,000 and Rs.32,000 were collected on 4th April. An other cheque was not signed properly and was returned. What are the items to be taken in the B.R.S?

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

On 1st April, 2013, Rakesh started business with Rs.1,20,000 and took a loan Rs.50,000 from Ramesh. During the year earned a profit of Rs.20,000 and introduced further capital of Rs.30,000. His drawings during the year amounted to Rs.10,000. He paid Rs.10,000 to Ramesh during the year as part payment of loan on 31st March, 2014 his total assets amounted to Rs.2,30,000. Find out the amount of outside liabilities.

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

S Ltd. follows perpetual inventory system. On March 31 of every year, the company undertakes physical Inventory verification. On March 31, 2011, the value of Inventories as per the records differed from the value as per the physical Inventory. On scrutiny, the following differences were noticed: Goods purchased for Rs.10,000 were received and included in the physical Inventory but no entry was made in the books. Goods costing Rs.30,000 were sold and entered in the books but the Inventory is yet to be delivered. Goods worth Rs.5,000 are returned to the suppliers but is omitted to be recorded. If the inventory is valued in the books at Rs.1,50,000, the value of the physical inventory is

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

Consider the following for Alpha Co. for the year 2009-10: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 2009-10 was

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

Which of the following statements is false

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

Trial balance of a trader shows the following balances Opening Inventory Rs.9600 Purchases less returns Rs.11850 Salaries Rs.3200 Wages Rs.750 Commission on Purchases Rs.200 Carriage outwards Rs.300 Sales Rs.24900 Closing Inventory Rs.3500 Carriage on purchases Rs.1,000 Gross profit will be

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

Rings and pistonsv of an engine were changed at a cost of Rs. 5,000 to increase fuel efficiency
is:

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

Which of the following is nominal account

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

Unexpired portion of Capital expenditure is shown in

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

On 01.09.2011, A draws a bill on B “for 30 days after sight”. The date of acceptance is
08.09.2011. The maturity date of the bill will be

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

Unenforceable contract is _____

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

Under the Indian Contract Act 1872, which of the following is not an essential element of a Valid Contract?

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

A voidable contract becomes void in case of

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

Status obligations anse-

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

Whkh of the following is true?

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

Specific offer Is made:

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

An offer is open for acceptance over a period of time. This is _____

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

Communication of acceptance is complete against the acceptor. when:

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

In a contract both legal & Illegal parts are there. Which of the following Is correct?

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

WhIch of the following is not correct?

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

The famous case law ie., Mohin bbee Vs. Dharmodhas Ghosh is related to:

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

Which of the following is not correct?

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

Which of the following is not included in the term fraud’?

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

Quascontractual obligations arise by the pnnciple of

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

Which of the following is not true regarding Contingent contract?

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

Shyam and Sunil are joint promisor. Promisee discharged one of the joint promisor. Then —

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

A teacher enters in to contract with a student to teach for the exams, but he dies before teaching, Now

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

In case of anticipatory breach of contract, the

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

Suit for specific performance of contract can be instituted by the promisee, where ____

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

Date of compulsory dissolution for Partnership firm is the:

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

A Minor in a Partnersh is:

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

Expulsion of a partner can be exercised by:

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

Which one of the following is the true test of partnership?

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

Dormant partner means_____

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

Which of the following is covered under implied authority of a partner?

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

Which of the following is not a duty of a partner?

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

Holding out partner is based on the principle of________

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

In which of the following cases, the firm is not dissolved by the order of the court?

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

Goods does not include:

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

Auction sale can be subject to:

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

Which of the following does not come under implied warranty?

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

Which of the following statements is not true?

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

Which of the following rights are not available to unpaid seller against the buyer?

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

A contracted with B to supply materials worth Rs.10,000 for interior design. The contract between A and B is _____

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

Which of the following is not correct regarding appropriation of goods for unascertained goods?

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

Rights of unpaid seller does not include:

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

A hire purchaser of the goods:

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

Sale by Mercantile agent is not valid when:

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

Implied condition is not treated as implied warranty when:

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

Which does not came into the category of delivery?

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