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CA-CPT Question Paper June (Session 1) - 2017


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100 Questions MCQ Test | CA-CPT Question Paper June (Session 1) - 2017

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CA-CPT Question Paper June (Session 1) - 2017 - Question 1

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

CA-CPT Question Paper June (Session 1) - 2017 - Question 2

If goods are sold but not delivered to the customer, they will be included in _______

CA-CPT Question Paper June (Session 1) - 2017 - Question 3

Johnny purchased goods of Rs.5,000 for cash at 20% trade discount and 5% cash discount. Purchases A/c is to be debited by Rs. Csr,

CA-CPT Question Paper June (Session 1) - 2017 - Question 4

In the ledger an account shows credit balance at the end of the year. This balance is shown as .

CA-CPT Question Paper June (Session 1) - 2017 - Question 5

The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as

CA-CPT Question Paper June (Session 1) - 2017 - Question 6

Debit balance as per Cash Book of Axe Ltd. as on 31.3.2016 is Rs. 2,000. Cheques deposited but not cleared amounts to Rs. 100 and Cheques issued but not presented of Rs. 150. The bank allowed interest amounting Rs. 100 and collected dividend Rs. 50 on behalf of Axe Ltd. Balance as per Pass Book should be

CA-CPT Question Paper June (Session 1) - 2017 - Question 7

Average inventory = Rs.30,000. Closing Inventory is Rs. 5,000 more than opening inventory. Then the value of closing inventory will be

CA-CPT Question Paper June (Session 1) - 2017 - Question 8

At the time of finalization of Financial Statements, Bad debts written off are to be transferred to

CA-CPT Question Paper June (Session 1) - 2017 - Question 9

From the following find out the correct equation

A = Opening inventory;
B = Purchases;
C = Closing Inventory
D = Cost of Goods sold

CA-CPT Question Paper June (Session 1) - 2017 - Question 10

General Manager gets 6% commission on net profit after charging such commission. Gross profit Rs.60,000 and other indirect expenses other than manager's commission are Rs.7,000. Commission amount will be

CA-CPT Question Paper June (Session 1) - 2017 - Question 11

A decrease in the provision for doubtful debts would result in:

CA-CPT Question Paper June (Session 1) - 2017 - Question 12

Capital at the end of the year Rs.5,00,000 Drawings during the year Rs.50,000 Profit for the year Rs.1,00,000 Interest on opening capital @ 10% per annum will be

CA-CPT Question Paper June (Session 1) - 2017 - Question 13

An amount of Rs.68,000 was paid on 3/3/17 19. for advertisement in a newspaper. This was published in the newspaper on 3/4/17. This expenditure will be shown as____

CA-CPT Question Paper June (Session 1) - 2017 - Question 14

Opening capital  = Rs.5,00,000

Drawings = Rs.1,20,000

Assets = Rs.8,50,000

Liabilities = Rs.75,000

Closing Capital & Profit will be Rs.___

CA-CPT Question Paper June (Session 1) - 2017 - Question 15

Goods of the sale price of Rs.8000 were sent to a customer on sale or return basis. Till the end of the year the goods were neither returned nor approved. The profit is 25% on cost. The inventory with customer to be included to the closing inventory of the trader will be

CA-CPT Question Paper June (Session 1) - 2017 - Question 16

A bill of Rs.40,000 was discounted by P with his bank for Rs.39,000. At maturity, the bill returned dishonoured, noting charges amounted to Rs.500. How much amount will the bank deduct from P's bank balance at the time of such dishonour?

CA-CPT Question Paper June (Session 1) - 2017 - Question 17

X draws a bill on 1/04/16 for Rs.60,000 for 3 months. Y accepted it 2/04/16. The bill was discounted on 2/05/16 @ 12% p.a. The amount of discount will be Rs.________

CA-CPT Question Paper June (Session 1) - 2017 - Question 18

A draws a bill on B for Rs.1,00,000 for 3 months. The bill was discounted with bank at 15% p.a. Half of the proceeds are remitted to B. The amount received by B will be Rs._____  

CA-CPT Question Paper June (Session 1) - 2017 - Question 19

While preparing BRS, Mr. X found that a bill of exchange for Rs.5,000 which was discounted with bank was dishonoured and the bank paid noting charges of Rs.100. The entry required in the books of X will be_________

CA-CPT Question Paper June (Session 1) - 2017 - Question 20

If consignor draws a bill on consignee and discounted it with the banker, the discounting charges will be debited in:

CA-CPT Question Paper June (Session 1) - 2017 - Question 21

The ratios that refer to the ability of the firm to meet the short term obligations out of its short term resources

CA-CPT Question Paper June (Session 1) - 2017 - Question 22

Mr. X consigned 5,000 boxes of goods to Mr. Y @ Rs.250 each. He paid Freight Rs.3,500 & insurance Rs.1,500. Y paid expenses of Rs.5,000. He sold 3/5 of the boxes @ Rs.300 each. The remaining boxes were taken by Y at cost price.The value of inventory taken by Y will be Rs.___

CA-CPT Question Paper June (Session 1) - 2017 - Question 23

State which of the following statements is true?

