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21st November 2014, 09:57 AM
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CPT Examination Question Papers
Can you please provide me the previous year question papers for CPT examination?
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#2
21st November 2014, 11:25 AM
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Re: CPT Examination Question Papers
As you want the question paper of CPT Exam so here I am providing you 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 10. A & B are equal partners. They admitted ‘C’ for 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 Date Particulars Rs. Date Particulars Rs. 31-3-13 By P & L A/c 5000 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 For whole paper here is the attachment |