CPT exam last date for registration

I want to know the important dates for the Common Proficiency Test (CPT) exam, can you tell me the same?????????????

[Arun Vats]

Common Proficiency Test (CPT) exam is held twice a year in the month of June and December and ICAI has announced that the next CPT June 2014 Attempt. Here are the dates of same:

Last date for registration to CPT Course with BOS 1st April, 2014

Commencement of online filling of CPT Examination Form 4th April, 2014 10:00 A.M. (IST)

Last date & time for Login Creation/Submission of CPT Examination application form Online 25th April, 2014 upto 5:30 P.M. (IST)

Last date for revalidation of registration for June, 2014 CPT 25th April, 2014(refer guidance notes)

Last date for receipt of print out of online examination form duly filled up(PDF) 29th April, 2014 upto 5:30 P.M. (IST)

Date of CPT Examination 22nd June, 2014

Likely date of declaration of result Around one month from the date of examination

This examination generally covers following topics:
Minimum Passing Marks
Fundamentals of Accounting
Mercantile Laws
General Economics
Quantitative Aptitude

This is the CPT last years question paper:

Part A – Fundamentals of Accounting
1. Which of the following should be valued
compulsory at the time of admission of a
partner______
a) Goodwill b) Plant & machinery
c) Land & Buildings d) Furniture & fillings
2. Which Accounts are used to prepare Bank
Reconciliation statement?
a) Cash column & Bank statement
b) Bank column & Bank Statement
c) Cash column & Bank Balance
d) None of the above
3. The opening stock is overstated by Rs.10,000
and closing stock is understated by Rs.15,000.
The impact on the net profit of the current
year is
a) Rs.5,000 overstated
b) Rs.25,000 overstated
c) Rs. 5,000 understated
d) Rs.25,000 understated
4. If nothing is given in the financial statements
about the three accounting assumptions then
it is to be treated as it
a) Is assumed that it is not followed
b) Is assumed to be followed
c) Is assumed to be followed to some extent
d) None of the above
5. A & B have started a Joint Venture for
purchase & Sale of garments. Initial capital
contribution was Rs.25,000 & Rs.50,000. There
is no written agreement about share of P & L
among them. They purchased garments worth
Rs.50,000 & sold for Rs.75,000, the profit to be
shared among them is
a) Rs.8,333 & Rs.16,667
b) Rs.10,000 & Rs.15,000
c) Rs.12,500 & Rs.12,500
d) Rs.20,000 & Rs.5,000
6. Preference shares can be redeemed, unless
they are
a) Partly paid b) Fully paid
c) Transferred d) Re-Issued
7. On 1st April, Mr.A sold goods of Rs.10,000 to B
and drew a bill for 3 months. Mr. A discounted
the bill with bank at 15%. Amount of discount
will be?
a) Rs. 125 b) Rs.250 c) Rs.375 d) None
8. Underwriting commission will not be paid on
shares taken by
a) Promoters b) Employees
c) Directors d) All of these
9. Renewal fee of patents is a ____ expenditure.
a) Capital b) Revenue
c) Differed revenue d) Development

11. The proprietor of the business is treated as
creditor for the capital introduced by him due
to_____ concept.
a) Money measurement b) Cost
c) Entity d) Dual aspect
12. Where a machine produces products of
uniform size, the method of depreciation to be
applied ______
a) Machine Hour method
b) Annuity method
c) Sinking fund method
d) Production units
13. Debentures are shown under the heading____
a) Secured Loans b) Reserves & surplus
c) Capital Reserve d) Current liabilities
14. Fixed assets are held by business for _____
a) Converting into cash
b) Generating revenue
c) Resale
d) None of the above

15. Net realizable value is _______
a) Estimated selling price
b) Estimated cost price plus marketing cost
c) Estimated selling price less cost incurred in
order to make sale
d) Estimated selling price plus cost incurred in
order to make sale
16. In Joint Venture the minimum number of coventureres
is :
a) 2 b) 5 c) 7 d) 4
17. Retirement of a Bill means _____
a) Discounting a Bill
b) Dishonour of a bill
c) Renewal of a bill
d) Payment made before due date
18. What are the options available to the holder of
a bill in the bills of exchange (Besides retaining
the bill, till the due date)?
a) Discount with bank
b) Sent to bank for collection
c) Endorse it to his creditor
d) All of these
19. A Bill is Discounted Rs.10,000. Where is it
shown at the time of preparation of balance
sheet?
a) Liability side of balance sheet
b) Assets side of balance sheet
c) Foot note to Balance sheet
d) Debit side of profit & loss A/c
20. Expenditure spend for Increasing the cinema
hall seats is called_____
a) Capital expenditure
b) Revenue expenditure
c) Deferred revenue expenditure
d) None of the above
21. Which of the following is the meaning for the
entry recorded in the machinery A/c?
Dr Machinery A/c Cr