CA-CPT Question Paper June (Session 1) - 2017 - Question 24

Which of the following statements is not true?

CA-CPT Question Paper June (Session 1) - 2017 - Question 25

X and Y entered into a joint venture to underwrite the shares of K Ltd at a commission of 5%. K Ltd made an issue of 1,00,000 equity shares of Rs.10 each. 90% of the issue is subscribed by the public. The profit sharing between X and Y is 2 : 3. The balance unsubscribed shares are purchased by X and Y in profit sharing ratio. How many shares are purchased by Y?

CA-CPT Question Paper June (Session 1) - 2017 - Question 26

Cost of an asset = Rs.2,00,000 Rate of depreciation = 10% under WDV method Value of the asset at the end of 2nd year will be Rs._______ 

CA-CPT Question Paper June (Session 1) - 2017 - Question 27

Depletion method of charging depreciation is adopted for which of the following assets?

CA-CPT Question Paper June (Session 1) - 2017 - Question 28

A purchase return of Rs.2,000 has been wrongly debited to Sales Returns A/c. Due to this error, in the trial balance________.

CA-CPT Question Paper June (Session 1) - 2017 - Question 29

Stamp duty for the purchase of a property is debited to Legal Expenses A/c. This is an error of_______.

CA-CPT Question Paper June (Session 1) - 2017 - Question 30

In the course of locating the reason for the difference in the trial balance, it has been found that an amount received from a customer has been debited to his account and a purchase from a supplier has been wrongly entered in the ledger as Rs.17,720 instead of Rs.17,270. These errors may be classified as_

CA-CPT Question Paper June (Session 1) - 2017 - Question 31

Goods of Rs.800 (sales price) sent on sale on approval basis were included in the sales book. The profit included in the sales was 25% on cost. Inventory with the party will increase our closing inventory by_____

CA-CPT Question Paper June (Session 1) - 2017 - Question 32

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.45,000. As a result

CA-CPT Question Paper June (Session 1) - 2017 - Question 33

A machinery was purchased for Rs.1,00,000, Expenses incurred were - Brokerage 2%; Repairs Rs.1,500; Transport Rs.3000; trial run Rs.7,000; installation Rs.4,500
After operating the machine for 11 months an amount of Rs.8,000 was spent on repairs .Cost of machinery to be debited to Machinery A/c will be Rs._______

CA-CPT Question Paper June (Session 1) - 2017 - Question 34

A company has filed a legal suit against competitive company claiming Rs.5,00,000 for infringement of patent rights. The outcome of the legal suit is uncertain. The claim may be treated as_______

CA-CPT Question Paper June (Session 1) - 2017 - Question 35

When outflow of economic resources to settle an obligation is not probable or the amount expected to be paid to settle the liability cannot be measured with sufficient reliability, it is called__________

CA-CPT Question Paper June (Session 1) - 2017 - Question 36

Fluctuating Capital A/c is credited by _

CA-CPT Question Paper June (Session 1) - 2017 - Question 37

Interest on capital will be paid to the partners if provided for in the agreement but only from

CA-CPT Question Paper June (Session 1) - 2017 - Question 38

P & Q are the partners in a firm sharing profits and losses in the ratio 3:2 with capitals of Rs.1,50,000 and Rs.1,00,000 respectively. They admitted R as a partner with Rs.90,000 as capital for l/4th share in the profits of the firm. They adjust the capitals of other partners according to R's capital and his share in the business. How much cash will be brought in by P?

CA-CPT Question Paper June (Session 1) - 2017 - Question 39

Outgoing partner is compensated for parting with firm's future profits in favour of remaining partners. In what ratio do the remaining partners contribute to such compensation amount?

CA-CPT Question Paper June (Session 1) - 2017 - Question 40

 Tom & Jerry are partners in a firm sharing the profits and losses in the ratio of 3:2. Tom's capital Rs.70,000 & Jerry's capital Rs.50,000. They agreed to take Shiva as a new partner for l/5th share in future profits. Calculate the amount of capital to be brought in by shiva.

CA-CPT Question Paper June (Session 1) - 2017 - Question 41

X, Y & Z are partners in a firm sharing profits and losses in the ratio of 5 : 4 : 3. Z died on 30/09/16. Profit for the year 2016 - 17 was Rs.40,000. What is the share of Z in the profits of the firm till the date of his death?

