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21st November 2014, 11:25 AM
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Join Date: Apr 2013
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
Attached Files
File Type: pdf CPT Examination Question Papers.pdf (2.97 MB, 148 views)


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