a) Portion of sale of machinery transferred to
Profit & Loss A/c
b) Machinery of Rs.5,000 sold
c) Machinery of Rs.5,000 purchased
d) Loss on sale of machinery transferred to P &
L A/c
22. Which accounting concept specifies the
practice of crediting closing stock to the
trading account?
a) Cost b) Realisation
c) Going concern d) Matching
23. A LTD before commencing business, can it
issue the shares at discount?
a) Possible
b) Not possible
c) Possible with the permission of stock
exchange
d) Possible With the approval of shareholders
and with the permission of Government.
24. In Balance sheet ______ is not shown
a) Authorised Capital
b) Un-issued capital
c) Subscribed capital
d) Paid-up capital
25. Provision for depreciation A/c is created by
debiting to
a) Machinery A/c
b) Profit & Loss A/c
c) Profit & Loss Appropriation A/c
d) None of these
26. Amount spent to increasing the earning
capacity is a ______ expenditure
a) Capital b) Revenue
c) Deferred revenue d) Capital Loss
27. Which of the following is true?
a) Co-venturers always share profits equally
b) Number of Co-venturers can never be more
than two
c) Relation between co-Venturers is principal
and Agent
d) Co-ventures may provide funds
28. Change in the capital A/c of proprietor may
occur due to ______
a) Profit earned b) Loss incurred
c) Capital Introduced d) All of the above
29. If the goods sent on approval, two vehicles of
Rs.55,000 each, are recorded as Rs.75,000
each, then the cost of goods lying with
customers is
a) Rs.1,10,000 b) Rs.55,000
c) Rs.75,000 d) Rs.1,50,000

30. Which of the following is not correct for
debentures Issue?
a) They can be issued for cash
b) They can be issued for consideration other
than cash
c) A company can buy its own debentures
d) Can be issued in lieu of dividend
31. Goods purchased costing Rs.60,000 and cash
paid Rs.45,000 after receipt of a cash discount
Rs.9,000. What is the percentage of trade
discount got___
a) 15 % b) 10% c) 7½% d) 25%
32. _____ is prepared to ascertain the arithmetical
accuracy of posting & balancing of accounts.
a) Cash book
b) Journal
c) Trial Balance
d) Bank Reconciliation statement
33. If depreciation is charged at a fixed rate, then
depreciation in SLM method, when compared
to WDV is
a) Equal in the first year & Less in subsequent
years
b) Less in the first year & More in subsequent
years
c) Equal in the first year & More in subsequent
years
d) More in the first year & Less in subsequent
years
34. Consistency with reference to application of
accounting procedures means
a) All companies in the same Industry should
use identical accounting procedures
b) Income & assets have not been overstated
c) Accounting methods & procedures shall be
followed uniform basis year after year
d) Any accounting method can be followed as
per convenience
35. The manager earned a commission of
Rs.25,000, which is based on 10% of Net Profit.
If sales is Rs.3,50,000 is more than purchases.
No opening & closing stock. Find Direct &
Indirect expenses?
a) Rs.75,000 b) Rs.1,00,000
c) Rs.2,50,000 d) Not attainable
36. Which is not a feature of company
a) Separate legal entity
b) Perpetual existence
c) Incorporated Association
d) No separation between management &
Ownership
37. Delcredere commission 10% is to be calculated
on Rs.1,00,000 of cash sales and on Rs.50,000
of credit sales, then the commission will be
a) Rs.10,000 b) Rs.15,000
c) Rs.5,000 d) None of the above
38. For a depreciable asset, obsolescence is due to
a) Passage of time
b) Wear & Tear
c) Technological Changes
d) None of the above
39. Salaries paid Rs.4,500 is shown on credit side
of Trail Balance. The Debit side of Trial Balance
will be ______
a) Short by Rs.4,500
b) Excess by Rs.4,500
c) Short by Rs.9,000
d) Excess by Rs.9,000
40. The value of inventory as on Apr.04 is
Rs.1,60,000. The following transactions takes
place during Apl.01 to Apl.04. The value of
stock sold is Rs.40,000. The mode of sale is as
follows:-
i) The damaged goods are sold for Rs.15,000,
Sold at 25% below cost.
ii) The remaining goods are sold at cost plus
25%.
The value of stock as on 31st March is
(Damaged goods valued at NRV) ______
a) Rs.2,00,000 b) Rs.1,95,000
c) Rs.2,05,000 d) None of the above
41. An Asset purchased for Rs.60,000 and paid
Rs.10,000 and remaining amount is payable in
installments. This effect leads to ______
a) Both assets & Liabilities increased by
Rs.50,000
b) Both assets & Liabilities Decreased by
Rs.50,000
c) Assets Increased by Rs.10,000 & Liabilities
Decreased by Rs.10,000
d) Assets Increased by Rs.50,000 & Liabilities
Decreased by Rs.50,000