CA-CPT Question Paper June (Session 1) - 2017 - Question 42

X & Y are partners in a firm sharing profits and losses in the ratio of 3: 2. Z was admitted as a new partner for l/5th share of the future profits. Z takes his entire share from X only. The new profit sharing ratio of X, Y & Z will be

CA-CPT Question Paper June (Session 1) - 2017 - Question 43

In case, of death of a partner, the amount of ' JLP received by the firm will be distributed __

CA-CPT Question Paper June (Session 1) - 2017 - Question 44

Capital employed = Rs.6,00,000
Average profit = Rs.1,05,000
Normal rate of return = 15%

Value of goodwill under Capitalisation method will be Rs.________

CA-CPT Question Paper June (Session 1) - 2017 - Question 45

A partnership firm maintains its accounts on calendar year basis. B, one of the three partners died on 31/03/10. The profit of the firm for the year 2009 was Rs.75,000, which was distributed among the partners equally. The share of B in the profits of the firm till the date of his death on the basis of previous year's profits will be Rs.____

CA-CPT Question Paper June (Session 1) - 2017 - Question 46

When shares are forfeited, the Share Capital A/c is debited with _____ and the Share Forfeiture A/c is credited with____.

CA-CPT Question Paper June (Session 1) - 2017 - Question 47

When shares are issued to promoters for the services offered by them, the A/c that will be debited with the nominal value of shares is___

CA-CPT Question Paper June (Session 1) - 2017 - Question 48

M/s Rivera Ltd. forfeited 300 equity shares of Rs.10 each issued at par for non payment of Rs.4 per share by the holder. These shares are reissued at Rs.5 per share as fully paid. What is the amount to be transferred to Capital Reserve A/c?

CA-CPT Question Paper June (Session 1) - 2017 - Question 49

A company has forfeited 3,000 equity shares of Rs.10 each, for non payment of Rs.3 per share on which Rs.9 called up. On forfeiture, Share capital A/c is debited by Rs._____

CA-CPT Question Paper June (Session 1) - 2017 - Question 50

If debentures are issued as collateral security the journal entry will be______.

CA-CPT Question Paper June (Session 1) - 2017 - Question 51

 Discount on issue of debentures is a __

CA-CPT Question Paper June (Session 1) - 2017 - Question 52

Which of the following can be utilized for redemption of preference shares?

CA-CPT Question Paper June (Session 1) - 2017 - Question 53

A Company issued 6,000, 10% debentures of Rs. 100 each at a discount of 10% repayable after 5 years at a premium of 5%. Total loss on issue of debentures will be Rs.____

CA-CPT Question Paper June (Session 1) - 2017 - Question 54

M/s X Ltd. took over the assets of Rs.4,60,000 & liabilities of Rs.30,000 of M/s B Ltd for a purchase consideration of Rs.4,40,000. The ^bmpany issued 10% debentures of Rs.100 each at a premium of 10% towards the purchase consideration. No. of debentures issued will be____

CA-CPT Question Paper June (Session 1) - 2017 - Question 55

Preference shares of Rs.4,00,000 were redeemed at a premium of 2% by the issue of equity shares of Rs.2,00,000 at a premium of 12%. The amount to be transferred to CRR will be Rs.______

CA-CPT Question Paper June (Session 1) - 2017 - Question 56

Decrease in the balance of trade receivables results in_______

CA-CPT Question Paper June (Session 1) - 2017 - Question 57

If an individual asset is increased, there will be a corresponding

CA-CPT Question Paper June (Session 1) - 2017 - Question 58

A change in accounting policy is justified

CA-CPT Question Paper June (Session 1) - 2017 - Question 59

A businessman purchased goods for Rs.25,00,000 and sold 80% of such goods during the accounting year ended 31st March, 2009. The market value of the remaining goods was Rs.4,00,000. He valued the closing Inventory at cost. He violated the concept of

CA-CPT Question Paper June (Session 1) - 2017 - Question 60

Net profit before charging manager's commission is Rs.49,500 and the manager is to be allowed a commission of 10% on the profit after charging such commission. Commission amount will be___

CA-CPT Question Paper June (Session 1) - 2017 - Question 61

A voidable contract______

CA-CPT Question Paper June (Session 1) - 2017 - Question 62

Right in rem means

CA-CPT Question Paper June (Session 1) - 2017 - Question 63

An offer made without any words spoken or written is ____

CA-CPT Question Paper June (Session 1) - 2017 - Question 64

The communication of acceptance is complete as against the offeror

CA-CPT Question Paper June (Session 1) - 2017 - Question 65

Proposal may be:

CA-CPT Question Paper June (Session 1) - 2017 - Question 66

The term quid pro quo is applied in relation to

CA-CPT Question Paper June (Session 1) - 2017 - Question 67

 If the agreement consists of legal and illegal parts, and legal part is separable from illegal part, then legal part is ____

CA-CPT Question Paper June (Session 1) - 2017 - Question 68

Which of the following is valid?