42. A company issued shares for 5,000 but
applications are received for 7,500 shares. Mr.
X applied for 600 shares. How many shares he
will get & how much amount is transferred to
allotment money, where application money is
Rs.3 per share?
a) 400 shares & Rs.600 b) 600 shares & Rs.600
c) 500 shares & Rs.300 d) None of the above
43. On 31-03-13 balance of Cash book is Rs.7,074
(Credit), balance as per bank statement is
Rs.3,159 (Debit). On scrutiny it was found that,
it was due to cheques issued but not yet
presented.
Bank balance on 31-03-13 to be shown in
Balance sheet is _____
a) Bank O.D. Rs.3,159
b) Cash at Bank Rs.7,074
c) Bank O.D. Rs.7,074
d) Cash at Bank Rs.3,159
44. Karthik and Dhoni entered into Joint venture,
sharing profits & Losses in the Ratio of 2:1.
Karthik purchased goods Rs.2,00,000 and
entitled to 1% commission on purchases.
Dhoni sold goods for Rs.2,50,000 and entitled
to get a commission 5% on sales. The profit on
venture will be _____
a) Rs.35,500 b) Rs.34,000
c) Rs.36,000 d) Rs.38,000
45. ______ method is used when repairs and
Maintenance goes on increase.
a) SLM method
b) WDV method
c) Machine hours method
d) Production units method
46. Wages paid Rs.2,500 for Installation of new
machinery wrongly debited to wages A/c
instead of machinery A/c. It is an error of ____
a) Omission b) Commission
c) Principle d) Clerical errors
47. Which of the following are current assets?
1) Accounts receivable
2) Salaries paid-in-advance
3) Bank Loan for 3 years
4) Preliminary expenses
a) 1 & 2 b) 2 & 3
c) 3 & 4 d) All of the above
48. Overriding commission is a commission, that
is____
a) Calculated on gross sales
b) Calculated on credit sales
c) Allowed for selling goods above invoice price
d) None of the above
49. On 31-3-13, prepaid expenses A/c (2012-13)
shows a closing balance of Rs.5,000. It means
a) Expenses transferred from previous years
for Accounting in current year
b) Expenses transferred to next year for
Accounting in that year only
c) Expenses transferred to next year for
accounting in that (or) future year
d) Expenses to be transferred to P & L A/c of
current year.
50. Petty cash book is used to record ____
a) Expenses for postage and conveyance
b) Purchase of Raw material
c) Paid salaries
d) None of the above
51. Ram Ltd. has issued 15% Debentures of
Rs.20,00,000 at a Discount of 10% on April,
2012. The company pays interest half yearly on
June 30th & Dec 31st every year. On March 31st ,
2013. The amount shown as interest accrued is
______
a) Rs.2,25,000 b) Rs.75,000
c) Rs.3,00,000 d) Rs.1,50,000
52. In Profit & Loss a/c, Selling & Distribution
expenses does not include______
a) Commission on sale
b) Packing expenses c) Legal expenses
d) Advertisement expenses
53. The credit balance as per pass book of ‘X’ was
Rs.65,000. Cheques issued but not paid
Rs.75,800.
Cheques deposited by one of the customers of
bank but wrongly credited in ‘X’ A/c Rs.20,600.
The balance as per cash book is _____
a) Rs.31.400 Debit b) Rs.31,400 Overdraft
c) Rs.1,20,000 Debit d) Rs. 10,400 Overdraft
54. Rectification of errors are first entered in:
a) Journal proper b) Subsidiary books
c) Trial balance d) Ledger