CA-CPT Question Paper June (Session 1) - 2017 - Question 69

A lunatic person means:

CA-CPT Question Paper June (Session 1) - 2017 - Question 70

THe term consensus-ad-idem means:

CA-CPT Question Paper June (Session 1) - 2017 - Question 71

‘Ignorance of law is no excuse’ in case of ___

CA-CPT Question Paper June (Session 1) - 2017 - Question 72

A person who is in a position to dominate will of the other, it i s _____

CA-CPT Question Paper June (Session 1) - 2017 - Question 73

An agreement to remain unmarried is

CA-CPT Question Paper June (Session 1) - 2017 - Question 74

Finder of lost goods should____

CA-CPT Question Paper June (Session 1) - 2017 - Question 75

A promises to pay B a sum of Rs. 10,000/-if it rains and in return B promises to pay Rs. 10,000/- to A if it does not rain. It is a/an____

CA-CPT Question Paper June (Session 1) - 2017 - Question 76

A sold goods to B at a price of Rs. 12,000/- .Towards payment, B gave a post datedcheque for Rs. 12,000/-. Here

CA-CPT Question Paper June (Session 1) - 2017 - Question 77

X, Y and Z jointly promised to pay Rs. 75,000/- to D. Z is compelled to pay the whole amount.Then Z __

CA-CPT Question Paper June (Session 1) - 2017 - Question 78

X owes Rs. 15,000/- to Y and he (X) prays Rs. 12,000/- in full and final settlement of the outstanding due. This is called_____

CA-CPT Question Paper June (Session 1) - 2017 - Question 79

Contract is discharged by

CA-CPT Question Paper June (Session 1) - 2017 - Question 80

Rescission of contract means:

CA-CPT Question Paper June (Session 1) - 2017 - Question 81

Quantum meruit literally means___

CA-CPT Question Paper June (Session 1) - 2017 - Question 82

Public notice is not necessary in case of _ 

CA-CPT Question Paper June (Session 1) - 2017 - Question 83

Which of the following statements about registration of firm is not true?

CA-CPT Question Paper June (Session 1) - 2017 - Question 84

X, Y and Z are partners. X retired withoutgiving public notice. Later on Y and Z incurred liabilities with DLF Co Ltd. then,___

CA-CPT Question Paper June (Session 1) - 2017 - Question 85

A Firm is the name of _

CA-CPT Question Paper June (Session 1) - 2017 - Question 86

A partnership formed for an undertaking/adventure is ____

CA-CPT Question Paper June (Session 1) - 2017 - Question 87

X and Y entered into partnership agreement where X has to take all profits and Y shall receive wages. Here______

CA-CPT Question Paper June (Session 1) - 2017 - Question 88

A, B and C are partners. B who took the house on rental basis for the firm failed to pay the rent. The land lord can recover the rent from _

CA-CPT Question Paper June (Session 1) - 2017 - Question 89

“ Just and equitable "ground for dissolution of firm by court is/are_____

CA-CPT Question Paper June (Session 1) - 2017 - Question 90

In a partnership firm, X, a partner bought immovable property without the consent of other partners. Then X ______

CA-CPT Question Paper June (Session 1) - 2017 - Question 91

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

CA-CPT Question Paper June (Session 1) - 2017 - Question 92

X purchased 10 dozens of pencil sharpeners and when they are used, they are found to be blunt and not at all useful to sharpen pencils. Here is breach o f ___

CA-CPT Question Paper June (Session 1) - 2017 - Question 93

A person appointed to bid on behalf of seller is called_______

CA-CPT Question Paper June (Session 1) - 2017 - Question 94

In case of specific goods in deliverable  state, the sale is concluded___

CA-CPT Question Paper June (Session 1) - 2017 - Question 95

Right of lien is ______

CA-CPT Question Paper June (Session 1) - 2017 - Question 96

Future goods are _____

CA-CPT Question Paper June (Session 1) - 2017 - Question 97

In the event of insolvency of buyer before making the payment, but seller does not have right of lien, then the seller______

CA-CPT Question Paper June (Session 1) - 2017 - Question 98

In relation to sale of goods, the latin term ‘Nemodat quod Non habet’ means____

CA-CPT Question Paper June (Session 1) - 2017 - Question 99

In case of breach of condition as to quality or fitness

CA-CPT Question Paper June (Session 1) - 2017 - Question 100

A sent wheat to B and B sent the same to mill. Here it is said that______

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