55. Which of the following are not miscellaneous
expenses?
a) Preliminary expenses
b) Amount spent for research & development
c) Brokerage on Issue of shares & Debentures
d) Goodwill yet to be written off.
56. Uma, being a holder of 1000 shares of Rs.20
each issued at a discount of 10% per share. She
did not pay the allotment money of Rs.4 per
share and first call of Rs.8 per share. At the
time of forfeiture, the discount on the shares
must be_____
a) Credited Rs.2,000 b) Debited Rs.2,000
c) Credited Rs.1,000 d) None of these
57. C & D are the partners of a firm, who share
profits & losses in the ratio of 5:3. D is entitled
to get 5% commission. The net profit of the
year is Rs.33,600 before charging such
commission. Find the share of the profits of C
& D.
a) C 20,000 & D 12,000
b) C 19,950 & D 11,970
c) C 21,000 & D 12,600
d) C 21,600 & D 12,000
58. Which of the following is false?
a) Assets can be arranged in the order of their
liquidity.
b) Balance sheet can be prepared vertically
c) Intangible asset is not an asset
d) None of these
59. In which method, Joint life policy premium
paid is treated as an expense and not as an
asset?
a) Ordinary expense method
b) Surrender value method
c) Joint life policy reserve method
d) None of the above.
60.
PART B – MERCANTILE LAWS
61. In case of unenforceable contract with some
technical defect, then the parties _____
a) Can sue
b) Cannot sue
c) Should be considered as illegal
d) None of the above
62. _____ Contracts are also known as Contracts
with executed consideration
a) Unilateral b) Completed
c) Bilateral c) Executory
63. An Advertisement for sale of an old Flat which
is published in leading newspaper. This kind of
offer is _____
a) Specific Offer b) Continuing Offer
c) Open Offer d) General Offer
64. There is no binding contract in case of ____ as
one’s offer cannot be construed as acceptance
by the other.
a) Cross Offer b) Standing Offer
c) Counter Offer d) Special Offer
65. A offers B to supply Books at Rs.100 each
Book. B accepts the same with condition of
10% discount. It is _____
a) Counter Offer b) Cross Offer
c) Specific Offer d) General Offer
66. In case of counter offer is made, the original
offer stands _____
a) Rejected b) Accepted Automatically
c) Accepted with modifications and variations
d) None
67. Which of the following is not an exception to
the rule “No Consideration, No Contract”?
a) Love & affection
b) Compensation for past Voluntary services
c) Contract of agency d) None of the above
68. G paid Rs.1,00,000 to H to influence the head
of the Government Organisation in order to
provide him some employment. On his failure
to provide the job, G sued H for recovery of
the amount. Which of the following is correct?
a) G can recover the amount of Rs.10,000.

b) G can recover the amount of Rs.10,000 with
interest. c) G can file a suit.
d) G cannot recover the amount.
69. A stronger party is able to dominate the will of
the weaker party, then it is known as _____
a) Undue influence b) Coercion
c) Mistake d) All of the above
70. Karthik is the coach of Sachin a minor, who
joined for Hockey coaching. The Fees is 10,000.
The Contract is _____
a) Void Agreement
b) Contingent Contract
c) Quasi Contract d) Wagering Agreement
71. _______ is a game of chance.
a) Conditional Contract
b) Contingent Contract
c) Wagering Agreement d) Quasi Contract
72. A, B, C are partners. They promised to give
60,000 to D. If C dies, who will Perform the
Contract?
a) A, B b) A, B and C’s legal representatives
c) A, B do not perform
d) None of the above
73. A contract entered between promisor and
promisee becomes impossible to perform due
to destruction of subject matter. In this case __
a) Promisee is entitled for compensation
b) Contract continues to be valid
c) Contract becomes void
d) None of the above
74. X & Y entered into an agreement to buy an
imported car for Rs.30,000. Later on they
cancelled the agreement. This is known as ___
a) Rescission b) Remission
c) Alteration d) Novation
75. A holds a house on lease. After that he buys
the house and became owner. The contract is
discharged by _____
a) Rescission b) Merger
c) Waiver d) Remission
76. Which of the following Damages are
punishment in nature?
a) Vindictive Damages b) Nominal Damages
c) Special Damages d) Ordinary Damages
77. Under Indian partnership act 1932, the
Partnership can be formed between ____
a) One Indian & Two Foreigners
b) One major person and one unsound mind
person
c) Convicts undergoing Imprisonment
d) None of the above
78. The Mode of determining the existence of
partnership is ___
a) Real relation between them
b) Sharing of profits
c) Business is to carried on by all (or) any of
them acting for all. d) All of the above
79. Each partner in a firm is in the position of ____
a) Only agent b) Only principal
c) Agent as well as principal
d) Neither agent nor principal
80. Which of the following is a form in which all
the partners are signed?
a) Pronote b) Partnership Deed
c) MOA d) None
81. The Un-registered firm does not have a _____
a) Right to file a suit on third party
b) Right to acquire property
c) Right to Transfer property
d) All of the above
82. Dormant partner is also known as ____
a) Sleeping Partner b) Active partner
c) Nominal Partner d) Sub – Partner
83. In which of the following, the partnership
duration is not fixed?
a) Particular Partnership
b) Partnership at will
c) Fixed term partnership d) None of these
84. Robert is a sleeping partner in a firm. He
detected a wrong in the accounts of the firm.
So he wants to check the complete accounts of
the firm. But the other partners objected it.
Can the objection made by the other partners
is correct or not?
a) Void, their objection is wrong.
b) Valid, they can object.
c) Valid, they have the right not to give the
accounts to the sleeping partner.
d) None of the above

85. The status of a partner making advances to the
firm in addition to his capital, then he is _____
a) A Partner of the firm
b) Employee of the Firm
c) Creditor of the firm d) All of the above
86. As per the agreement, profits should be shared
equally but loss shall be borne by one partner.
Then the partnership agreement is _____
a) Lawful b) Illegal c) Void d) Voidable
87. Which of the following is with in the scope of
implied authority of a partner in a partnership
firm?
a) Enter into partnership on behalf of the firm.
b) Admit any liability in a suit or proceeding
against the firm;
c) Acquire immovable property on behalf of
the firm d) Purchasing & selling goods,
in which the firm deals.
88. The liability of newly admitted partner arise
from ____
a) The Date of his admission
b) As per agreement
c) For the pre-existing debts of the firm
d) All of the above
89. For Dissolution of a firm, partners may apply
to the court on the ground of _______
a) Insanity of partner
b) Misconduct of Partner
c) Perpetual Losses in Business
d) All of the above
90. The mode of dissolution of firm under Indian
partnership Act 1932 is_____
a) Illustrative b) Inclusive
c) Exhaustive d) None of the above
91. Under the sale of goods act 1930, the seller in
a contract of sale transfers the ______ in
goods to the buyer for a price.
a) Possession b) Control
c) Rights d) Property
92. If the goods completely perish before contract
of sale, the contract becomes.
a) Valid b) Void
c) Voidable d) Unenforceable
93. A stipulation in a contract of sale with
reference to the goods which may be ____
a) Fair price b) Lawful price
c) Condition (or) warranty d) Delivery
94. Conditions which are presumed by law to be
present in a contract are ______
a) Express Conditions b) Implied Conditions
c) Qualified Conditions
d) Unqualified Conditions
95. When a person sells the goods by infringing
the copyright or trademark of the others, there
is breach of an implied _______
a) Condition as to title
b) Condition as to description
c) Condition as to merchantability
d) None of these
96. The Doctrine of Caveat Emptor applies to the
sale where ______
a) The Buyer Expressly informed the seller the
particular purpose for which the goods are
being bought
b) Sale under a Patent or Trade Name
c) When the good is of merchantable quality
and the buyer has examined the good.
d) None of the above
97. The Goods are damaged after Sale. The Risk is
to be borne by ______
a) Buyer only b) Seller only
c) Both (a) & (b) d) None of the above
98. Q sells 100 tones of rice to P at Rs.50,000 per
tone. P makes the full payment and says that
he will take the goods on next week. Before P
could take the goods, the goods are destroyed.
The loss will be borne by _____
a) P b) Q c) Both P & Q equally d) None
99. Seller sends the goods to the buyer at larger
(or) smaller quantity than ordered quantity.
The option to the buyer is _____
a) Reject the whole quantity
b) Accepts the whole quantity
c) Accept (or) Reject the whole quantity
d) All of the above
100. Right of general lien cannot be exercised by __
a) Factor b) Banker
c) Auctioneer d) All of these

Rests of the questions are in the attachment, download it freely from here: